Reservoir Media, Inc.
- Open
- 10.09
- Day high
- 10.18
- Day low
- 10.01
- Prev close
- 10.15
- Volume
- 3K
- Mkt cap
- $665M
- P/E (TTM)
- 77.9
- EPS (TTM)
- $0.13
- P/B
- 1.8
- P/S
- 3.8
- Yield
- —
- Per share
- —
Reservoir Media, Inc. (RSVR) is a Communication Services company listed on NASDAQ. The stock is up 34% over the past year.
Reservoir Media, Inc. (RSVR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RSVR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.04 | $0.07 | +55.6% | $47M | +6.9% |
| Feb 4, 2026 | $0.02 | $0.03 | +50.0% | $46M | +2.6% |
| Nov 4, 2025 | $0.05 | $0.03 | -40.0% | $45M | +6.6% |
| May 28, 2025 | $0.04 | $0.04 | +0.0% | $41M | +9.6% |
| Feb 5, 2025 | $0.02 | $0.08 | +300.0% | $42M | +4.9% |
| Jul 31, 2024 | $-0.00 | $-0.01 | -133.1% | $34M | -12.3% |
| May 30, 2024 | $0.01 | $0.04 | +200.1% | $39M | +10.7% |
| Feb 7, 2024 | $-0.01 | $-0.05 | -275.1% | $35M | -0.2% |
| Aug 2, 2023 | $0.00 | $0.00 | +100.5% | $32M | +20.9% |
| May 31, 2023 | $0.06 | $0.06 | +0.0% | $35M | +3.1% |
| Feb 8, 2023 | $-0.01 | $-0.07 | -400.0% | $30M | -11.3% |
| Aug 5, 2022 | $-0.05 | $0.00 | +100.5% | $24M | +33.5% |
RSVR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | ER Reservoir LLC10 percent owner | Grant | 492 | $10.15 |
| Jun 24, 2026 | Heindlmeyer James Aofficer: Chief Financial Officer | Grant | 18,567 | — |
| Jun 24, 2026 | Lafargue Rell Q. Jr.director, officer: President and COO | Grant | 155,318 | — |
| Jun 24, 2026 | Cook Stephen M.director | Grant | 492 | $10.15 |
| Jun 24, 2026 | Taylor Ryan P.director, other: May be deemed a 10% owner | Grant | 492 | $10.15 |
| Jun 24, 2026 | Rothstein Adamdirector | Grant | 492 | $10.15 |
| Jun 24, 2026 | Field Ezra S.director | Grant | 1,231 | $10.15 |
| Jun 4, 2026 | Lafargue Rell Q. Jr.director, officer: President and COO | Tax | 68,219 | $10.32 |
| Jun 4, 2026 | Lafargue Rell Q. Jr.director, officer: President and COO | Tax | 51,911 | $10.32 |
| Jun 4, 2026 | Heindlmeyer James Aofficer: Chief Financial Officer | Tax | 6,963 | $10.32 |
| Jun 4, 2026 | Heindlmeyer James Aofficer: Chief Financial Officer | Tax | 6,432 | $10.32 |
| Apr 6, 2026 | Khosrowshahi Golnardirector, officer: Chief Executive Officer | Tax | 70,115 | $9.65 |
| Feb 24, 2026 | ER Reservoir LLC10 percent owner | Grant | 654 | $7.64 |
| Feb 24, 2026 | Cook Stephen M.director | Grant | 654 | $7.64 |
| Feb 24, 2026 | Field Ezra S.director | Grant | 1,636 | — |
Source: RSVR SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full RSVR insider & 13F page →Reservoir Media, Inc. company profile
Overview
Reservoir Media, Inc. (NASDAQ:RSVR) is a New York-based music publishing and recorded music company founded in 2007 that went public in January 2021. The company operates as an independent music rights owner and administrator, acquiring music catalogs and signing songwriters and recording artists. Since its founding, Reservoir has grown through strategic acquisitions and organic expansion, establishing itself as the first publicly-traded independent music company. The company has deployed over $224 million in capital across more than 110 transactions, building a diverse portfolio of music assets spanning multiple genres and international markets.
Business
Reservoir Media operates in the music industry as a music rights company, focusing on two primary business segments that together generate revenue from intellectual property ownership and administration. The Music Publishing segment represents approximately 65-70% of total revenue and involves acquiring interests in music catalogs and signing songwriters. Music publishing refers to the ownership and administration of the underlying musical compositions - the actual songs written by composers and lyricists. When a song is played on streaming services, radio, television, or used in films and commercials, the music publisher collects royalties on behalf of the songwriters. This segment generates revenue through multiple streams: digital royalties from streaming platforms like Spotify and Apple Music, synchronization fees when songs are used in movies or advertisements, mechanical royalties from physical and digital sales, and performance royalties when songs are played publicly. The Recorded Music segment accounts for approximately 30-35% of revenue and focuses on acquiring sound recording catalogs, discovering and developing recording artists, and marketing and distributing music. This differs from music publishing as it deals with the actual recorded performances of songs rather than the underlying compositions. A single song can have separate publishing and recording rights - for example, when an artist covers another songwriter's song, the publishing rights belong to the original songwriter while the recording rights belong to the performing artist or their label. The company has expanded internationally, particularly targeting emerging markets in the Middle East, India, and other regions where streaming penetration is growing rapidly. Reservoir also operates ESMAA, a rights management entity in the Middle East, and has formed joint ventures including one with 19 Entertainment for American Idol publishing deals.
Revenue model
Reservoir Media generates revenue through multiple streams tied to music intellectual property rights, operating on a royalty-based business model where income is derived from the ongoing use and exploitation of music assets. The primary revenue mechanism involves collecting royalties from various sources when the company's owned or administered music is used. In the music publishing segment, revenue comes from digital streaming royalties (when songs are played on Spotify, Apple Music, etc.), synchronization fees (when music is licensed for use in films, TV shows, commercials, and video games), mechanical royalties (from physical and digital sales), and performance royalties (when songs are played on radio, in restaurants, or other public venues). The recorded music segment generates income through similar channels but for the sound recordings themselves, including digital sales, physical sales, neighboring rights (international performance royalties for recordings), and synchronization licensing. The company's customers include streaming platforms, record labels, broadcasters, advertisers, film studios, and other entities that use music in their content or services. Revenue recognition typically occurs with a lag of 3-6 months as royalties flow through collection societies and digital service providers before reaching Reservoir. Several factors influence the company's margins and revenue potential. Positive drivers include the continued growth of music streaming globally, particularly in emerging markets where penetration rates are still expanding, price increases by streaming services (which flow through proportionally to royalty income), successful synchronization placements in popular media, and the company's ability to acquire high-quality catalogs at attractive valuations. Margin pressures can arise from increased competition for catalog acquisitions driving up asset prices, rising interest rates affecting the company's debt-financed acquisitions, industry disruptions from new technologies like AI-generated music, and potential changes in royalty distribution structures by digital service providers. The company's operating leverage model means that as revenues grow from existing assets, margins tend to expand since the fixed costs of administration are spread across a larger revenue base.
Competitive moat
Reservoir Media operates in a business with moderate but meaningful competitive advantages, though its moat is not exceptionally deep compared to other industries. The company's primary moat stems from the irreplaceable nature of established music catalogs - once Reservoir acquires rights to popular songs, competitors cannot obtain the same assets, creating a form of localized monopoly over specific intellectual property. This is particularly valuable for classic hits and songs by established artists that have proven their enduring appeal over time. The company has built operational expertise and industry relationships that provide some competitive advantages. Reservoir's sync team has demonstrated consistent ability to place music in high-value commercial opportunities, and the company's international expansion into emerging markets like the Middle East positions it ahead of competitors in these growing regions. Management's track record of disciplined underwriting and conservative asset valuation has helped them avoid some of the pitfalls that have affected music royalty funds and other competitors. However, the moat faces several limitations and potential threats. Competition for catalog acquisitions is intense, with well-capitalized competitors including major music companies, private equity funds, and other music royalty investment vehicles all bidding for the same high-quality assets. This competition has the potential to drive up acquisition prices and compress returns. Technological disruption poses a longer-term risk, particularly from AI-generated music which could potentially reduce demand for human-created content, though this threat remains speculative and distant. The company's moat is also constrained by the fact that music consumption patterns can shift unpredictably, and there's no guarantee that current popular songs will maintain their value over time. Additionally, changes in industry structure, royalty rates, or distribution mechanisms by major platforms like Spotify could impact the entire sector. While Reservoir has built a solid position in a niche market, the competitive dynamics and external dependencies prevent this from being considered a particularly strong or durable moat.
Risks & safety
Reservoir Media presents a moderate margin of safety profile with generally solid financial metrics but some areas requiring attention. • Liquidity and Debt Position: Strong liquidity of $121.7 million provides substantial cushion. Debt-to-equity ratio of approximately 0.9-1.0x is manageable for an asset-heavy business model. The company has hedged nearly half of its debt to manage interest rate exposure, showing prudent risk management. • Cash Flow Characteristics: Operating cash flow is consistently positive ($11-13 million quarterly), though free cash flow can be volatile due to large acquisition investments, ranging from negative $48 million to positive $10 million depending on deal timing. • Valuation Metrics: EV/EBITDA of approximately 12-18x appears reasonable for a growing IP-based business. P/E ratios have ranged from 28-47x, reflecting the asset-light, royalty-based model. Current ratio above 1.0x indicates adequate short-term liquidity. • Revenue Stability: Music royalty revenues provide relatively predictable cash flows with built-in diversification across thousands of songs and multiple revenue streams. • Risk Considerations: Business model depends heavily on continued growth in music streaming and synchronization markets. Acquisition-dependent growth strategy requires ongoing access to attractive deals and capital markets.
Recent development
Over the past few years, Reservoir Media has pursued several key strategic initiatives focused on international expansion, diversification across music genres, and technological adaptation. The company has made significant investments in emerging markets, particularly the Middle East and India, establishing ESMAA as a rights management entity and signing local artists and catalogs in these regions. This expansion strategy is driven by the attractive asset pricing in these markets combined with their significant growth potential as streaming penetration increases. The company has diversified its catalog through strategic acquisitions and signings across multiple genres. Notable recent additions include legendary artists like Joe Walsh, Joni Mitchell, and The Spinners, as well as contemporary acts across hip-hop, country, and Latin music. Reservoir has also formed strategic partnerships, including a joint venture with 19 Entertainment focused on American Idol publishing deals, expanding their reach into television-related music opportunities. Technology and AI considerations have become increasingly important in the company's strategic planning. Management has indicated they are exploring ways to use AI tools to enhance production efficiency while simultaneously working to protect songwriter intellectual property rights and monitoring legal developments in this rapidly evolving area. The company has maintained an active acquisition pipeline valued at approximately $2 billion, demonstrating their continued focus on growth through strategic deals. Recent quarters have shown strong performance in synchronization revenues, with some quarters showing growth of over 100% in this high-margin segment, reflecting successful efforts by their sync team to place music in commercial opportunities. Operational improvements have included maintaining strong talent retention (100% at senior management level, 87% overall in the U.S.) and achieving notable diversity metrics with 40% of senior management and 48% of staff identifying as female. The company has also strengthened its financial position through interest rate hedging strategies and maintaining strong liquidity levels above $120 million.
RSVR company profile · for informational purposes only — not investment advice.
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