Rubrik, Inc.

RBRK

TechnologySoftware - InfrastructureNYSE

$61.49

Market Cap: $12.44B

Rubrik, Inc. (RBRK) Valuation Summary

Updated May 10, 2026 10:36

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.47 – $35.10	$0.47	-99.2%
▸ Trading Multiples
EV/Revenue	$14.68 – $40.86	$37.55	-38.9%

Valuation History

DCF Analysis

Rubrik, Inc. (RBRK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.47

Market Price

$61.49

Upside / Downside

-99.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -26.2% to a target of 10.2% over 5 years, discounted at a WACC of 8.5%, Rubrik, Inc. (RBRK) has an intrinsic value of $0.47 per share (range: $0.47 – $35.10).

Key Assumptions

Current Operating Margin

-26.2%

Target Operating Margin

10.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

14.1%

D&A/Revenue

9.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	1,607	22.1%	-18.9%	-305	-305	151	(69)	136	-359	-344
2028	1,963	22.1%	-11.7%	-229	-229	184	(105)	84	-233	-206
2029	2,358	20.1%	-4.3%	-103	-103	222	(152)	93	-126	-103
2030	2,674	13.4%	2.9%	79	62	251	(202)	74	38	28
2031	3,109	16.3%	10.2%	318	252	292	(268)	102	173	120
2032	3,824	23.0%	10.2%	392	309	359	(372)	168	129	82
2033	4,550	19.0%	10.2%	466	368	427	(492)	171	133	78
2034	5,232	15.0%	10.2%	536	423	491	(623)	160	131	71
2035	5,808	11.0%	10.2%	595	470	546	(755)	135	125	63
2036	6,214	7.0%	10.2%	636	503	584	(876)	96	115	53

Enterprise Value Bridge

Sum of PV(FCFF)-158

Terminal Value (Gordon Growth at 3.0%)2,167

PV of Terminal Value1,000

Enterprise Value842

(–) Net Debt751

Equity Value92

(÷) Shares Outstanding196

Fair Value per Share$0.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.5%	$-10	$-7	$5	$20	$35
7.5%	$-10	$-7	$2	$14	$25
8.5%	$-10	$-7	$0	$9	$18
9.5%	$-9	$-7	$-1	$7	$14
10.5%	$-9	$-7	$-2	$4	$11

Current price: $61.49. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$37.55

Market Price

$61.49

Upside / Downside

-38.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Rubrik, Inc. (RBRK) has a fair value of $37.55 based on 10 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Rubrik, Inc.RBRK	12,081	9.7x	8.0x
F5, Inc.FFIV	20,010	6.2x	6.2x
Joint Stock Company Kaspi.kzKSPI	16,322	0.0x	0.0x
Okta, Inc.OKTA	14,196	4.7x	4.3x
Gen Digital Inc.GEN	13,736	4.3x	5.6x
Dynatrace, Inc.DT	12,271	6.7x	5.6x
Unity Software Inc.U	11,663	6.5x	5.7x
Bentley Systems, IncorporatedBSY	9,557	7.1x	7.9x
DocuSign, Inc.DOCU	9,307	2.8x	3.0x
SailPoint, Inc.SAIL	6,873	9.1x	—
Klarna Group plcKLAR	5,474	0.9x	0.7x
Industry Median		5.5x	5.6x
(*) Revenue		1,316	1,607
= Enterprise Value		7,185	9,072
(-) Net Debt		751	751
Equity Value		6,434	8,322
(/) Outstanding shares		196	196
Fair Price		$33	$42

Selected Fair Value (avg of trailing + forward)

$37.55

-38.9%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.47 – $35.10

$0.47

-99.2%

▸ Trading Multiples

EV/Revenue

$14.68 – $40.86

$37.55

-38.9%

DCF Analysis

Rubrik, Inc. (RBRK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.47

Market Price

$61.49

Upside / Downside

-99.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-26.2%

Target Operating Margin

10.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

14.1%

D&A/Revenue

9.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	1,607	22.1%	-18.9%	-305	-305	151	(69)	136	-359	-344
2028	1,963	22.1%	-11.7%	-229	-229	184	(105)	84	-233	-206
2029	2,358	20.1%	-4.3%	-103	-103	222	(152)	93	-126	-103
2030	2,674	13.4%	2.9%	79	62	251	(202)	74	38	28
2031	3,109	16.3%	10.2%	318	252	292	(268)	102	173	120
2032	3,824	23.0%	10.2%	392	309	359	(372)	168	129	82
2033	4,550	19.0%	10.2%	466	368	427	(492)	171	133	78
2034	5,232	15.0%	10.2%	536	423	491	(623)	160	131	71
2035	5,808	11.0%	10.2%	595	470	546	(755)	135	125	63
2036	6,214	7.0%	10.2%	636	503	584	(876)	96	115	53

Enterprise Value Bridge

Sum of PV(FCFF)-158

Terminal Value (Gordon Growth at 3.0%)2,167

PV of Terminal Value1,000

Enterprise Value842

(–) Net Debt751

Equity Value92

(÷) Shares Outstanding196

Fair Value per Share$0.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.5%	$-10	$-7	$5	$20	$35
7.5%	$-10	$-7	$2	$14	$25
8.5%	$-10	$-7	$0	$9	$18
9.5%	$-9	$-7	$-1	$7	$14
10.5%	$-9	$-7	$-2	$4	$11

Current price: $61.49. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$37.55

Market Price

$61.49

Upside / Downside

-38.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Rubrik, Inc. (RBRK) has a fair value of $37.55 based on 10 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Rubrik, Inc.RBRK	12,081	9.7x	8.0x
F5, Inc.FFIV	20,010	6.2x	6.2x
Joint Stock Company Kaspi.kzKSPI	16,322	0.0x	0.0x
Okta, Inc.OKTA	14,196	4.7x	4.3x
Gen Digital Inc.GEN	13,736	4.3x	5.6x
Dynatrace, Inc.DT	12,271	6.7x	5.6x
Unity Software Inc.U	11,663	6.5x	5.7x
Bentley Systems, IncorporatedBSY	9,557	7.1x	7.9x
DocuSign, Inc.DOCU	9,307	2.8x	3.0x
SailPoint, Inc.SAIL	6,873	9.1x	—
Klarna Group plcKLAR	5,474	0.9x	0.7x
Industry Median		5.5x	5.6x
(*) Revenue		1,316	1,607
= Enterprise Value		7,185	9,072
(-) Net Debt		751	751
Equity Value		6,434	8,322
(/) Outstanding shares		196	196
Fair Price		$33	$42

Selected Fair Value (avg of trailing + forward)

$37.55

-38.9%