Rubrik, Inc. (RBRK): A Bull Case Theory

Core Thesis - Rubrik, Inc. is positioned as a leader in cybersecurity and cloud data management, evolving from a backup software vendor to a full-stack cyber resilience and AI data platform provider [2][3] Company Overview - Founded in 2014, Rubrik is based in Palo Alto and serves over 6,000 global enterprises, including notable clients like Barclays and Home Depot [2] - The company transitioned to a subscription-first model post-IPO in April 2024, with over 90% of its revenue derived from recurring SaaS contracts [2] Product and Technology - Rubrik's platform integrates backup, detection, governance, and continuity, enhanced by AI-driven modules such as "Ruby" and Project Annapurna, which automate compliance and threat response [3] - The acquisition of Predibase in 2025 bolstered Rubrik's AI capabilities, allowing clients to utilize protected data for generative AI and reduce inference costs [3] Financial Performance - In FY2025, Rubrik reported revenue of $886.5 million, reflecting a 41% year-over-year growth, and crossed $1.1 billion in annual recurring revenue (ARR) [4] - The company achieved positive free cash flow and maintained gross margins exceeding 70% [4] Market Position and Valuation - Rubrik trades at approximately 8 times EV/revenue, presenting a less crowded investment opportunity compared to peers like CrowdStrike, with potential for asymmetric upside as demand for AI-driven cyber resilience grows [5] - The company has been recognized as a Gartner "Leader" for six consecutive years, indicating a strong market position and customer loyalty [4] Recent Developments - The stock price of Rubrik has appreciated about 33.01% since December 2024, reflecting the successful execution of its growth thesis and ongoing expansion of its AI-driven platform [6]