Rubrik, Inc. Class A (RBRK) AI Stock Analysis

• Market Cap: $9.70B
• Dividend Yield: N/A
• Average Volume (3M): 3.93M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: 48.93%
• EPS Growth: 69.39%
• Country: US
• Employees: 3,200
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.04
• Shares Outstanding: 151,894,450
• 10 Day Avg. Volume: 5,148,659
• 30 Day Avg. Volume: 3,928,089
• PEG Ratio: 0.41
• Price to Book (P/B): -21.16
• Price to Sales (P/S): 8.35
• P/FCF Ratio: 43.40
• Enterprise Value/Market Cap: 1.12
• Enterprise Value/Revenue: 8.24
• Enterprise Value/Gross Profit: 10.29
• Enterprise Value/Ebitda: -35.50
• 1Y Price Target: $88.30
• Price Target Upside: 65.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 21
• EPS Forecast (FY): 0.07
• Revenue Forecast (FY): $1.58B

• Rating: 54 Neutral
• Price Target: $55.00 ▲(2.94% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily supported by strong fundamental momentum described on the earnings call (record ARR adds, improving margins, and FY2027 outlook for positive non-GAAP EPS and strong free cash flow) and improving cash flow in the financial statements. This is meaningfully offset by balance-sheet risk (negative equity and sharply higher debt), continued GAAP losses, and weak technical trend signals with the stock below key moving averages.

Positive Factors

High ARR and Durable Subscription Growth

Record net new subscription ARR and 34% YoY ARR growth expand the recurring revenue base, improving revenue predictability and enabling scale. High net retention (>120%) and growth in $100k+ accounts concentrate durable enterprise revenue and supports multi-year upsell dynamics.

Material Margin Improvement and High Gross Margins

A rapid improvement in contribution margins, alongside gross margins near ~80% in 2026, signals stronger unit economics and operating leverage. Sustained higher margins provide lasting capacity to fund R&D and sales while moving toward consistent operating profitability as ARR scales.

Strong Cash Generation and Large Liquidity Cushion

A swing to robust free cash flow and a sizable cash and marketable securities balance provide durable financial flexibility. Persistent positive OCF/FCF supports reinvestment, acquisition optionality, and buffers balance-sheet risks while the company executes toward non-GAAP profitability.

Negative Factors

Negative Equity and Rising Leverage

Persistent negative shareholders' equity and a sharp rise in debt to roughly $1.13B materially constrain financial flexibility. Negative equity complicates traditional leverage metrics, raises refinancing risks, and makes the company more dependent on cash generation to service liabilities and future growth.

Ongoing GAAP Losses and Negative Net Margin

Sustained GAAP losses and a ~-27% net margin indicate the company has not fully converted revenue scale into consistent GAAP profitability. This limits retained earnings, can pressure future capital allocation, and may require continued reliance on cash reserves or financing during the transition to durable profits.

Early-stage Product Monetization & Nonrecurring Revenue

Portions of recent revenue are nonrecurring and Agent Cloud monetization remains early-stage, creating execution risk to sustain current growth. If new products take multiple years to scale or one-time items reverse, revenue growth and margin improvement could decelerate amid a crowded competitive market requiring ongoing GTM investment.

Rubrik, Inc. Class A Business Overview & Revenue Model

Company Description

Rubrik, Inc. provides data security solutions to individuals and businesses worldwide. The company offers enterprise data protection, unstructured data protection, cloud data protection, and SaaS data protection solutions; data threat analytics; data security posture; and cyber recovery solutions. It serves financial, retail, trade, transportation, energy, industrial, healthcare and life science, education, technology, media, communications, and public sectors. 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.

How the Company Makes Money

Rubrik primarily makes money by selling subscriptions to its data security and cyber resilience platform. Revenue is largely generated through recurring software subscriptions (typically sold to enterprises) that provide capabilities such as backup, recovery, and protection of data and workloads across on-premises and cloud environments. The company may also generate revenue from related support and professional services tied to deployment, configuration, and ongoing customer success. Specific details about the exact mix of subscription tiers, pricing structure (e.g., per-capacity, per-workload, or per-user), and material customer/technology partnerships are null.

Rubrik, Inc. Class A Financial Statement Overview

Summary

Strong and accelerating revenue growth and materially improved gross margin (~80% in 2026) are positives, and cash generation is a clear strength with solidly positive operating cash flow (~$282.9M) and free cash flow (~$253.3M) in 2026. Offsetting this, the company remains meaningfully loss-making (about -27% net margin in 2026) and the balance sheet is pressured by persistent negative equity and a sharp increase in debt (to ~$1.13B in 2026), limiting financial flexibility.

Income Statement

Revenue growth is strong and accelerating, rising from $387.8M (2021) to $1.32B (2026), with the latest year showing very high growth. Profitability is mixed: gross margin improved materially over time (to ~80% in 2026), but the company remains meaningfully loss-making (2026 net margin about -27%). The loss profile improved substantially versus 2025 (when losses were extremely large relative to revenue), but sustained negative earnings and negative operating profitability still weigh on the score.

Balance Sheet

The balance sheet is pressured by persistent negative equity (stockholders’ equity is negative across 2022–2026), which limits financial flexibility and makes leverage harder to assess in a traditional sense. Total debt increased sharply in the most recent year (to ~$1.13B in 2026 from ~$350.8M in 2025), while assets grew to ~$2.77B. Overall, the combination of negative equity and rising debt is a key risk despite the larger asset base.

Cash Flow

Cash generation has improved meaningfully: operating cash flow turned solidly positive in the last two years, reaching ~$282.9M in 2026, and free cash flow was also strongly positive at ~$253.3M. While free cash flow dipped slightly versus 2025, the broader trajectory shows a notable swing from negative free cash flow in 2021–2024 to strong positive generation in 2025–2026. A key watch item is that profits are still negative, so cash flow durability should be monitored, but current cash performance is a relative strength.

Breakdown	Jan 2026	Jan 2025	Jan 2024	Jan 2023	Jan 2022
Income Statement
Total Revenue	1.32B	886.54M	627.89M	599.82M	506.15M
Gross Profit	1.05B	620.80M	389.69M	320.25M	269.87M
EBITDA	-198.35M	-1.08B	-196.34M	-153.79M	-144.90M
Net Income	-348.83M	-1.15B	-354.16M	-277.75M	-254.40M
Balance Sheet
Total Assets	2.77B	1.42B	873.61M	769.18M	518.98M
Cash, Cash Equivalents and Short-Term Investments	1.68B	705.14M	279.25M	295.91M	138.81M
Total Debt	1.13B	350.81M	309.29M	216.04M	33.21M
Total Liabilities	3.29B	1.98B	1.58B	1.14B	623.61M
Stockholders Equity	-519.56M	-553.73M	-704.54M	-372.62M	-104.63M
Cash Flow
Free Cash Flow	253.28M	31.34M	-16.85M	-15.01M	-103.23M
Operating Cash Flow	282.91M	48.23M	-4.52M	19.29M	-82.78M
Investing Cash Flow	-830.09M	-383.44M	-93.62M	-125.19M	8.42M
Financing Cash Flow	736.50M	398.02M	95.95M	171.82M	22.87M

Rubrik, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 53.43
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RBRK, the sentiment is Negative. The current price of 53.43 is above the 20-day moving average (MA) of 53.36, below the 50-day MA of 57.86, and below the 200-day MA of 76.32, indicating a bearish trend. The MACD of -1.36 indicates Positive momentum. The RSI at 39.66 is Neutral, neither overbought nor oversold. The STOCH value of 11.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RBRK.

Rubrik, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPAY	77 Outperform	$19.56B	19.73	27.89%	―	11.27%	4.47%
ACIW	71 Outperform	$4.01B	21.93	15.43%	―	7.01%	17.48%
OKTA	64 Neutral	$14.29B	63.23	3.45%	―	12.12%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NTNX	58 Neutral	$10.47B	25.68	-36.77%	―	17.45%	―
RBRK	54 Neutral	$9.70B	-31.51	64.45%	―	48.93%	69.39%
VRNS	54 Neutral	$2.79B	-38.13	-27.04%	―	11.37%	-34.44%

Rubrik, Inc. Class A Corporate Events

Rubrik Names New Chief Revenue Officer Amid Rapid Growth

On February 2, 2026, Rubrik announced that Brian McCarthy will resign as President of Global Sales and Field Operations effective February 6, 2026, with Jesse Green, formerly President of Rubrik Americas, promoted to Chief Revenue Officer to steer global revenue amid the company’s rapid scaling. Management framed the leadership change within a period of strong fourth-quarter performance, ongoing expansion of its cyber resilience and AI platforms, and ambitions to leverage Green’s track record to sustain growth and reinforce Rubrik’s standing following recent acquisitions and market recognition.

The most recent analyst rating on (RBRK) stock is a Hold with a $59.00 price target. To see the full list of analyst forecasts on Rubrik, Inc. Class A stock, see the RBRK Stock Forecast page.