Detailed financial statements for Royalty Management Holding Corporation (RMCO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Royalty Management Holding Corporation operates as a royalty enterprise, dedicated to identifying and capitalizing on undervalued opportunities. Its acquisition and investment activities span a broad spectrum, encompassing natural resources, patents, intellectual property, and various digital assets. Established in 2021, this Indiana-based company operates from Fishers.
Analysis Summary
Trailing-twelve-month margins: gross margin 10.5%, operating margin -5.1%, net margin -14.5%.
At the current price of $2.61, RMCO has negative trailing earnings (P/E not meaningful) and an ROE of -5.31%. Market capitalisation stands at $40M.
Balance sheet quality for RMCO: current ratio of 1.1, net debt of $212334. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $178800 | $488520 | $807089 | $4.9M |
| Cost of Revenue | 0 | $4667 | $16594 | $22699 | $4.1M |
| Gross Profit | 0 | $174133 | $471926 | $784390 | $804777 |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.0M | $428959 | $669103 | $1.0M | $1.0M |
| Operating Expenses | $1.0M | $2.5M | $777600 | $1.1M | $1.1M |
| Operating Income | -$1.0M | -$2.3M | -$305674 | -$312358 | -$293617 |
| EBITDA | $2.3M | -$2.0M | -$319467 | $84439 | -$609795 |
| Interest Expense | 0 | $722717 | $715101 | $135381 | $19075 |
| Pre-tax Income | $2.3M | -$2.7M | -$1.1M | -$114261 | -$726890 |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Net Income | $2.3M | -$2.7M | -$1.1M | -$114261 | -$726890 |
| EPS | $0.18 | $-0.19 | $-0.08 | $-0.01 | $-0.05 |
| EPS (Diluted) | $0.18 | $-0.19 | $-0.08 | $-0.01 | $-0.05 |
| Shares Outstanding (Diluted) | $13.2M | $14.3M | $14.3M | $15.0M | $15.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.3M | $1.4M | $1.6M | $1.8M |
| Gross Profit | $131520 | $194747 | $191241 | $131813 |
| Operating Income | -$98370 | -$35890 | -$86808 | -$90624 |
| EBITDA | -$189578 | -$374494 | -$633052 | -$69559 |
| Net Income | -$209095 | -$409512 | -$652358 | $375220 |
| EPS | $-0.01 | $-0.03 | $-0.04 | $0.02 |
| EPS (Diluted) | $-0.01 | $-0.03 | $-0.04 | $0.02 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $293153 | $433343 | $195486 | $114138 | $133064 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $675000 | $145924 | $70323 | $440950 | $2.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.1M | $579267 | $265809 | $753196 | $2.2M |
| Property, Plant & Equipment | 0 | $150836 | $453686 | $359556 | $301797 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $2.0M | $520259 | $2.0M | $2.0M |
| Total Assets | $251639 | $14.0M | $13.6M | $15.0M | $16.7M |
| Accounts Payable | 0 | 0 | $477314 | $486569 | $1.6M |
| Short-term Debt | 0 | $24000 | 0 | $250000 | $36996 |
| Total Current Liabilities | $47397 | $547031 | $1.3M | $989936 | $2.0M |
| Long-term Debt | $174274 | $3.6M | $2.0M | 0 | $308402 |
| Total Liabilities | $221671 | $4.3M | $4.0M | $1.4M | $3.0M |
| Retained Earnings | -$56576 | -$2.8M | $1.3M | $1.2M | $504698 |
| Total Equity | $29968 | $9.7M | $9.6M | $13.6M | $13.7M |
| Total Debt | $174274 | $3.8M | $2.4M | $609738 | $345398 |
| Net Debt | -$118879 | $3.4M | $2.2M | $495600 | $212334 |
| Working Capital | $1.0M | $32236 | -$1.1M | -$236740 | $264585 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $173174 | $133064 | $343949 | $275916 |
| Total Assets | $18.0M | $16.7M | $17.1M | $16.8M |
| Total Liabilities | $4.0M | $3.0M | $3.7M | $2.9M |
| Total Equity | $14.1M | $13.7M | $13.4M | $13.9M |
| Total Debt | $354086 | $345398 | $486345 | $482876 |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $2.3M | -$2.7M | -$1.1M | -$114261 | -$726890 |
| Depreciation & Amortization | 0 | $22052 | $71236 | $63319 | $96434 |
| Stock-based Compensation | 0 | 0 | 0 | $6906 | $27626 |
| Change in Working Capital | -$678532 | $313594 | $447775 | -$741696 | -$253629 |
| Operating Cash Flow | -$1.4M | $439675 | -$276402 | $646290 | -$8952 |
| Capital Expenditure | $4 | -$7925 | $2 | -$125000 | -$55500 |
| Acquisitions | 0 | 0 | 0 | -$5491 | 0 |
| Stock Repurchased | 0 | 0 | -$3.9M | -$28687 | -$105000 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$112191 |
| Free Cash Flow | -$1.4M | $431750 | -$276400 | $521290 | -$64452 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $21933 | $46031 | -$101965 | -$109361 |
| Capital Expenditure | -$3 | -$45000 | -$20965 | 0 |
| Free Cash Flow | $21930 | $1031 | -$122930 | -$109361 |
| Dividends Paid | -$36928 | -$37853 | -$37874 | -$37898 |
| Stock-based Compensation | $6906 | $6907 | 0 | $17244 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +173.2% | +65.2% | +513.3% |
| Net Income Growth (YoY) | | -217.0% | +58.9% | +89.7% | -536.2% |
| EPS Growth (YoY) | | -205.6% | +57.9% | +90.5% | -557.9% |
| Shares Change (YoY) | | +7.8% | +0.0% | +4.8% | +0.1% |
| FCF Growth (YoY) | | +131.5% | -164.0% | +288.6% | -112.4% |
| Gross Margin | | 97.4% | 96.6% | 97.2% | 16.3% |
| Operating Margin | | -1275.2% | -62.6% | -38.7% | -5.9% |
| EBITDA Margin | | -1097.5% | -65.4% | 10.5% | -12.3% |
| Net Margin | | -1515.8% | -228.0% | -14.2% | -14.7% |
| FCF Margin | | 241.5% | -56.6% | 64.6% | -1.3% |
| Effective Tax Rate | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.10 | $0.03 | $-0.02 | $0.03 | $-0.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 |
| Shares Outstanding (Basic) | $13.2M | $14.3M | $14.3M | $15.0M | $15.0M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -5.31% |
| Return on Invested Capital | -2.00% |
| Return on Assets | -4.37% |
| Gross Margin | 10.53% |
| Operating Margin | -5.05% |
| Net Margin | -14.52% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 1.41 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 55.83 | -52.68 | -21.25 | -131.32 | -61.80 |
| P/B | 4437.79 | 14.77 | 2.52 | 1.10 | 3.38 |
| P/S | 0.00 | 798.95 | 49.66 | 18.50 | 9.35 |
| Gross Margin | 0.0% | 97.4% | 96.6% | 97.2% | 16.3% |
| Operating Margin | 0.0% | -1275.2% | -62.6% | -38.7% | -5.9% |
| Net Margin | 0.0% | -1515.8% | -228.0% | -14.2% | -14.7% |