In today’s fast-evolving technology landscape, data security is more critical than ever. Rubrik, Inc. and CyberArk Software Ltd. stand out as key players in the software infrastructure industry, both delivering innovative cybersecurity solutions to global markets. While Rubrik focuses on data protection and cyber recovery, CyberArk specializes in privileged access management and identity security. This article will help you discern which company offers the most compelling opportunity for your investment portfolio.
Table of contents
Companies Overview
I will begin the comparison between Rubrik and CyberArk by providing an overview of these two companies and their main differences.
Rubrik Overview
Rubrik, Inc. focuses on delivering data security solutions globally, including enterprise data protection, cloud and SaaS data protection, data threat analytics, and cyber recovery. The company targets diverse sectors such as financial, retail, healthcare, and public services. Founded in 2013 and based in Palo Alto, California, Rubrik operates within the software infrastructure industry with a market cap of 15.1B USD.
CyberArk Overview
CyberArk Software Ltd. develops and markets software-based security solutions, specializing in privileged access management and identity services. Serving industries like financial services, manufacturing, healthcare, and government, CyberArk operates worldwide from its headquarters in Petah Tikva, Israel. Established in 1999, it trades on NASDAQ with a market cap of 21.97B USD in the software infrastructure sector.
Key similarities and differences
Both Rubrik and CyberArk operate in the software infrastructure industry, offering security solutions across multiple sectors globally. Rubrik emphasizes data protection and cyber recovery, while CyberArk focuses on privileged access management and identity services. CyberArk has a longer market presence and a larger market capitalization, whereas Rubrik is newer but targets a broad range of data security needs.
Income Statement Comparison
The table below compares the key income statement metrics for Rubrik, Inc. and CyberArk Software Ltd. for their most recent fiscal years, highlighting their financial performance.
| Metric | Rubrik, Inc. (RBRK) | CyberArk Software Ltd. (CYBR) |
|---|---|---|
| Market Cap | 15.1B | 21.9B |
| Revenue | 887M | 1.00B |
| EBITDA | -1.08B | 28.7M |
| EBIT | -1.11B | -13.3M |
| Net Income | -1.15B | -93.5M |
| EPS | -7.48 | -2.12 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Rubrik, Inc.
Rubrik’s revenue grew significantly by 128.64% from 2021 to 2025, reaching $886.5M in 2025, but net income declined sharply, resulting in a net loss of $1.15B in 2025. Gross margins improved to 70.02%, a favorable sign, yet EBIT and net margins remained deeply negative, reflecting ongoing operating challenges. Recent year growth in revenue was strong, but profitability deteriorated further.
CyberArk Software Ltd.
CyberArk reported steady revenue growth of 115.48% over the 2020-2024 period, with 2024 revenue at $1.0B. Gross margin was robust at 79.18%, supporting operational efficiency, although EBIT and net margins stayed negative, albeit less severely than Rubrik’s. The latest year saw solid increases in revenue and operating income, but net margin and EPS trends remained unfavorable.
Which one has the stronger fundamentals?
CyberArk shows stronger fundamentals with a higher gross margin and more controlled operating expenses, leading to a less severe net loss and improved EBIT margin compared to Rubrik. Rubrik, despite faster revenue growth, faces significant profitability headwinds with larger losses and deteriorating margins. CyberArk’s balance of growth and margin management positions it as more stable financially.
Financial Ratios Comparison
The table below presents the most recent key financial ratios for Rubrik, Inc. and CyberArk Software Ltd., providing a snapshot of their profitability, liquidity, leverage, and market valuation as of fiscal year 2025 and 2024 respectively.
| Ratios | Rubrik, Inc. (2025) | CyberArk Software Ltd. (2024) |
|---|---|---|
| ROE | 2.09% | -3.94% |
| ROIC | -2.36% | -2.85% |
| P/E | -9.79 | -157.49 |
| P/B | -20.42 | 6.21 |
| Current Ratio | 1.13 | 1.48 |
| Quick Ratio | 1.13 | 1.48 |
| D/E (Debt-to-Equity) | -0.63 | 0.01 |
| Debt-to-Assets | 24.65% | 0.88% |
| Interest Coverage | -27.49 | -17.90 |
| Asset Turnover | 0.62 | 0.30 |
| Fixed Asset Turnover | 16.67 | 51.11 |
| Payout ratio | 0% | 0% |
| Dividend yield | 0% | 0% |
Interpretation of the Ratios
Rubrik, Inc.
Rubrik shows a mix of favorable and unfavorable ratios, with strong return on equity (208.55%) and positive debt management metrics, but a deeply negative net margin (-130.26%) and interest coverage. Liquidity ratios are neutral to favorable, indicating moderate short-term financial health. The company pays no dividends, likely due to ongoing reinvestment and growth focus, with no dividend yield or payout concerns.
CyberArk Software Ltd.
CyberArk presents weaker profitability metrics, including negative returns on equity (-3.94%) and net margin (-9.34%), alongside low asset turnover (0.3). Its debt levels are low and liquidity ratios are favorable, but interest coverage remains a concern. CyberArk does not pay dividends, consistent with its reinvestment strategy and prioritization of R&D, reflecting a growth-oriented stance without shareholder distributions.
Which one has the best ratios?
Rubrik holds a more favorable overall ratio profile, with over half of its metrics positive, including a high return on equity and sound debt management, despite significant profitability challenges. CyberArk shows more unfavorable financial ratios, particularly in profitability and asset efficiency, resulting in a slightly unfavorable overall evaluation compared to Rubrik.
Strategic Positioning
This section compares the strategic positioning of Rubrik, Inc. and CyberArk Software Ltd., focusing on market position, key segments, and exposure to technological disruption:
Rubrik, Inc.
- Mid-sized software infrastructure firm, facing competition in enterprise data security solutions.
- Focuses on enterprise, cloud, and SaaS data protection across diverse sectors including healthcare.
- Positioned in evolving data security and cyber recovery markets with risk analytics capabilities.
CyberArk Software Ltd.
- Larger global player in software infrastructure with extensive presence across multiple regions.
- Offers privileged access management, identity services, and SaaS solutions serving broad industries worldwide.
- Exposed to identity and access management innovation with SaaS and cloud-native security product lines.
Rubrik vs CyberArk Positioning
Rubrik shows a concentrated focus on data protection and cyber recovery, serving varied sectors, while CyberArk pursues a diversified approach with identity management and privileged access solutions globally. Rubrik’s narrower product scope contrasts with CyberArk’s broader portfolio and geographic reach.
Which has the best competitive advantage?
Both companies display very unfavorable MOAT evaluations with declining ROIC below WACC, indicating value destruction and decreasing profitability; neither currently demonstrates a clear sustainable competitive advantage.
Stock Comparison
The past year saw Rubrik, Inc. (RBRK) and CyberArk Software Ltd. (CYBR) exhibit significant price appreciations, with both stocks following bullish trends marked by decelerating momentum and notable volatility levels.
Trend Analysis
Rubrik, Inc. (RBRK) showed a strong bullish trend over the past 12 months, with a 98.61% price increase and decelerating momentum. Its price ranged from a low of 28.65 to a high of 97.91, with moderate volatility (std. dev. 21.61).
CyberArk Software Ltd. (CYBR) also followed a bullish trend over the same period, gaining 54.75% with deceleration. The stock experienced higher volatility (std. dev. 81.72), hitting a low of 227.32 and a high of 520.78.
Comparing the two, Rubrik delivered the higher market performance with a 98.61% gain versus CyberArk’s 54.75% over the past year.
Target Prices
The target consensus for Rubrik, Inc. and CyberArk Software Ltd. reflects optimistic analyst expectations.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Rubrik, Inc. | 113 | 105 | 109.33 |
| CyberArk Software Ltd. | 520 | 440 | 479.22 |
Analysts anticipate Rubrik’s stock to rise significantly from its current price of 75.47 USD, while CyberArk is also expected to see notable appreciation from 435.32 USD, indicating positive market sentiment for both.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Rubrik, Inc. and CyberArk Software Ltd.:
Rating Comparison
Rubrik, Inc. Rating
- Rating: C, assessed as very favorable overall.
- Discounted Cash Flow Score: 1, indicating very unfavorable valuation.
- ROE Score: 5, showing very favorable profitability from equity.
- ROA Score: 1, showing very unfavorable asset utilization.
- Debt To Equity Score: 1, indicating very unfavorable financial risk.
- Overall Score: 2, a moderate overall financial standing.
CyberArk Software Ltd. Rating
- Rating: C-, also considered very favorable overall.
- Discounted Cash Flow Score: 3, a moderate valuation score.
- ROE Score: 1, indicating very unfavorable profitability.
- ROA Score: 1, also very unfavorable asset utilization.
- Debt To Equity Score: 2, a moderate financial risk assessment.
- Overall Score: 1, reflecting a very unfavorable overall standing.
Which one is the best rated?
Rubrik, Inc. holds a better overall score (2) compared to CyberArk’s (1), with stronger ROE and a very favorable overall rating despite weak DCF and debt scores. CyberArk has a higher DCF score but lower profitability and overall scores.
Scores Comparison
The following table compares the Altman Z-Score and Piotroski Score of Rubrik, Inc. and CyberArk Software Ltd.:
Rubrik, Inc. Scores
- Altman Z-Score of 2.18 indicates a grey zone, moderate bankruptcy risk.
- Piotroski Score of 4 reflects average financial strength.
CyberArk Software Ltd. Scores
- Altman Z-Score of 6.44 indicates a safe zone, low bankruptcy risk.
- Piotroski Score of 3 reflects very weak financial strength.
Which company has the best scores?
CyberArk has a significantly stronger Altman Z-Score, indicating lower bankruptcy risk, but Rubrik holds a higher Piotroski Score, reflecting better financial strength. Each company excels in a different score category.
Grades Comparison
Here is a comparison of the latest reliable grades for Rubrik, Inc. and CyberArk Software Ltd.:
Rubrik, Inc. Grades
The following table summarizes recent grades assigned to Rubrik, Inc. by reputable grading companies.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Citigroup | Maintain | Buy | 2025-12-08 |
| William Blair | Upgrade | Outperform | 2025-12-05 |
| Keybanc | Maintain | Overweight | 2025-12-05 |
| BMO Capital | Maintain | Outperform | 2025-12-05 |
| Wedbush | Maintain | Outperform | 2025-12-05 |
| Rosenblatt | Maintain | Buy | 2025-12-05 |
| Piper Sandler | Maintain | Overweight | 2025-12-05 |
| Baird | Maintain | Outperform | 2025-12-05 |
| Cantor Fitzgerald | Maintain | Overweight | 2025-12-03 |
| Guggenheim | Maintain | Buy | 2025-12-01 |
Rubrik, Inc. exhibits a strong consensus of buy and outperform ratings with a recent upgrade by William Blair, signaling positive analyst sentiment.
CyberArk Software Ltd. Grades
Below is an overview of the latest grades given to CyberArk Software Ltd. by established grading firms.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Oppenheimer | Maintain | Outperform | 2024-10-22 |
| Keybanc | Maintain | Overweight | 2024-10-18 |
| Mizuho | Maintain | Outperform | 2024-10-17 |
| BTIG | Maintain | Buy | 2024-10-09 |
| Barclays | Maintain | Overweight | 2024-10-07 |
| Wedbush | Maintain | Outperform | 2024-10-01 |
| Jefferies | Maintain | Buy | 2024-09-24 |
| DA Davidson | Maintain | Buy | 2024-08-09 |
| Rosenblatt | Maintain | Buy | 2024-08-09 |
| Susquehanna | Maintain | Positive | 2024-08-09 |
CyberArk Software Ltd. consistently receives buy and outperform grades, maintaining steady positive analyst evaluations over the past year.
Which company has the best grades?
Both Rubrik, Inc. and CyberArk Software Ltd. hold predominantly buy and outperform ratings from respected firms. Rubrik’s recent upgrade and cluster of outperform ratings in December 2025 indicate a slight edge, potentially reflecting stronger near-term growth expectations. Investors may interpret these grades as signals of confidence in both companies, but with Rubrik showing a marginally more bullish analyst outlook.
Strengths and Weaknesses
Below is a comparative overview of key strengths and weaknesses for Rubrik, Inc. (RBRK) and CyberArk Software Ltd. (CYBR) based on the most recent data available.
| Criterion | Rubrik, Inc. (RBRK) | CyberArk Software Ltd. (CYBR) |
|---|---|---|
| Diversification | Focused mainly on subscription services (828.7M USD in 2025) with smaller maintenance and product/service revenues. | More diversified revenue streams including SaaS (468.7M USD), self-hosted subscriptions (264.6M USD), maintenance, perpetual licenses, and professional services. |
| Profitability | Negative net margin (-130.26%), declining ROIC (-236.15%), but strong ROE (208.55%). Overall value destroying. | Negative profitability metrics (net margin -9.34%, ROE -3.94%, ROIC -2.85%) with declining profitability trends. Also value destroying. |
| Innovation | Moderate asset turnover (0.62) but strong fixed asset turnover (16.67), indicating efficient use of fixed assets. | Lower asset turnover (0.3) but very high fixed asset turnover (51.11) suggests strong asset utilization in specific areas. |
| Global presence | Neutral liquidity position (current ratio 1.13), manageable debt levels (debt/assets 24.65%). | Slightly better liquidity (current ratio 1.48), very low debt load (debt/assets 0.88%), indicating conservative financial management. |
| Market Share | Heavily reliant on subscription revenue, may indicate niche positioning but less market breadth. | Broader product mix with growing SaaS and subscription revenues, potentially stronger market penetration. |
Key takeaways: Both companies are currently experiencing declining profitability and destroying value, signaling caution for investors. Rubrik leans heavily on subscription revenue with efficient asset use, while CyberArk shows more revenue diversification but weaker profitability metrics and lower overall efficiency. Risk management suggests careful monitoring before investing.
Risk Analysis
Below is a comparative table highlighting key risks for Rubrik, Inc. and CyberArk Software Ltd. as of the most recent fiscal years.
| Metric | Rubrik, Inc. (RBRK) | CyberArk Software Ltd. (CYBR) |
|---|---|---|
| Market Risk | Low beta (0.28) indicates lower volatility | Moderate beta (0.99) suggests market sensitivity |
| Debt level | Favorable debt-to-assets (24.65%), low debt-to-equity (-0.63) | Very low debt-to-assets (0.88%) and debt-to-equity (0.01) |
| Regulatory Risk | Moderate, US-based with global exposure | Moderate, Israel-based with international operations |
| Operational Risk | Negative net margin (-130%) and interest coverage (-26.84) indicate operational challenges | Negative net margin (-9.34%) and interest coverage (-3.27) signal operational inefficiencies |
| Environmental Risk | Moderate, typical for tech companies with data centers | Moderate, similar industry exposure |
| Geopolitical Risk | US headquartered, lower geopolitical risk | Higher due to Israel base and global client base |
Rubrik shows significant operational risk with a steep negative net margin and interest coverage, despite low market volatility and manageable debt levels. CyberArk faces higher market and geopolitical risks, with operational challenges that are less severe but notable. Investors should weigh Rubrik’s financial distress signals against CyberArk’s geopolitical exposure.
Which Stock to Choose?
Rubrik, Inc. (RBRK) shows strong revenue growth of 41.2% in 2025 but suffers from negative net margin (-130.3%) and declining profitability. Its financial ratios are mostly favorable, with a robust ROE of 208.6% and low debt levels, though interest coverage is weak. The company’s overall rating is very favorable despite an unfavorable income statement and a very unfavorable MOAT due to value destruction.
CyberArk Software Ltd. (CYBR) achieved 33.1% revenue growth in 2024 with a near-neutral income statement evaluation. It has mixed financial ratios, with some unfavorable metrics like negative ROE (-3.9%) and asset turnover but maintains low debt and a very favorable rating. However, its MOAT is very unfavorable, indicating value destruction and declining profitability over time.
Investors favoring growth might find Rubrik’s strong revenue momentum and favorable financial ratios appealing despite profitability challenges. Conversely, those prioritizing stability could see CyberArk’s balanced income and moderate financial health as suitable, though both companies exhibit value destruction and declining returns on invested capital.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Rubrik, Inc. and CyberArk Software Ltd. to enhance your investment decisions:
