Invesco DB Base Metals Fund Financials

DBB

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Invesco DB Base Metals Fund (DBB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI DBB FY2025 2026-05-07

In FY2025, asset growth came mainly from new shareholder capital, while liabilities stayed negligible and cash generation lagged profit.

From FY2024 to FY2025, total assets increased by $84.1M to $202.8M even as operating cash flow swung from $16.7M to -$55.7M; the gap was offset by $59.2M of financing inflow and shares outstanding doubling to 11.6M. That mix shows scale is being set by capital flows and non-revenue gains more than by cash generated from reported revenue, so the balance sheet expanded without an operating cash engine.

FY2025 ended with only $296K of liabilities against $202.8M of assets, down from $5.9M of liabilities a year earlier, leaving the structure almost entirely equity-funded. That means balance-sheet changes flow mostly to investors rather than being magnified or cushioned by lenders, which is a very different mechanic from a debt-supported business.

The usual top-line reading is weak here: reported revenue fell from $11.0M in FY2023 to $5.0M in FY2025, yet net income moved from -$6.0M to $30.6M. For this set of statements, that divergence implies revenue is not the main economic driver; changes outside ordinary sales activity are doing much of the work in reported earnings.

Financial Health Signals

Financial Profile 38/100

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 Invesco DB Base Metals Fund'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.

Profitability

100

Invesco DB Base Metals Fund has an operating margin of 81.5%, meaning the company retains $82 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 85.1% the prior year.

Growth

Invesco DB Base Metals Fund's revenue declined 27.8% year-over-year, from $6.9M to $5.0M. This contraction results in a growth score of 0/100.

Leverage

100

Invesco DB Base Metals Fund 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

Invesco DB Base Metals Fund's ROE of 15.1% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 6.6% the prior year.

Piotroski F-Score Weak

2/9

Invesco DB Base Metals Fund passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

-1.82x

For every $1 of reported earnings, Invesco DB Base Metals Fund generates $-1.82 in operating cash flow (-$55.7M OCF vs $30.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

2046.8x

Invesco DB Base Metals Fund earns $2046.8 in operating income for every $1 of interest expense ($4.0M vs $2K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.0M

YoY-27.8%

5Y CAGR+54.3%

10Y CAGR+52.1%

Invesco DB Base Metals Fund generated $5.0M in revenue in fiscal year 2025. This represents a decrease of 27.8% from the prior year.

EBITDA

$3.2M

YoY+24.3%

Invesco DB Base Metals Fund's EBITDA was $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.3% from the prior year.

Net Income

$30.6M

YoY+309.4%

5Y CAGR+8.3%

Invesco DB Base Metals Fund reported $30.6M in net income in fiscal year 2025. This represents an increase of 309.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.5M

10Y CAGR-3.3%

Invesco DB Base Metals Fund held $3.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

12M

YoY+100.0%

5Y CAGR+1.1%

10Y CAGR+3.0%

Invesco DB Base Metals Fund had 12M shares outstanding in fiscal year 2025. This represents an increase of 100.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

81.5%

YoY-3.6pp

5Y CAGR+135.5pp

10Y CAGR+2115.8pp

Invesco DB Base Metals Fund's operating margin was 81.5% in fiscal year 2025, reflecting core business profitability. This is down 3.6 percentage points from the prior year.

Net Margin

616.5%

YoY+507.8pp

5Y CAGR-3004.0pp

10Y CAGR+77619.4pp

Invesco DB Base Metals Fund's net profit margin was 616.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 507.8 percentage points from the prior year.

Return on Equity

15.1%

YoY+8.5pp

5Y CAGR+3.3pp

10Y CAGR+65.7pp

Invesco DB Base Metals Fund's ROE was 15.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$59.2M

YoY-61.6%

5Y CAGR+9.0%

10Y CAGR-11.2%

Invesco DB Base Metals Fund spent $59.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 61.6% from the prior year.

Capital Expenditures

N/A

DBB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.0M-27.8%	$6.9M-37.4%	$11.0M+87.7%	$5.9M+5187.5%	$111K-80.5%	$568K
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	$4.0M-30.9%	$5.9M-39.0%	$9.6M+259.6%	$2.7M+199.2%	-$2.7M-777.4%	-$307K
Interest Expense	$2K-80.1%	$10K-76.7%	$43K+696.0%	$5K+9820.4%	$54-96.6%	$2K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$30.6M+309.4%	$7.5M+224.0%	-$6.0M+90.9%	-$66.0M-181.9%	$80.6M+291.8%	$20.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.3M+76.3%	$1.3M+6.7%	$1.2M-0.7%	$1.2M+2.7%	$1.2M-20.9%	$1.5M-10.3%	$1.7M-17.3%	$2.0M
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	$1.8M+76.3%	$1.0M+3.7%	$995K-3.0%	$1.0M+3.1%	$994K-22.5%	$1.3M-10.7%	$1.4M-16.4%	$1.7M
Interest Expense	$87	$0	$0	$0-100.0%	$2K-8.9%	$2K-20.5%	$3K+0.1%	$3K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$499K-97.7%	$21.6M+212.5%	$6.9M+15746.8%	-$44K-102.1%	$2.1M+130.3%	-$6.9M-445.0%	$2.0M-86.4%	$14.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$202.8M+70.9%	$118.7M-6.6%	$127.1M-61.2%	$327.7M-32.8%	$487.5M+180.3%	$173.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.5M	$0	$0-100.0%	$2.0M	$0	$0
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	$296K-95.0%	$5.9M+8.3%	$5.5M-94.7%	$103.4M+33866.3%	$304K+184.3%	$107K
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	$202.5M+79.6%	$112.7M-7.3%	$121.6M-45.8%	$224.3M-54.0%	$487.2M+180.3%	$173.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$298.7M+47.3%	$202.8M+60.9%	$126.1M+6.8%	$118.0M-6.8%	$126.6M+6.7%	$118.7M-6.7%	$127.3M-25.4%	$170.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0-100.0%	$3.5M	$0	$0	$0	$0	$0	$0
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	$8.0M+2589.5%	$296K+300.0%	$74K-92.9%	$1.0M-64.0%	$2.9M-51.6%	$5.9M+1805.6%	$312K-73.5%	$1.2M
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	$290.8M+43.6%	$202.5M+60.8%	$126.0M+7.7%	$117.0M-5.5%	$123.8M+9.8%	$112.7M-11.2%	$126.9M-25.0%	$169.3M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$55.7M-433.5%	$16.7M-82.6%	$96.3M-51.1%	$196.9M+184.6%	-$232.8M-540.9%	-$36.3M
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	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$59.2M+454.1%	-$16.7M+83.0%	-$98.2M+49.6%	-$194.9M-183.7%	$232.8M+540.9%	$36.3M
Dividends Paid	$4.9M-15.0%	$5.8M-33.7%	$8.8M+294.8%	$2.2M	N/A	N/A
Share Buybacks	$59.2M-61.6%	$154.0M-21.5%	$196.1M-56.0%	$445.7M+374.2%	$94.0M+144.7%	$38.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$94.7M-84.2%	-$51.4M-2414.4%	-$2.0M-130.5%	$6.7M+175.1%	-$8.9M-222.1%	$7.3M-83.5%	$44.4M+222.3%	-$36.3M
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	$91.3M+66.3%	$54.9M+2583.3%	$2.0M+130.5%	-$6.7M-175.1%	$8.9M+222.1%	-$7.3M+83.5%	-$44.4M-222.3%	$36.3M
Dividends Paid	N/A	$4.9M	N/A	N/A	N/A	$5.4M	$0	$0
Share Buybacks	$49.5M+101.0%	$24.6M+110.3%	$11.7M-27.7%	$16.2M+143.7%	$6.6M-87.6%	$53.8M+1.5%	$53.0M+24.0%	$42.8M

DBB 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	81.5%-3.6pp	85.1%-2.3pp	87.4%+41.8pp	45.6%+2476.1pp	-2430.5%-2376.5pp	-54.0%
Net Margin	616.5%+507.8pp	108.7%+163.6pp	-54.9%+1073.1pp	-1128.0%-73939.4pp	72811.4%+69190.8pp	3620.6%
Return on Equity	15.1%+8.5pp	6.6%+11.6pp	-5.0%+24.5pp	-29.4%-46.0pp	16.5%+4.7pp	11.8%
Return on Assets	15.1%+8.8pp	6.3%+11.1pp	-4.8%+15.4pp	-20.1%-36.7pp	16.5%+4.7pp	11.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.00-0.1	0.050.0	0.05-0.4	0.46+0.5	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	79.0%+0.0pp	79.0%-2.3pp	81.2%-1.9pp	83.2%+0.3pp	82.8%-1.7pp	84.5%-0.4pp	84.9%+0.9pp	84.0%
Net Margin	21.7%-1634.6pp	1656.3%+1090.8pp	565.4%+569.0pp	-3.6%-177.4pp	173.8%+627.2pp	-453.3%-571.2pp	117.9%-596.5pp	714.4%
Return on Equity	0.2%-10.5pp	10.7%+5.2pp	5.5%+5.5pp	-0.0%-1.7pp	1.7%+7.8pp	-6.1%-7.7pp	1.6%-7.1pp	8.6%
Return on Assets	0.2%-10.5pp	10.7%+5.2pp	5.5%+5.5pp	-0.0%-1.7pp	1.7%+7.5pp	-5.8%-7.4pp	1.6%-7.0pp	8.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.03+0.0	0.000.0	0.000.0	0.01-0.0	0.02-0.0	0.05+0.1	0.000.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Invesco DB Base Metals Fund's annual revenue?

Invesco DB Base Metals Fund (DBB) reported $5.0M in total revenue for fiscal year 2025. This represents a -27.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Invesco DB Base Metals Fund's revenue growing?

Invesco DB Base Metals Fund (DBB) revenue declined by 27.8% year-over-year, from $6.9M to $5.0M in fiscal year 2025.

Is Invesco DB Base Metals Fund profitable?

Yes, Invesco DB Base Metals Fund (DBB) reported a net income of $30.6M in fiscal year 2025, with a net profit margin of 616.5%.

What is Invesco DB Base Metals Fund's EBITDA?

Invesco DB Base Metals Fund (DBB) had EBITDA of $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Invesco DB Base Metals Fund's operating margin?

Invesco DB Base Metals Fund (DBB) had an operating margin of 81.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Invesco DB Base Metals Fund's net profit margin?

Invesco DB Base Metals Fund (DBB) had a net profit margin of 616.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Invesco DB Base Metals Fund's return on equity (ROE)?

Invesco DB Base Metals Fund (DBB) has a return on equity of 15.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Invesco DB Base Metals Fund's operating cash flow?

Invesco DB Base Metals Fund (DBB) generated -$55.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Invesco DB Base Metals Fund's total assets?

Invesco DB Base Metals Fund (DBB) had $202.8M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invesco DB Base Metals Fund buy back shares?

Yes, Invesco DB Base Metals Fund (DBB) spent $59.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Invesco DB Base Metals Fund have outstanding?

Invesco DB Base Metals Fund (DBB) had 12M shares outstanding as of fiscal year 2025.

What is Invesco DB Base Metals Fund's debt-to-equity ratio?

Invesco DB Base Metals Fund (DBB) 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 Invesco DB Base Metals Fund's return on assets (ROA)?

Invesco DB Base Metals Fund (DBB) had a return on assets of 15.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invesco DB Base Metals Fund's cash runway?

Based on fiscal year 2025 data, Invesco DB Base Metals Fund (DBB) had $3.5M in cash against an annual operating cash burn of $55.7M. This gives an estimated cash runway of approximately 1 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 Invesco DB Base Metals Fund's Piotroski F-Score?

Invesco DB Base Metals Fund (DBB) has a Piotroski F-Score of 2 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 Invesco DB Base Metals Fund's earnings high quality?

Invesco DB Base Metals Fund (DBB) has an earnings quality ratio of -1.82x, 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.

Can Invesco DB Base Metals Fund cover its interest payments?

Invesco DB Base Metals Fund (DBB) has an interest coverage ratio of 2046.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Invesco DB Base Metals Fund?

Invesco DB Base Metals Fund (DBB) scores 38 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.