Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Rubrik's recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.</li><li>Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.</li><li>The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.</li></ul>

Rubrik's recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.

Rubrik’s DSPM Integration – Could This Be the Future of Cyber Resilience?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.</li>
<li>+35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  </li>
<li>Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.</li>
</ul>


While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
+35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  
Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.


Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

<ul><li>Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market position within the cyber resilience space.</li><li>The company's subscription ARR reached approximately $1.2 billion, marking a 38% year-over-year increase.</li><li>Net new subscription ARR also saw significant growth at $89 million for the quarter.</li></ul>

Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market position within the cyber resilience space.The company's subscription ARR reached approximately $1.2 billion, marking a 38% year-over-year increase.Net new subscription ARR also saw significant growth at $89 million for the quarter.

Rubrik Inc.: Increasing Adoption of Rubrik's Security Cloud

<ul>
<li>Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.  </li>
<li>I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.</li>
<li>Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.  </li>
</ul>


Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.  
I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.
Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.  


Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

<ul>
<li>Rubrik, a fast-growing data security company, delivered notable upside in 4QFY25 and management provided stronger than expected FY26 revenue guidance. </li>
<li>At ~12x EV to my FY26 total revenue estimate, I think the stock has an upside potential vs. current levels given ~30% growth rate at scale.</li>
<li>I expect significant cash flow growth once the cloud transformation is complete, supporting continued stock appreciation.</li>
</ul>


Rubrik, a fast-growing data security company, delivered notable upside in 4QFY25 and management provided stronger than expected FY26 revenue guidance. 
At ~12x EV to my FY26 total revenue estimate, I think the stock has an upside potential vs. current levels given ~30% growth rate at scale.
I expect significant cash flow growth once the cloud transformation is complete, supporting continued stock appreciation.


Rubrik 4QFY25 Earnings Recap: Sizable Beat and Cash Flow Growth Acceleration in FY26

United States

Rubrik, Inc. operates as a cloud data management and data security company. The Company offers a platform which helps enterprises to achieve resilience against cyber-attacks, malicious insiders, operational disruptions, cloud mobility, and regulatory compliance. Rubrik serves government, health care, education, legal, and financial industries worldwide.

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Rubrik (RBRK US)

Rubrik’s DSPM Integration – Could This Be the Future of Cyber Resilience?

Rubrik's recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and...

Baptista Research

Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

Rubrik, a high-growth data security company, reported solid 2Q'FY26 financial results. In my insight, I update valuation model and set a new TP...

Andrei Zakharov

Rubrik Inc.: Increasing Adoption of Rubrik's Security Cloud

Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market...

Baptista Research

Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

Rubrik's strong 1QFY26 performance includes revenue growth, competitive wins, and increased guidance. Management optimistic about securing...

Andrei Zakharov

Rubrik 4QFY25 Earnings Recap: Sizable Beat and Cash Flow Growth Acceleration in FY26

Rubrik is one of my top picks in data management and security space. The company reported outstanding FY25 financial results and raised FY26...

Andrei Zakharov

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Rubrik’s DSPM Integration – Could This Be the Future of Cyber Resilience?

Rubrik's recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and...

Baptista Research

Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

​Rubrik, a high-growth data security company, reported solid 2Q'FY26 financial results. In my insight, I update valuation model and set a new TP...

Andrei Zakharov

Rubrik Inc.: Increasing Adoption of Rubrik's Security Cloud

Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market...

Baptista Research

Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future

​Rubrik's strong 1QFY26 performance includes revenue growth, competitive wins, and increased guidance. Management optimistic about securing...

Andrei Zakharov

Rubrik 4QFY25 Earnings Recap: Sizable Beat and Cash Flow Growth Acceleration in FY26

Rubrik is one of my top picks in data management and security space. The company reported outstanding FY25 financial results and raised FY26...

Andrei Zakharov

Rubrik, a high-growth data security company, reported solid 2Q'FY26 financial results. In my insight, I update valuation model and set a new TP...

Rubrik's strong 1QFY26 performance includes revenue growth, competitive wins, and increased guidance. Management optimistic about securing...