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 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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<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

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Druva has raised approximately $475 million over multiple funding rounds.</li><li>Druva's core product is the Druva Data Security Cloud, a fully managed SaaS platform providing data protection across cloud, on-premises, and edge environments.</li><li>Druva's cloud-native SaaS architecture positions it uniquely as organizations continue their digital transformation journeys.</li></ul>

Druva has raised approximately $475 million over multiple funding rounds.Druva's core product is the Druva Data Security Cloud, a fully managed SaaS platform providing data protection across cloud, on-premises, and edge environments.Druva's cloud-native SaaS architecture positions it uniquely as organizations continue their digital transformation journeys.

<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

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.</li>
<li>The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.</li>
<li>I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.</li>
</ul>


SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.
The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.
I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.


SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

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 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

Primer: Druva - 01 Apr 2025

SaaS tool for enterprise data backup, disaster recovery, and compliance across environments

Sacra

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

SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

SailPoint successfully completed its IPO and raised $1B+. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Primer: Druva - 01 Apr 2025

SaaS tool for enterprise data backup, disaster recovery, and compliance across environments

Sacra

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

SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

SailPoint successfully completed its IPO and raised $1B+. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

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