RHLD

RHLD is a newly-public (Feb 2025 spin-off from GPGI) operating-management platform that earns a 2.5% management fee on Adjusted EBITDA from CompoSecure (premium metal payment cards) under a 10-year auto-renewing contract, and as of Feb 28, 2026 added Husky Holdings (35 facilities, 21 countries) to the platform. Because of ASC 810, the consolidated financials reflect the entire CompoSecure business as a VIE rather than the parent's fee stream alone, which explains the optically extreme ratios. Under the hood, the underlying operations are healthy: gross margin 56.3%, operating margin 31.0%, FY2025 operating cash flow $196M (+28.9% YoY) on revenue of $462M (+9.9%), and a cash pile that more than doubled to $161M. At a market cap of $1.05B (P/S 2.3x), you are paying a fair, not cheap, multiple for that recurring-fee, asset-light architecture plus the embedded option on the Resolute Operating System being deployed across future managed companies.