RBRKRubrik, Inc.

Services-Prepackaged Software

Revenue: $1.3B; 48% YoY
Operating margin: -26.2%; 79% YoY
EBITDA: −$308M; 72% YoY
Market cap: $25.4B
Employees: 3,797; $347K revenue each
Net debt / EBITDA: —; −$93M net debt
AI in 10-K: 17.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 2 years
3+ of last 5 years
High CEO pay despite TSRNo
$71M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
25% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$347K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
17.9 per 10K words · 98th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$25.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$76M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$600M	$628M	$887M	$1.3B	48%
Operating income	−$262M	−$307M	−$1.1B	−$345M	70%
Net income	−$278M	−$354M	−$1M	−$350K	70%
Operating cash flow	$19M	−$5M	$48M	$283M	487%
Capex	$25M	$12M	$17M	$30M	75%
Stock-based comp	$7M	$6M	$914M	$329M	64%
Buybacks	$6K	$0	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 12, 2025	Sinha Bipul	SCHEDULE 13D/A	8.9%	Passive
Apr 1, 2025	Sinha Bipul	SCHEDULE 13D	9.9%	Passive

Insider trading

Open-market buys, 12 mo: $502K · 1
Open-market sells, 12 mo: $77M · 210
Net: −$76M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$2M	−$26M	151	156
FY2025	$140M	$340M	198	124