# Reservoir Media, Inc. (RSVR)

> Source: Nexqual · https://nexqual.com/RSVR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Reservoir Media, Inc. (RSVR), nexqual.com/RSVR" · informational, not investment advice.

**Price:** USD 9.6 (+0.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.52 · day 9.53–9.69 · 52w 7.07–13.39 · market cap $633M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $180M, net income $8.8M (4.9% margin), free cash flow $42.2M (SEC filings).
- Valuation: P/E 72.2x (avg 315.2x at the last 3 fiscal year-ends), EV/EBITDA 15.5x, net debt $448M.
- 1 of 80 tracked superinvestors hold RSVR (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 13 (range 11–15).
- Total return with dividends: 1Y +28.0% vs S&P 500 +14.9%; 5Y +9.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.19, revenue estimate $48.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $108M | $122M | $145M | $159M | $176M | $180M |
| Gross profit | $63.7M | $74.3M | $89.4M | $101M | $114M | — |
| Operating income | $19.4M | $21.1M | $24.6M | $35.1M | $38.2M | $38.2M |
| Net income | $13.1M | $2.5M | $645K | $7.7M | $8.3M | $8.8M |
| EPS (diluted) | $0.22 | $0.04 | $0.01 | $0.12 | $0.13 | — |
| Free cash flow | $12.3M | $30.8M | $36.0M | $45.2M | $49.7M | $42.2M |
| Gross margin | 59.0% | 60.8% | 61.7% | 63.8% | 64.7% | — |
| Operating margin | 17.9% | 17.2% | 17.0% | 22.1% | 21.8% | 21.2% |
| Net margin | 12.1% | 2.1% | 0.4% | 4.9% | 4.7% | 4.9% |
| Revenue growth | +34.4% | +13.4% | +18.5% | +9.6% | +10.7% | — |
| Cash + short-term investments | $17.8M | $14.9M | $18.1M | $21.4M | $25.9M | — |
| Total debt | $270M | $311M | $331M | $388M | $456M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 72.2x · P/S 3.5x · EV/EBITDA 15.5x · EV/Sales 6.0x · P/FCF 15.0x · P/B 1.7x · FCF yield 6.67% · Earnings yield 1.38% · Net debt $448M · EV $1.08B
P/E at fiscal year-ends: Mar 2026 78.2x, Mar 2025 64.9x, Mar 2024 802.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold RSVR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 0.04% | $3.1M | Unchanged |

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 13 (low 11, high 15).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.0% | +9.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.1% | +1.8% |
| Volatility (annualized) | 30.1% | 39.0% |
| Max drawdown | -20.5% (Jul 2026→Sep 2026) | -54.1% (Mar 2022→Oct 2022) |

## Peers (Entertainment)
ANGX (Angel Studios, Inc.) USD 3.48 -0.29% · HUYA (HUYA Inc.) USD 2.23 -0.89% · MCS (Marcus Corporation (The)) USD 28.3 -1.84% · IQ (iQIYI, Inc.) USD 0.91 -1.31% · STRZ (Starz Entertainment Corp.) USD 23.22 -5.22% · AMCX (AMC Global Media Inc.) USD 9.33 -3.22%

## More
Full page: https://nexqual.com/RSVR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RSVR's own 10-K filed 2026-05-28 (https://www.sec.gov/Archives/edgar/data/1824403/000110465926067615/rsvr-20260331x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTu…" |
| Partner | Apple (AAPL) | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTu…" |
| Partner | Spotify (SPOT) | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTu…" |
| Partner | Tencent | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTu…" |
| Partner | ByteDance | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTu…" |
| Partner | Meta Platforms (META) | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTu…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Music Publishing | $26.5M | 63.9% | +6.3% |
| Recorded Music | $14.1M | 34.0% | +35.0% |
| All Other Segments | $868,770 | 2.1% | -51.4% |
| Total revenue | $41.5M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Digital | $15.4M | 37.0% | +7.3% |
| Performance | $5.6M | 13.6% | +17.5% |
| Synchronization | $4.0M | 9.7% | -3.2% |
| Physical | $1.7M | 4.0% | +54.0% |
| Neighboring Rights | $1.1M | 2.8% | +6.9% |
| Product & Service Other | $935,621 | 2.3% | -12.0% |
| Mechanical | $580,344 | 1.4% | -6.6% |
| Total revenue | $41.5M | 100% | — |
The lines above cover 70.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $22.3M | 53.9% | +4.8% |
| Non Us | $19.1M | 46.1% | +20.8% |
| Total revenue | $41.5M | 100% | — |

## Customer concentration

Period ended 2026-03-31: 11% of revenue from unnamed direct customers (10-K, filed 2026-05-28).

## Company outlook (8-K filed 2026-08-04)

- "We remain on track to achieve our previously issued revenue and adjusted EBITDA guidance for fiscal year 2027.”"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.19 | $0.19 | +0.0% | $48.7M | 1 |
| Next quarter (ends 2026-12-31) | $0.17 | $0.17 | +0.0% | $47.7M | 1 |
| Current fiscal year (ends 2027-03-31) | $0.72 | $0.69 | +4.3% | $188.0M | 1 |
| Next fiscal year (ends 2028-03-31) | $0.76 | $0.00 | — | $198.5M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-04): ±8.9%; last 8 reports averaged ±2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 28.8% | ±8.9% |