RBRK
RBRK 6.5Price and target zones价格与目标区间
Above fair value高于合理价值
What the company does公司做什么
Rubrik makes backup and recovery software that also defends data against ransomware. It keeps clean, unchangeable copies of a company's data, so the company can recover quickly after an attack. It sells this as a security product, not just a backup tool.Rubrik 提供备份和恢复软件，同时还能保护数据不受勒索软件侵害。它为一家公司的数据保留干净、无法被篡改的副本，这样公司在遭受攻击后能迅速恢复。它把这个当作一款安全产品来卖，而不只是一个备份工具。
Earns from营收来源 subscriptions. In FY2026, 95% of the $1.3 billion revenue was subscription, and subscription ARR was $1.46 billion, up 34%.订阅费。在 2026财年，$1.3 billion 收入中有 95% 来自订阅，订阅 ARR 达到 $1.46 billion，增长 34%。
Read the full description查看完整介绍
Rubrik, Inc. provides data security solutions to individuals and businesses worldwide. The company offers enterprise data protection, unstructured data protection, cloud data protection, SaaS data protection solutions, and identity provider services protection; data threat analytics; data security posture; identity recovery and resilience services; and cyber recovery solutions. It also provides RUBY, an AI agent for cyber resilience designed to scale data security operations through automation; SENTRYAI, a proprietary AI deep learning-based platform for system health monitoring; and RUBRIK UNIVERSITY, which includes instructor-led training with hands-on labs, on-demand e-learning courses, and certification exams, as well as offers cloud services. It serves financial, retail, trade, transportation, energy, industrial, healthcare and life science, education, technology, media, communications, services, and public sectors. Rubrik, Inc. has strategic collaboration with MEDITECH to offer native cyber resilience to MEDITECH self-hosted cloud and on-premises solutions. Rubrik, Inc. was formerly known as Scaledata, Inc. and changed its name to Rubrik, Inc. in October 2014. The company was incorporated in 2013 and is based in Palo Alto, California.
Revenue breakdown营收构成 share of revenue营收占比
This is Rubrik's core product, sold as a subscription instead of a one-time licence. The Rubrik Security Cloud backs up a customer's data and locks the copies so an attacker cannot change them. This lets a customer restore clean data fast after a ransomware attack. Customers pay based on how much data they protect, so revenue grows as they store more data over time.这是 Rubrik 的核心产品，以订阅方式销售，而不是一次性授权许可。Rubrik Security Cloud 备份客户数据，并锁定副本，使攻击者无法更改。这让客户在遭受勒索软件攻击后能够快速恢复干净的数据。客户按其保护的数据量付费，因此随着客户存储更多数据，收入也会随之增长。
- Backup and immutable copies备份与不可篡改副本 — Backs up data across data centres, cloud, and apps, and makes the copies impossible for an attacker to alter.跨数据中心、云和各类应用备份数据，并让这些副本无法被攻击者改动。
- Ransomware detection and recovery勒索软件检测与恢复 — Scans backups for infection and speeds a clean restore.扫描备份看是否被感染，并加快干净数据的恢复。
This is revenue from Rubrik's older business, before the shift to subscription. It covers support contracts on legacy perpetual-licence software, physical appliances, and professional services. This line is a small and shrinking part of revenue, as customers move to the subscription platform. It shows how far Rubrik has completed its shift to a subscription-first business.这是 Rubrik 转向订阅模式之前的旧业务收入。它包括对旧版永久授权软件、实体设备和专业服务的支持合同。随着客户转向订阅平台，这部分收入占比很小且在持续萎缩。它显示了 Rubrik 向订阅优先业务转型的完成程度。
Company facts公司资料
- Founded成立时间
- 2013
- Employees员工人数
- 3,797
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
✂️ Analyzed 8/27 — HOLD, first score. Q2 FY27 beat-and-raise (subscription ARR $1.66B +33%, revenue +38%, FCF margin 15%→~19% guided) — a real FCF/margin inflection, and a genuine cyber-resilience moat (immutable backup + DSPM + threat detection).
But no margin of safety after a +48.8% monthly run to an all-time high (~11-13x EV/ARR, ~199x P/E on its own FY27 guide); it faded ~7% after-hours on its own beat. Continuous RSU dilution, near-zero insider buying.
FV $80-130. $75-90 add. Trim $150+ (dollar-form — ~17x fwd EV/subscription-ARR, not a P/E, so the site cannot auto-recompute it).
8/27 分析——持有，首次评分 [6.5]。 Q2 FY27 超预期并上调（订阅 ARR $1.66B +33%、营收 +38%、FCF 利润率 15%→约 19% 指引）——真实的 FCF/利润率拐点，网络弹性护城河真实（不可变备份 + DSPM + 威胁检测）。 但在 +48.8% 月涨至历史高点后毫无安全边际（约 11-13x EV/ARR，按其 FY27 指引约 199x P/E）；自身超预期后盘后仍跌约 7%。 RSU 持续稀释，内部人几无买入。 FV $80-130。 入场 $75-90，减持 $150+（美元形式——约 17x 前瞻 EV/订阅-ARR，非市盈率，站点无法自动重算）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Revenue growth营收增长
- +38%
Competitors竞争对手
Why customers stay客户为什么留下
By reframing backup as ransomware protection, Rubrik lands in the security budget, and customers spend more each year (net retention above 120%). The weakness is honest: it is growing fast but still loses money on a GAAP basis with heavy stock-based pay, so profit depends on that growth continuing, even though cash flow has turned positive.通过把备份重新定位成勒索软件防护，Rubrik 挤进了安全预算，而且客户每年的支出都在增加（净留存率超过 120%）。它的短板很坦白：它增长很快，但按 GAAP 口径仍在亏损，且股权激励开支很重，所以利润要靠这种增长持续下去，尽管现金流已经转正。
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Platform bundling by Microsoft/PANW/CRWD, plus sector-wide multiple de-ratings that hit good and bad alike (QLYS −20% in 9 days on no company news).
4 held = deep. New entries are swaps, not adds.