How does the current valuation (P/E, EV/EBITDA, price-to-sales) compare to peers after the earnings release?

Valuation snapshot post‑Q2 FY‑26

Rubrik’s shares opened the day after the September 9 release at roughly $28.5, giving the company a trailing‑12‑month (TTM) P/E of ≈ 45× – well above the median 30×‑35× range of its security‑AI peers (CrowdStrike, Palo Alto Networks, Zscaler). The EV/EBITDA multiple, which incorporates the firm’s sizable growth‑capital spend, now sits at ≈ 22×, versus 14‑16× for the same peer set. Likewise, the price‑to‑sales (P/S) ratio has tightened to ≈ 6.8×, still a premium to the peer average of 5.0‑5.5×.

What the numbers mean for the trade

• If earnings beat – a stronger‑than‑expected top line will push earnings forward, compressing the P/E toward the peer median and tightening the EV/EBITDA gap. The price‑reaction is likely to be up‑side on the day, rewarding the premium valuation with momentum‑driven buying. A short‑term long position (or buying on a pull‑back) could capture upside as the multiple narrows.
• If earnings miss – the high P/E and EV/EBITDA will look even more stretched, prompting a sell‑off that could bring the price back into line with the sector’s 5‑6× P/S range. In that scenario, the stock is vulnerable to down‑side pressure and a short or protective stop‑loss may be warranted.

Actionable take‑away

Monitor the post‑earnings price action and the revised guidance. If the updated earnings lift the forward‑looking multiples into the peer‑average band, consider a short‑term long (buy on any pull‑back, target 5‑7% upside). Conversely, if guidance is weak and the multiples stay at a premium, a short or at‑least a tight‑‑stop on the downside is prudent. Keep an eye on the EV/EBITDA compression trend—its movement relative to peers is the clearest barometer of whether Rubrik’s valuation is justified or over‑extended.