Rubrik, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business carries its own weight: revenue grew 48.5 percent in fiscal 2026, subscription ARR 32 percent, existing customers expand at roughly 120 percent net retention, and operating cash flow swung from negative $4.5 million to positive $282.9 million within two years. The going concern is not in question: $1.75 billion sits in cash and short-term investments, and the convertible notes carry a 0.00 percent coupon and do not mature until 2030. The negative equity of $481.3 million stems from accumulated and largely non-cash losses — $913.9 million of stock-based compensation in the IPO year alone — and from $1.89 billion of deferred, meaning already collected, subscription revenue, not from over-indebtedness under payment pressure. What is open is an operational question: under U.S. accounting rules fiscal 2026 shows an operating loss of $345.4 million, and the adjusted quarterly profit only appears once $73.4 million of stock-based compensation is removed — more than the quarterly loss itself. Add roughly 20 percent of potential dilution and two channel partners carrying 56 percent of quarterly revenue. That is not a threat to substance, but earning power is not yet proven — hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Rubrik copies corporate data into backups nobody can alter afterward and sells that by subscription — a business that grew 48.5 percent to $1,316.2 million in fiscal 2026 and threw off $253.3 million of free cash flow for the first time. Since the April 2024 IPO, results have beaten estimates in every quarter, most recently at $0.16 versus an expected $(0.03) per share. Under U.S. accounting rules the same period shows a quarterly loss of $41.9 million, an accumulated deficit of $3.23 billion and equity of negative $481.3 million — the gap is stock-based compensation, $73.4 million in the first quarter alone. Add two distributors carrying 56 percent of quarterly revenue, a $1.15 billion convertible and a voting structure that puts about 85 percent of the power with Class B holders. Not investment advice.
Growth & customer retention
Revenue rose 48.5 percent to $1,316.2 million in fiscal 2026 and 39.0 percent to $387.1 million in the first quarter of fiscal 2027. Subscription ARR reached $1,565.1 million as of April 30, 2026, up 32 percent; 2,946 customers pay at least $100,000 a year and existing customers expand at roughly 120 percent net retention.
Cash generation & liquidity
Operating cash flow swung from negative $4.5 million in fiscal 2024 through positive $48.2 million in fiscal 2025 to positive $282.9 million in fiscal 2026; free cash flow reached $253.3 million after $31.3 million. As of April 30, 2026 the company held $1.75 billion in cash and short-term investments.
Balance sheet & capital structure
As of April 30, 2026 stockholders equity stood at negative $481.3 million against an accumulated deficit of $3.23 billion; the company itself labels the statement a stockholders deficit. On top sits $1.15 billion of 0.00 percent convertible notes due June 15, 2030 with a conversion price of $124.76.
Earnings quality & dilution
A GAAP loss of $(0.21) per share becomes an adjusted $0.16 once $73.4 million of stock-based compensation is removed — more than the $41.9 million net loss in the first quarter of fiscal 2027. As of April 30, 2026 there were 41.530 million potentially dilutive securities outstanding, roughly 20 percent of the 205.829 million shares.
Dependencies & shareholder voice
The three largest channel partners generated roughly 68 percent of fiscal 2026 revenue, and two individual partners 27 and 29 percent in the first quarter of fiscal 2027 — under agreements terminable at any time. Class B shares with 20 votes each hold about 85 percent of the voting power as of May 31, 2026.
Valuation
A market capitalization of roughly $15.1 billion ($73.24 on July 24, 2026) equals about 10.6 times trailing revenue of $1,424.8 million and roughly 9.2 times the company's own fiscal 2027 guidance. There is no price-to-earnings ratio without earnings; 29 of 29 analyst opinions were positive as of July 25, 2026, at an average price target of $95.23.
Worth Noting
RBRK came onto our research list as 48th of 81 U.S. hits in our in-house Big Earnings Surprise screen (as of July 25, 2026, relative strength rating 54) — part of our series filling the top 50 of that screen with analyses. The screens are recalculated daily.
The surprises in the streak are adjusted figures: in the first quarter of fiscal 2027, earnings per share under U.S. accounting rules were $(0.21) against an adjusted $0.16. The screen measures the deviation from expectations, not earning power.
Fiscal year trap: Rubrik closes its books on January 31. Fiscal 2026 covers February 2025 through January 2026, and the first quarter of fiscal 2027 covers February through April 2026. Comparing the numbers with calendar years shifts them by eleven months.
Recency note: the latest quarterly report (10-Q) is dated June 5, 2026. Everything filed since has been reviewed — the Form 8-K of June 5, 2026 (Item 5.07, results of the annual meeting held June 3, 2026) plus Forms 4 and 144 from June and July 2026; none of it changes the picture. There is no merger, acquisition or delisting under way.
Easy to confuse: only the Class A share trades under RBRK. Share counts from data services frequently cover that class alone (160.957 million as of May 31, 2026) and omit the 44.872 million Class B shares — the market capitalization used in this analysis counts all 205.829 million shares.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RBRK since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 43.80 $ to 107.80 $ · Last price: 107.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Rubrik, Inc. RBRK | 21.7 | – | 0.0 | 80.2 | -13.6 | 48.5 | 45.9 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 69.4 | 39.6 | 75.2 | 10.4 | 17.4 | 45.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 388 | -209 | -213 | -1.21 | -59 | 80 | 510 |
| 2022 | 506 | -250 | -254 | -1.45 | -83 | -105 | 519 |
| 2023 | 600 | -262 | -278 | -1.58 | 19 | -373 | 769 |
| 2024 | 628 | -307 | -354 | -2.01 | -5 | -705 | 874 |
| 2025 | 887 | -1,134 | -1,155 | -7.48 | 48 | -554 | 1,423 |
| 2026 | 1,316 | -345 | -349 | -1.78 | 283 | -520 | 2,767 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.40 | – | 205 | 35.20 | -86.30 | -27 | -32 |
| 2024: Q4 | -0.21 | – | 236 | 42.60 | -55.40 | 23 | 16 |
| 2025: Q1 | -0.18 | 88.20 | 258 | 47.50 | -44.50 | 84 | 78 |
| 2025: Q2 | -0.15 | 90.50 | 279 | 48.70 | -36.70 | 40 | 37 |
| 2025: Q3 | -0.03 | 92.50 | 310 | 51.20 | -31.00 | 64 | 56 |
| 2025: Q4 | 0.10 | 147.60 | 350 | 48.30 | -18.20 | 87 | 84 |
| 2026: Q1 | 0.04 | 122.20 | 378 | 46.30 | -23.00 | 95 | 87 |
| 2026: Q2 | 0.16 | 206.70 | 387 | 39.00 | -10.80 | 82 | 74 |
| 2026: Q3 | -0.30 | -900.00 | 427 | 37.90 | -14.50 | 77 | 71 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Earnings & Surprises
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 01/31/2027 | 0.50 | 0.45 – 0.56 | 1,691 | 5,132.5% | 27 |
| 01/31/2028 | 0.77 | 0.50 – 1.05 | 2,054 | 52.5% | 27 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 24.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $321.3M |
|---|---|
| Market cap | $21.73B |
| Free cash flow in year ten | $2.85B |
| Terminal value as a share of market value | 69.1% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Rubrik verkauft KI als eigenes Produkt: Rubrik Agent Cloud ist seit Februar 2026 kommerziell verfügbar, dazu der KI-Agent Ruby und eine hauseigene KI-Bedrohungserkennung — alles im Geschäftsbericht 10-K für das Geschäftsjahr 2026 als Teil des Angebots beschrieben.
View the full file — quotes, sources, reviewed filings
„In fiscal 2026, we built Rubrik Agent Cloud (“RAC”), to accelerate enterprise AI transformation. RAC is designed to provide a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions. RAC became commercially available in February 2026."
Im Geschäftsjahr 2026 haben wir Rubrik Agent Cloud („RAC“) aufgebaut, um die KI-Transformation von Unternehmen zu beschleunigen. RAC soll eine umfassende Plattform für den KI-Betrieb bereitstellen, die Aktionen von Agenten dynamisch überwacht, steuert und korrigiert. RAC ist seit Februar 2026 kommerziell verfügbar.
10-K · 2026-03-19 · View SEC filing
„In addition, we offer Ruby, an AI agent for cyber resilience designed to help customers scale their data security operations through intelligent automation that increases productivity and bridges the users’ skills gap."
Darüber hinaus bieten wir Ruby an, einen KI-Agenten für Cyber-Resilienz, der Kunden helfen soll, ihren Datensicherheitsbetrieb durch intelligente Automatisierung zu skalieren, die die Produktivität steigert und die Qualifikationslücke der Anwender überbrückt.
10-K · 2026-03-19 · View SEC filing
„We have developed a proprietary machine learning and artificial intelligence-based data threat monitoring and management engine to surface anomalous activities and indicators of data breaches."
Wir haben eine eigene, auf maschinellem Lernen und künstlicher Intelligenz beruhende Maschine zur Überwachung und Steuerung von Datenbedrohungen entwickelt, die auffällige Aktivitäten und Anzeichen von Datenabflüssen sichtbar macht.
10-K · 2026-03-19 · View SEC filing
Filings Reviewed: 10-Q 2026-06-05 · 10-K 2026-03-19 · 10-Q 2025-12-08 · 10-Q 2025-09-10 · 10-Q 2025-06-09 · 10-K 2025-03-20
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 29.9%
- More than 10% revenue growth is expected for the coming year -69.9%
- Share count grows by less than 3% a year 3.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 67.7%
- Gross margin at 40% or higher and without meaningful erosion 80.1%
- Goodwill from acquisitions does not grow faster than revenue 7.2%
- Net debt below twice EBITDA 545 m net cash
- Operating cash flow covers the profits of the last three years 2,184 m
- Return on capital at 15% or higher, or up versus two years ago -23.8%
- Insiders hold at least 10% or are net buyers 2.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 27.7%
- Exp. sales growth 3Y > 5% 24.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 24.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -23.8%
- Expected return > 10% 26.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 2,321 | 91.67 | 212,766 |
| Sep 10, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 4,675 | 90.88 | 424,864 |
| Sep 10, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 4,844 | 89.73 | 434,652 |
| Sep 10, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 611 | 89.12 | 54,452 |
| Sep 10, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 369 | 87.55 | 32,306 |
| Sep 10, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Other | 12,820 | 0.00 | – |
| Sep 9, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 30 | 92.87 | 2,786 |
| Sep 9, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 1,013 | 92.08 | 93,277 |
| Sep 9, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 3,237 | 91.16 | 295,085 |
| Sep 9, 2026 | Nithrakashyap Arvind | Chief Technology Officer | Sell | 5,297 | 90.41 | 478,902 |
The company
About the Company
Rubrik, Inc. provides data security solutions to individuals and businesses worldwide. The company offers enterprise data protection, unstructured data protection, cloud data protection, SaaS data protection solutions, and identity provider services protection; data threat analytics; data security posture; identity recovery and resilience services; and cyber recovery solutions. It also provides RUBY, an AI agent for cyber resilience designed to scale data security operations through automation; SENTRYAI, a proprietary AI deep learning-based platform for system health monitoring; and RUBRIK UNIVERSITY, which includes instructor-led training with hands-on labs, on-demand e-learning courses, and certification exams, as well as offers cloud services. It serves financial, retail, trade, transportation, energy, industrial, healthcare and life science, education, technology, media, communications, services, and public sectors. Rubrik, Inc. has strategic collaboration with MEDITECH to offer native cyber resilience to MEDITECH self-hosted cloud and on-premises solutions. Rubrik, Inc. was formerly known as Scaledata, Inc. and changed its name to Rubrik, Inc. in October 2014. The company was incorporated in 2013 and is based in Palo Alto, California.
- Employees
- 3,797
- Headquarters
- Palo Alto, CA
- Address
- 3495 Deer Creek Road, 94304 Palo Alto, United States
- Phone
- 844 478 2745
- Website
- rubrik.com
- IPO Date
- 04/25/2024
- ISIN
- US7811541090
Management
| Name | Title | Birth Year |
|---|---|---|
| Bipul Sinha | Co-Founder, CEO & Chairman | 1973 |
| Arvind Nithrakashyap | Co-Founder, CTO & Director | 1974 |
| Kiran Kumar Choudary | Chief Financial Officer | 1975 |
| Arvind Jain | Co-Founder | – |
| Ajay Sabhlok | Chief Information Officer & Chief Data Officer | – |
| Melissa A. Franchi | VP & Head of Investor Relations | – |
| Peter McGoff Esq. | Chief Legal Officer & Secretary | 1965 |
| Jessica Moore | Vice President of Global Communications | – |
| John Koo | Chief Marketing Officer | – |
| Mike Tornincasa | Chief Business Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/27/2026 Rubrik, Inc. (RBRK): Results of Operations and Financial Condition; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.