When we are calculating book value yoy, that's based on per share calculation, is there any point in calculating free reserve per share?

Both can give us idea as to what amount of reserve and outstanding shares do we have.

And does it matter if any company has less number of outstanding shares and more reserve, because two separate companies with same reserves and different equity numbers might generate same revenue?

What will you do with the "free reserves per share" figure?

It is of little use.

"Free reserves" show up on the liabilities (sources of funds) side of the balance sheet.

These are not assets.

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