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RPD

Rapid7, Inc.
7 filings tracked
technologycloud computingMID ($2B-10B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Rapid7 is demonstrating a successful transition toward operational maturity, characterized by a sharp inflection in cash generation and cost discipline.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

The narrative of an AI-driven rebirth masks a troubling reality of a business that has effectively flat-lined.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a company at a crossroads between operational efficiency and organic stagnation. On one hand, Rapid7 has proven it can generate significant cash and lean out its administrative costs, providing a temporary cushion. On the other hand, the lack of top-line growth and the shrinking customer base suggest that the core product may be losing its competitive edge in a crowded SecOps market. Ultimately, the investment thesis hinges on whether the pivot to 'agentic AI' can reignite growth before the 2027 debt wall arrives. The company's ability to convert its current cash flow strength into a higher-growth ARR profile will determine if it can avoid a distressed refinancing scenario. For now, the business is a story of high-quality cash flow meeting low-quality growth.

Selected Quarter

Core Takeaway

The company is successfully cutting costs and generating cash, but organic growth has stalled, leaving a looming debt repayment as the primary risk.

Investor Lens

The trade-off is between current cash-flow generation and the long-term risk of debt repayment without top-line growth.

Watch Next

Quarterly ARR growth and progress on the 2027 convertible note repayment strategy.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.23Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%
bearishMay 5

Gross margins declined from 71.7% to 69.1% due to increased cloud and personnel costs.

margin compression
40%
bullishMay 5

Acquired Kenzo Security to accelerate agentic AI capabilities in the Command Platform.

acquisition
60%
bearishMay 5

Significant liquidity risk identified with $597.6M in convertible notes maturing March 2027.

debt restructure
80%
bearishMay 5

Total revenue declined 0.3% year-over-year, signaling a growth plateau.

earnings miss
30%

Filing History

10-QMay 5, 2026
Expand Sequence

The Q1 2026 filing presents a company at a crossroads between operational efficiency and organic stagnation. On one hand, Rapid7 has proven it can generate significant cash and lean out its administrative costs, providing a temporary cushion. On the other hand, the lack of top-line growth and the shrinking customer base suggest that the core product may be losing its competitive edge in a crowded SecOps market. Ultimately, the investment thesis hinges on whether the pivot to 'agentic AI' can reignite growth before the 2027 debt wall arrives. The company's ability to convert its current cash flow strength into a higher-growth ARR profile will determine if it can avoid a distressed refinancing scenario. For now, the business is a story of high-quality cash flow meeting low-quality growth.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.