VanEck Merk Gold Trust Financials

OUNZ

Source SEC Filings (10-K/10-Q) Data as of Apr 30, 2026 Currency USD FYE January

This page shows VanEck Merk Gold Trust (OUNZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 OUNZ FY2026 2026-06-04

VanEck Merk Gold Trust’s returns are being driven by asset value appreciation, while a near-debt-free balance sheet keeps leverage almost absent.

From FY2024 to FY2026, total assets rose from $904.2M to $2.90B, but net income jumped from $37.9M to $1.09B, lifting return on assets from 4.2% to 37.6%. Because liabilities stayed almost nil at just $108K in FY2026, the matching ROA and ROE show these gains came from the assets themselves rather than from balance-sheet leverage.

The capital structure is unusually plain: equity finances essentially all assets, with liabilities only $108K against $2.90B of assets in FY2026. Retained earnings also swung from -$105.2M in FY2023 to $1.53B in FY2026, indicating the balance sheet was built by accumulated gains rather than borrowing.

The trust also expanded its unit base: shares outstanding climbed from 39.9M in FY2024 to 63.2M in FY2026 while equity increased from $904.2M to $2.90B. That means the vehicle became much larger, but total profit growth was shared across a larger ownership pool rather than occurring on a fixed share count.

Financial Health Signals

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We are recalculating VanEck Merk Gold Trust's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$1.1B

YoY+249.0%

5Y CAGR+94.4%

VanEck Merk Gold Trust reported $1.1B in net income in fiscal year 2026. This represents an increase of 249.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

63M

YoY+26.0%

5Y CAGR+19.4%

10Y CAGR+22.2%

VanEck Merk Gold Trust had 63M shares outstanding in fiscal year 2026. This represents an increase of 26.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

38.7%

YoY+19.8pp

5Y CAGR+29.9pp

10Y CAGR+45.9pp

VanEck Merk Gold Trust's ROE was 38.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 19.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

OUNZ Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
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	-$1.0M
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	$1.1B+249.0%	$313.1M+726.3%	$37.9M+19.9%	$31.6M+273.9%	-$18.2M-146.2%	$39.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
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	-$139.3M	N/A	$388.0M+8160.3%	-$4.8M-102.0%	$238.0M	N/A	$127.9M+100.6%	$63.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OUNZ Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.8B+70.0%	$1.7B+83.8%	$904.2M+27.0%	$712.2M+5.2%	$676.7M+51.2%	$447.6M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A
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	$14-33.3%	$21+10.5%	$19+26.7%	$15+275.0%	$4+100.0%	$2
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	$2.8B+70.0%	$1.7B+83.8%	$904.2M+27.0%	$712.2M+5.2%	$676.7M+51.2%	$447.6M
Retained Earnings	$1.4B+106.1%	$674.2M+205.7%	$220.6M+309.6%	-$105.2M-96.5%	-$53.6M	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$2.8B-2.7%	$2.9B+27.2%	$2.3B+29.4%	$1.8B+6.1%	$1.7B+25.1%	$1.3B+5.3%	$1.3B+23.9%	$1.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	$14-100.0%	$108K-77.9%	$489K+30.5%	$375K+1784985.7%	$21-100.0%	$13.8M-30.8%	$19.9M+110462000.0%	$18
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	$2.8B-2.7%	$2.9B+27.2%	$2.3B+29.4%	$1.8B+6.1%	$1.7B+26.4%	$1.3B+5.9%	$1.2B+22.0%	$1.0B
Retained Earnings	$1.4B-9.1%	$1.5B+44.6%	$1.1B+58.0%	$669.4M-0.7%	$674.2M+54.6%	$436.2M+5.8%	$412.2M+45.0%	$284.3M

OUNZ Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
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	38.7%+19.8pp	18.8%+14.7pp	4.2%-0.3pp	4.4%+7.1pp	-2.7%-11.5pp	8.8%
Return on Assets	38.7%+19.8pp	18.8%+14.7pp	4.2%-0.3pp	4.4%+7.1pp	-2.7%-11.5pp	8.8%
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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
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	-4.9%	N/A	17.0%+17.3pp	-0.3%-14.6pp	14.3%	N/A	10.3%+4.0pp	6.3%
Return on Assets	-4.9%	N/A	17.0%+17.3pp	-0.3%-14.6pp	14.3%	N/A	10.1%+3.9pp	6.3%
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	0.00-0.0	0.010.0	0.02+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is VanEck Merk Gold Trust profitable?

Yes, VanEck Merk Gold Trust (OUNZ) reported a net income of $1.1B in fiscal year 2026.

What is VanEck Merk Gold Trust's return on equity (ROE)?

VanEck Merk Gold Trust (OUNZ) has a return on equity of 38.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What are VanEck Merk Gold Trust's total assets?

VanEck Merk Gold Trust (OUNZ) had $2.8B in total assets as of fiscal year 2026, including both current and long-term assets.

How many shares does VanEck Merk Gold Trust have outstanding?

VanEck Merk Gold Trust (OUNZ) had 63M shares outstanding as of fiscal year 2026.

What is VanEck Merk Gold Trust's debt-to-equity ratio?

VanEck Merk Gold Trust (OUNZ) had a debt-to-equity ratio of 0.00 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is VanEck Merk Gold Trust's return on assets (ROA)?

VanEck Merk Gold Trust (OUNZ) had a return on assets of 38.7% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.