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RHLD, Resolute Holdings Management, Inc.
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
Resolute Holdings applies a differentiated approach of value creation through the systematic deployment of the Resolute Operating System ("ROS") to drive performance at businesses it manages with the intention of creating value at both the underlying managed businesses and at Resolute Holdings.
Resolute Holdings also applies its M&A and capital markets expertise to drive inorganic growth of its managed businesses.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Pricing power. What decides it: whether it can raise prices with inflation and not lose the customer, whether the brand still earns its place on the shelf, and whether volume holds when a cheaper rival appears. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Operating income+13.2%
“Income from Operations and Operating Margin Income from operations for the year ended December 31, 2025 increased $16.7 million, or 13%, to $143.3 million. The increase was due to an increase in revenue and gross margin, offset by an increase in operating expenses.”
✓ figure matches the filed record
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $6M loss into $189M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | |
|---|---|---|
| Reported net income | ($6M) | ($2M) |
| Depreciation & amortizationnon-cash charge added back | +$9M | +$9M |
| Stock-based compensationreal costnon-cash, but a real cost | +$27M | +$20M |
| Working capital & othertiming of cash in and out, other non-cash items | +$167M | +$125M |
| Cash from operations | $196M | $152M |
| Capital expenditurecash put back in to keep running and to grow | −$7M | −$7M |
| Owner earnings | $189M | $145M |
| Owner-earnings marginowner earnings ÷ revenue | 41% | 34% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $27M), owner earnings is nearer $162M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Can it pay its interest? 10.9×ComfortableOperating income $143M ÷ interest expense $13M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cashCash $161M + ST investments $44M − debt $185M
What this means
Cash and short-term investments exceed every dollar of debt by $21M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 35 + DIO 80 − DPO 22 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -7%
What this means
The filing data didn't include the inputs for this check.
- HighOwner earnings $189M = operating cash $196M − maintenance capex $7MIndustry peers: median 12%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 41% of revenue this year. Treating stock comp as the real expense it is (less $27M of SBC) leaves $162M.
- Loss, but cash-generativeNet income ($6M) · cash from operations $196M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Reinvests most of itDividends + buybacks $4M ÷ Owner Earnings $189M — this fiscal year
What this means
Of $189M Owner Earnings, $4M (2%) went back to shareholders, $0 dividends, $4M buybacks. But the buybacks barely exceed stock issued to employees ($27M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 0.81×MaintainingCapex $7M ÷ depreciation & amortization as filed $9M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 5.8%The buyback only stands stillStock compensation $27M (fiscal 2025), 5.8% of revenue · repurchases $4M · diluted shares -0.0% since 2024
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 2 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $462M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.84×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $185M vs $220M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.53/share (latest year $-0.76), the averaged base the calculator's gate runs on, and book value is $0.83/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$161M
- Receivables$297M
- Inventory$323M
- Other current assets$38M
- Debt due within a year$24M
- Accounts payable$88M
- Other current liabilities$494M
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership52.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$27M
The slice of the business handed to employees in shares in fiscal 2025, 5.8% of revenue, equal to 18.7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| PWPPerella Weinberg Partners | $751M | — | -7.6% | — | 15% |
| DAVEDave Inc. | $554M | — | -4.2% | -12% | 13% |
| CANCanaan Inc. | $530M | -12% | -38.9% | -57% | -31% |
| FUFUBitFuFu Inc. | $478M | 9% | 5.7% | 21% | -26% |
| MSTRStrategy Inc Common Stock Class A | $477M | 80% | -2.8% | -2% | 10% |
| RHLDResolute Holdings Management, Inc. | $462M | 54%2y | 30.5%2y | — | 38%2y |
| WLTHWealthfront Corporation | $365M | 90% | 37.2% | -42%1y | — |
| SIISprott Inc. | $285M | — | 29.5% | 13% | 31% |
| Group median | — | 54% | 1.4% | — | 13% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Resolute Holdings Management, Inc. has delivered.
—
9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Free cash flow $81M on 8M shares outstanding, per the 10-Q cover, as of 2026-08-05; net debt $2.0B. The if-converted diluted count is 8M, 7% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($25M) runs well above depreciation ($42M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $99M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← RHI its page in the Manual RHP →
Industry order: ← QFIN the Capital Markets & Asset Management chapter RILY →