---
title: "Pure Storage, now Everpure, fell 10.4% at 27.3x forward earnings as Kioxia points to flat flash prices"
description: "Kioxia, the Tokyo NAND maker, guided December-quarter flash prices to almost flat after a 70% jump, and Everpure fell 10.4% the day the warning hit Tokyo trading. Its November 18 report must now carry a 27.3x forward multiple on cooling scarcity."
publisher: "The Inference"
section: "Data Center"
published: 2026-11-03T18:08:23.850Z
modified: 2026-11-03T18:08:23.850Z
canonical: https://theinference.org/article/pure-storage-now-everpure-fell-10-4-at-27-3x-forward-earnings-as-kioxia-points-to-flat-flash-prices
language: en
keywords: "Everpure, Kioxia, Flash Memory, Storage, Semiconductors"
---

# Pure Storage, now Everpure, fell 10.4% at 27.3x forward earnings as Kioxia points to flat flash prices

> Kioxia, the Tokyo NAND maker, guided December-quarter flash prices to almost flat after a 70% jump, and Everpure fell 10.4% the day the warning hit Tokyo trading. Its November 18 report must now carry a 27.3x forward multiple on cooling scarcity.

## Kioxia's December guide marks the turn in flash

Kioxia, the Tokyo NAND flash maker that rivals Samsung, [SK Hynix](https://theinference.org/markets/companies/sk-hynix) and [Micron](https://theinference.org/markets/companies/micron), closed down 15.8% in Tokyo on November 2, the biggest drag on the Nikkei by Reuters' count [1][3].

The sell-off answered [results released after Japan's close on October 30](https://www.bloomberg.com/news/articles/2026-10-30/kioxia-s-profit-jumps-due-to-ballooning-ai-data-storage-needs): December-quarter operating profit guided to ¥2 trillion ($12.7 billion) against roughly ¥2.32–2.35 trillion expected, off a September quarter that delivered ¥2.48 trillion of revenue, up 40% sequentially, at an 80.2% adjusted operating margin [1][3].

What broke was the price line. [Kioxia](https://theinference.org/markets/companies/kioxia-holdings-corporation)'s average NAND selling price rose in the mid-20% range in the September quarter after 70% in the prior one, and the new guidance implies almost flat quarter-on-quarter rises ahead [1][3].

Bernstein still counts [memory contract prices up nearly 20% in the third quarter](https://finance.yahoo.com/technology/articles/memory-chip-prices-rise-nearly-110000379.html), with shortages running into 2027, but says the room for further increases is narrowing and long-term agreements with price caps will limit resets [2]. TrendForce had NAND contracts up 55–60% in the first quarter of 2026 alone [4].

*Chart: **Kioxia's NAND price gains went from 70% to near flat in two quarters** Column chart of Kioxia's sequential NAND average selling price change across three quarters, falling from 70% to a mid-20% reading to a guided near-flat December quarter.*

*Sequential change in Kioxia's average NAND selling price; the mid-20% reading is drawn as 25; the December quarter is implied by the ¥2 trillion operating-profit guidance. [1][3]*

## Everpure sits on the buying side of that price

[Everpure](https://theinference.org/markets/companies/everpure), the Santa Clara all-flash array maker renamed from Pure Storage in February, [reports third-quarter results on November 18](https://investor.everpuredata.com/news-and-events/press-releases/press-release-details/2026/Everpure-Announces-Date-and-Conference-Call-Information-for-Third-Quarter-Fiscal-2027-Financial-Results/default.aspx) for the quarter ended November 1 [6][9]. Its FlashArray and FlashBlade systems are built on flash [9], so Kioxia's cooling prices cut both ways: cheaper NAND relieves an input cost, while the shortage that carried hyperscale demand loses its tailwind.

The tailwind was real. Product revenue rose 54% to $687 million in the August quarter, the full-year outlook was lifted to $5.03–5.07 billion, and revenue growth, which had run 11–20% for two years, printed 35% and then 38% as flash went scarce [5][10].

*Chart: **Everpure's revenue growth doubled when flash went scarce** Line chart of Everpure's year-on-year revenue growth across ten quarters, holding between 11% and 20% for two years before jumping to 35% and 38% as flash memory turned scarce.*

*Year-on-year revenue growth per quarter, calendar-quarter labels, from Everpure's SEC filings; fiscal years end in February. [10]*

## $238 million burned, $355 million sold

The same quarter consumed $238 million of free cash flow [5], and [insiders sold $355.4 million of stock over the past year](https://www.gurufocus.com/news/9160268/everpure-inc-p-stock-down-75-but-still-overvalued-gf-score-72100) without buying any [7]. Shares fell 7.5% on October 30 and 10.4% on November 2 to $113.78, a 27.3x forward P/E [7][8].

*Chart: **Eleven quarters of positive free cash flow, then Everpure burned $238 million** Column chart of Everpure's quarterly free cash flow across twelve quarters, positive in every quarter before swinging to negative $238 million in the quarter ended August 2, 2026.*

*Quarterly free cash flow in billions of US dollars, from Everpure's SEC filings; fiscal years end in February, so Q2 '26 is the quarter ended August 2, 2026. [11]*

[The Inference reported on October 22 that the raise came from storage demand rather than the renamed platform](https://theinference.org/article/everpure-s-raised-outlook-comes-from-storage-not-the-platform-it-renamed-itself-for); nothing filed since says how much of that demand survives cheaper flash, and no document separates the memory read-through from the broader tech rout.

## November 18 has to carry the multiple

Kioxia's own defense is timing, not demand: chief financial officer Yoshihiko Kawamura cited ¥55 billion of currency drag, orders pulled forward into September, and enterprise-storage deals slipping into the March quarter, with [2027 capacity already allocated and long-term agreements covering more than half of expected 2028 shipments](https://financefeeds.com/sandisk-stock-vs-kioxia-after-a-15-8-tokyo-plunge/) [3]. SK Hynix calls its 2026 capacity sold out [4]. Prices are rising more slowly, not falling.

That leaves Everpure's gross margin, product growth and fourth-quarter guide to stand under the multiple [8], before chief financial officer [Tarek Robbiati](https://theinference.org/markets/people/tarek-robbiati) repeats the story at [Wells Fargo](https://theinference.org/markets/companies/wells-fargo) on December 8 and [Barclays](https://theinference.org/markets/companies/barclays) on December 10 [6]. Kioxia has shown what deceleration looks like; Everpure has fifteen days to show it can grow without it.

## Takeaway

Kioxia's near-flat December price guide says the flash scarcity behind Everpure's growth jump is cooling, and the November 18 report must defend a 27.3x forward multiple after a quarter that consumed $238 million of free cash flow.

## Sources

1. [Bloomberg, Kioxia Warns Flash Memory Prices Stalling After Outlook Miss, 30 October 2026](https://www.bloomberg.com/news/articles/2026-10-30/kioxia-s-profit-jumps-due-to-ballooning-ai-data-storage-needs)
2. [Yahoo Finance, Memory Chip Prices Rise Nearly 20% in Third Quarter as Supply Shortages Persist, Bernstein Says, 10 October 2026](https://finance.yahoo.com/technology/articles/memory-chip-prices-rise-nearly-110000379.html)
3. [FinanceFeeds, Sandisk Stock vs Kioxia After a 15.8% Tokyo Plunge, 2 November 2026](https://financefeeds.com/sandisk-stock-vs-kioxia-after-a-15-8-tokyo-plunge/)
4. [The Motley Fool, As AI Devours Memory Chips, the Companies That Make Them Hold the Pricing Power, 14 October 2026](https://www.fool.com/investing/2026/10/14/as-ai-devours-memory-chips-the-companies-that-make/)
5. [Kalkine, Why did Everpure (P), formerly Pure Storage, lift its outlook?, collected 2 November 2026](https://kalkine.com.au/stock-analysis/technology/why-did-everpure-p-formerly-pure-storage-lift-its-outlook)
6. [Everpure press release, Date and Conference Call Information for Third Quarter Fiscal 2027 Financial Results, 28 October 2026](https://investor.everpuredata.com/news-and-events/press-releases/press-release-details/2026/Everpure-Announces-Date-and-Conference-Call-Information-for-Third-Quarter-Fiscal-2027-Financial-Results/default.aspx)
7. [GuruFocus, Everpure Inc (P) Stock Down 7.5% but Still Overvalued, 30 October 2026](https://www.gurufocus.com/news/9160268/everpure-inc-p-stock-down-75-but-still-overvalued-gf-score-72100)
8. [GuruFocus, Everpure Inc (P) Stock Down 10.4% but Still Overvalued, 2 November 2026](https://www.gurufocus.com/news/9163584/everpure-inc-p-stock-down-104-but-still-overvalued-gf-score-77100)
9. [Wikipedia, Everpure (formerly Pure Storage), edited 17 October 2026](https://en.wikipedia.org/wiki/Everpure)
10. [Everpure quarterly figures from its SEC filings, retrieved 3 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001474432)
11. [Everpure, quarterly figures from its SEC filings, retrieved 3 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001474432)


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Pure Storage, now Everpure, fell 10.4% at 27.3x forward earnings as Kioxia points to flat flash prices — The Inference. Canonical: https://theinference.org/article/pure-storage-now-everpure-fell-10-4-at-27-3x-forward-earnings-as-kioxia-points-to-flat-flash-prices