RBRK Stock: Insider Activity, Filings & Research

Rubrik, Inc. (RBRK) — Drillr’s hub for RBRK insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, RBRK insiders filed 1 open-market buy and 44 sales (SEC Form 4).

Sentiment

2/100

Buys (3m)

Sells (3m)

Net (3m)

-$29.5M

Insiders buying

Insider trades by month Buys Sells

Jan

Feb

Mar

Apr

May

Jun

Context3-month price +44.8%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	22,240	$82.11
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Sell	800	$85.87
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Sell	300	$82.45
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	831	$82.88
Jun 3, 2026	Herren Richard Scottdirector	Grant	3,709	—
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Option	11,000	$4.38
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Sell	4,000	$84.41
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	262	$86.40
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Sell	1,140	$84.64
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	22,206	$82.72
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Sell	100	$79.91
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	4,246	$78.96
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	28,329	$84.14
Jun 3, 2026	Nithrakashyap Arvinddirector, officer: Chief Technology Officer	Sell	1,700	$77.68
Jun 3, 2026	THOMPSON JOHN WENDELLdirector	Sell	200	$79.77

Source: RBRK SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.

Overview

Rubrik, Inc. (NASDAQ:RBRK) is a data security and cyber resilience company founded in 2013 and headquartered in Palo Alto, California. Originally incorporated as Scaledata, Inc., the company changed its name to Rubrik in October 2014. After operating as a private company for over a decade, Rubrik went public in April 2024. The company has evolved from a traditional data backup and recovery provider into a comprehensive cyber resilience platform that helps organizations protect, secure, and recover their critical data across cloud, on-premises, and software-as-a-service (SaaS) environments.

Business

Rubrik operates in the enterprise data protection and cyber security industry, providing what it calls a "cyber resilience platform." The company's core offering is the Rubrik Security Cloud (RSC), which combines traditional data backup and recovery capabilities with advanced security features to help organizations defend against and recover from cyber attacks. The company's platform addresses several critical areas. Enterprise data protection involves backing up and recovering data from traditional on-premises systems like servers, databases, and storage arrays. Cloud data protection extends these capabilities to major cloud platforms including Amazon Web Services, Microsoft Azure, and Google Cloud Platform. SaaS data protection specifically protects data stored in cloud-based applications like Microsoft 365, Salesforce, and other business-critical SaaS platforms. A key differentiator is Rubrik's Data Security Posture Management (DSPM) capability, which helps organizations understand what sensitive data they have, where it's located, who has access to it, and what risks it faces. This goes beyond traditional backup by providing visibility into data security risks and compliance requirements. The platform also includes cyber recovery solutions that help organizations quickly restore operations after a ransomware attack or other cyber incident. Rubrik has also introduced Annapurna, a platform designed to provide secure data infrastructure for generative artificial intelligence applications. This newer offering recognizes that as organizations adopt AI technologies, they need secure ways to access and manage the data that feeds these AI systems. The company serves a diverse range of industries including financial services, healthcare, retail, energy, education, technology, media, and government sectors. With over 2,200 customers paying more than $100,000 annually, Rubrik has established itself as an enterprise-focused provider rather than targeting small businesses or consumers.

Revenue model

Rubrik operates on a subscription-based software-as-a-service (SaaS) business model, generating revenue primarily through recurring annual subscriptions to its cloud-based platform. The company's subscription Annual Recurring Revenue (ARR) reached $1.093 billion in fiscal 2025, representing 39% year-over-year growth and comprising the vast majority of total revenue. Customers typically sign multi-year contracts and pay annually in advance, providing predictable cash flow. The platform is priced based on the amount of data protected and the specific capabilities used. Rubrik's cloud-native approach means customers don't need to purchase and maintain physical hardware, making the solution more attractive to organizations undergoing digital transformation. The company's revenue model benefits from several factors that can expand margins over time. As customers increase their data volumes or add new applications, they typically expand their Rubrik usage, driving natural growth within existing accounts. The shift from on-premises to cloud-based data protection creates opportunities for higher-margin cloud services. Additionally, as organizations face increasing cyber threats and regulatory requirements, they're willing to pay premium prices for comprehensive cyber resilience capabilities. However, several factors could pressure margins. The competitive landscape includes both established players like Veeam and Commvault, as well as cloud providers like AWS, Microsoft, and Google who offer native backup services at potentially lower costs. Economic downturns could lead customers to delay data protection investments or negotiate more aggressively on pricing. The company also faces ongoing costs for research and development to stay ahead of evolving cyber threats and maintain compatibility with new cloud services and applications. Rubrik's focus on larger enterprise customers helps maintain pricing power, as these organizations typically prioritize reliability and comprehensive features over cost. The integration of DSPM and cyber recovery capabilities into a single platform also allows Rubrik to command higher prices than point solutions that address only backup and recovery.

Competitive moat

Rubrik's competitive moat is moderately strong but faces significant challenges from well-funded competitors and cloud providers. The company's primary moat stems from its comprehensive platform approach that combines data protection, security posture management, and cyber recovery in a single solution. This integration creates switching costs for customers who would need to replace multiple capabilities if they moved to a different provider. The company has built strong partnerships with major cloud providers, particularly Microsoft, where it has achieved "Partner of the Year" recognition. These relationships provide technical integration advantages and go-to-market leverage that smaller competitors struggle to replicate. Rubrik's early focus on cloud-native architecture also gives it advantages over legacy providers who are retrofitting older on-premises solutions for cloud environments. However, the moat faces substantial threats. Large cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud Platform offer native backup and recovery services that integrate seamlessly with their platforms and are often priced aggressively. These providers have virtually unlimited resources to invest in competing features and can bundle services to undercut standalone providers. The data protection market also includes well-established competitors like Veeam, Commvault, and Veritas, each with their own customer bases and technical capabilities. The recent merger between Veritas and Cohesity creates an even larger competitor with substantial resources. Additionally, the DSPM market where Rubrik is expanding is still emerging, with numerous startups and established security vendors developing competing solutions. While Rubrik's integrated approach is differentiated, it's not clear this advantage will persist as other providers develop similar capabilities. The company's moat is further limited by the fact that data protection and cyber security are rapidly evolving fields where technological advantages can be quickly replicated. Organizations also increasingly prefer best-of-breed solutions and may choose specialized providers for different aspects of their data protection needs rather than a single integrated platform.

Risks & safety

Rubrik's margin of safety appears moderate with some concerning elements, particularly given its recent IPO status and current unprofitability. **Cash and Solvency:** - Cash and short-term investments of $186 million provide limited runway given historical burn rates - Generated positive free cash flow of $31 million for fiscal 2025, showing improvement from previous losses - Current ratio of 1.13 indicates tight liquidity position - Total liabilities exceed total assets, creating negative book value **Valuation Metrics:** - Trading at significant premium with negative EBITDA of -$1.08 billion for fiscal 2025 - EV/Revenue multiple appears elevated for a company with current growth and profitability profile - Price movements have been volatile since IPO, reflecting market uncertainty about valuation **Other Considerations:** - Subscription ARR growth of 39% provides some visibility into future revenue - Improving unit economics with subscription ARR contribution margin trending toward breakeven - Strong customer base with 162 customers paying over $1 million annually - Market position in growing cyber resilience sector provides long-term opportunity but near-term execution risk remains high

Recent development

Over the past few years, Rubrik has undergone a significant strategic transformation from a traditional data backup company to a comprehensive cyber resilience platform provider. The most notable pivot has been the integration of Data Security Posture Management (DSPM) capabilities directly into the Rubrik Security Cloud, expanding beyond backup and recovery to help customers understand their data security risks and compliance posture. The company launched Rubrik Annapurna in 2024, a platform specifically designed to provide secure data infrastructure for generative AI applications. This represents Rubrik's entry into the AI data management space, recognizing that organizations need secure ways to access and prepare data for AI workloads while maintaining security and compliance standards. Rubrik has significantly strengthened its partnership ecosystem, particularly with Microsoft, earning "Partner of the Year" recognition in both the US and UK. The company has co-engineered products specifically for Microsoft 365 and Azure environments, and has expanded support for additional platforms including Red Hat OpenShift and PostgreSQL databases. The company has also enhanced its cyber recovery capabilities with new features like orchestrated Active Directory forest recovery, addressing one of the most critical aspects of ransomware recovery. The platform now provides more comprehensive protection across cloud, SaaS, and enterprise environments with a unified policy engine and security controls. From a go-to-market perspective, Rubrik has increased its focus on larger enterprise customers, with the number of customers paying over $1 million annually growing 64% year-over-year. The company has also expanded its channel partnerships with value-added resellers and global system integrators to reach more customers efficiently.

RBRK company profile · for informational purposes only — not investment advice.

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