We came across a bullish thesis on Rubrik, Inc. on Vasileios Prassas’s Substack by Vasileios. In this article, we will summarize the bulls’ thesis on RBRK. Rubrik, Inc.’s share was trading at $54.55 as of February 13th. RBRK’s trailing and forward P/E were 24.66 and 588.24 respectively according to Yahoo Finance.
Den Rise/Shutterstock.com
Rubrik, Inc. (RBRK) is a next-generation cybersecurity company focused on protecting and rapidly recovering enterprise data in the event of cyberattacks, a capability that offers a 10x value proposition versus traditional backup solutions. The company has consistently delivered exceptional growth, with revenue increasing over 50%, net retention above 120%, gross margins exceeding 80%, and free cash flow margins of 22%, including stock-based compensation.
Despite these strong metrics, Rubrik has penetrated only 3–5% of its ~$50 billion total addressable market, signaling a long runway for sustained expansion. The company’s cloud-native platform differentiates itself from legacy competitors such as Dell, IBM, and Veritas, which were designed for monolithic on-premise environments and rely on slower, manually intensive recovery processes. Rubrik’s system assumes attacks will occur, automating immutability, anomaly detection, and prioritized recovery, allowing operations to resume in hours rather than days.
The subscription-based “land-and-expand” model drives growth, with the company increasing coverage within existing accounts over time while adding new customers, benefiting from rising data volumes and high switching costs that lock in pricing power and recurring revenue. Financially, the company’s $1.4 billion Subscription ARR and sustained >50% quarterly growth underscore both scalability and profitability.
From a valuation perspective, RBRK trades at a 16x EV/sales multiple, below next-gen peers, implying 200–300% upside potential through revenue growth and multiple expansion. Even under conservative scenarios, Rubrik’s high margins, strong net retention, and structural tailwinds in data resilience position it as an attractive risk-reward investment, with limited downside relative to its long-term growth trajectory and transformative market role.
Previously, we covered a bullish thesis on Rubrik, Inc. (RBRK) by ElectSamsepi0l in December 2024, which highlighted the company’s cloud-integrated backup and recovery solutions, strategic partnerships, rising ARR, and path to profitability. RBRK’s stock price has appreciated by approximately 1.6% since our coverage. Vasileios shares a similar view but emphasizes Rubrik’s long-term growth runway, subscription-based “land-and-expand” model, high net retention, and structural market tailwinds, providing a more detailed perspective on its scalability and risk-reward potential.
