RBRK$101.02

Rubrik shows strong top-line momentum, with revenue rising from about $600 million to $1.3 billion over the period and TTM revenue still up versus the latest fiscal year, though growth has clearly decelerated from the prior surge. Gross margin has improved materially, but operating profitability remains deeply negative because operating expenses, especially SG&A and R&D, have stayed very high relative to revenue. Net losses widened sharply in FY2025 before improving in FY2026 and TTM, suggesting some operating leverage but not durable profitability yet. TTM tax expense and interest income are notable, but they do not change the underlying loss profile. Assuming this is a software company, margins are better than many early-stage peers, but the path to consistent earnings remains unproven.

Rubrik shows a strong near-term liquidity position, with cash and short-term investments rising to $1.676 billion in FY2026 and $1.749 billion TTM, versus total current liabilities of $1.314 billion and working capital of $909.5 million. Total current assets of $2.224 billion comfortably cover short-term obligations, supported by modest inventory and receivables. However, solvency is weaker: total liabilities reached $3.286 billion against total assets of $2.767 billion, leaving shareholders’ equity negative at $519.6 million, a slight improvement from prior years but still deeply under water. The sharp increase in long-term debt to $1.14 billion is a notable structural change and a key leverage flag, despite the liquid asset cushion.

Operating cash flow improved sharply, from near break-even in FY2024 and $48.2 million in FY2025 to $282.9 million in FY2026, with TTM CFO at $324.9 million. Free cash flow also turned clearly positive, reaching $237.8 million in FY2026 after capex of $45.1 million, and $278.1 million TTM. That said, cash generation quality is uneven: net losses remain large at $348.8 million in FY2026, and stock-based compensation was very heavy at $913.9 million in FY2025 and $329.4 million in FY2026. Investing cash flow stayed deeply negative because of major investment purchases, and financing cash flow was boosted by debt issuance, including $1.13 billion in FY2026. Working capital helped, but the overall pattern is mixed.

Rubrik shows very strong liquidity, with current and quick ratios rising from already elevated levels to 169.2x TTM, and cash coverage also improving, suggesting ample short-term flexibility. Leverage metrics are harder to interpret because equity appears negative, which makes debt-to-equity ratios less useful; still, the negative values indicate a capital structure distorted by accumulated losses rather than classic balance-sheet stress. Asset turnover has declined from 0.78 to 0.51 TTM, pointing to softer asset productivity, though it stabilized somewhat versus FY2025. Profitability remains the main weakness: operating, pre-tax, and net margins are still negative, but all have improved materially in TTM. ROA is also negative, despite strong ROE readings driven by thin or negative equity.

Rubrik shows a clear growth inflection: revenue rose from 0.60B USD to 0.63B USD, then accelerated sharply to 0.89B USD and 1.32B USD, before the forward outlook remains strong at 1.64B USD and 2.00B USD. Growth is still positive but moderates in the forecast, suggesting continued compounding rather than another major step-up. EPS has been highly volatile, moving from losses to a projected swing into profitability, with forecast EPS growth outpacing revenue growth in FY 2027 and FY 2028, which points to meaningful margin expansion. Analyst sentiment is very constructive: Strong Buy consensus, 27 analysts, and a tight 85–115 USD target range centered near 95–96 USD. Recommendation trends are stable, with no negative shift in coverage mix.