CVLT vs RBRK: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CVLT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CVLT and RBRK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CVLT and RBRK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Commvault Systems (NASDAQ: CVLT), founded in 1996 and headquartered in Tinton Falls, New Jersey, provides data protection, cyber resilience, and recovery software and SaaS solutions for enterprises operating across hybrid and multi-cloud environments. Its unified platform, marketed as Commvault Cloud, integrates data security, identity resilience, and cyber recovery into a single cloud-native, AI-enabled offering. The company generates revenue primarily through subscriptions (including its Metallic SaaS suite) and, to a decreasing degree, legacy perpetual software licenses. More than 12,000 subscription customers relied on its platform as of the end of fiscal year 2025 (March 31, 2025), and the company reported that approximately 82% of Fortune 500 companies have used its solutions. ARR crossed the $1 billion milestone in September 2025, two quarters ahead of its original target.

Full CVLT guide

Rubrik (RBRK) is a data security and cyber-resilience company that went public in 2024. Its platform protects, backs up, and recovers an organization's data across on-premises systems, public clouds, and SaaS applications, with a particular emphasis on defending against ransomware. Rather than positioning itself only as backup, Rubrik markets a Zero Trust Data Security approach: immutable backups, continuous monitoring for sensitive data and threats, and rapid recovery so companies can restore operations after an attack.

Full RBRK guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CVLT drivers: Subscription and SaaS Flywheel; Cyber Resilience as a Board-Level Imperative.
• RBRK drivers: Cyber resilience demand; Subscription ARR growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most immediate risk is the wave of securities class action lawsuits filed in 2026, alleging that Commvault misled investors about ARR growth by not adequately disclosing the impact of a mix shift toward lower-priced SaaS deals and discounting. For RBRK, rubrik is still unprofitable on a GAAP basis as it invests for growth (a trailing net loss of ~$254 million and an operating margin near ~-17%), and stock-based compensation is significant following its IPO.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CVLT if you believe its drivers more; RBRK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CVLT and RBRK guides.

CVLT. After falling to about $72 following the January 27, 2026 ARR miss, CVLT has roughly doubled, lifting the forward P/E from about 18x earlier in the year to roughly 24x and the market cap to about $6.2 billion. The ~81% gross margin and about $304 million of trailing free cash flow reflect the SaaS model, but GAAP net income remains modest, which is why the trailing GAAP P/E near 95x looks so different from the forward multiple. Consensus expects fiscal 2027 EPS of about $5.45 and fiscal 2028 EPS of about $6.20, and the October 27 report will show whether net new ARR has stabilized after the issues behind the litigation.

RBRK. Rubrik is valued on subscription growth and cash flow rather than GAAP earnings, and the ~45% rise in 2026 has pushed price-to-sales to roughly ~15x. That multiple rests on growth near the high 30s percent and continued estimate beats, which the last four quarters delivered. Figures are approximate, drawn from October 16, 2026 market data and the July 2026 quarter.

Headline figures (approximate, October 2026): CVLT shows revenue (ttm, approx.) ~$1.22B, revenue growth (latest quarter yoy) ~11%, gross margin (approx.) ~81%, net income (ttm, gaap) ~$68M; RBRK shows revenue (ttm) ~$1.54 billion; FY ended January 2026 ~$1.32 billion, revenue growth ~38% year over year in the quarter ended July 31, 2026 (~$427.3 million), margins (ttm) Gross ~80%, operating ~-17%, net ~-16.5%, earnings TTM GAAP net loss ~$254 million; July 2026 quarter adjusted EPS ~$0.20 versus ~$0.04 expected.

CVLT and RBRK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CVLT and RBRK exposure against your real portfolio. It is not an investment adviser.