RBRK: A Lot to Like. Increasing PT to $91. Reiterating Buy Following Strong Beat & Raise Q1 Print

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RBRK: A Lot to Like. Increasing PT to $91. Reiterating Buy Following Strong Beat & Raise Q1 Print

Investment Thesis

In our view, several durable tailwinds should support elevated revenue growth for RBRK over the next few years. To start,

ransomware and wiper attack volumes have risen sharply in recent years, and we expect that trend to continue as threat

actors increasingly leverage AI. As a result, backup and data protection are becoming a more critical part of enterprise securitySECURITY architecture. Throughout our field checks, RBRK was frequently described as the most aggressive and innovative vendor in the

space, which we believe is reflected in the company’s meaningful share gains over the past three years. We also view AI as a

tailwind, not a headwind, to RBRK’s long term growth profile on multiple levels. Lastly, we like what we have seen in terms ofAND product innovation and are constructive on both Identity Security and Agent Cloud. Looking to FY27, we think RBRK could sustain

growth in the high 20% range as the year plays out.

Upcoming Catalysts Price Performance

■ Increasing volume and magnitude of ransomware attacks drive demand for data $130

backup & protection platforms. $120

■ Companies begin deploying more agents into production, leading to an $110

acceleration in data volumes and demand for emerging products, such as Rubrik $100

Agent Cloud. $90 $80INFRASTRUCTURE ■ Security products such as Identity Security continue to gain traction and become a $70

more meaningful part of the overall business. $60

$50

Base Case Assumptions: $91 Price Target $40

Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 ■ RBRK grows revenue 25.1% and 22.1% in CY26 and CY27, respectively.

RBRK

■ 22.1% FCF Margins in CY27. S&P 500 (rebased)