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Rubrik, Inc.

RBRK · Technology (services-prepackaged software) · 5 years of annual accounts filed with the SEC · latest fiscal year ended 2026-01-31

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Rubrik, Inc. reported revenue of $1.3 billion in fiscal 2026. Of the $345.9 million its operations generated over 5 years, 32.3% went to acquisitions and 24.2% back into the business. On the accounting screens, it passes 5 of 8 Piotroski tests, its Altman Z'' of -2.60 is in the distress zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.

Revenue, fiscal 2026 1.3B  
Operating margin -26.2% gross margin 80.1%
Return on invested capital — 261.0% on average over 2 years
Free cash flow after stock pay -76.1M -5.8% of revenue
Net debt ÷ EBITDA — net debt —
Piotroski F-score 5/8 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs4 yrs
Revenue+29.9%—
Shares+48.8%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
—
Return on assets
-12.6%
Asset turnover
0.48×
Research & development
28.4% of revenue
Overheads (SG&A)
19.5% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 5 years of operating cash went, 2022–2026

345.9M generated by the business. Each band is its share of that total.

  • Reinvested in the business 24% 83.9M
  • Acquisitions 32% 111.6M
  • Dividends 0% 0
  • Share buybacks 0% 6,000
  • Kept, or used to pay down debt 43% 150.4M

Over the same years it paid 1.3B in stock. The buybacks did not even cover what was handed out in stock.

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
—
Interest coverage
-20× operating income ÷ interest
Current ratio
1.69 current assets ÷ current liabilities
Cash conversion cycle
58 days collects in 71d, stock 8d, pays in 21d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

5of 8 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero passed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before passed
  • Sells more per assetAsset turnover higher than a year before failed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-2.60distress zone
  • Working capital ÷ assets 0.33 × 6.56+2.16
  • Retained earnings ÷ assets -1.15 × 3.26-3.75
  • Operating income ÷ assets -0.12 × 6.72-0.84
  • Equity ÷ liabilities -0.16 × 1.05-0.17

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

-3.03below the -1.78 line
  • Receivables vs sales 0.97+0.90
  • Gross margin slipping 0.87+0.46
  • Soft assets 0.81+0.33
  • Sales growth 1.48+1.32
  • Slower depreciation 1.15+0.13
  • Overheads vs sales 0.49-0.08
  • Profit not in cash -0.23-1.07
  • Leverage rising 0.53-0.17

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

The effective tax rate is -6.8%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2026

%

revenue grew +29.9% a year over the last 3 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, -6.8%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Quarterly 2026-09-01
Quarterly report
Results 2026-08-27
Reported results; changed a director or officer
Quarterly 2026-06-05
Quarterly report
Event 2026-06-05
Published the results of a shareholder vote
Results 2026-06-04
Reported results
Annual 2026-03-19
Annual report
Results 2026-03-12
Reported results
Results 2026-02-04
Reported results; changed a director or officer
Estimatein 74d
Results for the period ending 2026-10-31

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$5.8M33 sale(s) by 4 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
Other lines110 awards · 0 option exercises · 2 tax withholdings
DateWhoWhatSharesPriceValueHolds after
25 Sep 2026 Sinha BipulChairman of the Board and CEO Gave as a gift 55,000 — — 56,652
24 Sep 2026 Sinha BipulChairman of the Board and CEO Converted · indirect 500,000 — — 500,000
24 Sep 2026 Sinha BipulChairman of the Board and CEO Converted 55,000 — — 111,652
17 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 2,572 $108.05 $277,905 958,078
17 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 200 $102.05 $20,410 963,878
17 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 200 $103.86 $20,772 963,678
17 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 300 $105.98 $31,794 963,378
17 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 2,728 $107.42 $293,042 960,650
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 400 $103.48 $41,392 978,073
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Shares withheld for taxes 13,995 $100.20 $1.4M 964,078
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 1,100 $99.08 $108,988 980,973
15 Sep 2026 Nithrakashyap ArvindChief Technology Officer Shares withheld for taxes 10,436 $100.20 $1.0M 282,857
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 586 $100.20 $58,717 980,387
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 1,214 $101.47 $123,185 979,173
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Sold on the open market · pre-arranged plan 700 $102.72 $71,904 978,473
15 Sep 2026 Choudary Kiran KumarChief Financial Officer Converted 4,000 — — 982,073
10 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 369 $87.55 $32,306 305,744
10 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 2,321 $91.67 $212,766 293,293
10 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 4,675 $90.88 $424,864 295,614
10 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 4,844 $89.73 $434,652 300,289
10 Sep 2026 Nithrakashyap ArvindChief Technology Officer Converted 12,820 — — 306,113
10 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 611 $89.12 $54,452 305,133
9 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 3,237 $91.16 $295,085 294,336
9 Sep 2026 Nithrakashyap ArvindChief Technology Officer Converted 12,820 — — 306,113
9 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 3,243 $89.33 $289,697 302,870
9 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 5,297 $90.41 $478,902 297,573
9 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 1,013 $92.08 $93,277 293,323
9 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 30 $92.87 $2,786 293,293
8 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 7,836 $91.47 $716,759 295,510
8 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 2,767 $90.43 $250,220 303,346
8 Sep 2026 Nithrakashyap ArvindChief Technology Officer Converted 12,820 — — 306,113
8 Sep 2026 Nithrakashyap ArvindChief Technology Officer Sold on the open market · pre-arranged plan 2,217 $91.95 $203,853 293,293
3 Sep 2026 Wassenaar YvonneDirector Converted 513 — — 4,430
3 Sep 2026 Wassenaar YvonneDirector Sold on the open market · pre-arranged plan 721 $89.52 $64,544 3,709
1 Sep 2026 Thompson John WendellDirector Sold on the open market · pre-arranged plan · indirect 200 $91.66 $18,332 7,500
1 Sep 2026 Thompson John WendellDirector Converted 11,000 — — 19,362
1 Sep 2026 Thompson John WendellDirector Sold on the open market · pre-arranged plan 4,600 $88.34 $406,364 14,762
1 Sep 2026 Thompson John WendellDirector Sold on the open market · pre-arranged plan 4,700 $89.02 $418,394 10,062
1 Sep 2026 Thompson John WendellDirector Sold on the open market · pre-arranged plan 600 $90.24 $54,144 9,462
1 Sep 2026 Thompson John WendellDirector Sold on the open market · pre-arranged plan · indirect 1,600 $88.58 $141,728 8,400

The 40 most recent lines of 44.

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Norges Bank (Norway's sovereign fund) 30 Jun 2026 4.1M $326.7M 0.0% New
Baillie Gifford 30 Jun 2026 388,021 $31.2M 0.0% Added to
ARK Invest 30 Jun 2026 365,426 $29.3M 0.2% Reduced

All the funds and what they reported ›

Companies like this one

Same SEC industry (services-prepackaged software) first, then the rest of technology.

MSFT Microsoft CorpORCL Oracle CorpPLTR Palantir Technologies Inc.CRWD CrowdStrike Holdings, Inc.CRM Salesforce, Inc.NOW ServiceNow, Inc.NET Cloudflare, Inc.SNOW Snowflake Inc.

Every figure, year by year

5 fiscal years · 30 measures
20222023202420252026
Size
Revenue—599.8M627.9M886.5M1.3B
Revenue growth——+4.7%+41.2%+48.5%
Operating income—-261.5M-306.5M-1.1B-345.4M
Net income—-277.7M-354.2M-1.2B-348.8M
Margins
Gross margin—69.7%76.9%70.0%80.1%
Operating margin—-43.6%-48.8%-127.9%-26.2%
Net margin—-46.3%-56.4%-130.3%-26.5%
Free cash flow margin—-1.0%-2.7%3.5%19.2%
R&D ÷ revenue—29.2%32.9%60.0%28.4%
SG&A ÷ revenue—14.5%16.0%40.1%19.5%
Cash
Free cash flow—-5.7M-16.9M31.3M253.3M
Stock-based pay—7.0M5.7M913.9M329.4M
Free cash flow after stock pay—-12.7M-22.6M-882.6M-76.1M
Free cash flow to the firm—-272.6M-319.5M-1.2B-437.3M
Free cash flow ÷ net income—0.0×0.0×-0.0×-0.7×
Capex ÷ revenue—4.2%2.0%1.9%2.3%
Returns
Return on invested capital——29.3%492.8%—
Return on equity—————
Return on assets——-40.5%-81.2%-12.6%
Asset turnover——0.7×0.6×0.5×
Economic profit—————
Per share
Earnings per share—$-4.66$-5.84$-7.48$-1.78
Free cash flow per share—$-0.10$-0.28$0.20$1.29
Dividend per share—————
Payout ratio—————
Book value per share—$-18.25$-23.41$-3.59$-2.64
Diluted shares—59.6M60.6M154.3M196.5M
Balance sheet
Net debt——157.0M136.0M—
Net debt ÷ EBITDA——-0.6×-0.1×—
Interest coverage—-22.3×-10.1×-27.5×-20.1×
Current ratio——0.8×1.1×1.7×
Cash conversion cycle (days)——726558
Scores
Piotroski F-score—1245
Altman Z''——-10.39-11.56-2.60
Beneish M———-6.42-3.03

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.