Rubrik, Inc. (RBRK)

Price$93.67Cached quoteAs of 2026-09-06 00:17 UTC

AI: Overvalued

Price checkThe shares look expensive because today’s price assumes years of unusually fast cash growth.

Using the latest regular-market close and 205.8 million shares outstanding, Rubrik’s equity value is about $19.1 billion. Against management’s fiscal 2027 midpoint guidance, that is roughly 11.6 times revenue and 64 times free cash flow, meaning cash left after running and investing in the business. A simple valuation using a 10% required return and 3% long-run growth needs free cash flow to compound about 41% annually for five years, reaching roughly $1.7 billion, just to approach today’s value.

Big pictureGrowth is exceptional, but accounting losses and dilution still weaken the value case.

Revenue rose 48% in fiscal 2026 to $1.32 billion, then another 39% year over year in the latest quarter; gross margin reached 80.5%. Operating cash flow improved to $282.9 million in fiscal 2026 and $81.7 million in the quarter, while the net loss narrowed. But stock-based compensation was $329.4 million for fiscal 2026 and $73.4 million in the quarter, nearly matching quarterly free cash flow. Shares outstanding rose from 202.2 million to 205.8 million during the quarter; fiscal 2027 guidance assumes 228 million weighted-average shares, though that is not an ending-share forecast. Customer prepayments also make cash flow seasonal.

Business strengthRecurring security demand and strong liquidity give Rubrik room to keep investing through cycles.

Rubrik had $1.75 billion of cash, cash equivalents, and short-term investments against $1.15 billion of zero-interest convertible notes due 2030. Current assets were $2.22 billion versus $1.28 billion of current liabilities, and $1.12 billion of those liabilities were deferred revenue, mainly customer payments collected before service is delivered. Subscription annual recurring revenue grew 32% to $1.57 billion, and large customers rose 24% to 2,946. Rubrik has not returned material cash through buybacks or dividends; capital is going toward growth. Stockholders’ equity remained negative at $481 million.

What could change the storyFaster cash growth could justify the price, while slower expansion would expose little valuation cushion.

The bull case needs Rubrik to keep annual recurring revenue near 30% growth, convert that growth into much higher free cash flow, and reduce stock compensation relative to cash generation. Fiscal 2027 guidance already calls for about $298 million of free cash flow, but today’s valuation needs far more over time. The bear case strengthens if recurring-revenue growth slips toward the mid-20s, stock compensation stays close to free cash flow, or new artificial-intelligence products fail to create measurable revenue. Those outcomes would make the current sales and cash-flow multiples difficult to defend.

AI: News

First-quarter beat and raiseRubrik beat its targets and raised guidance, but the stock still fell as expectations stayed demanding.

On June 4, Rubrik reported 39% revenue growth, 32% subscription annual recurring revenue growth, and $73.6 million of quarterly free cash flow. It raised fiscal 2027 revenue guidance to $1.638-$1.648 billion and free cash flow guidance to $293-$303 million. Shares fell roughly 3% the next session despite the beat. Commentary pointed to softer cloud or new recurring-revenue trends as one concern, but the price move alone does not prove a single cause.

United Kingdom expansionA large United Kingdom expansion could widen European growth, but it also raises the spending bar.

On July 9, Rubrik committed more than £375 million, about $500 million, to the United Kingdom over five years and named London its European headquarters. The spending will support hiring across sales, marketing, and customer support in one of Rubrik’s fastest-growing markets. This can expand European distribution and help serve customers with regional data-sovereignty requirements, but the commitment is meaningful relative to current cash generation and ultimately needs to produce enough recurring revenue and cash flow to earn an attractive return.

AI security launchesNew artificial-intelligence security products and Wipro distribution strengthened the growth story, though attribution remains uncertain.

Rubrik launched Agent Identity on August 4 and, with Wipro, Enterprise Resilience as a Service on August 5. The first controls artificial-intelligence agents’ access and permissions; the second packages Rubrik technology with Wipro’s consulting reach. Shares rose about 8% and 5% on those days, respectively. The timing is consistent with investors rewarding a larger potential market and stronger distribution, but other market news was also present, so those gains cannot be cleanly attributed to the launches alone.

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Revenue

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2024

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2026

Net income

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2026

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2026	2025	2024	2023
Revenue	$1.32B	$886.5M	$627.9M	$599.8M
Gross profit	$1.05B	$620.8M	$482.9M	$417.8M
Gross margin	80.10%	70.02%	76.91%	69.66%
Research & development	$373.7M	$531.6M	$206.5M	$175.1M
Operating expenses	$1.40B	$1.75B	$789.4M	$679.4M
Operating income	−$345.4M	−$1.13B	−$306.5M	−$261.5M
Operating margin	−26.24%	−127.92%	−48.82%	−43.60%
EBITDA	−$308.3M	−$1.11B	−$282.2M	−$239.2M
EBITDA margin	−23.42%	−124.66%	−44.94%	−39.88%
Net income	−$348.8M	−$1.15B	−$354.2M	−$277.7M
Net profit margin	−26.50%	−130.26%	−56.40%	−46.30%
Basic EPSper basic share	-$1.78	-$7.48	-$5.84	-$4.66
Diluted EPSper diluted share	-$1.78	-$7.48	-$5.84	-$4.66

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Owners

Reported shareholders

Reference date Jun 30, 2026

≈6.21%of listed shares

BlackRock, Inc.9.99M shares · Jun 30, 2026

View holders

Top 20 reported holders of RBRK
Holder	% owned
BlackRock, Inc.	≈6.21%9.99M shares
AQR CAPITAL MANAGEMENT LLC	≈6.18%9.95M shares
FMR LLC	≈5.72%9.2M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈5.16%8.3M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.28%6.89M shares
FIRST TRUST ADVISORS LP	≈3.72%5.98M shares
NORGES BANK	≈2.53%4.07M shares
VOYA INVESTMENT MANAGEMENT LLC	≈2.49%4M shares
GEODE CAPITAL MANAGEMENT, LLC	≈1.79%2.88M shares
STATE STREET CORP	≈1.78%2.86M shares
Legal & General Group Plc	≈1.63%2.62M shares
Greylock XIV Limited Partnership / Greylock XIV GP LLC / Greylock XIV Principals LLC / Greylock XIV-A Limited Partnership	≈1.55%2.49M shares
Pictet Asset Management Holding SA	≈1.47%2.37M shares
JPMORGAN CHASE & CO	≈1.40%2.25M shares
Anatole Investment Management Ltd	≈1.36%2.19M shares
PointState Capital LP	≈1.15%1.86M shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	≈1.08%1.74M shares
Clearbridge Investments, LLC	≈0.98%1.58M shares
MORGAN STANLEY	≈0.96%1.54M shares
Chandna Asheem	≈0.95%1.54M shares

Percentages use 160.96M shares of this listed class outstanding on May 31, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$502.2K disclosed value

Sells (SEC code S)385$402.96M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4	Mhatre RaviDirector	SellClass A Common Stock · indirect	4.0K	$71.49	$284.5K	0
Jun 23, 2026Form 4 · 10b5-1	Wassenaar YvonneDirector	SellClass A Common Stock	676	$75.00	$50.7K	5.4K
Jun 3, 2026Form 4 · 10b5-1	Nithrakashyap ArvindChief Technology Officer	SellClass A Common Stock	192	$80.45	$15.4K	314.0K
Jun 3, 2026Form 4 · 10b5-1	Nithrakashyap ArvindChief Technology Officer	SellClass A Common Stock	5.7K	$79.56	$449.9K	314.2K
Jun 3, 2026Form 4 · 10b5-1	Nithrakashyap ArvindChief Technology Officer	SellClass A Common Stock	4.2K	$78.96	$335.3K	319.9K

Review ownership filings at SEC.gov ↗

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Rubrik, Inc. (RBRK)

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