MeritValue

READING INTERNATIONAL INC

RDIdata completeness 100%17 fiscal years on file
The thesis, from the filings

READING INTERNATIONAL INC earns about 1% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$139.1M1$203.1M2$222.7M3$210.5M3$203M3
Net income$31.9M4−$36.2M5−$30.7M6−$35.3M6−$14.1M6
Operating cash flow−$13.5M7−$26.4M8−$9.74M9−$3.83M9−$1.58M9
Capital expenditure$15.6M10$9.39M11$4.47M12$5.54M12$1.33M12
Free cash flow (derived)−$29.1M7−$35.7M8−$14.2M9−$9.37M9−$2.91M9
Total debt$236.9M13$262.8M14$295.8M15$271.9M16$221.1M17
Cash & equivalents$83.3M18$29.9M19$12.9M20$12.3M20$10.5M20
Diluted shares22.4M22.0M22.2M22.4M22.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$8.05
your share of equity
Profit it earned you last year
−$6.24
Free cash flow it threw off
−$1.29
Debt you’d be carrying
$97.6

10 shares is a claim on −$8.05 of net worth that earned you −$6.24 and generated −$1.29 of cash last year, against $97.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 18%FY22 -6%FY23 -3%FY24 -4%FY25 2%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000716634-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000716634-25-000008 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000716634-26-000005 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000716634-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000716634-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000716634-26-000005 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000716634-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000716634-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000716634-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000716634-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000716634-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000716634-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000716634-22-000009 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000716634-23-000004 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000716634-24-000009 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000716634-25-000008 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0000716634-26-000005 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000716634-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000716634-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000716634-26-000005 (CashAndCashEquivalentsAtCarryingValue)