Remain Positive on NAND Pricing Benefits

研报英文原文证据摘录

Remain Positive on NAND Pricing Benefits

believe together these advantages explain much of Pure's sustainable product

GM advantage vs. the rest of the industry. Gross Margin in $

FYE Jan 2026A 2027E 2028E Questions into the Call

Q1 Apr 70.9%A 70.1%E 73.2%E

Q2 Jul 72.1%A 71.3%E 73.2%E Will GMs Stabilize? Pure has been slower to raise PX than many of its peers. While

Q3 Oct 74.1%A 72.1%E 73.1%E we believe the company did a better job sourcing NAND and that its structural Q4 Jan 71.4%A 72.7%E 73.0%E

Year* 72.1%A 71.6%E 73.1%E cost advantages vs. its competitors should allow it to easily remain within its GM

EPS in $ range over a multi-quarter period, we also see some potential that P's slower rate

FYE Jan 2026A 2027E 2028E of px increases could yield another downtick in GM % in CQ1/CQ2. Note, however

Q1 Apr 0.29A 0.37E 0.59E that we believe absolute GM $ and EPS in aggregate likely certainly exceed prior

Q2 Jul 0.43A 0.46E 0.74E expectations on the revenue beat.

Q3 Oct 0.58A 0.61E 0.95E

Q4 Jan 0.69A 0.72E 1.11E Will We Get An Update to the Annual Guide? With PX up so significantly, we

Year* 1.99A 2.16E 3.40E believe PSTG is positioned to substantially exceed prior revenue expectations. At P/E 43.9x 40.3x 25.7x

the same time, management has in the past proven reluctant to update annual

Pricing data provided by Thomson Reuters. financial guidance early in the year, and some uncertainty around the exact

*Numbers may not add up due to rounding.

stickiness of demand (in a rising PX environment) also potentially creates a reason

to avoid updating annual guidance yet (even if the parameters no longer make

sense).

Hyperscale Win Coming? We see greater likelihood P wins another hyperscale

customer in 2026 both given: 1) the structural advantages we noted above create