Royalty Management Holding Corp is a US-listed company in the diversified financial services industry. Its financial year ends in December.
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~$1.8
Cash-flow model
Base case. Range ~$1.3–$2.3 across our lower- and higher-growth cases (8%–18% a year).
Modestly overvalued
The price is inside our value range, 30% above our base value.
Price used: $2.27, November 2, 2026
Royalty Management Holding Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $6m, up 133.5% on a year earlier, slower than the 261.1% growth a quarter earlier. Free-cash-flow margin fell to -2.4% from 47.7% a year earlier. Operating margin widened to -5.1% from -13.3%. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $1.28 a share.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Royalty Management Holding Corp's trailing-twelve-month revenue grew 133.5% year on year, with a free-cash-flow margin of -2.4%. Where it stands out: operating margin of -5.1% ranks 3 of 11 diversified financial services companies we cover. Where it lags: change in growth rate of -127.6pp ranks 12 of 14 diversified financial services companies we cover.
Our discounted-cash-flow model values the business at ~$1.8 per share in the base case (~$1.3–$2.3 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 133.5% (-127.6pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for RMCO from the sources we follow. See filings →
The share price implies about 23.6% a year of cash-flow growth for five years.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($2.25, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of Royalty Management Holding Corp's free cash flow after stock-based pay ( $622,264, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Royalty Management Holding Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$1.8 ~$1.3–$2.3 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.8 ~$1.3–$2.3 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Royalty Management Holding Corp with Financials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $1 | $1 | $1 | $1 | $2 | $3 |
| 8.5% | $0 | $1 | $1 | $1 | $1 | $2 |
| 10% | $0 | $1 | $1 | $1 | $1 | $1 |
| At fiscal year end | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|
| Share price | $1.69 | $0.99 | $3.08 | $2.27 |
| Market value | $24m | $15m | $46m | $34m |
| + Net debt (− = net cash) | $94514 | $385862 | −$133064 | −$108646 |
| Enterprise value | $24m | $15m | $46m | $34m |
| Multiples | ||||
| Price / sales | 49.2x | 18.3x | 9.3x | 5.6x |
| Price / earnings | — | — | — | — |
| Price / free cash flow | — | — | — | — |
| EV / EBITDA | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.04 | +20% | $8m | +62% |
| Next | $0.03 | +175% | $13m | +63% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2025 | $0.03 | −$0.03 | −200.0% |
| Sept 2025 | $0.04 | −$0.01 | −125.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows Royalty Management Holding Corp's revenue by +39.2% next year and +19.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+70.5%, weight 45%) and the company's own record (+13.0%, weight 55%) . How the weights are set.
Last 12 months −27.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $3m | $6m | +133.5% |
| P/S multiple | 17.9x | 5.6x | −68.9% |
| Share count | 15m | 15m | −0.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| RMCO | −0% | −83% | −41% | +211% | −26% |
| Industry peers (median) | −82% | −41% | −47% | −18% | −34% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| RMCO | 50% | 50% | 42% | 67% | 27% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| RMCO | −6% | −86% | −65% | −49% | −55% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since May 5, 2021: 93% from October 10, 2023 to July 2, 2024. Getting back needed a 1372% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| May 28, 2024 | −6.8% | −0.6% | +12.8% | −25.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $488.5K |
| FY24 Q1 | $515.7K |
| FY24 Q2 | $673K |
| FY24 Q3 | $695.8K |
| FY24 Q4 | $807.1K |
| FY25 Q1 | $1.6M |
| FY25 Q2 | $2.6M |
| FY25 Q3 | $3.8M |
| FY25 Q4 | $4.9M |
| FY26 Q1 | $5.7M |
| FY26 Q2 | $6.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q4 | 65.2% |
| FY25 Q1 | 204.1% |
| FY25 Q2 | 292.5% |
| FY25 Q3 | 445.9% |
| FY25 Q4 | 513.3% |
| FY26 Q1 | 261.1% |
| FY26 Q2 | 133.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -62.6% |
| FY24 Q1 | -41.6% |
| FY24 Q2 | -42.1% |
| FY24 Q3 | -55.4% |
| FY24 Q4 | -38.7% |
| FY25 Q1 | -27.9% |
| FY25 Q2 | -13.3% |
| FY25 Q3 | -7.4% |
| FY25 Q4 | -5.9% |
| FY26 Q1 | -4.8% |
| FY26 Q2 | -5.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -48.8% |
| FY24 Q1 | -17.3% |
| FY24 Q2 | -73.3% |
| FY24 Q3 | -4.4% |
| FY24 Q4 | 79.9% |
| FY25 Q1 | 50.8% |
| FY25 Q2 | 47.7% |
| FY25 Q3 | 22.2% |
| FY25 Q4 | -0.2% |
| FY26 Q1 | 0.3% |
| FY26 Q2 | -2.4% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 179 | 489 | 807 | 4,950 | 6,167 |
| Gross profit | 174 | 472 | 784 | 805 | 683 |
| EBITDA | −2,279 | −304 | −311 | −292 | −308 |
| Operating income | −2,280 | −306 | −312 | −294 | −312 |
| Net income | −2,710 | −1,114 | −114 | −727 | −896 |
| Diluted EPS | — | −$0.08 | −$0.01 | −$0.05 | −$0.06 |
| Growth (year on year) | |||||
| Revenue | — | +173.2% | +65.2% | +513.3% | +133.5% |
| Margins | |||||
| Gross margin | 97.4% | 96.6% | 97.2% | 16.3% | 11.1% |
| EBITDA margin | <−999% | −62.2% | −38.5% | −5.9% | −5.0% |
| Operating margin | <−999% | −62.6% | −38.7% | −5.9% | −5.1% |
| Net margin | <−999% | −228.0% | −14.2% | −14.7% | −14.5% |
| Cash flow | |||||
| Cash from operations | 440 | −237 | 646 | −9 | −143 |
| Balance sheet | |||||
| Cash | 433 | 195 | 114 | 133 | 276 |
| Total debt | 24 | 290 | 500 | 0 | 167 |
| Net debt (negative = net cash) | −409 | 95 | 386 | −133 | −109 |
| Diluted shares | — | 14m | 15m | 15m | 15m |
| Returned to shareholders | |||||
| Buybacks | — | — | 29 | 105 | 45 |
| Total returned | — | — | 29 | 105 | 45 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 146 | 245 | 923 | 1,327 | 1,303 | 1,397 | 1,636 | 1,832 |
| Gross profit | 140 | 244 | 253 | 225 | 146 | 175 | 209 | 153 |
| EBITDA | −169 | −21 | −111 | −48 | −98 | −35 | −85 | −89 |
| Operating income | −169 | −22 | −111 | −48 | −98 | −36 | −87 | −91 |
| Net income | −119 | −31 | −59 | −50 | −209 | −410 | −652 | 375 |
| Diluted EPS | −$0.01 | $0.00 | $0.00 | $0.00 | −$0.01 | −$0.03 | −$0.04 | $0.02 |
| Growth (year on year) | ||||||||
| Revenue | +18.6% | +83.2% | +469.5% | +422.1% | +794.6% | +469.8% | +77.2% | +38.0% |
| EBITDA | — | — | −880.7% | — | — | — | — | — |
| Operating income | — | — | −906.0% | — | — | — | — | — |
| Net income | — | — | −138.2% | — | — | — | — | — |
| Diluted EPS | — | — | −100.0% | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 96.3% | 99.5% | 27.4% | 17.0% | 11.2% | 12.6% | 12.8% | 8.3% |
| EBITDA margin | −116.1% | −8.7% | −12.0% | −3.6% | −7.5% | −2.5% | −5.2% | −4.9% |
| Operating margin | −116.4% | −8.9% | −12.0% | −3.6% | −7.6% | −2.6% | −5.3% | −4.9% |
| Net margin | −81.8% | −12.7% | −6.4% | −3.7% | −16.0% | −29.3% | −39.9% | 20.5% |
| Cash flow | ||||||||
| Cash from operations | 440 | 899 | −133 | 56 | 22 | 46 | −102 | −109 |
| Stock-based pay | 0 | — | 7 | 7 | 7 | — | — | — |
| Last 12 months unless stated | RMCO | ABTS | GRAN | YDKG | ZNB | DCM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $6m | $9m | $2m | $28m | $28m | $1m | $28m |
| Revenue growth, last 12 months | 133.5% | 36.0% | −58.3% | >999% | 225.0% | −95.0% | 30.9% |
| Revenue growth, 3-year average | — | — | — | −32.8% | — | −64.0% | −9.1% |
| Revenue growth, latest quarter | 38.0% | — | — | — | — | −97.1% | 25.1% |
| Gross margin | 11.1% | 40.3% | 88.6% | −2.5% | −18.6% | 10.5% | 25.7% |
| Operating margin | −5.1% | 40.3% | −183.0% | −160.1% | −66.0% | −429.1% | −148.1% |
| Operating margin, 3-year average | −20.1% | — | — | −354.9% | — | −144.9% | −144.9% |
| Net margin | −14.5% | −31.4% | −192.2% | −99.7% | −555.2% | −437.8% | −65.5% |
| Cash from operations / revenue | −2.3% | 15.5% | −40.6% | 25.1% | −24.5% | −107.9% | −13.4% |
| Free-cash-flow margin | −2.4% | −18.5% | −42.6% | −7.6% | −58.9% | −107.9% | −30.5% |
| Free-cash-flow margin, 3-year average | −9.3% | — | — | −113.1% | — | −35.7% | −35.7% |
| Stock pay / revenue | — | 2.9% | — | 3.3% | 2.3% | — | 2.1% |
| Change in share count | 0.3% | 0.0% | 65.9% | >999% | >999% | 10.4% | 18.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 133.5% | 36.0% | 5 of 14 |
| Change in growth rate Growth | -127.6pp | +2.3pp | 12 of 14 |
| Operating margin Profitability | -5.1% | -148.1% | 3 of 11 |
| Net margin Profitability | -14.5% | -31.4% | 6 of 14 |
| Change in share count Balance sheet | 0.3% | 26.1% | 3 of 11 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Consolidated | $4.9M | 98.8% | ▲ 513.3% |
| RMC Environmental Services (part of Consolidated) | $4.9M | 98.0% | ▲ 606.8% |
| Vault Holding Corporations (part of Consolidated) | $60,000 | 1.2% | 0.0% |
| Royalty Management Corporation Investments (part of Consolidated) | $39,558 | 0.8% | ▼ 35.0% |
| Vault Holding Corporation | $60,000 | 1.2% | 0.0% |
| Corporate RMHC | $0 | 0.0% | — |
From Royalty Management Holding Corp's 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $327,023 | 125K | 34.1% | ▲ 10.1% |
| Geode Capital Management, LLC | $193,418 | 74K | 20.2% | ▲ 5.6% |
| Vanguard Fiduciary Trust Co | $123,743 | 47K | 12.9% | 0.0% |
| Blair William & Co | $73,313 | 28K | 7.6% | ▲ 17.7% |
| Blackrock, Inc. | $72,319 | 28K | 7.5% | New |
| Citadel Advisors LLC | $64,630 | 25K | 6.7% | ▼ 29.4% |
| Brc Group Holdings, Inc. | $52,400 | 20K | 5.5% | 0.0% |
| State Street Corp | $34,326 | 13K | 3.6% | 0.0% |
| Wolverine Asset Management LLC | $6,280 | 2K | 0.7% | ▲ 10.5% |
| UBS Group AG | $5,602 | 2K | 0.6% | ▼ 42.8% |
| Tower Research Capital LLC (TRC) | $3,854 | 1K | 0.4% | ▼ 20.1% |
| Sbi Securities Co., Ltd. | $2,623 | 1K | 0.3% | ▲ 100000.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Royalty Management Holding Corp's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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