# Reservoir Media (RSVR.US)

Canonical: https://gigainvestors.com/s/RSVR

Analysis as of: 2026-10-16T07:31:41.970Z. Financial observations: FY2020–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $9.62 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2020: 0.24×

- FY2021: 0.23×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.17×

- FY2025: 0.22×

- FY2026: 0.22×

- LTM to Jun 2026: 0.21×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.3%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 61.7%

- Recent gross margin (lower of latest and 3-year median): 63.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 59.1%

- ROIC including acquisitions, ten-year median: -7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 4.2%

- FY2021: 3.8%

- FY2022: 2.4%

- FY2023: 2.1%

- FY2024: 2.6%

- FY2025: 3.7%

- FY2026: 3.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -7.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$257M

- Net income, five-year total: $32M

- Return on incremental invested capital: 3.5%

- Working capital / revenue, annual change: 1.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -12.41×

- FY2023: -18.64×

- FY2024: -37.40×

- FY2025: -8.01×

- FY2026: 4.65×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.8% vs 3.3%

- Per-share earnings: 0.21 to 0.12 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 8.3%

- Diluted shares, 5-year annual growth: 8.3%

- Per-share value growth: -13.3%

- Per-share value change: -$0.09

- Per-share value, starting three-year median: $0.21

- Per-share value, ending three-year median: $0.12

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 3.3%

Chart: Earnings per share; fiscal year observations.

- FY2020: -$0.00

- FY2021: $0.21

- FY2022: $0.22

- FY2023: $0.04

- FY2024: $0.01

- FY2025: $0.12

- FY2026: $0.13

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.09×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -3.0%

- FY2021: -1.2%

- FY2022: 0.1%

- FY2023: -3.8%

- FY2024: -4.5%

- FY2025: -4.3%

- FY2026: -4.4%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 71% since Oct 2023 · "Reservoir media forecasts fiscal 2027 revenue of $186M-$191M while integrating Viral Wave" (seekingalpha.com, May 2026) · sales +2.5%

Story as of 2026-10-16T09:59:32.122Z; price observation 2026-10-15.

- 2026-05-28: Reservoir media forecasts fiscal 2027 revenue of $186M-$191M while integrating Viral Wave ([seekingalpha.com](https://seekingalpha.com/news/4598040-reservoir-media-forecasts-fiscal-2027-revenue-of-186m-191m-while-integrating-viral-wave?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2026–2027

sales +2.5%; source https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm; observed 2026-05-28.

- FY2020: $63M 

- FY2021: $80M 

- FY2022: $108M 

- FY2023: $122M 

- FY2024: $145M 

- FY2025: $159M 

- FY2026: $176M 

- FY2027: $180M 

### Gross margin · FY2026

gross margin 64.7%; source https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm; observed 2026-05-28.

- FY2020: 56.8% 

- FY2021: 59.1% 

- FY2023: 60.8% 

- FY2024: 61.7% 

- FY2025: 63.8% 

- FY2026: 64.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are USD 175.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm (filed 2026-05-28); FY2026: revenue 175664491; grossProfit 113673260; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 61.7% to 64.7% during 2024–26; it earns 3.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-28); FY2024: grossProfit / revenue = 61.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-28); FY2025: grossProfit / revenue = 63.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm (filed 2026-05-28); FY2026: grossProfit / revenue = 64.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-28); 7-year return on capital observations [[2020,0.0419810397147362],[2021,0.037575015938875966],[2022,0.02444244421041867],[2023,0.021005216400549878],[2024,0.02612556596321518],[2025,0.037259346286935495],[2026,0.032931965926746395]]; median 0.032931965926746395. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-28); FY2020: growth capex 0; upkeep 529950; owner earnings 7892022. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm (filed 2026-05-28); FY2026: growth capex 0; upkeep 482000; owner earnings 38603675. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-28); Dividend observations: [[2020,16875000],[2021,0],[2022,0],[2023,41995371],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); RSVR.US SharesStats.PercentInsiders = 47.668 percentage points; cache date 2026-10-05.

### What the price says

The price is 3.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-28); Closing price 9.62 USD; reporting-to-trading FX 1; FY2026 annual sales per share 2.649242823199022; price multiple 3.6312262189630573. FY2026 cash earnings/share 0.5821922709630457. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-01: $10.50 per share

- 2021-02: $10.61 per share

- 2021-03: $9.91 per share

- 2021-04: $10.77 per share

- 2021-05: $9.89 per share

- 2021-06: $9.93 per share

- 2021-07: $9.00 per share

- 2021-08: $8.98 per share

- 2021-09: $9.11 per share

- 2021-10: $8.58 per share

- 2021-11: $7.45 per share

- 2021-12: $7.91 per share

- 2022-01: $6.50 per share

- 2022-02: $7.18 per share

- 2022-03: $9.83 per share

- 2022-04: $9.31 per share

- 2022-05: $7.46 per share

- 2022-06: $6.52 per share

- 2022-07: $6.50 per share

- 2022-08: $6.55 per share

- 2022-09: $4.88 per share

- 2022-10: $5.80 per share

- 2022-11: $6.32 per share

- 2022-12: $5.97 per share

- 2023-01: $7.04 per share

- 2023-02: $6.76 per share

- 2023-03: $6.52 per share

- 2023-04: $6.64 per share

- 2023-05: $6.51 per share

- 2023-06: $6.02 per share

- 2023-07: $5.46 per share

- 2023-08: $5.45 per share

- 2023-09: $6.10 per share

- 2023-10: $5.63 per share

- 2023-11: $6.05 per share

- 2023-12: $7.13 per share

- 2024-01: $7.00 per share

- 2024-02: $7.22 per share

- 2024-03: $7.93 per share

- 2024-04: $8.95 per share

- 2024-05: $8.04 per share

- 2024-06: $7.90 per share

- 2024-07: $7.96 per share

- 2024-08: $7.76 per share

- 2024-09: $8.11 per share

- 2024-10: $8.33 per share

- 2024-11: $9.44 per share

- 2024-12: $9.05 per share

- 2025-01: $8.31 per share

- 2025-02: $7.83 per share

- 2025-03: $7.63 per share

- 2025-04: $7.50 per share

- 2025-05: $7.80 per share

- 2025-06: $7.67 per share

- 2025-07: $7.94 per share

- 2025-08: $7.88 per share

- 2025-09: $8.14 per share

- 2025-10: $7.60 per share

- 2025-11: $7.62 per share

- 2025-12: $7.57 per share

- 2026-01: $7.55 per share

- 2026-02: $8.97 per share

- 2026-03: $9.79 per share

- 2026-04: $10.06 per share

- 2026-05: $10.32 per share

- 2026-06: $9.89 per share

- 2026-07: $10.24 per share

- 2026-08: $9.66 per share

- 2026-09: $9.48 per share

- 2026-10: $9.62 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm); period 2026-03-31, filed 2026-05-28.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.