NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Data Storage Systems Sector Outlook — September 2026

NeuraCap's Data Storage Systems sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

12.4x
Sector median EV/EBITDA
46.5x
Premium end EV/EBITDA vs 4.2x at the discount end
7
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA STORAGE SYSTEMS

Data Storage Systems: Value Extends Beyond Growth

The report shows how business mix, earnings quality and installed-base economics shape relative positioning.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Data Storage Systems is not one economic model. Edge systems, storage controllers and adjacent software models carry different revenue quality, cycle exposure and valuation evidence. Growth remains relevant, but the peer set shows that margin alone also fails to sort the range cleanly.

Key findings

  • Edge Systems Carry the Broadest Valuation Evidence
  • The Two Ends Require Different Proof
  • Margin Alone Does Not Separate the Higher-Valued Names
  • Transaction Benchmarks Depend on Asset Mix

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA STORAGE SYSTEMS

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA STORAGE SYSTEMS.

    Cover — Data Storage Systems sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA STORAGE SYSTEMS Data Storage Systems: Value Extends Beyond Growth The report shows how business mix, earnings quality and installed-base economics shape relative positioning. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Data Storage Systems Span Distinct Models with Different Valuation Profiles 02 The Landscape Distinct Operating Models Sit Alongside a Wide Valuation Spread 03 Valuation & Situations The Valuation Range Rewards a Broader Proof Set than Growth Alone 04 Precedent Transactions Precedent Transactions Show Buyer Interest Across Different Storage Assets 05 Strategic Implications Durable Earnings and Revenue Quality Strengthen Strategic Positioning 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Data Storage Systems Split Across Edge Systems, Controllers and Adjacent Models

    Data Storage Systems Split Across Edge Systems, Controllers and Adjacent Models.

    Data Storage Systems Split Across Edge Systems, Controllers and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Data Storage Systems Split Across Edge Systems, Controllers and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Edge Systems Carry the Broadest Valuation Evidence Edge and ruggedized storage compute systems include 5 of 9 companies and sit at 13.7x. Storage controllers and memory semiconductors include 2 names, but the 2.4x figure rests on one company with an estimate. 2 The Two Ends Require Different Proof The premium end sits at 46.5x versus 4.2x at the discount end across the 6 companies with an estimate. These forward multiples already credit forecast performance, so the remaining spread is associated with confidence in durability. 3 Margin Alone Does Not Separate the Higher-Valued Names Among the 3 companies above the sector multiple benchmark, only one also sits above the 50% margin benchmark. Installed-base quality, recurring software and support, and workload relevance remain important parts of the valuation case. 4 Transaction Benchmarks Depend on Asset Mix Across the 7 transactions shown, disclosed EV / Revenue markers extend from 2.0x to 10.6x. The range supports separate treatment of systems, components and software-led assets. 12.4x Sector median EV/EBITDA CY2027E consensus · 6 rated of 9 companies 46.5x Premium end EV/EBITDA vs 4.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 11 recorded in this tier · 0 told as case studies, the full list in the appendix

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    SECTION 02

    02

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    Section 02 of 06 — Distinct Operating Models Sit Alongside a Wide Valuation Spread. Architecture, recurring revenue and exposure to component cycles differ materially across the peer set. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Distinct Operating Models Sit Alongside a Wide Valuation Spread Architecture, recurring revenue and exposure to component cycles differ materially across the peer set. 02 of 06 Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    The Sector Label Covers Three Different Economic Models

    The Sector Label Covers Three Different Economic Models.

    The Sector Label Covers Three Different Economic Models 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP The Sector Label Covers Three Different Economic Models 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 EDGE AND RUGGEDIZED STORAGE COMPUTE SYSTEMS 5 cos median 13.7x Sandisk (SNDK) Seagate (STX) Western Digital (WDC) NetApp (NTAP) One Stop Systems (OSS) This group carries the broadest earnings coverage and combines capacity economics with architecture, reliability and installed-base considerations. STORAGE CONTROLLERS AND MEMORY SEMICONDUCTORS 2 cos 2.4x · 1 rated Penguin Solutions (PENG) Silicon Motion (SIMO) This group brings controller intellectual property and design-win relevance alongside greater exposure to component cycles. ADJACENT MODELS 2 cos no rated names Rubrik (RBRK) Commvault Systems (CVLT) This group brings data protection, recovery and infrastructure software economics into a hardware-oriented peer set.

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    02 · LANDSCAPE

    Business Mix Changes the Questions Investors and Buyers Will Ask

    Business Mix Changes the Questions Investors and Buyers Will Ask.

    Business Mix Changes the Questions Investors and Buyers Will Ask Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Business Mix Changes the Questions Investors and Buyers Will Ask Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Edge and ruggedized storage compute systems 5 56% 13.7x Sandisk Corporation (SNDK) · Seagate Technology Holdings plc (STX) · +3 more Architecture carries the case. Workload performance, reliability and customer qualification matter alongside capacity economics. Recurring support and software attachment can deepen the value of the installed base. Storage controllers and memory semiconductors 2 22% 2.4x n=1 Penguin Solutions, Inc. (PENG) · Silicon Motion Technology Corporation (SIMO) Design wins shape relevance. Controller intellectual property and customer qualification support strategic relevance. Memory cycles, supplier concentration and inventory quality can create a different risk profile. Adjacent models 2 22% — Rubrik, Inc. (RBRK) · Commvault Systems, Inc. (CVLT) Software changes the lens. Data protection and infrastructure software bring retention, renewal and cyber resilience into focus. Revenue quality and gross-margin context matter more here than hardware scale alone.

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    SECTION 03

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    Section 03 of 06 — The Valuation Range Rewards a Broader Proof Set than Growth Alone. Forward EV / EBITDA separates sharply even among companies serving related storage markets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Valuation Range Rewards a Broader Proof Set than Growth Alone Forward EV / EBITDA separates sharply even among companies serving related storage markets. 03 of 06 Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium and Discount Ends Reflect Different Confidence in Durability

    The Premium and Discount Ends Reflect Different Confidence in Durability.

    The Premium and Discount Ends Reflect Different Confidence in Durability EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 12.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium and Discount Ends Reflect Different Confidence in Durability EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 12.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 46.5x CORE · median 12.4x DISCOUNT · median 4.2x Sector median 12.4x WHAT SEPARATES THE TWO ENDS The premium end diverges. One Stop Systems, Inc. (OSS) and Seagate Technology Holdings plc (STX) form the premium end at 46.5x, despite different margin and growth profiles. The discount is also mixed. Sandisk Corporation (SNDK) and Silicon Motion Technology Corporation (SIMO) form the discount end at 4.2x, showing that one operating shorthand does not describe the group. Forward pricing raises the bar. A forward EV / EBITDA multiple already reflects forecast growth. A durable premium therefore requires confidence in earnings quality, architecture relevance and installed-base economics.

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    03 · VALUATION DRIVERS

    Profitability Matters, but It Does Not Sort the Valuation Range Cleanly

    Profitability Matters, but It Does Not Sort the Valuation Range Cleanly.

    Profitability Matters, but It Does Not Sort the Valuation Range Cleanly Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Matters, but It Does Not Sort the Valuation Range Cleanly Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at n/a · EBITDA-margin split at 50% High Margins Appear on Both Sides of the Valuation Benchmark Among the 6 companies with both measures, the 50% margin split places names above and below the sector valuation benchmark. Profitability is relevant, but the observed pattern points to a broader proof set. Similar Growth Can Sit in Different Valuation Tiers Seagate Technology Holdings plc (STX) and Western Digital Corporation (WDC) both carry 44% growth estimates, yet they sit in different valuation tiers. Growth remains relevant without serving as a complete shorthand. A High Multiple Can Coexist with a Low Margin One Stop Systems, Inc. (OSS) pairs a 5% margin estimate with 78.2x forward EV / EBITDA. The observation reinforces the need to test workload relevance, revenue mix and confidence in future earnings.

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    03 · SITUATION MAP

    Where a Company Sits Defines the Operating Question to Resolve

    Where a Company Sits Defines the Operating Question to Resolve.

    Where a Company Sits Defines the Operating Question to Resolve Cut on EV / EBITDA vs the sector median (12.4x) (rows) and EBITDA margin vs the covered median (50%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Where a Company Sits Defines the Operating Question to Resolve Cut on EV / EBITDA vs the sector median (12.4x) (rows) and EBITDA margin vs the covered median (50%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Valuation, Higher Margin Above-median multiple · above-median EBITDA margin 1 names Seagate Technology Holdings plc (STX) Seagate Technology Holdings plc (STX) pairs an above-benchmark valuation with an above-benchmark margin. The key question is whether product mix, installed-base economics and workload demand can sustain that position. Premium Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 2 names NetApp, Inc. (NTAP) · One Stop Systems, Inc. (OSS) NetApp, Inc. (NTAP) and One Stop Systems, Inc. (OSS) carry above-benchmark valuations with below-benchmark margins. Their operating question is how revenue quality and future earnings can support continued confidence. Lower Valuation, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Sandisk Corporation (SNDK) · Western Digital Corporation (WDC) Sandisk Corporation (SNDK) and Western Digital Corporation (WDC) carry above-benchmark margins with below-benchmark valuations. Their question is which mix, cycle or architecture concerns are associated with the discount. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Silicon Motion Technology Corporation (SIMO) Silicon Motion Technology Corporation (SIMO) sits below both benchmarks. The operating focus is the path to stronger earnings quality and clearer differentiation in storage controllers.

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    03 · THE AGENDA

    Durable Earnings and Mix Should Frame the Next Strategic Move

    Durable Earnings and Mix Should Frame the Next Strategic Move.

    Durable Earnings and Mix Should Frame the Next Strategic Move NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Durable Earnings and Mix Should Frame the Next Strategic Move NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Recurring Installed-Base Economics Assess where software, support, renewal and recovery offerings can strengthen revenue quality around the installed base. What changes the answer: The answer changes when recurring attachment and retention improve across priority customers. Concentrate Investment Around Differentiated Architecture Test which storage architecture, controller capabilities and workload positions retain relevance through product transitions. What changes the answer: The answer changes when design wins and customer qualification support sustained product adoption. Reduce Exposure to Cycle and Inventory Risk Examine product mix, supplier concentration and inventory commitments against expected demand and transition timing. What changes the answer: The answer changes when supply commitments and channel inventory align more closely with demand. Build Cyber Resilience into the Offer Clarify where data protection, backup and recovery can deepen customer relevance and recurring economics. What changes the answer: The answer changes when recovery capabilities become a larger part of customer adoption and renewal decisions.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Show Buyer Interest Across Different Storage Assets. The transaction record offers useful markers, but asset mix matters when applying them. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Buyer Interest Across Different Storage Assets The transaction record offers useful markers, but asset mix matters when applying them. 04 of 06 Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Price Different Storage Capabilities Differently

    Precedent Transactions Price Different Storage Capabilities Differently.

    Precedent Transactions Price Different Storage Capabilities Differently 3 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 7 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Price Different Storage Capabilities Differently 3 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 7 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Mar-2017 n/a Hewlett Packard Enterprise Company acquires Nimble Storage, Inc. EV / LTM revenue 2.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Hewlett Packard Enterprise Company moved for Nimble Storage, Inc. in Mar-2017; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Dec-2015 n/a Western Digital Corporation acquires SanDisk Corporation EV / LTM revenue 10.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Western Digital Corporation moved for SanDisk Corporation in Dec-2015; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Oct-2015 n/a Dell Inc. acquires EMC Corporation EV / LTM revenue 2.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Dell Inc. moved for EMC Corporation in Oct-2015; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

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    Section 05 of 06 — Durable Earnings and Revenue Quality Strengthen Strategic Positioning. Installed-base economics, recurring mix and architecture relevance deserve direct management attention. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Earnings and Revenue Quality Strengthen Strategic Positioning Installed-base economics, recurring mix and architecture relevance deserve direct management attention. 05 of 06 Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Strength Comes from Proving Durable Economics Across the Installed Base

    Strength Comes from Proving Durable Economics Across the Installed Base.

    Strength Comes from Proving Durable Economics Across the Installed Base NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Strength Comes from Proving Durable Economics Across the Installed Base NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Choose the Right Economic Peer Group Frame performance against companies with comparable hardware, software, support and component exposure. A broad sector label can obscure the operating model that investors and buyers are evaluating. FOR MANAGEMENT TEAMS Prioritize Mix and Earnings Quality Focus operating plans on recurring support, customer retention, product-level profitability and supply discipline. These factors sharpen the durability case beyond revenue growth. FOR BOARDS Link Capital Allocation to Differentiation Test build-versus-buy choices against architecture relevance, cyber resilience, hybrid-cloud interoperability and customer qualification. Capital should reinforce the capabilities that deepen installed-base value.

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    SECTION 06

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    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (12.4x); amber marks below · 6 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (12.4x); amber marks below · 6 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥14.5x · median 46.5x · 2 companies One Stop Systems, Inc. OSS Edge and ruggedized storage compute systems $188M 78.2x 27% 5% 32 Seagate Technology Holdings plc STX Edge and ruggedized storage compute systems $210B 14.8x 44% 65% 109 CORE — 7.2x–14.5x · median 12.4x · 2 companies NetApp, Inc. NTAP Edge and ruggedized storage compute systems $39.2B 13.7x 7% 34% 42 Western Digital Corporation WDC Edge and ruggedized storage compute systems $155B 11.1x 44% 62% 106 DISCOUNT — <7.2x · median 4.2x · 2 companies Sandisk Corporation SNDK Edge and ruggedized storage compute systems $250B 6.0x n/a 77% n/a Silicon Motion Technology Corporation SIMO Storage controllers and memory semiconductors $2.2B 2.4x 30% 38% 68

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (11 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 7 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (11 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 7 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2024 n/a → Western Digital Corporation $23.0B 2.0x n/a The announced transaction carries a recorded value of $23.0B and a 2.0x EV / Revenue marker. It provides a scale reference for a storage systems asset. Mar-2017 Hewlett Packard Enterprise Company → Nimble Storage, Inc. n/a 2.9x n/a The announced transaction was valued at 2.9x EV / Revenue. The marker is relevant to enterprise storage assets where installed-base access and workload capabilities matter. Dec-2015 Western Digital Corporation → SanDisk Corporation n/a 10.6x n/a The announced transaction was valued at 10.6x EV / Revenue. The level stands apart within the transaction record and should be read in the context of asset mix. Oct-2015 Dell Inc. → EMC Corporation n/a 2.9x n/a The announced transaction was valued at 2.9x EV / Revenue. It offers a reference for a scaled storage platform with enterprise relationships. Feb-2015 Apollo Global Management, Inc. → Emulex n/a n/a 5.5x The announced transaction was valued at 5.5x EV / EBITDA. The marker is relevant where durable enterprise relationships and earnings provide the primary frame. Feb-2015 Avago Technologies → Emulex n/a 8.2x 8.4x The announced transaction was valued at 8.2x EV / Revenue and 8.4x EV / EBITDA. The two measures offer a useful cross-check for a component and connectivity asset. Jun-2014 SanDisk Corporation → Fusion-io, Inc. n/a 2.7x n/a The announced transaction was valued at 2.7x EV / Revenue. It provides a reference for storage technology tied to workload performance.

  19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Data Storage Systems and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 7 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 415 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (414) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    The Observed Premium Sits with Durable Earnings Confidence and Differentiated Positioning.

    The Observed Premium Sits with Durable Earnings Confidence and Differentiated Positioning..

    Closing — The Observed Premium Sits with Durable Earnings Confidence and Differentiated Positioning. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 20

    Everything on this page

    The Observed Premium Sits with Durable Earnings Confidence and Differentiated Positioning. NeuraCap AI — Data Storage Systems Coverage September 2026 · Prepared by NeuraCap AI · Confidential Data Storage Systems Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Data Storage Systems (Information Technology › Technology Hardware and Equipment › Data Storage Systems) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Data Storage Systems according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Commvault Systems, Inc. (CVLT), NetApp, Inc. (NTAP), One Stop Systems, Inc. (OSS), Penguin Solutions, Inc. (PENG), Rubrik, Inc. (RBRK), Silicon Motion Technology Corporation (SIMO), Sandisk Corporation (SNDK), Seagate Technology Holdings plc (STX), Western Digital Corporation (WDC). The market map groups them by business vertical — Edge and ruggedized storage compute systems: 5 companies (SNDK, STX, WDC, NTAP, OSS); Storage controllers and memory semiconductors: 2 companies (PENG, SIMO); Adjacent models: 2 companies (RBRK, CVLT). 6 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Data Storage Systems (Information Technology › Technology Hardware and Equipment › Data Storage Systems) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Data Storage Systems according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Commvault Systems, Inc. (CVLT), NetApp, Inc. (NTAP), One Stop Systems, Inc. (OSS), Penguin Solutions, Inc. (PENG), Rubrik, Inc. (RBRK), Silicon Motion Technology Corporation (SIMO), Sandisk Corporation (SNDK), Seagate Technology Holdings plc (STX), Western Digital Corporation (WDC). The market map groups them by business vertical — Edge and ruggedized storage compute systems: 5 companies (SNDK, STX, WDC, NTAP, OSS); Storage controllers and memory semiconductors: 2 companies (PENG, SIMO); Adjacent models: 2 companies (RBRK, CVLT). 6 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

7 records failed a validation gate and never feed a statistic in this report (7 excluded from aggregate). Each exclusion, with its reason: OSS — EBITDA 300000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · OSS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · OSS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RBRK — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · RBRK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RBRK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SNDK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Data Storage Systems and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 7 of 9 companies; EV / rEVenue: 9 of 9 companies; P/E: 8 of 9 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥14.5x, Core 7.2x–14.5x, Discount <7.2x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 12.4x = median(ev_ebitda CY2027E) (6 rated companies) · 46.5x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 12.4x = median(ev_ebitda CY2027E) within Core tier (n=2) · 4.2x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 11.1x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 50% (n=3) · 13.7x = median(ev_ebitda CY2027E) | EBITDA margin < 50% (n=3) · 68% = median Rule of 40 score (revenue growth + EBITDA margin) (n=5)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Data Storage Systems recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 11 transactions were recorded for this industry; 7 are shown. 4 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 3 × deal value unit unresolved; 3 × no evidence record; 1 × duplicate precedent id. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 419 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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