One-glance verdict
Within fair range
$96.55 our estimate vs market $87.18
Wall Street consensus: $118.70 (22.9% higher than our fair-value estimate)
10% below our estimate
Fundamentals snapshot
Rubrik, Inc.
RBRK · NYQ · Technology · Software - Infrastructure
Current price
$87.18
52-week range
$42.25 - $107.91
Market cap
$17.94B
Balance sheet
Healthy
-20.05x Concerning
Net cash $598.06M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
0 Risks
2 rewards · 0 risks
View details ↓What this company does
Rubrik, Inc.
Rubrik sells data security software to businesses, acting like a digital insurance policy that helps them back up their information and recover quickly from cyberattacks. It makes money primarily through subscriptions, creating a predictable income stream known as recurring revenue (money that comes in consistently from customers over time). As digital threats like ransomware become more common, more companies need this kind of protection to keep their operations running.
How the company got here
Rubrik was founded in 2014 by a team of engineers from major tech companies with the initial goal of simplifying how businesses back up and recover their data. A key turning point came around 2021 when the company shifted its focus from just data backup to data security, a move driven by the increasing threat of ransomware attacks on businesses. This repositioning helped the company grow rapidly, leading to its initial public offering (IPO), where a company sells its stock to the public for the first time, in April 2024. The company has also made strategic acquisitions, such as buying Laminar in 2023, to add new capabilities like managing the security of a company's data.
What it actually does
Think of Rubrik as a digital Fort Knox for a company's important information. It provides a safety net, ensuring that if a business's computer systems are hacked, especially by ransomware (a type of malicious software that blocks access to data until a ransom is paid), they can quickly get their data back and continue operating. Rubrik's main product, the Rubrik Security Cloud, is a platform that helps businesses protect their data whether it's stored in their own data centers, in the public cloud (like Amazon Web Services or Microsoft Azure), or within software-as-a-service (SaaS) applications. The company's services are designed to not only back up data but also to detect threats, identify unusual activity, and help recover from cyberattacks.
Subscription
This is Rubrik's primary way of making money, accounting for the vast majority of its revenue. Instead of a one-time sale, customers pay a recurring fee, typically on a multi-year contract, to use Rubrik's data security software. This model is known as Software-as-a-Service (SaaS) and provides a predictable stream of income for the company. The price customers pay is usually based on factors like the amount of data they need to protect and the specific features they use.
Maintenance and Other
This is a smaller and decreasing part of Rubrik's business. It includes revenue from maintenance contracts on older, perpetual software licenses that were sold before the company fully shifted to a subscription model. It also includes fees for professional services, such as helping customers set up and deploy Rubrik's platform, as well as providing training and support. While not the main focus, these services help ensure customers are able to effectively use Rubrik's core products.
What management is betting on now
Rubrik's leadership is heavily focused on positioning the company as a leader in "cyber resilience," which means helping organizations not just prevent attacks but also quickly recover from them. A major part of this strategy is integrating artificial intelligence (AI) into its platform to automate data security and more effectively detect threats. The company is also pursuing a "land-and-expand" strategy, aiming to first sell a core data protection service to a customer and then sell them additional security products over time. Management sees a large opportunity in helping companies secure their data as they adopt AI technologies, positioning Rubrik as a foundational layer for the AI era.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q3
$18.03M
FY2025 Q4
$78.01M
FY2026 Q1
$36.80M
FY2026 Q2
$61.23M
FY2026 Q3
$80.75M
FY2026 Q4
$74.50M
FY2027 Q1
$77.41M
FY2027 Q2
$71.25M
Revenue
$427.26M
Net income
$-61.78M
Diluted EPS
-0.30
Operating cash flow
$76.85M
Free cash flow
$71.25M
Fetching…
Sources
Revenue
$387.07M
Net income
$-41.85M
Diluted EPS
-0.21
Operating cash flow
$81.69M
Free cash flow
$77.41M
Fetching…
Sources
Revenue
$377.68M
Net income
$-86.97M
Diluted EPS
-0.44
Operating cash flow
$93.05M
Free cash flow
$74.50M
Fetching…
Sources
Revenue
$350.17M
Net income
$-63.83M
Diluted EPS
-0.32
Operating cash flow
$85.48M
Free cash flow
$80.75M
Fetching…
Sources
Revenue
$309.86M
Net income
$-95.93M
Diluted EPS
-0.49
Operating cash flow
$64.72M
Free cash flow
$61.23M
Fetching…
Sources
Revenue
$278.48M
Net income
$-102.10M
Diluted EPS
-0.53
Operating cash flow
$39.66M
Free cash flow
$36.80M
Fetching…
Sources
Revenue
$258.10M
Net income
$-114.89M
Diluted EPS
5.69
Operating cash flow
$83.60M
Free cash flow
$78.01M
Fetching…
Sources
Revenue
$236.18M
Net income
$-130.91M
Diluted EPS
-0.71
Operating cash flow
$23.09M
Free cash flow
$18.03M
Fetching…
Sources
Is it cheap or expensive?
Fair value $96.55 vs current price $87.18
Wall Street consensus is the average analyst price target: $118.70 (22.9% higher than our fair-value estimate).
Our most-likely fair value is $96.55 a share — about 10.8% away from today's price of $87.18, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $598.1M - more cash than debt. Interest coverage -20.1x.
Net debt
$-598.06M
Interest coverage
-20.05x
Rubrik, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
RBRK
BASELINE
Rubrik, Inc.
Total debt $1.15B Interest coverage -20.05x This is the baseline the peer rows are being compared against.
Total debt $917.65M Interest coverage 27.83x This peer still has a real interest-payment cushion, while RBRK does not.
Total debt $528.37M Interest coverage -22.31x Neither company has much profit cushion over interest right now.
Total debt $2.73B Interest coverage 15.55x This peer still has a real interest-payment cushion, while RBRK does not.
Total debt $2.50B Interest coverage 654.16x This peer still has a real interest-payment cushion, while RBRK does not.
Total debt $820.18M Interest coverage -10.47x Neither company has much profit cushion over interest right now.
What you should know
The case for and against RBRK
2 Rewards
0 Risks
Rewards
-
Revenue grew 17.2% last year.
-
Free cash flow was positive in 2/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
113.95x
P/B
-37.27x
P/S
11.64x
EV/EBITDA
-66.40x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
80.2%
Operating margin
-16.8%
Net margin
-16.5%
ROE
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ROA
-6.7%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
1.64x
Quick ratio
1.46x
Total debt
$1.15B
Total cash
$1.75B
Growth
How the business has been compounding
Revenue TTM
$1.54B
Revenue 5Y CAGR
29.9%
EPS TTM
-1.26
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$337.06M
Free CF TTM
$253.28M
FCF margin
16.4%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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