Rubrik, Inc.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 2✗ 28▾

  No clean pass — all 15 investors flag at least one profitability criterion

  Revenue growth vs. gross and operating margin trendgross margin 70.0% -> 80.1%, operating margin -127.9% -> -26.2%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-127.9% (2024) -> -26.2% (2026)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Return on Equity

  ✗AkreROE > 20% (3-year avg)

  Margin of Safety

  ✗PabraiP/B < 1.5 or P/E < 15

  Operating Income / Revenue-26.2%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity

  ✗Ackman>= 15%

  Pre-Tax Income / Revenue-24.8%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity

  ✗Dreman> 12%

  Net Income / Total Assets-12.61%

  ✗PiotroskiROA > 0

  ROA Change YoY-12.61% -> -12.61% (delta: +0.00%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=10.23%, ROA=-12.61%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY80.1% -> 80.1%

  ✗PiotroskiImproved YoY

  EBIT / Enterprise Value-3.7%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-3.7%, ROC=-56.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROEN/A (negative equity)

  ✗Lynch> 15%

  Net Income Positive (10+ years)0/6 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (5-yr avg)

  ✗Buffett> 15% (5-yr avg)

  Operating Margin (10-yr trend)-26.2% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-341.3M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Positive EPS (10 years)0/6 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net income / market capitalization-1.49%; #3415/6251 (top 54.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation0% pass✓ 1✗ 25▾

  No clean pass — all 12 investors flag at least one valuation criterion

  Valuation ReasonablenessOE Yield=-1.7%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  Price / EPS

  ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x

  Price vs. Trailing Low231% of trailing low ($43.81)

  ✗Templeton<= 120% of trailing low (post-2025 live window only)

  Price / Book Value per ShareN/A (negative BVPS)

  ✗Templeton< 1.5x✗Dreman< 1.2x✗SchlossP/B <= 0.80x (app cutoff)

  P/B or P/E vs. Historical Average

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  P/E or FCF YieldFCF Yield=2.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  Price / FCF per Share38.0x

  ✗Ackman<= 25

  Price / (CFO / Shares)34.0x

  ✗Dreman< 8x

  EBIT / Enterprise Value-3.7%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-3.7%, ROC=-56.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  P/E / EPS Growth Rate

  ✗Lynch< 1.0 (ideally < 0.5)

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Revenue / market capitalization+0.0562; #4440/5203 (top 85.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Net income / market capitalization-1.49%; #3415/6251 (top 54.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+1.08%; #2355/4487 (top 52.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+132.39%; #255/6203 (top 4.1%)

  ✓OshaughnessyTop 10% of eligible cross-section

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)
• Growth0% pass✓ 1✗ 12▾

  No clean pass — all 8 investors flag at least one growth criterion

  Revenue growth vs. gross and operating margin trendgross margin 70.0% -> 80.1%, operating margin -127.9% -> -26.2%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Positive Net Income Frequency0/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth41.2%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  P/E / EPS Growth Rate

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 0.0% vs Rev: 0.0%

  ✗LynchInventory growth < Revenue growth

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation models0% pass✗ 2▾

  RBRK overvalued: all 2 models price fair value below $113.80 (median $34.84)

  Munger fair value$23.49

  ✗Munger-384.5% margin vs $113.80

  Ackman fair value$46.18

  ✗Ackman-146.4% margin vs $113.80
• Verdicts7% pass✓ 1✗ 14▾

  Split decision: 13 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗MungerFAIL (0/4)✗SleepFAIL (2/6)✗TempletonFAIL (2/8)✗MarksFAIL (1/5)✗AkreFAIL (1/6)✗PabraiFAIL (0/3)✗AckmanFAIL (3/9)✗DremanFAIL (2/11)✓PiotroskiPASS (F-Score 4)✗GreenblattRank #2202✗LynchFAIL (0/7)✗BuffettFAIL (0/9)✗GrahamFAIL (1/9)•OshaughnessyNEUTRAL (Not ranked)✗SchlossFAIL (1/7)✗NeffFAIL (2/6)
• Debt & Leverage9% pass✓ 3✗ 11▾

  10 of 11 flag RBRK's debt & leverage — Munger, Templeton, Marks +7 more

  Debt Levels

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Total Debt / Shareholders' Equity

  ✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8✗SchlossD/E < 1.00x

  Interest Coverage & Debt/EBITDAIC=-20.1x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity

  ✗Ackman<= 1.0

  Current Assets / Current Liabilities1.69

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Total Debt / Equity

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  Debt/Equity & Interest Coverage

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets
• Efficiency13% pass✓ 1✗ 10▾

  7 of 8 flag RBRK's efficiency — Munger, Sleep, Akre +4 more

  Return on Invested Capital

  ✗Munger> 15%

  ROIC (5-year)

  ✗SleepROIC > 12% in a majority of years

  ROIC (high and growing)

  ✗AkreROIC > 15% for 3+ years

  Reinvestment Rate x ROIC

  ✗AkreReinvestment Rate * ROIC > 10%

  Current Assets / Current Liabilities1.69

  ✓Dreman> 1.5

  Current Ratio Change YoY1.69 -> 1.69

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.48x -> 0.48x

  ✗PiotroskiImproved YoY

  EBIT / (NWC + Net Fixed Assets)-56.3%

  ✗Greenblatt> 25%

  ROIC (3-5 yr avg)

  ✗Buffett> 10%

  ROIC - WACC

  ✗BuffettPositive (WACC = 10%)

  Current Ratio1.69

  ✗Graham>= 2.0
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag RBRK's cash flow — Pabrai, Ackman, Dreman +3 more

  Positive Operating Cash Flow frequency4/5 years positive

  ✓SleepPositive OCF in >= 70% of available years

  FCF Positive3/5 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  P/E or FCF YieldFCF Yield=2.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  (OCF - CapEx) / Market Cap2.6%

  ✗Ackman>= 4%

  Price / FCF per Share38.0x

  ✗Ackman<= 25

  Price / (CFO / Shares)34.0x

  ✗Dreman< 8x

  Operating Cash Flow$282.9M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=10.23%, ROA=-12.61%

  ✓PiotroskiCFO/Assets > ROA

  FCF Positive and Growing$253.3M

  ✗LynchPositive and growing

  Free Cash Flow Proxy$-341.3M

  ✗BuffettPositive and growing

  (Operating cash flow - capex) / market capitalization+1.08%; #2355/4487 (top 52.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Operating Cash Flow - Capital Expenditures$253.3M

  ✓Neff> $0 (app proxy for a strong fundamental case)