Crowdstrike is mentioned as a partner of Rubric and has a different TAM calculation for data protection.
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Everyone’s Favorite Cybersecurity Stock Has a Flaw
NanalyzeMay 11, 2026
The analyst discusses Rubric (RBRK), a cybersecurity stock, highlighting its strong revenue growth (22% projected) and a reasonable valuation ratio of 7, which is in line with the average for disruptive tech stocks. The company's capacity-based pricing model is seen as a positive due to the increasing volume of data. However, a potential concern is the declining net retention rate, which has fallen from over 150% to 132%. Despite this, the company shows strong gross margins and positive free cash flow.
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Convalt is an entrenched competitor in data protection, showing recent growth after being challenged by Rubric.
Zscaler is a leader in security service edge and partners with Rubrik to address double extortion ransomware.
Rubric (RBRK) shows strong growth and profitability but has a declining net retention rate, warranting a hold.
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