Invesco DB Precious Metals Fund Financials

DBP

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

This page shows Invesco DB Precious Metals Fund (DBP) 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 DBP FY2025 2026-05-07

Portfolio-value swings drive profits, while a near-unlevered balance sheet makes this vehicle more about asset exposure than operations.

From FY2023 to FY2025, net income jumped from $11.5M to $112.6M while operating cash flow ranged from -$26.7M to only $10.9M; that widening gap says reported earnings are being driven mainly by changes in asset values rather than cash generated by a conventional operating model. The fact that year-end cash was $0 in both FY2024 and FY2025 reinforces that profits did not accumulate as spendable cash.

The balance-sheet posture is extremely conservative: FY2025 assets reached $257.7M against just $150K of liabilities, and debt-to-equity fell to about 0.1%. With so little leverage, the rise in ROA and ROE to roughly 43.7% reflects market-driven gains on the asset base far more than borrowed-money amplification.

This vehicle also appears to pass cash through rather than retain it: positive operating cash flow of $28.0M in FY2024 and $10.9M in FY2025 was matched by nearly equal financing outflows, leaving cash at $0 each year. That pattern makes liquidity look intentionally minimal, not distressed, because the balance sheet is funded almost entirely by equity rather than short-term obligations.

Financial Health Signals

Financial Profile 52/100

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 Precious 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 Precious Metals Fund has an operating margin of 82.4%, 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 85.8% the prior year.

Growth

Invesco DB Precious Metals Fund's revenue declined 2.7% year-over-year, from $8.1M to $7.9M. This contraction results in a growth score of 35/100.

Leverage

100

Invesco DB Precious 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 Precious Metals Fund earns a strong 43.7% return on equity (ROE), meaning it generates $44 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is up from 23.4% the prior year.

Piotroski F-Score Neutral

4/9

Invesco DB Precious Metals Fund passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.10x

For every $1 of reported earnings, Invesco DB Precious Metals Fund generates $0.10 in operating cash flow ($10.9M OCF vs $112.6M 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

468.7x

Invesco DB Precious Metals Fund earns $468.7 in operating income for every $1 of interest expense ($6.5M vs $14K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.9M

YoY-2.7%

5Y CAGR+64.2%

10Y CAGR+74.3%

Invesco DB Precious Metals Fund generated $7.9M in revenue in fiscal year 2025. This represents a decrease of 2.7% from the prior year.

EBITDA

$5.5M

YoY+34.9%

Invesco DB Precious Metals Fund's EBITDA was $5.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.9% from the prior year.

Net Income

$112.6M

YoY+210.4%

5Y CAGR+28.2%

Invesco DB Precious Metals Fund reported $112.6M in net income in fiscal year 2025. This represents an increase of 210.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

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

Dividends Per Share

N/A

Shares Outstanding

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR-1.8%

Invesco DB Precious Metals Fund had 3M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

82.4%

YoY-3.4pp

5Y CAGR+137.8pp

10Y CAGR+3128.6pp

Invesco DB Precious Metals Fund's operating margin was 82.4% in fiscal year 2025, reflecting core business profitability. This is down 3.4 percentage points from the prior year.

Net Margin

1428.2%

YoY+980.3pp

5Y CAGR-3494.6pp

10Y CAGR+43541.3pp

Invesco DB Precious Metals Fund's net profit margin was 1428.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 980.3 percentage points from the prior year.

Return on Equity

43.7%

YoY+20.3pp

5Y CAGR+20.8pp

10Y CAGR+57.0pp

Invesco DB Precious Metals Fund's ROE was 43.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 20.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$49.0M

YoY-12.4%

5Y CAGR-10.1%

10Y CAGR-3.0%

Invesco DB Precious Metals Fund spent $49.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 12.4% from the prior year.

Capital Expenditures

N/A

DBP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.9M-2.7%	$8.1M+5.4%	$7.7M+470.3%	$1.3M+3003.5%	$43K-93.4%	$661K
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	$6.5M-6.5%	$7.0M+5.6%	$6.6M+1075.1%	$561K+166.6%	-$842K-130.0%	-$366K
Interest Expense	$14K-72.3%	$50K+71.2%	$29K+326.8%	$7K+208.9%	$2K-60.1%	$6K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$112.6M+210.4%	$36.3M+216.5%	$11.5M+440.6%	-$3.4M+65.3%	-$9.7M-129.8%	$32.6M
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	$2.5M+14.6%	$2.2M+10.3%	$2.0M+5.4%	$1.9M+9.9%	$1.7M-16.8%	$2.1M-4.8%	$2.2M+11.0%	$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	$2.0M+12.9%	$1.8M+7.4%	$1.7M+5.5%	$1.6M+10.3%	$1.4M-18.8%	$1.8M-6.1%	$1.9M+10.7%	$1.7M
Interest Expense	$4K+37.9%	$3K+18.9%	$3K+3.2%	$3K-52.2%	$5K-50.3%	$11K-39.5%	$18K+33.0%	$14K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$15.2M-63.8%	$42.0M+22.1%	$34.4M+291.9%	$8.8M-67.9%	$27.3M+1699.1%	-$1.7M-109.5%	$18.0M+66.2%	$10.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$257.7M+65.3%	$155.9M+4.9%	$148.6M+34.6%	$110.4M-2.1%	$112.7M-20.6%	$142.1M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0-100.0%	$874K	$0-100.0%	$1.0M
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	$150K-85.8%	$1.1M-1.9%	$1.1M+329.6%	$252K+236.3%	$75K-56.3%	$171K
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	$257.5M+66.3%	$154.8M+5.0%	$147.5M+33.9%	$110.2M-2.2%	$112.7M-20.6%	$141.9M
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	$279.2M+8.3%	$257.7M+16.3%	$221.6M+18.3%	$187.3M-7.8%	$203.3M+30.4%	$155.9M-13.4%	$180.0M+16.0%	$155.1M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$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	$176K+17.1%	$150K+22.7%	$122K-58.1%	$292K+160.3%	$112K-89.4%	$1.1M+7.7%	$984K+977.5%	$91K
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	$279.0M+8.3%	$257.5M+16.3%	$221.5M+18.4%	$187.0M-7.9%	$203.2M+31.2%	$154.8M-13.5%	$179.0M+15.5%	$155.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$10.9M-61.2%	$28.0M+204.6%	-$26.7M-281970.9%	$9K-99.9%	$18.5M-44.4%	$33.3M
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	-$10.9M+61.2%	-$28.0M-208.1%	$25.9M+2893.4%	$864K+104.4%	-$19.5M+39.7%	-$32.4M
Dividends Paid	$6.1M-9.6%	$6.8M+1.2%	$6.7M+1239.3%	$500K	N/A	N/A
Share Buybacks	$49.0M-12.4%	$56.0M-29.0%	$78.8M+68.6%	$46.8M+57.4%	$29.7M-64.5%	$83.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$6.2M-204.2%	$6.0M	$0-100.0%	$24.9M+224.3%	-$20.0M-193.2%	$21.5M+461.3%	-$6.0M-321.8%	$2.7M
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	$6.2M+204.2%	-$6.0M	$0+100.0%	-$24.9M-224.3%	$20.0M+193.2%	-$21.5M-461.3%	$6.0M+321.8%	-$2.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$17.1M+74.3%	$9.8M	$0-100.0%	$32.5M+384.2%	$6.7M-76.6%	$28.7M+369.8%	$6.1M-46.4%	$11.4M

DBP 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	82.4%-3.4pp	85.8%+0.1pp	85.7%+44.1pp	41.6%+1980.8pp	-1939.2%-1883.8pp	-55.4%
Net Margin	1428.2%+980.3pp	447.9%+298.8pp	149.1%+398.8pp	-249.7%+22085.6pp	-22335.3%-27258.2pp	4922.9%
Return on Equity	43.7%+20.3pp	23.4%+15.7pp	7.8%+10.8pp	-3.1%+5.5pp	-8.6%-31.6pp	22.9%
Return on Assets	43.7%+20.4pp	23.3%+15.5pp	7.7%+10.8pp	-3.0%+5.6pp	-8.6%-31.5pp	22.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.000.0	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	79.8%-1.2pp	81.0%-2.2pp	83.1%+0.1pp	83.0%+0.3pp	82.8%-2.0pp	84.8%-1.2pp	86.0%-0.2pp	86.2%
Net Margin	597.5%-1295.1pp	1892.6%+182.9pp	1709.7%+1249.9pp	459.8%-1113.3pp	1573.2%+1655.0pp	-81.8%-904.3pp	822.4%+273.0pp	549.4%
Return on Equity	5.5%-10.9pp	16.3%+0.8pp	15.6%+10.8pp	4.7%-8.8pp	13.5%+14.6pp	-1.1%-11.2pp	10.1%+3.1pp	7.0%
Return on Assets	5.5%-10.9pp	16.3%+0.8pp	15.5%+10.9pp	4.7%-8.8pp	13.5%+14.6pp	-1.1%-11.1pp	10.0%+3.0pp	7.0%
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	0.010.0	0.010.0	0.00
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 Precious Metals Fund's annual revenue?

Invesco DB Precious Metals Fund (DBP) reported $7.9M in total revenue for fiscal year 2025. This represents a -2.7% 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 Precious Metals Fund's revenue growing?

Invesco DB Precious Metals Fund (DBP) revenue declined by 2.7% year-over-year, from $8.1M to $7.9M in fiscal year 2025.

Is Invesco DB Precious Metals Fund profitable?

Yes, Invesco DB Precious Metals Fund (DBP) reported a net income of $112.6M in fiscal year 2025, with a net profit margin of 1428.2%.

What is Invesco DB Precious Metals Fund's EBITDA?

Invesco DB Precious Metals Fund (DBP) had EBITDA of $5.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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

Invesco DB Precious Metals Fund (DBP) had an operating margin of 82.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

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

Invesco DB Precious Metals Fund (DBP) had a net profit margin of 1428.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Invesco DB Precious Metals Fund (DBP) has a return on equity of 43.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

Invesco DB Precious Metals Fund (DBP) generated $10.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

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

Invesco DB Precious Metals Fund (DBP) had $257.7M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invesco DB Precious Metals Fund buy back shares?

Yes, Invesco DB Precious Metals Fund (DBP) spent $49.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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

Invesco DB Precious Metals Fund (DBP) had 3M shares outstanding as of fiscal year 2025.

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

Invesco DB Precious Metals Fund (DBP) 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 Precious Metals Fund's return on assets (ROA)?

Invesco DB Precious Metals Fund (DBP) had a return on assets of 43.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invesco DB Precious Metals Fund's Piotroski F-Score?

Invesco DB Precious Metals Fund (DBP) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 Precious Metals Fund's earnings high quality?

Invesco DB Precious Metals Fund (DBP) has an earnings quality ratio of 0.10x, 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 Precious Metals Fund cover its interest payments?

Invesco DB Precious Metals Fund (DBP) has an interest coverage ratio of 468.7x, 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 Precious Metals Fund?

Invesco DB Precious Metals Fund (DBP) scores 52 out of 100 on our Financial Profile, indicating moderate 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.