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

We came across a bullish thesis on Rubrik, Inc. on Hidden Market Gems’s Substack. In this article, we will summarize the bulls’ thesis on RBRK. Rubrik, Inc.’s share was trading at $71.37 as of January 12th. RBRK’s trailing P/E was 24.66 according to Yahoo Finance.

Rubrik Inc. (RBRK) is a Palo Alto–based cybersecurity and cloud data management company that has rapidly evolved from a backup software vendor into a full-stack cyber resilience and AI data platform leader. Founded in 2014, Rubrik serves over 6,000 global enterprises—including Barclays, Home Depot, and U.S. federal agencies—through its flagship SaaS product, Rubrik Security Cloud. Following its April 2024 IPO, Rubrik transitioned to a subscription-first model with over 90% of revenue from recurring SaaS contracts.

Its platform unifies backup, detection, governance, and continuity, now enhanced by AI-driven modules such as “Ruby” and Project Annapurna, which automate compliance, threat response, and data security. The 2025 acquisition of Predibase strengthened Rubrik’s AI capabilities, enabling clients to operationalize protected data for generative AI, reduce inference costs, and accelerate secure model deployment. This positions Rubrik at the forefront of the “after-breach” and “business continuity” market, addressing data sprawl, ransomware, and new regulatory demands.

Rubrik’s moat lies in its deeply integrated architecture, extensive ecosystem partnerships, and sticky customer base, underscored by its sixth consecutive recognition as a Gartner “Leader.” Financially, the company delivered $886.5 million in FY2025 revenue (+41% YoY), crossed $1.1 billion in ARR, achieved positive free cash flow, and maintained 70%+ gross margins.

While trading at ~8× EV/revenue, Rubrik remains less crowded than peers like CrowdStrike, offering asymmetric upside as AI-driven cyber resilience demand expands. With disciplined insider alignment, institutional backing, and accelerating AI leverage post-Predibase, Rubrik represents an emerging midcap compounder defining the next phase of secure cloud infrastructure.

Previously we covered a bullish thesis on Rubrik, Inc. (RBRK) by ElectSamsepi0l in December 2024, which highlighted its rapid ARR growth, strong cybersecurity partnerships, and leadership in backup and recovery solutions. The company’s stock has appreciated about 33.01% since our coverage as the thesis played out. The thesis still stands as Rubrik expands its AI-driven cyber resilience platform. Hidden Market Gems shares a similar perspective but emphasizes its AI integration.

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Disclosure: None.