Reservoir Media

RSVR on Nasdaq. Reservoir sells music rights and recordings to streaming services, labels, and listeners. Market value $630m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

The business makes $6.69 of spare cash for every $100 the company costs. A savings account pays about $4.
Sales grew 13.0% a year for five years, with spare cash every year.
Owned by Irenic Capital, First Pacific Advisors (FPA) and 1 more long-term investor we follow.

What to watch out for

We could not check its warning signs this time.
Expensive right now: it scores 44 of 100 on price, and our list needs 60.

See cheaper Retail & consumer stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield

past 12 months to June 2026

6.7%high

For every $100 of what the whole company costs, it produced $6.69 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit

past 12 months to June 2026

28.3×full

You pay 28.3 years of operating profit for the business. The average large US company costs around 18.

Return on capital

five annual reports to March 2026

2.9%five-year median

Each dollar kept in the business earns 3 cents a year. Above 10 is good.

Quality score: 81 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.

$9.57 a share, 35% above its 1-year low

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0

2022202320242025202612 monthsto Jun '26

Revenue
Revenue	$108m	$122m	$145m	$159m	$176m
Operating margin
Operating margin	17.9%	17.2%	17.0%	22.1%	21.8%
Debt to equity
Debt to equity	0.78	0.89	0.94	1.06	1.21
Shares outstanding
Shares outstanding	0.06bn	0.06bn	0.07bn	0.07bn	0.07bn

Health checks

Free cash flow positive5 of 5 years
Accounting looks honest (Beneish)Not enough data
Financial strength (Piotroski)7 of 9
Profit backed by cash (accruals)Yes
Debt1.21× equity
Revenue growth, five yearsStrong, 13.0% a year
Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

Sales: $41 million last quarter, up 12% on a year ago.
A loss of $93,111, compared with a loss of $555,659 a year ago.
It keeps 21 cents of each $1 of sales as operating profit, down from 22 cents a year earlier.
Spare cash over the past 12 months: $42 million, down from $43 million.
1% more shares than a year ago. Each share owns a bit less of the company.
Debt is $448 million more than cash, up from $373 million a year ago.
Sales grew on a year ago in each of the last 4 quarters.

Sales by quarter

$37m

$41m

Sales by quarter
Quarter to	Amount
September 2024	$41m
December 2024	$42m
March 2025	$41m
June 2025	$37m
September 2025	$45m
December 2025	$46m
March 2026	$47m
June 2026	$41m

Profit by quarter

-$555,659

-$93,111

Profit by quarter
Quarter to	Amount
September 2024	$185,015
December 2024	$5m
March 2025	$3m
June 2025	-$555,659
September 2025	$2m
December 2025	$2m
March 2026	$4m
June 2026	-$93,111

From the company's quarterly reports to the SEC.

Dates

Next results (estimated): n/a
Last annual report (10-K): 28 May 2026
Next quarterly (estimated, 10-Q): 3 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 81 funds in all.

Jun '25

Dec '25

Jun '26

Irenic CapitalAdam Katz
Value
$62m
Share of fund
4.5%
First Pacific Advisors (FPA)Steven Romick
Value
$3m
Share of fund
<0.1%
Boston PartnersBoston Partners team
Value
$591,550
Share of fund
<0.1%
Cut

Fund	Value	Share of that fund	Change
Irenic CapitalAdam Katz	$62m	4.5%
First Pacific Advisors (FPA)Steven Romick	$3m	<0.1%
Boston PartnersBoston Partners team	$591,550	<0.1%	Cut

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

Hassan Khosrowshahi
Strategic holder
at least 44.6%
(filed with 1 related holder)
Since 3 March 2026
What they said
Item 4 of the Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild and Richmond Hill Investment Co., LP ("RH" and, together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer…
Read the filing
Essex Equity Joint Investment Vehicle, LLC
Strategic holder
at least 21.4%0.0 pts
(filed with 7 related holders)
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
Essex Equity Joint Investment Vehicle, LLC
Strategic holder
21.4%
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
Richmond Hill Capital Management, LLC
Strategic holder
21.1%
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
Richmond Hill Investment Co., LP
Strategic holder
21.1%
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
Ryan P. Taylor
Strategic holder
at least 21.1%0.0 pts
(filed with 1 related holder)
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
ER Reservoir LLC
Strategic holder
20.8%
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
Richmond Hill Investments, LLC
Strategic holder
20.8%
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing
Irenic Capital
Strategic holder
9.3%+0.1 pts
Since 26 February 2026
What they said
Item 4 is hereby amended to add the following: Irenic Capital continues to be supportive of the Issuer's management, and to believe that the securities of the Issuer are undervalued and represent an attractive investment opportunity, especially in light of management's…
Read the filing
Richmond Hill Capital Partners, LP
Strategic holder
Sold down below 5%
Since 3 March 2026
What they said
Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a…
Read the filing

Holder	Stake	Since
Hassan Khosrowshahi Strategic holder	at least 44.6% (filed with 1 related holder)	3 March 2026	What they said Item 4 of the Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild and Richmond Hill Investment Co., LP ("RH" and, together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer… Read the filing
Essex Equity Joint Investment Vehicle, LLC Strategic holder	at least 21.4%0.0 pts (filed with 7 related holders)	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
Essex Equity Joint Investment Vehicle, LLC Strategic holder	21.4%	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
Richmond Hill Capital Management, LLC Strategic holder	21.1%	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
Richmond Hill Investment Co., LP Strategic holder	21.1%	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
Ryan P. Taylor Strategic holder	at least 21.1%0.0 pts (filed with 1 related holder)	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
ER Reservoir LLC Strategic holder	20.8%	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
Richmond Hill Investments, LLC Strategic holder	20.8%	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing
Irenic Capital Strategic holder	9.3%+0.1 pts	26 February 2026	What they said Item 4 is hereby amended to add the following: Irenic Capital continues to be supportive of the Issuer's management, and to believe that the securities of the Issuer are undervalued and represent an attractive investment opportunity, especially in light of management's… Read the filing
Richmond Hill Capital Partners, LP Strategic holder	Sold down below 5%	3 March 2026	What they said Item 4 of each Original Schedule 13D is hereby amended to incorporate the following at the end thereof: On March 3, 2026, Wesbild, Inc. ("Wesbild") and RH (together with Wesbild, the "Investors"), jointly submitted to the board of directors of the Issuer (the "Board") a… Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

It isn't cheap on profits: 28.3× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.