Reservoir Media, Inc. RSVR
Reservoir Media, Inc., together with its wholly-owned subsidiaries (the "Company", "we", "our", "us" and "Reservoir"), is one of the world's leading independent music companies. We operate a music publishing business, a recorded music business, and a management business.
We have two reportable segments—Music Publishing and Recorded Music. We represent copyrights and master recordings dating back as far as the early 1900s through today, with hundreds of #1 releases worldwide. Our growth has been partially based on Music Publishing and Recorded Music catalog acquisitions as well as a strategic expansion of our writer and artist rosters.
Our Music Publishing business contributed approximately $117 million to our revenues for the year ended March 31, 2026, representing approximately 66% of our revenues. The publishing catalog includes historic compositions written and performed by greats like Joni Mitchell, Miles Davis, The Isley Brothers, Sonny Rollins, and Louis Prima. We also represent contemporary writer-performers such as Snoop Dogg, Sheryl Crow, and Killer Mike. Our roster of active songwriters, including Ali Tamposi, Jamie Hartman, Oak Felder, and Steph Jones, has contributed to hit songs performed by the likes of Ariana Grande, Sabrina Carpenter, SZA, Dua Lipa and more.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $175.7M | $158.7M | $144.9M | $122.3M | $107.8M | $80.2M | $62.5M |
| Cost of revenue | $62.0M | $57.4M | $55.5M | $48.0M | $44.2M | $32.9M | $27.3M |
| Gross profit | $113.7M | $101.3M | $89.4M | $74.3M | $63.7M | $47.4M | $35.2M |
| SG&A | $44.7M | $39.9M | $39.8M | $31.2M | $25.3M | $15.0M | — |
| Total operating expenses | $137.4M | $123.6M | $120.3M | $101.2M | $88.5M | $61.9M | $47.7M |
| Operating income | $38.2M | $35.1M | $24.6M | $21.1M | $19.4M | $18.3M | $14.7M |
| Interest expense | $26.5M | $21.9M | $21.1M | $14.8M | $10.9M | $9.0M | — |
| Pre-tax income | $11.2M | $9.9M | $1.2M | $8.4M | $17.4M | $11.4M | $13.5M |
| Income tax | $3.3M | $2.1M | $334.8K | $5.6M | $4.3M | $2.1M | $4.0M |
| Net income | $7.8M | $7.7M | $644.9K | $2.5M | $13.1M | $9.3M | $9.5M |
| EPS, basic | 0.13 | 0.12 | 0.01 | 0.04 | 0.23 | 0.21 | 0.25 |
| EPS, diluted | 0.13 | 0.12 | 0.01 | 0.04 | 0.22 | 0.21 | 0.25 |
| Shares, diluted (wtd. avg.) | $66.3M | $65.9M | $65.3M | $64.8M | $58.5M | $44.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $25.9M | $21.4M | $18.1M | $14.9M | $17.8M | $9.2M | $58.2M |
| Receivables | $40.8M | $37.8M | $33.2M | $31.3M | $25.2M | $15.8M | — |
| Total current assets | $92.5M | $79.3M | $70.9M | $66.8M | $59.4M | $39.3M | — |
| Property, plant and equipment | $662.0K | $406.8K | $551.4K | $568.3K | $342.1K | $321.8K | — |
| Goodwill | $402.1K | $402.1K | $402.1K | $402.1K | $402.1K | $402.1K | — |
| Other intangibles | $788.7M | $719.7M | $640.2M | $617.4M | $571.4M | $391.1M | $284.4M |
| Total assets | $949.7M | $865.1M | $783.5M | $754.1M | $684.3M | $461.9M | $395.8M |
| Accounts payable | $4.1M | $5.4M | $9.0M | $6.7M | $4.4M | $3.3M | — |
| Short-term debt | — | — | — | — | — | $1.0M | — |
| Total current liabilities | $65.5M | $65.8M | $60.4M | $54.5M | $41.1M | $25.4M | — |
| Long-term debt | $455.7M | $388.1M | $330.8M | $311.5M | $269.9M | $211.5M | — |
| Total liabilities | $571.1M | $498.9M | $429.0M | $404.4M | $336.8M | $267.5M | $225.3M |
| Retained earnings | $31.5M | $23.1M | $15.4M | $14.8M | $12.2M | -$863.1K | -$10.1M |
| Total equity | $377.7M | $364.9M | $354.5M | $349.7M | $347.5M | $194.4M | $169.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $50.1M | $45.3M | $36.2M | $31.2M | $12.5M | $14.7M | $11.1M |
| Depreciation and amortisation | $226.8K | $226.2K | $242.6K | $180.1K | $182.5K | $222.4K | — |
| Stock-based compensation | $4.3M | $4.4M | $3.4M | $3.2M | $2.9M | $102.7K | — |
| Capital expenditure | $482.0K | $81.5K | $225.7K | $406.4K | $202.8K | $79.9K | — |
| Investing cash flow | -$104.3M | -$96.7M | -$50.6M | -$72.2M | -$196.8M | -$118.6M | -$107.0M |
| Financing cash flow | $64.2M | $54.5M | $17.6M | $38.5M | $196.5M | $47.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-078330.
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