CVLT vs RBRK: How Commvault Systems and Rubrik Compare (2026)

Same yardstick, side by side (as of July 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 mid-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, 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. Following a roughly 31% single-day stock drop on January 27, 2026 after the Q3 FY2026 ARR miss, CVLT's trailing P/E compressed substantially from its prior-year levels above 70-80x, and the forward P/E dropped to approximately 18x, a notable re-rating for a software company growing revenue at roughly 20% annually. The ~82% gross margin profile reflects the company's successful transition toward SaaS, but GAAP net income remains modest relative to revenue, as the company continues to invest heavily in sales, R&D, and its cloud platform. Full-year FY2026 revenue guidance was set at approximately $1.16-$1.17 billion, and the company has projected a path toward approximately $1.6 billion in revenue by 2029, though analyst confidence in ARR-linked growth targets has been shaken by the Q3 FY2026 disclosure events.

RBRK. Rubrik trades as a high-growth, recently public SaaS security name valued on subscription ARR and the cyber-resilience theme rather than current GAAP earnings. The premium price-to-sales multiple reflects growth and market opportunity; it depends on continued ARR expansion and a credible path to profitability, leaving it sensitive to growth-rate changes.

Headline figures (approximate, June 27, 2026): CVLT shows revenue (ttm, approx.) ~$1.05B, revenue growth (ttm yoy) ~22%, annualized recurring revenue (arr) ~$1B+ (surpassed Oct 2025), gross margin (non-gaap, approx.) ~82%; RBRK shows revenue (ttm) ~$1 billion, subscription arr Growing rapidly (well over $1 billion), revenue growth Strong double-digit, operating margin Negative GAAP (improving toward breakeven).

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.