RSVR
Reservoir Media, Inc.
Next earnings Aug 3, 2026 · consensus $-0.01 EPS, $42.3M rev
Last earnings -2.4% on 2026-05-28
$10.20
▲ 0.00%$10.20▲ +36.18%
over 1Y
L $7.22EODHDH $10.49
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+1.2%
1M+0.8%
3M+5.6%
YTD+36.4%
1Y+36.2%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 8 analysts
Buy
Durable, growing music-catalog cash machine that's fully priced on GAAP earnings — but a live buyout process is the real story.
Revenue $176M · FY2026
The read
Middling fundamentals and a rich price (~76% above fair value) leave little margin of safety — a wait-and-see.
Reservoir is a well-run independent music company (publishing + recorded music) whose economics are better than the headline P/E of 78.5 suggests. Revenue has compounded steadily from $108M in FY2022 to $176M in FY2026 (+10.7% YoY), operating margin is a healthy 21.8%, and the business converts strongly to cash: $50.1M of operating cash flow on just $482K of capex. That cash-annuity quality — royalties on a catalog of hits 'dating back to the early 1900s' — is exactly what makes music IP attractive. The depressed net income ($8.3M, 4.7% margin) and the nosebleed P/E are largely artifacts of $30.8M in non-cash D&A from acquired catalogs, not a broken operating model.
The catch is the balance sheet and the price. Long-term debt rose 17.4% to $456M against just $378M of equity (1.51x liabilities/equity) and $25.9M of cash, and management explicitly notes the Senior Credit Facility restricts dividends. ROE is only 2.2%. On fundamentals alone the stock discounts a lot: even on cash flow, enterprise value (~$670M cap + ~$456M debt) sits near ~22x OCF. A great catalog, but not an obviously cheap one.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $108M | $122M | $145M | $159M | $176M |
| Gross profit | — | — | — | — | — |
| Operating income | $19.4M | $21.1M | $24.6M | $35.1M | $38.2M |
| Net income | $13.1M | $2.54M | $645K | $7.75M | $8.30M |
| Diluted EPS | $0.22 | $0.04 | $0.01 | $0.12 | $0.13 |
| Net margin | 12.1% | 2.1% | 0.4% | 4.9% | 4.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.11B
EV / EBITDA16.1
EV / Sales6.3
EV / FCF22.3
P / FCF13.7
PEG (trailing)11.00
Earnings yield1.2%
FCF yield7.3%
Quality & risk
ROIC (est.)3.6%
Free cash flow$49.7M
Total debt$457M
Net cash-$431M
Altman Z-Score1.11 distress
Piotroski F-Score5/8
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+0.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- DEF 14A Proxy statement2026-06-26
Annual-meeting proxy: director elections, say-on-pay amid strategic review
- 8-K Reg FD disclosure2026-06-17
Reg FD investor-update disclosure; no change to guidance or fundamentals
- 8-K Officer / director change2026-06-09
Officer/board change plus other-event disclosure during sale-review process
- 8-K Earnings results2026-05-28
FY26 record revenue $176M (+11%); discloses buyout proposals + Special Committee
- 10-K Annual report2026-05-28
FY26 record revenue $176M (+11%); discloses buyout proposals + Special Committee
- 8-K Officer / director change2026-03-06
Leadership change days after Special Committee formed to weigh buyout bids
- 8-K Reg FD disclosure2026-02-18
Reg FD disclosure (press release/presentation); no fundamental change
- 8-K Earnings results2026-02-04
Q3 FY26: catalog revenue keeps climbing double-digits, stays profitable
- 10-Q Quarterly report2026-02-04
Q3 FY26: catalog revenue keeps climbing double-digits, stays profitable
Recent filings
all on EDGAR ↗ARSPeriod ending 2026-03-312026-06-26open ↗DEF 14APeriod ending 2026-08-062026-06-26open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗8-KPeriod ending 2026-06-172026-06-17open ↗DEFA14AFiling2026-06-09open ↗8-KPeriod ending 2026-06-052026-06-09open ↗
Frequently asked
- Is Reservoir Media, Inc. (RSVR) a buy?
- RSVR currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Durable, growing music-catalog cash machine that's fully priced on GAAP earnings — but a live buyout process is the real story.
- What is RSVR's fair value?
- A Modified-Graham model based on RSVR's SEC fundamentals estimates a fair value of about $2.43. It is an estimate from reported earnings, not a price target.
- Is RSVR overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, RSVR currently appears overvalued relative to its SEC-grounded earnings power.
- What is Reservoir Media, Inc.'s quality score?
- RSVR scores 65.7354740061162/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001824403, latest 10-K filed 2026-05-28) · EODHD · Proprietary analysis · as of 7/3/2026, 3:42:22 AM.
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