Everpure Stock Adds $723 Million After S&P 500 Promotion

SANTA CLARA, Calif., Sept. 4, 2026, 6:32 p.m. EDT — Everpure, Inc. NYSE:P added an estimated $723 million in after-hours market value Friday. The shares rose 2.2% to $101.68 after the data-storage company won promotion to the S&P 500.

The late move took Friday’s total gain to 3.6%. It also lifted the preliminary equity value by $1.18 billion from Thursday’s close. One part of that gain has a clear buyer: index funds.

The harder question sits in Everpure’s cash-flow statement. Quarterly revenue jumped 38%, yet free cash flow swung to negative $238 million. The promotion rewards growth while raising the price of imperfect cash conversion.

• Everpure will enter the S&P 500 before trading opens on Sept. 21.
• The stock reached $102.90 after the announcement, then eased to $101.68.
• Second-quarter revenue rose 38% to $1.186 billion.
• Free cash flow fell to negative $237.6 million from positive $150.1 million.

S&P Dow Jones Indices announced the change at 5:15 p.m. EDT. Everpure will replace The Trade Desk, Inc. NASDAQ:TTD. Corcept Therapeutics Incorporated NASDAQ:CORT will take Everpure’s place in the S&P MidCap 400.

One rebalance, two price moves

Everpure already gained 1.4% during regular trading. The S&P decision then pushed it another 2.2%. Shares briefly touched $102.90 before giving back more than one-third of that jump.

Funds tracking the benchmark must align their holdings around the effective date. S&P did not publish Everpure’s final weight or required share purchases. The actual flow remains unknown.

The estimates below use 333.23 million shares outstanding on Aug. 31. Everpure reported that count in its new quarterly filing. Later issuance or repurchases could change it.

Growth accelerated while cash reversed

Everpure’s fiscal second quarter supplies the fundamental case. Revenue rose 38% to $1.186 billion. Product sales climbed 54%, while subscription-services revenue increased 20%.

Contracted business also expanded. Remaining performance obligations reached $4.1 billion, up 44%. Subscription annual recurring revenue grew 20% to $2.1 billion.

“Q2 marks eight straight quarters of accelerating revenue growth,” Chief Executive Charles Giancarlo said in the Aug. 26 earnings release. Management cited AI and hyperscale products as important drivers.

The cash numbers moved the other way. Operating cash flow swung to negative $136.3 million from positive $212.2 million. Capital spending rose to $101.3 million from $62.0 million.

That combination produced negative $237.6 million of free cash flow. A year earlier, the same quarter generated $150.1 million. One quarter does not establish a lasting burn rate.

Management raised full-year revenue guidance to $5.03 billion through $5.07 billion. The old range was $4.41 billion through $4.51 billion. Guided non-GAAP operating income rose to $940 million through $960 million.

The Sept. 21 trade is simpler than the thesis

At $101.68, Everpure carries a preliminary $33.88 billion equity value. That equals about 6.7 times management’s guided-sales midpoint. The multiple leaves room for execution, though little room for a growth stumble.

Wall Street remains bullish. StockAnalysis counts 13 Strong Buy ratings, five Buys, one Hold and one Strong Sell. Its $130.53 average target sits 28.4% above Friday’s late quote.

The target spread matters more than the average. Recent published targets range from $80 at UBS to $150 at BofA. That gap captures the argument over hyperscale growth and valuation.

Risks: Index buying may fade after the rebalance. Large customer orders can be uneven, and price increases may affect demand. Continued working-capital use or heavier investment could delay cash recovery.

The Sept. 21 rebalance has a date. Cash conversion has no such deadline. Everpure’s next reports will decide whether Friday’s new index premium holds.