Rubrik, Inc. (NYSE: RBRK)

Sector: Technology Industry: Software - Infrastructure CIK: 0001943896
Market Cap 17.15 Bn
P/B -32.70
P/E -45.52
P/S 14.33
ROIC (Qtr) -67.92
Div Yield % 0.00
Rev 1y % (Qtr) 48.26
Total Debt (Qtr) 1.13 Bn
Debt/Equity (Qtr) -2.15

About

Price action

Investment thesis

Bull case

  • Operating cash flow of 273.46M provides exceptional 10.43x coverage of interest expenses 26.21M, showing strong debt service capability.
  • Robust free cash flow of 242.97M exceeds capital expenditure of 30.49M by 7.97x, indicating strong organic growth funding capability.
  • Free cash flow of 242.97M provides exceptional 9.27x coverage of interest expense 26.21M, showing strong debt service ability.
  • Retained earnings of (3.10B) represent substantial 5.91x of equity (524.41M), indicating strong internal capital generation.
  • Robust R&D investment of 351.46M at 0.36x of SG&A 973.66M demonstrates strong commitment to innovation and future growth.

Bear case

  • Operating cash flow of 273.46M barely covers its investment activities of (807.31M), with a coverage ratio of -0.34, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (807.31M) provide weak support for R&D spending of 351.46M, which is -2.30x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 307.10M provide limited coverage of acquisition spending of (20.90M), which is -14.69x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of 273.46M provides insufficient coverage of deferred revenue obligations of 1.69B, which is 0.16x, raising concerns about future service delivery capabilities.
  • Short-term investments of 1.30B significantly exceed cash reserves of 307.10M, which is 4.22x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.

Product and Service Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Software - Infrastructure
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 MSFT Microsoft Corp 3,563.59 Bn 33.97 12.13 60.56 Bn
2 ORCL Oracle Corp 561.87 Bn 36.43 9.21 124.39 Bn
3 PLTR Palantir Technologies Inc. 413.65 Bn 377.64 106.17 0.24 Bn
4 PANW Palo Alto Networks Inc 126.45 Bn 113.19 13.23 0.35 Bn
5 CRWD CrowdStrike Holdings, Inc. 116.42 Bn -370.56 25.50 0.82 Bn
6 SNPS Synopsys Inc 86.06 Bn 64.60 12.20 14.29 Bn
7 NET Cloudflare, Inc. 62.78 Bn -609.27 31.18 3.50 Bn
8 FTNT Fortinet, Inc. 60.83 Bn 32.47 9.28 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 7.05 2.69
EV to Cash from Ops. EV/CFO 65.66 28.91
EV to Debt EV to Debt 15.90 19.83
EV to EBIT EV/EBIT -52.31 -9.95
EV to EBITDA EV/EBITDA -51.99 6.82
EV to Free Cash Flow [EV/FCF] EV/FCF 73.90 26.09
EV to Market Cap EV to Market Cap 1.05 0.36
EV to Revenue EV/Rev 15.01 -9.34
Price to Book Value [P/B] P/B -32.70 3.88
Price to Earnings [P/E] P/E -45.52 -10.66
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -0.30
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.71
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.68
Interest Coverage Int. cover (Qtr) -13.10 -14.20
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -37.01 -408.01
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 195.58 226.39
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.28
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 68.07 25.27
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 67.81 47.48
EBIT Growth (1y) % EBIT 1y % (Qtr) 68.34 20.13
EBT Growth (1y) % EBT 1y % (Qtr) 67.15 14.16
EPS Growth (1y) % EPS 1y % (Qtr) 89.50 67.50
FCF Growth (1y) % FCF 1y % (Qtr) 641.69 296.60
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 70.08 46.75
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.47 0.67
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 0.26 1.22
Current Ratio Curr Ratio (Qtr) 1.78 2.59
Debt to Equity Ratio Debt/Equity (Qtr) -2.15 -0.96
Interest Cover Ratio Int Coverage (Qtr) -13.10 -14.20
Times Interest Earned Times Interest Earned (Qtr) -13.10 -14.20
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -25.90 -548.16
EBIT Margin % EBIT Margin % (Qtr) -28.69 -199.84
EBT Margin % EBT Margin % (Qtr) -30.88 -607.20
Gross Margin % Gross Margin % (Qtr) 79.10 51.88
Net Profit Margin % Net Margin % (Qtr) -31.50 -610.00