Clouded Judgement: Rubrik S-1 Benchmarking Analysis
This article analyzes Rubrik's S-1 filing, benchmarking its financial metrics against public SaaS companies across revenue growth, margins, and unit economics. Rubrik demonstrates strong NRR of 133% and 77% gross margins but faces challenges with negative FCF margins (-4%) and a Rule of 40 score of just 1% on reported revenue (47% on ARR basis), indicating a company in transition from perpetual licensing to SaaS subscription models.
Metrics in this report
-4percent
Rubrik LTM
-4percent
Rubrik LTM
77percent
Rubrik LTM GAAP
77percent
Rubrik LTM GAAP, cybersecurity SaaS
47percent
Rubrik; more accurate growth metric accounting for SaaS transition
47percent
Rubrik, pure SaaS subscription growth metric
628million USD
Rubrik as of S-1 filing (April 2024)
628millions USD
Rubrik, cybersecurity SaaS, LTM basis
5percent
Rubrik reported; distorted by business model transition
5percent
Rubrik, reported growth obscured by perpetual-to-SaaS transition
133percent
best-in-class
Rubrik; cohort-based expansion metric
133percent
best-in-class
Rubrik, cybersecurity SaaS
-49percent
Rubrik LTM GAAP
-49percent
Rubrik LTM GAAP
1percent
Rubrik using reported revenue growth; 43% using ARR growth
43percent
Rubrik LTM, ARR growth + FCF margin
1percent
Rubrik LTM, revenue growth + FCF margin
77percent
Rubrik LTM
77percent
Rubrik LTM
13percent
average
Rubrik platform TAM 2024-2027
36.3billions USD
Rubrik platform TAM, calendar year 2024
52.9billions USD
Rubrik platform TAM, calendar year 2027 projection
36.3billion USD
Rubrik platform estimated TAM as of end of calendar year 2024
52.9billion USD
Rubrik platform estimated TAM as of end of calendar year 2027 (13% CAGR)