Rubrik, Inc. (RBRK) Stock Analysis and Metrics

Sector: Technology Industry: Software - Infrastructure CIK: 0001943896

Market Cap 12.62 Bn

P/E -36.09

P/S 9.59

Div. Yield 0.00

ROIC (Qtr) -0.01

Revenue Growth (1y) (Qtr) 46.33

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About

Rubrik, Inc. provides a Zero Trust Data Security platform that helps organizations protect, monitor, and recover data across enterprise, cloud, SaaS, and identity environments. The company’s Rubrik Security Cloud suite delivers data protection, threat analytics, identity security, and cyber recovery capabilities through a cloud native SaaS architecture. Rubrik, Inc. also offers Rubrik Agent Cloud, an AI operations platform that monitors, controls, and remediates agentic actions to support enterprise AI transformation. Rubrik, Inc. generates revenue...

Rubrik, Inc. provides a Zero Trust Data Security platform that helps organizations protect, monitor, and recover data across enterprise, cloud, SaaS, and identity environments. The company’s Rubrik Security Cloud suite delivers data protection, threat analytics, identity security, and cyber recovery capabilities through a cloud native SaaS architecture. Rubrik, Inc. also offers Rubrik Agent Cloud, an AI operations platform that monitors, controls, and remediates agentic actions to support enterprise AI transformation.

Rubrik, Inc. generates revenue primarily by selling subscriptions to its Rubrik Security Cloud editions Foundation, Business, and Enterprise through its direct sales team and a global partner network. The company employs a land and expand strategy, securing initial workloads on 1 of 5 data types and then expanding coverage as customers’ data grows, new applications are added, or additional security products are purchased. Rubrik Agent Cloud, launched commercially in February 2026, is also sold as a subscription and contributes to revenue growth. International revenue increased from $250.4 million in fiscal year 2025 to $364.5 million in fiscal year 2026.

The company operates through the following segments.

• Rubrik Security Cloud: This segment provides data protection, threat analytics, identity security, and cyber recovery products that secure enterprise, unstructured, cloud, SaaS, and identity data via a Zero Trust SaaS platform.

• Rubrik Agent Cloud: This segment delivers an AI operations platform that monitors, controls, and remediates agentic actions to help enterprises accelerate AI transformation while managing associated risks.

Rubrik, Inc. competes in the data security market against established backup and recovery vendors such as Commvault, Dell EMC, IBM, Veeam, and Cohesity, as well as specialized providers of cyber/ransomware detection, identity recovery, and data security posture management. The company’s competitive advantage lies in its Zero Trust architecture that unifies backup and recovery with cybersecurity in a cloud native SaaS platform, offering automated policy management, API first integrations, and self describing time series data for rapid threat detection and recovery. Additionally, Rubrik’s focus on automation, scalability, and a unified user interface helps reduce operational complexity for hybrid multi cloud and SaaS environments. The company continues to invest in research and development to extend its platform and drive innovation of new products.

Rubrik, Inc. serves a broad range of customers including financial institutions, retailers, transportation and energy companies, healthcare and life sciences providers, public sector and education organizations, technology and media firms, and various service providers. The company’s platform is adopted by enterprises of different sizes that seek to secure data across on premise, cloud, and SaaS applications while addressing identity protection and cyber recovery needs.

Investment thesis

Bull case

Rubrik’s subscription ARR surged 34% year‑over‑year to $1.35 billion, and net new ARR hit a record $94 million, confirming the company’s ability to capture both new and expansion revenue at a scale that outpaces peers. The free cash flow of $77 million reflects a significant improvement in operating leverage, supported by an 83% gross margin that is the highest in the sector. A net retention rate above 120% indicates that existing customers are not only staying but also buying additional modules, which reduces the cost of customer acquisition and raises lifetime value. This combination of robust top‑line growth and improving profitability positions Rubrik to sustain momentum and provide a cushion for strategic investments in product development and market expansion.
The enterprise shift toward cloud, AI, and automated workloads is creating an urgent need for integrated cyber resilience that protects data, identities, and agentic processes. Rubrik’s platform has already secured high‑profile replacements for legacy backup vendors, capturing deals with a major Asian bank and a Fortune 250 professional services firm. These wins demonstrate the company’s capability to articulate a single‑platform value proposition that addresses security, compliance, and operational efficiency. As organizations accelerate AI adoption, the need for a governance layer that can monitor, constrain, and remediate agents will grow, offering Rubrik a new, high‑margin revenue stream that can be bundled with its existing suite.
The identity resilience portfolio, now integrated with Okta, Azure AD, and CrowdStrike, extends Rubrik’s reach into the human‑factor dimension of cyber risk. By offering a unified view of identity posture and data exposure, the product delivers a compelling differentiation that resonates with CSO and CIO buyers. The early traction—doubling identity customer counts in a single quarter and securing $20 million in subscription ARR—suggests that the solution fills a market gap and creates cross‑sell opportunities to existing data‑protection accounts. As identity incidents become more frequent and costly, the demand for an end‑to‑end resilience platform will intensify, providing a strong tailwind for future growth.
Rubrik’s Sovereign offering addresses a critical regulatory and national security need by keeping data, control planes, and metadata within designated jurisdictions. The ability to operate all components on‑premises or within sovereign cloud providers positions the company to capture government contracts and regulated industries that demand data residency guarantees. These segments typically carry higher price points and longer sales cycles, which can elevate average ARR per customer and strengthen the company’s overall profitability profile. Moreover, the sovereignty capability dovetails with the broader cybersecurity narrative, reinforcing Rubrik’s strategic alignment with compliance requirements.
The platform’s architecture—unifying data, identity, and AI operations—creates powerful network effects that amplify cross‑sell and upsell opportunities. Existing customers who adopt one module gain immediate visibility into the value of additional modules, encouraging a “land‑and‑expand” model that drives high expansion revenue. The data‑centric nature of the platform also means that the cost of adding new services is low relative to the revenue generated, supporting a favorable margin profile. High expansion rates reduce churn risk and enhance long‑term valuation by increasing the recurring revenue base.

Rubrik’s subscription ARR surged 34% year‑over‑year to $1.35 billion, and net new ARR hit a record $94 million, confirming the company’s ability to capture both new and expansion revenue at a scale that outpaces peers. The free cash flow of $77 million reflects a significant improvement in operating leverage, supported by an 83% gross margin that is the highest in the sector. A net retention rate above 120% indicates that existing customers are not only staying but also buying additional modules, which reduces the cost of customer acquisition and raises lifetime value. This combination of robust top‑line growth and improving profitability positions Rubrik to sustain momentum and provide a cushion for strategic investments in product development and market expansion.
The enterprise shift toward cloud, AI, and automated workloads is creating an urgent need for integrated cyber resilience that protects data, identities, and agentic processes. Rubrik’s platform has already secured high‑profile replacements for legacy backup vendors, capturing deals with a major Asian bank and a Fortune 250 professional services firm. These wins demonstrate the company’s capability to articulate a single‑platform value proposition that addresses security, compliance, and operational efficiency. As organizations accelerate AI adoption, the need for a governance layer that can monitor, constrain, and remediate agents will grow, offering Rubrik a new, high‑margin revenue stream that can be bundled with its existing suite.
The identity resilience portfolio, now integrated with Okta, Azure AD, and CrowdStrike, extends Rubrik’s reach into the human‑factor dimension of cyber risk. By offering a unified view of identity posture and data exposure, the product delivers a compelling differentiation that resonates with CSO and CIO buyers. The early traction—doubling identity customer counts in a single quarter and securing $20 million in subscription ARR—suggests that the solution fills a market gap and creates cross‑sell opportunities to existing data‑protection accounts. As identity incidents become more frequent and costly, the demand for an end‑to‑end resilience platform will intensify, providing a strong tailwind for future growth.
Rubrik’s Sovereign offering addresses a critical regulatory and national security need by keeping data, control planes, and metadata within designated jurisdictions. The ability to operate all components on‑premises or within sovereign cloud providers positions the company to capture government contracts and regulated industries that demand data residency guarantees. These segments typically carry higher price points and longer sales cycles, which can elevate average ARR per customer and strengthen the company’s overall profitability profile. Moreover, the sovereignty capability dovetails with the broader cybersecurity narrative, reinforcing Rubrik’s strategic alignment with compliance requirements.
The platform’s architecture—unifying data, identity, and AI operations—creates powerful network effects that amplify cross‑sell and upsell opportunities. Existing customers who adopt one module gain immediate visibility into the value of additional modules, encouraging a “land‑and‑expand” model that drives high expansion revenue. The data‑centric nature of the platform also means that the cost of adding new services is low relative to the revenue generated, supporting a favorable margin profile. High expansion rates reduce churn risk and enhance long‑term valuation by increasing the recurring revenue base.

Bear case

Despite record quarterly performance, Rubrik’s EPS guidance remains negative for both the upcoming quarter and fiscal year, reflecting ongoing operating expenses that outpace revenue growth. The company’s investment in research, acquisitions, and expanded sales organization increases the cost base, potentially eroding the gross margin gains seen in prior periods. If the company fails to accelerate revenue to offset these costs, the profitability trajectory could become unsustainable, placing downward pressure on valuation and investor confidence.
Rubrik’s growth has been heavily driven by legacy‑replacement deals, a cycle that may taper as the market matures and organizations reach their cloud‑native baselines. The company’s guidance indicates a reduction in material rights revenue once the cloud transformation stabilizes, which could blunt the top‑line growth that has fueled the recent surge. If new legacy‑replacement opportunities dry up, the company may need to shift focus to less frequent expansion deals, potentially lowering ARR growth rates.
The Agent Cloud suite is still in a beta phase, and its market acceptance remains uncertain. The product’s success hinges on complex integration with diverse AI frameworks and on‑prem or cloud environments, which may pose significant technical and operational challenges. Without clear evidence of demand or a defined pricing model, the potential to monetize this offering remains speculative, and the investment risk could outweigh expected returns.
The cyber‑resilience space is crowded with both established players and nimble entrants that offer similar protection capabilities. Newer vendors may undercut pricing or accelerate feature development, eroding Rubrik’s market share. The company’s current differentiation—its unified data and identity platform—could be replicated by competitors, leading to commoditization and increased price competition. If competitors successfully capture volume, Rubrik may need to revisit its pricing strategy, which could compress margins.
Large enterprise accounts constitute 86% of Rubrik’s subscription ARR, indicating a concentration risk. The loss of a few key customers could have a material impact on revenue and could trigger price renegotiations. While the high net retention rate suggests strong customer loyalty, the concentration heightens vulnerability to account churn or shifting strategic priorities within those organizations.

Despite record quarterly performance, Rubrik’s EPS guidance remains negative for both the upcoming quarter and fiscal year, reflecting ongoing operating expenses that outpace revenue growth. The company’s investment in research, acquisitions, and expanded sales organization increases the cost base, potentially eroding the gross margin gains seen in prior periods. If the company fails to accelerate revenue to offset these costs, the profitability trajectory could become unsustainable, placing downward pressure on valuation and investor confidence.
Rubrik’s growth has been heavily driven by legacy‑replacement deals, a cycle that may taper as the market matures and organizations reach their cloud‑native baselines. The company’s guidance indicates a reduction in material rights revenue once the cloud transformation stabilizes, which could blunt the top‑line growth that has fueled the recent surge. If new legacy‑replacement opportunities dry up, the company may need to shift focus to less frequent expansion deals, potentially lowering ARR growth rates.
The Agent Cloud suite is still in a beta phase, and its market acceptance remains uncertain. The product’s success hinges on complex integration with diverse AI frameworks and on‑prem or cloud environments, which may pose significant technical and operational challenges. Without clear evidence of demand or a defined pricing model, the potential to monetize this offering remains speculative, and the investment risk could outweigh expected returns.
The cyber‑resilience space is crowded with both established players and nimble entrants that offer similar protection capabilities. Newer vendors may undercut pricing or accelerate feature development, eroding Rubrik’s market share. The company’s current differentiation—its unified data and identity platform—could be replicated by competitors, leading to commoditization and increased price competition. If competitors successfully capture volume, Rubrik may need to revisit its pricing strategy, which could compress margins.
Large enterprise accounts constitute 86% of Rubrik’s subscription ARR, indicating a concentration risk. The loss of a few key customers could have a material impact on revenue and could trigger price renegotiations. While the high net retention rate suggests strong customer loyalty, the concentration heightens vulnerability to account churn or shifting strategic priorities within those organizations.

Geographical Breakdown of Revenue (2026)

Peer comparison

Companies in the Software - Infrastructure

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1	MSFT	Microsoft Corp	3,104.33 Bn	24.78	9.75	40.26 Bn
2	ORCL	Oracle Corp	522.13 Bn	31.93	8.15	124.72 Bn
3	PLTR	Palantir Technologies Inc.	323.79 Bn	140.90	61.98	-
4	PANW	Palo Alto Networks Inc	167.34 Bn	128.76	16.91	-
5	CRWD	CrowdStrike Holdings, Inc.	154.59 Bn	-949.11	32.12	0.75 Bn
6	FTNT	Fortinet, Inc.	94.31 Bn	49.10	13.27	0.50 Bn
7	SNPS	Synopsys Inc	93.61 Bn	75.04	11.69	10.04 Bn
8	NET	Cloudflare, Inc.	73.23 Bn	-830.72	31.45	1.29 Bn

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Rubrik, Inc. (NYSE: RBRK)

About

Investment thesis

Bull case

Bear case

Geographical Breakdown of Revenue (2026)

Peer comparison

Research Tools

Developers

Rubrik, Inc. (NYSE: RBRK)

About

Investment thesis

Bull case

Bear case

Geographical Breakdown of Revenue (2026)

Peer comparison

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