In a world increasingly dependent on data security, Rubrik, Inc. stands at the forefront, transforming how enterprises protect their most valuable assets. With its innovative solutions that span enterprise, cloud, and SaaS data protection, Rubrik is not just a player in the Software – Infrastructure sector; it shapes how businesses safeguard their digital landscapes. As we evaluate Rubrik’s current market position and fundamentals, I invite you to consider whether its growth potential justifies its recent valuation surge.
Table of contents
Company Description
Rubrik, Inc. is a prominent player in the software infrastructure sector, specializing in innovative data security solutions for businesses globally. Founded in 2013 and headquartered in Palo Alto, CA, Rubrik offers a comprehensive suite of services, including enterprise data protection, cloud data protection, and cyber recovery solutions, catering to diverse industries such as healthcare, finance, and technology. With a market capitalization of approximately $17B and a strong team of 3,200 employees, the company has established itself as a leader in the data security landscape. Rubrik’s strategic focus on cloud integration and cybersecurity positions it as a crucial player in shaping industry standards and enhancing data resilience.
Fundamental Analysis
In this section, I will analyze Rubrik, Inc. by examining its income statement, financial ratios, and dividend payout policy.
Income Statement
The following table presents the income statement for Rubrik, Inc. (RBRK) over the past five fiscal years, detailing key financial metrics that can guide investment decisions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 387.8M | 506.1M | 599.8M | 627.9M | 886.5M |
| Cost of Revenue | 170.6M | 236.3M | 279.6M | 238.2M | 265.7M |
| Operating Expenses | 426.3M | 519.7M | 581.8M | 696.2M | 1.75B |
| Gross Profit | 217.2M | 269.9M | 320.3M | 389.7M | 620.8M |
| EBITDA | -125.5M | -144.9M | -153.8M | -196.3M | -1.08B |
| EBIT | -207.6M | -249.6M | -257.4M | -297.2M | -1.11B |
| Interest Expense | 0 | 0 | 11.7M | 30.3M | 41.3M |
| Net Income | -213.1M | -254.4M | -277.7M | -354.2M | -1.15B |
| EPS | -1.21 | -1.45 | -1.58 | -2.01 | -7.48 |
| Filing Date | 2021-03-20 | 2022-03-20 | 2023-03-20 | 2024-01-31 | 2025-03-20 |
Interpretation of Income Statement
The income statement reveals a significant upward trend in revenue from 388M in 2021 to 886.5M in 2025, indicating strong top-line growth. However, net income has worsened dramatically, shifting from a loss of 213.1M in 2021 to a staggering loss of 1.15B in 2025. This deterioration is largely due to soaring operating expenses, which have escalated significantly, impacting margins adversely. In 2025, despite high revenue growth, the company experienced an increase in losses, with EBITDA remaining deeply negative, suggesting the need for operational efficiency improvements to enhance profitability moving forward.
Financial Ratios
The following table presents the financial ratios for Rubrik, Inc. (ticker: RBRK) over the last few fiscal years.
| Metrics | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Margin | -54.95% | -50.26% | -46.30% | -56.40% | -130.26% |
| ROE | -266.79% | 243.15% | 74.54% | 50.27% | 208.55% |
| ROIC | -87.16% | -135.49% | -80.86% | -152.53% | -236.15% |
| P/E | -30.55 | -25.59 | -23.44 | -18.38 | -9.79 |
| P/B | 81.50 | -62.21 | -17.47 | -9.24 | -20.42 |
| Current Ratio | 1.56 | 0.98 | 1.17 | 0.84 | 1.13 |
| Quick Ratio | 1.54 | 0.97 | 1.14 | 0.83 | 1.13 |
| D/E | 0.07 | -0.32 | -0.58 | -0.44 | -0.60 |
| Debt-to-Assets | 1.17% | 6.40% | 28.09% | 35.40% | 23.36% |
| Interest Coverage | 0 | 0 | -22.34 | -10.12 | -27.49 |
| Asset Turnover | 0.76 | 0.98 | 0.78 | 0.72 | 0.62 |
| Fixed Asset Turnover | 11.37 | 7.69 | 7.23 | 8.08 | 16.67 |
| Dividend Yield | 0 | 0 | 0 | 0 | 0 |
Interpretation of Financial Ratios
Analyzing Rubrik, Inc. (RBRK) for the fiscal year 2025 reveals significant financial concerns. The liquidity ratios show a current ratio of 1.13 and a quick ratio of 1.13, suggesting adequate short-term liquidity. However, solvency is a major issue, highlighted by a negative solvency ratio of -0.57, indicating excessive debt relative to assets. Profitability ratios are particularly alarming, with a net profit margin of -1.30, reflecting substantial losses. Efficiency indicators, such as a receivables turnover of 4.87 and inventory turnover of 63.53, indicate operational effectiveness; however, the overall financial health is weak, raising red flags for potential investors.
Evolution of Financial Ratios
Over the past five years, Rubrik, Inc.’s financial ratios have shown a troubling decline, particularly in profitability and solvency metrics. The company has consistently reported negative margins, indicating ongoing operational challenges and financial instability.
Distribution Policy
Rubrik, Inc. does not currently pay dividends, primarily due to negative net income and a focus on reinvesting in its growth strategy. The company is likely in a high-growth phase, prioritizing research and development and strategic acquisitions over immediate shareholder returns. Additionally, Rubrik engages in share buybacks, which may enhance shareholder value in the long term. However, the absence of dividends raises concerns about sustainability and immediate value creation for shareholders. Overall, this approach emphasizes long-term growth potential, albeit with associated risks.
Sector Analysis
Rubrik, Inc. operates in the Software – Infrastructure industry, offering innovative data security solutions that cater to various sectors, including healthcare and finance, amidst strong competition.
Strategic Positioning
Rubrik, Inc. (ticker: RBRK) holds a significant market position in the data security solutions sector, boasting a market capitalization of approximately $17.03B. With a competitive edge in enterprise and cloud data protection, Rubrik faces considerable pressure from both established tech giants and emerging startups. The company’s beta of 0.33 suggests lower volatility compared to the market, reflecting its steady performance amidst technological disruptions. As data security becomes increasingly critical across various industries, Rubrik’s innovative solutions position it well against competitors, but vigilance is essential to navigate the rapidly evolving landscape.
Revenue by Segment
The following chart illustrates Rubrik, Inc.’s revenue by segment for the fiscal year 2025, highlighting key areas of growth and performance.
In FY 2025, Rubrik’s revenue shows significant contributions from its segments. The Subscription and Circulation segment leads with 828.74M, followed by Product and Service, Other at 44.64M, and Maintenance at 18.41M. The Subscription segment’s dominance reflects a strong business model focused on recurring revenue, although the slower growth rate compared to prior years could indicate potential margin pressures. Overall, while the company is well-positioned, monitoring these trends is essential to mitigate concentration risks in a competitive market.
Key Products
Rubrik, Inc. offers a range of innovative data security solutions tailored for businesses across various sectors. Below is a table summarizing some of their key products.
| Product | Description |
|---|---|
| Enterprise Data Protection | A comprehensive solution designed to safeguard critical enterprise data from loss and breaches. |
| Unstructured Data Protection | Focuses on the protection of unstructured data, ensuring that vital information remains secure. |
| Cloud Data Protection | Offers robust security for data stored in cloud environments, enabling safe and efficient access. |
| SaaS Data Protection | Provides security measures for Software-as-a-Service applications, protecting sensitive data. |
| Data Threat Analytics | Analyzes potential threats to data security and provides actionable insights for risk management. |
| Cyber Recovery Solutions | Ensures rapid recovery of data in the event of a cyber incident, minimizing downtime and losses. |
These products reflect Rubrik’s commitment to providing cutting-edge solutions in the ever-evolving landscape of data security.
Main Competitors
In the competitive landscape of the software infrastructure industry, several key players are vying for market share alongside Rubrik, Inc. Here’s a summary of the main competitors based on their market capitalizations:
| Company | Market Cap |
|---|---|
| Unity Software Inc. | 19.59B |
| Gen Digital Inc. | 16.70B |
| Rubrik, Inc. | 17.03B |
| Joint Stock Company Kaspi.kz | 14.58B |
| Okta, Inc. | 14.55B |
| F5, Inc. | 14.37B |
| Dynatrace, Inc. | 13.40B |
| DocuSign, Inc. | 13.21B |
| Bentley Systems, Incorporated | 12.61B |
| Klarna Group plc | 11.82B |
| SailPoint, Inc. | 11.27B |
The primary competitors in the software infrastructure market include Unity Software and Gen Digital, with Rubrik holding a prominent position among them. This sector is predominantly focused in the United States, where these companies are actively providing solutions to a broad range of industries including finance, healthcare, and technology.
Competitive Advantages
Rubrik, Inc. (RBRK) stands out in the competitive landscape of data security solutions through its innovative offerings in enterprise, unstructured, and cloud data protection. With a market cap of 17.03B and a relatively low beta of 0.33, the company demonstrates stability and resilience. Looking ahead, Rubrik is poised to expand into new markets and launch advanced products, particularly in the realm of cyber recovery and data threat analytics. This positions them well to capitalize on the increasing demand for robust data protection across various sectors, including healthcare and finance.
SWOT Analysis
The following SWOT analysis provides insights into Rubrik, Inc. to help assess its strategic position in the market.
Strengths
- Strong market position
- Innovative data security solutions
- Diverse client base
Weaknesses
- Limited brand recognition compared to competitors
- No dividend payments
- Dependence on the technology sector
Opportunities
- Growing demand for data protection
- Expansion into new markets
- Partnerships with cloud service providers
Threats
- Intense competition in the software industry
- Rapid technological changes
- Cybersecurity threats
Overall, the SWOT analysis indicates that while Rubrik, Inc. has significant strengths and promising opportunities, it must address its weaknesses and prepare for potential threats. A focused strategy on innovation and market expansion could enhance its competitive edge.
Stock Analysis
Over the past year, Rubrik, Inc. (RBRK) has demonstrated significant price movements, achieving a remarkable increase in its stock price amidst varying trading dynamics.
Trend Analysis
The stock has experienced a substantial price change of +127.03% over the past year, indicating a bullish trend. However, the recent trend from September 21, 2025, to December 7, 2025, shows a more modest increase of +7.53%, with a slight deceleration in momentum, as indicated by a trend slope of -0.81. The highest price recorded during this period was 97.91, while the lowest dipped to 28.65. The stock’s volatility, with a standard deviation of 21.81, suggests some fluctuations in price, though the overall trend remains positive.
Volume Analysis
In terms of trading volumes over the last three months, the total volume recorded is approximately 1.08B shares, with buyer volume at 574.87M and seller volume at 469.46M. The data indicates a slightly buyer-driven market, with buyers accounting for 53.42% of total trading activity. Furthermore, trading volume appears to be increasing, suggesting a heightened interest from investors and positive sentiment regarding the stock’s performance.
Analyst Opinions
Recent analyst recommendations for Rubrik, Inc. (RBRK) have been cautious, with a consensus rating of “Hold.” Analysts highlight concerns regarding the company’s low scores in discounted cash flow, return on assets, and debt-to-equity ratios. Notably, the overall score is 2 out of 5, indicating significant room for improvement. Analysts suggest that while the return on equity is relatively strong, other financial metrics need attention. As such, I advise a careful approach for potential investors considering RBRK in their portfolios this year.
Stock Grades
Recent stock ratings for Rubrik, Inc. (RBRK) indicate a generally positive outlook from various reputable grading companies.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| BMO Capital | Maintain | Outperform | 2025-12-05 |
| William Blair | Upgrade | Outperform | 2025-12-05 |
| Wedbush | Maintain | Outperform | 2025-12-05 |
| Rosenblatt | Maintain | Buy | 2025-12-05 |
| Keybanc | Maintain | Overweight | 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 |
| Mizuho | Upgrade | Outperform | 2025-11-17 |
Overall, the trend in grades for RBRK shows a solid performance, with multiple upgrades and a consistent rating of “Outperform” from several analysts. This indicates a strong confidence in the stock’s potential, which is a positive signal for investors considering adding it to their portfolios.
Target Prices
The consensus target prices for Rubrik, Inc. indicate positive expectations from analysts.
| Target High | Target Low | Consensus |
|---|---|---|
| 113 | 110 | 111.5 |
Overall, analysts anticipate a favorable outlook for Rubrik, with a consensus target price of 111.5.
Consumer Opinions
Consumer sentiment about Rubrik, Inc. (RBRK) reflects a diverse range of experiences, showcasing both appreciation and frustration among users.
| Positive Reviews | Negative Reviews |
|---|---|
| “Rubrik’s platform has significantly streamlined our data management processes.” | “Customer support is often slow to respond, which can be frustrating.” |
| “The user interface is intuitive and easy to navigate.” | “Pricing can be steep compared to competitors.” |
| “We’ve seen improved efficiency and reduced downtime since using Rubrik.” | “Some features lack the depth we expected for enterprise solutions.” |
Overall, consumer feedback on Rubrik highlights its user-friendly interface and efficiency improvements as key strengths, while concerns about customer support and pricing remain recurring weaknesses.
Risk Analysis
Understanding the potential risks associated with investing in Rubrik, Inc. (ticker: RBRK) is crucial for making informed decisions. Below is a summary of key risks that could impact the company’s performance.
| Category | Description | Probability | Impact |
|---|---|---|---|
| Market Risk | Fluctuations in technology demand affecting sales. | High | High |
| Regulatory Risk | Changes in data protection laws impacting operations. | Medium | High |
| Competition Risk | Intense competition from established players. | High | Medium |
| Operational Risk | Potential cybersecurity breaches affecting trust. | Medium | High |
| Financial Risk | Volatility in stock price due to market sentiment. | High | Medium |
In recent months, the tech sector has seen increased regulatory scrutiny, which raises the stakes for companies like Rubrik. With a high probability and impact for market and regulatory risks, careful consideration is essential for investors.
Should You Buy Rubrik, Inc.?
Rubrik, Inc. (RBRK) has reported a significant net loss of -1.15B in 2025, indicating a negative profitability trend, particularly with a net profit margin of -1.30. The company’s return on invested capital (ROIC) is -2.36, which is lower than its weighted average cost of capital (WACC) of 5.46, suggesting value destruction instead of value creation. Additionally, Rubrik carries a total debt of 332M, leading to a debt-to-equity ratio of approximately 0.025, reflecting a cautious approach to leverage. The company’s overall rating is a C, which denotes a need for improvement in its financial health.
Favorable signals
Rubrik, Inc. exhibits several favorable elements in its financial performance. The company shows a robust revenue growth of 41.19% and a healthy gross margin of 70.02%. Additionally, gross profit growth stands at an impressive 59.3%, and the interest expense, while present, is relatively manageable at 4.65%. Moreover, the return on equity is notably high at 208.55%, indicating effective utilization of equity capital.
Unfavorable signals
Despite the favorable aspects, there are significant unfavorable elements to consider. The company’s net margin is notably negative at -130.26%, indicating a lack of profitability. Furthermore, the return on invested capital (ROIC) is also negative at -236.15%, leading to value destruction when compared to the weighted average cost of capital (WACC) of 5.46%. Other unfavorable factors include a negative EBIT margin of -124.89% and negative EPS growth of -271.58%. Lastly, the interest coverage ratio is -26.84, suggesting challenges in meeting interest obligations.
Conclusion
Given the unfavorable global opinion of the income statement and the favorable opinion of the ratios, it might be prudent to exercise caution. The long-term trend has been bullish; however, with recent seller volume exceeding buyer volume, it suggests that waiting for buyers to return could be a more favorable approach before making further investment decisions.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Additional Resources
- Rubrik rockets on Q3 financial results as revenue surges 48% (RBRK:NYSE) – Seeking Alpha (Dec 04, 2025)
- Rubrik (NYSE: RBRK) lifts Q3 subscription ARR 34% to $1.35B, turns non-GAAP profit – Stock Titan (Dec 04, 2025)
- Rubrik stock rips 22% higher after blowing out earnings and boosting guidance – CNBC (Dec 05, 2025)
- Rubrik stock soars after earnings: CEO talks the record quarter – Yahoo Finance (Dec 05, 2025)
- Rubrik Stock (RBRK) Surges 22% amid Strong Earnings and Analyst Praise – TipRanks (Dec 05, 2025)
For more information about Rubrik, Inc., please visit the official website: rubrik.com
