Reservoir Media, Inc.
RSVRdata completeness 100%7 fiscal years on fileReservoir Media, Inc. earns about -1% on invested capital, below its ~9% cost of capital, but has diluted owners by 13% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.21 and $34.17 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $107.8M1 | $122.3M2 | $144.9M3 | $158.7M4 | $175.7M4 |
| Net income | $13.1M5 | $2.54M6 | $644,9377 | $7.75M8 | $8.3M8 |
| Operating cash flow | $12.5M9 | $31.2M10 | $36.2M11 | $45.3M12 | $50.1M12 |
| Capital expenditure | $202,77413 | $406,40214 | $225,67715 | $81,53816 | $482,00016 |
| Free cash flow (derived) | $12.3M9 | $30.8M10 | $36M11 | $45.2M12 | $49.7M12 |
| Total debt | $539.7M17 | $311.5M18 | $330.8M19 | $388.1M20 | $455.7M20 |
| Cash & equivalents | $17.8M21 | $14.9M22 | $18.1M23 | $21.4M24 | $25.9M24 |
| Diluted shares | 58.5M | 64.8M | 65.3M | 65.9M | 66.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $56.96 of net worth that earned you $1.25 and generated $7.49 of cash last year, against $68.73 of debt.
It earned about -1% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 13% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 16% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.21 and $34.17 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$45.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$45.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$7.75M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.26 |
| Base | 20.0% | $15.74 |
| Bull | 20.0% | $15.74 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-03-31 · accession 0001410578-23-001398 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-03-31 · accession 0001410578-24-000975 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-03-31 · accession 0001410578-25-001379 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2025-03-31 · accession 0001104659-26-067615 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-03-31 · accession 0001410578-23-001398 (NetIncomeLoss)
- 10-K · period ending 2023-03-31 · accession 0001410578-24-000975 (NetIncomeLoss)
- 10-K · period ending 2024-03-31 · accession 0001410578-25-001379 (NetIncomeLoss)
- 10-K · period ending 2025-03-31 · accession 0001104659-26-067615 (NetIncomeLoss)
- 10-K · period ending 2022-03-31 · accession 0001410578-23-001398 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-31 · accession 0001410578-24-000975 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001410578-25-001379 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-03-31 · accession 0001104659-26-067615 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-03-31 · accession 0001410578-23-001398 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-03-31 · accession 0001410578-24-000975 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-03-31 · accession 0001410578-25-001379 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-03-31 · accession 0001104659-26-067615 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-03-31 · accession 0001410578-23-001398 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-03-31 · accession 0001410578-24-000975 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-03-31 · accession 0001410578-25-001379 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-03-31 · accession 0001104659-26-067615 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-03-31 · accession 0001410578-23-001398 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-03-31 · accession 0001410578-24-000975 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-03-31 · accession 0001410578-25-001379 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-03-31 · accession 0001104659-26-067615 (CashAndCashEquivalentsAtCarryingValue)