RBRK (Rubrik, Inc.): Themes, ETFs, and Basket Ideas
Last updated June 2026
Short answer
What does Rubrik, Inc. do?
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.
Rubrik sells primarily through subscriptions, and it has shifted heavily toward cloud-delivered, recurring revenue measured by subscription annual recurring revenue (ARR). Customers are mostly mid-size and large enterprises plus government agencies that treat data protection as a security problem, not just IT housekeeping. Founded in 2014 and headquartered in Palo Alto, California, Rubrik competes at the intersection of two large markets, data backup and cybersecurity, riding the surge in ransomware and the regulatory push for resilient, recoverable data.
Where is Rubrik, Inc. heading?
1. Cyber resilience demand.
Ransomware and data-breach threats have made recoverable, tamper-proof backups a board-level priority. Rubrik positions data protection as a security category, expanding its addressable market beyond traditional backup. Demand is structurally tailwinded by rising attacks and regulations requiring proof of resilient, recoverable data.
2. Subscription ARR growth.
Rubrik has transitioned to a cloud-delivered, subscription model with rapidly growing subscription ARR and strong net retention as customers add modules and data sources. Recurring revenue and land-and-expand economics give visibility into future revenue and improve the quality of the growth.
3. Platform breadth.
The platform spans enterprise data centers, major public clouds, and SaaS apps like Microsoft 365 and Salesforce, plus data security posture and threat monitoring. Covering hybrid environments from one platform is a differentiator against point backup tools and lets Rubrik upsell security-oriented modules.
4. AI and data governance.
Rubrik is layering AI-driven threat detection, sensitive-data discovery, and recovery assistance on top of its data layer. As enterprises worry about where sensitive data lives and how to recover cleanly, governance and security features become additional expansion vectors.
Risks worth tracking: Rubrik is still unprofitable on a GAAP basis as it invests for growth, and stock-based compensation is significant following its IPO. It competes against deep-pocketed incumbents (Cohesity-Veritas, Commvault, Dell, Veeam) and cloud providers' native backup, plus broad security platforms expanding into data protection. As a recently public company, it carries elevated valuation sensitivity and lock-up and dilution dynamics. Growth could decelerate if enterprise IT budgets tighten or if larger platforms bundle comparable cyber-resilience capabilities. Execution on the path to sustained profitability, while defending share in a crowded backup-plus-security market, is the central uncertainty for the stock.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Rubrik, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$1 billion
- Subscription ARR: Growing rapidly (well over $1 billion)
- Revenue growth: Strong double-digit
- Operating margin: Negative GAAP (improving toward breakeven)
- Free cash flow: Turning positive
- Price to sales: High (premium SaaS multiple)
- Dividend yield: None
- Net retention: Strong (land-and-expand)
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.
RBRK's competitors
Enterprise backup and recovery
Cohesity (which merged with Veritas), Commvault, Veeam, and Dell Technologies are the main competitors in enterprise data backup and recovery, the foundation Rubrik builds on.
Data security and cyber resilience
Rubrik competes with security-oriented data-protection vendors and the data-security features of broad platforms like Microsoft and Palo Alto Networks as backup and security converge.
Cloud-native and SaaS backup
Cloud providers' native backup tools and SaaS-data protection specialists compete for protecting workloads in AWS, Azure, and applications like Microsoft 365 and Salesforce.
Using RBRK in a Walnut basket
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FAQ
What is RBRK's ticker symbol?
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RBRK, listed on the NYSE. Officially Rubrik, Inc. Founded 2014, headquartered in Palo Alto, California, and publicly traded since its 2024 IPO. It trades during US market hours and is available at every major US brokerage.
What does Rubrik do?
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Rubrik provides data security and cyber resilience. Its platform backs up, protects, and rapidly recovers data across data centers, public clouds, and SaaS apps, with a focus on defending against ransomware through immutable backups, threat monitoring, and fast recovery. It markets a Zero Trust Data Security approach.
Who are Rubrik's main competitors?
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By segment. Enterprise backup and recovery: Cohesity-Veritas, Commvault, Veeam, and Dell. Data security and cyber resilience: security-oriented data-protection vendors plus the data features of Microsoft and Palo Alto Networks. Cloud and SaaS backup: cloud providers' native tools and SaaS-data protection specialists.
Is Rubrik profitable?
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Not yet on a GAAP basis. Rubrik is still investing heavily for growth and carries significant stock-based compensation as a recently public company, so it reports GAAP losses. However, subscription ARR is growing fast and free cash flow has been turning positive, with management targeting improving profitability over time.
What is cyber resilience?
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Cyber resilience is an organization's ability to keep operating and quickly recover when hit by a cyberattack, especially ransomware. It combines secure, tamper-proof backups, continuous threat monitoring, and rapid, clean recovery so data and systems can be restored. Rubrik positions data protection as a security and resilience problem, not just IT backup.
Is Rubrik a cybersecurity stock?
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Yes, increasingly so. While rooted in data backup, Rubrik markets itself as a data security and cyber-resilience company and sits at the intersection of backup and cybersecurity. Investors often hold it within a cybersecurity theme as a ransomware-recovery and data-protection play.
When did Rubrik go public?
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Rubrik completed its initial public offering in 2024, listing on the NYSE under the ticker RBRK. As a recently public company, it carries the typical post-IPO dynamics of lock-up expirations, dilution from stock-based compensation, and elevated valuation sensitivity.
How does Rubrik make money?
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Rubrik makes money primarily through software subscriptions, increasingly cloud-delivered, measured by subscription annual recurring revenue. Customers pay recurring fees to protect data across data centers, clouds, and SaaS apps, and expand spend by adding modules, data sources, and security features over time.
Is Rubrik in the S&P 500?
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No. Rubrik is a relatively newly public, mid-cap company and is not an S&P 500 constituent. It appears in cybersecurity, software, and growth-oriented thematic funds rather than the large-cap index.
Which thematic baskets typically include Rubrik?
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Cybersecurity and data-security themes on Walnut. Rubrik is often used as a ransomware-recovery and cyber-resilience sleeve within a security basket, complementing endpoint and network security names with a data-protection angle.
How is Rubrik different from traditional backup vendors?
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Traditional vendors focus on backing up and restoring data for IT operations. Rubrik frames data protection as a security problem, adding immutable backups, threat monitoring, sensitive-data discovery, and rapid recovery designed specifically for ransomware. It delivers this from a single cloud platform across hybrid and SaaS environments.
Is Rubrik a good stock to buy?
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Descriptive, not a recommendation. Rubrik offers exposure to the fast-growing cyber-resilience theme with strong subscription ARR growth, balanced against GAAP losses, post-IPO dilution, a premium valuation, and competition from large backup and security incumbents. Whether it fits a portfolio depends on growth conviction and risk tolerance. Walnut is informational, not investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Rubrik, Inc.'s investor relations page or your broker before making investment decisions.