Sprott Physical Gold and Silver Trust Financials

CEF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Sprott Physical Gold and Silver Trust (CEF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Sprott Physical Gold and Silver Trust's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Sprott Physical Gold and Silver Trust carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Sprott Physical Gold and Silver Trust earns a strong 48.1% return on equity (ROE), meaning it generates $48 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 81/100. This is up from 20.3% the prior year.

Piotroski F-Score Weak

3/9

Sprott Physical Gold and Silver Trust passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

-0.01x

For every $1 of reported earnings, Sprott Physical Gold and Silver Trust generates $-0.01 in operating cash flow (-$29.9M OCF vs $4.4B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$4.4B

YoY+328.6%

5Y CAGR+34.0%

Sprott Physical Gold and Silver Trust reported $4.4B in net income in fiscal year 2025. This represents an increase of 328.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$18.8M

YoY+326.3%

5Y CAGR+68.1%

Sprott Physical Gold and Silver Trust held $18.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

191M

YoY-4.8%

5Y CAGR-2.9%

Sprott Physical Gold and Silver Trust had 191M shares outstanding in fiscal year 2025. This represents a decrease of 4.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

48.1%

YoY+27.8pp

5Y CAGR+25.3pp

Sprott Physical Gold and Silver Trust's ROE was 48.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$321.7M

YoY+37.1%

5Y CAGR+291.5%

Sprott Physical Gold and Silver Trust spent $321.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 37.1% from the prior year.

Capital Expenditures

N/A

CEF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$4.4B+328.6%	$1.0B+229.6%	$308.5M+6427.1%	$4.7M+101.5%	-$310.7M-130.8%	$1.0B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CEF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.1B+80.8%	$5.0B+18.5%	$4.2B+5.8%	$4.0B-2.3%	$4.1B-7.4%	$4.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$18.8M+326.3%	$4.4M-36.1%	$6.9M+102.8%	$3.4M+401.3%	$679K-51.5%	$1.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5M+4.6%	$2.4M+34.5%	$1.8M+50.9%	$1.2M+1817.7%	$62K-50.4%	$125K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.1B+80.8%	$5.0B+18.5%	$4.2B+5.8%	$4.0B-2.3%	$4.1B-7.4%	$4.4B
Retained Earnings	$6.3B+197.7%	$2.1B+78.7%	$1.2B+31.9%	$896.0M-2.0%	$914.2M-26.0%	$1.2B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$9.1B+80.8%	$5.0B+18.5%	$4.2B+5.8%	$4.0B-2.3%	$4.1B-7.4%	$4.4B+49.4%	$3.0B+5.4%	$2.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$18.8M+326.3%	$4.4M-36.1%	$6.9M+102.8%	$3.4M+401.3%	$679K-51.5%	$1.4M+11.7%	$1.3M+600.0%	$179K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5M+4.6%	$2.4M+34.5%	$1.8M+50.9%	$1.2M+1817.7%	$62K-50.4%	$125K-89.2%	$1.2M-23.7%	$1.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.1B+80.8%	$5.0B+18.5%	$4.2B+5.8%	$4.0B-2.3%	$4.1B-7.4%	$4.4B+49.4%	$3.0B+5.5%	$2.8B
Retained Earnings	$6.3B+197.7%	$2.1B+78.7%	$1.2B+31.9%	$896.0M-2.0%	$914.2M-26.0%	$1.2B+444.8%	$226.6M+205.9%	-$214.0M

CEF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$29.9M-34.3%	-$22.2M-10.7%	-$20.1M-12.7%	-$17.8M+16.1%	-$21.2M-6.7%	-$19.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$35.3M+38.3%	$25.5M+2.1%	$25.0M+132.6%	$10.8M+108.7%	$5.2M+101.2%	-$435.2M
Financing Cash Flow	$8.9M+254.3%	-$5.8M-301.9%	-$1.4M-114.7%	$9.8M-36.3%	$15.4M-96.6%	$455.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$321.7M+37.1%	$234.6M+205.8%	$76.7M-33.5%	$115.3M+213.7%	$36.8M+10401.1%	$350K

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CEF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	48.1%+27.8pp	20.3%+13.0pp	7.3%+7.2pp	0.1%+7.7pp	-7.6%-30.4pp	22.8%
Return on Assets	48.1%+27.8pp	20.3%+13.0pp	7.3%+7.2pp	0.1%+7.7pp	-7.6%-30.4pp	22.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Sprott Physical Gold and Silver Trust profitable?

Yes, Sprott Physical Gold and Silver Trust (CEF) reported a net income of $4.4B in fiscal year 2025.

What is Sprott Physical Gold and Silver Trust's return on equity (ROE)?

Sprott Physical Gold and Silver Trust (CEF) has a return on equity of 48.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sprott Physical Gold and Silver Trust's operating cash flow?

Sprott Physical Gold and Silver Trust (CEF) generated -$29.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sprott Physical Gold and Silver Trust's total assets?

Sprott Physical Gold and Silver Trust (CEF) had $9.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Sprott Physical Gold and Silver Trust buy back shares?

Yes, Sprott Physical Gold and Silver Trust (CEF) spent $321.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Sprott Physical Gold and Silver Trust have outstanding?

Sprott Physical Gold and Silver Trust (CEF) had 191M shares outstanding as of fiscal year 2025.

What is Sprott Physical Gold and Silver Trust's debt-to-equity ratio?

Sprott Physical Gold and Silver Trust (CEF) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sprott Physical Gold and Silver Trust's return on assets (ROA)?

Sprott Physical Gold and Silver Trust (CEF) had a return on assets of 48.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sprott Physical Gold and Silver Trust's cash runway?

Based on fiscal year 2025 data, Sprott Physical Gold and Silver Trust (CEF) had $18.8M in cash against an annual operating cash burn of $29.9M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Sprott Physical Gold and Silver Trust's Piotroski F-Score?

Sprott Physical Gold and Silver Trust (CEF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sprott Physical Gold and Silver Trust's earnings high quality?

Sprott Physical Gold and Silver Trust (CEF) has an earnings quality ratio of -0.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sprott Physical Gold and Silver Trust?

Sprott Physical Gold and Silver Trust (CEF) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.