Source SEC Filings (10-K/10-Q)Latest period Q2 FY2026, ended Jun 30, 2026ReportedCurrency USDFYE December
This page shows abrdn Physical Palladium Shares ETF (PALL) financial statements, including the
income statement, balance sheet, cash flow statement, and key financial ratios.
View 15 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 AIPALLFY2025
Asset-value swings, rather than operating revenue, drive reported profitability while the vehicle remains overwhelmingly equity-financed.
The shift from a -$67.6M loss in FY2024 to $321.9M profit indicates a dramatic change in reported asset economics. Assets nearly tripled to $1.0B as return on assets moved from -19.1% to 31.1%, pointing to an asset-value-driven earnings model rather than a conventional sales-and-cost engine.
At FY2025, liabilities were only $496K against $1.0B of assets, so balance-sheet leverage is negligible. The 0.0005x debt-to-equity ratio confirms that changes in asset value, not borrowing costs or debt-funded expansion, dominate the reported result.
Shares outstanding rose from 1.8M to 7.3M between FY2021 and FY2025, while assets expanded from $358.2M to $1.0B; the vehicle scaled through a larger equity base rather than primarily through debt. Because revenue and operating cash flow are unreported, cash conversion and operating margins cannot be tested; the available statements mainly describe changes in balance-sheet value.
Financial Health Signals
Financial health score not available
abrdn Physical Palladium Shares ETF does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The metrics below are current.
abrdn Physical Palladium Shares ETF reported $321.9M in net income in fiscal year 2025. This represents an increase of 575.9% from the prior year.
Revenue
Not reported for fiscal year 2025.
EBITDA
Not reported for fiscal year 2025.
EPS (Diluted)
Not reported for fiscal year 2025.
Cash & Balance Sheet
Shares Outstanding
7M
abrdn Physical Palladium Shares ETF had 7M shares outstanding in fiscal year 2025.
Free Cash Flow
Not reported for fiscal year 2025.
Cash & Debt
Not reported for fiscal year 2025.
Dividends Per Share
Not reported for fiscal year 2025.
Margins & Returns
Return on Equity
31.1%
YoY+50.2pp
5Y CAGR+14.1pp
10Y CAGR+89.1pp
abrdn Physical Palladium Shares ETF's ROE was 31.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 50.2 percentage points from the prior year.
Gross Margin
Not reported for fiscal year 2025.
Operating Margin
Not reported for fiscal year 2025.
Net Margin
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
PALL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
PALL annual income statement
PALL quarterly income statement
Metric
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
FY15
FY14
FY13
FY12
FY11
Gross Profit
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$387K+396.2%
$78K-92.2%
$1.0M
Net Income
$321.9M+575.9%
-$67.6M+39.3%
-$111.4M-84.2%
-$60.5M+17.1%
-$72.9M-220.3%
$60.6M-31.7%
$88.7M+445.6%
$16.3M-82.0%
$90.5M+126.2%
$40.0M+137.9%
-$105.6M-292.1%
$54.9M+360.7%
$11.9M+630.1%
-$2.3M-102.7%
$83.6M
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Net Income
-$125.0M-62.0%
-$77.2M
N/A
$47.3M-22.8%
$61.3M+104.2%
$30.0M
N/A
$9.9M
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, EPS (Diluted).
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, EPS (Diluted).
PALL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
PALL annual balance sheet
PALL quarterly balance sheet
Metric
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
FY15
FY14
FY13
FY12
FY11
Total Assets
$1.0B+192.4%
$354.2M+61.4%
$219.4M-25.8%
$295.6M-17.5%
$358.2M+0.5%
$356.4M+18.6%
$300.6M+62.0%
$185.6M-23.2%
$241.7M+35.5%
$178.3M-3.5%
$184.8M-55.0%
$410.7M-11.4%
$463.6M+4.2%
$445.0M+26.8%
$351.1M
Cash & Equivalents
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$0
$0
$0
Total Liabilities
$496K+168.1%
$185K+65.2%
$112K-23.8%
$147K-22.6%
$190K+2.2%
$186K+21.6%
$153K+70.0%
$90K-27.4%
$124K+37.8%
$90K-96.7%
$2.7M-76.9%
$11.8M+4432.2%
$261K+2.4%
$255K+30.8%
$195K
Total Equity
$1.0B+192.5%
$354.1M+61.4%
$219.3M-25.8%
$295.5M-17.5%
$358.0M+0.5%
$356.2M+18.6%
$300.5M+62.0%
$185.5M-23.2%
$241.6M+35.5%
$178.3M-2.1%
$182.0M-54.4%
$398.8M-13.9%
$463.3M+4.2%
$444.8M+26.8%
$350.9M
Retained Earnings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$0+100.0%
-$46.9M+11.5%
-$53.0M-129.9%
-$23.0M
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Total Assets
$598.0M-24.3%
$790.1M-23.7%
$1.0B+66.4%
$622.4M+20.7%
$515.5M+39.7%
$369.0M+4.2%
$354.2M+29.8%
$273.0M
Total Liabilities
$6.9M+1442.7%
$447K-9.9%
$496K+72.2%
$288K+18.5%
$243K+38.9%
$175K-5.4%
$185K+32.1%
$140K
Total Equity
$591.1M-25.1%
$789.6M-23.7%
$1.0B+66.4%
$622.1M+20.7%
$515.3M+39.7%
$368.9M+4.2%
$354.1M+29.8%
$272.9M
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Long-Term Debt.
Not reported in any period shown, so not listed: Current Assets, Cash & Equivalents, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Long-Term Debt, Retained Earnings.
PALL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
PALL annual cash flow statement
PALL quarterly cash flow statement
Metric
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
FY15
FY14
FY13
FY12
FY11
Operating Cash Flow
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$0
$0
$0
Share Buybacks
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$134.0M+35.5%
$98.9M-81.0%
$520.3M
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid.
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
PALL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
PALL annual financial ratios
PALL quarterly financial ratios
Metric
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
FY15
FY14
FY13
FY12
FY11
Return on Equity
31.1%+50.2pp
-19.1%+31.7pp
-50.8%-30.3pp
-20.5%-0.1pp
-20.4%-37.4pp
17.0%-12.5pp
29.5%+20.8pp
8.8%-28.7pp
37.5%+15.0pp
22.4%+80.4pp
-58.0%-71.8pp
13.8%+11.2pp
2.6%+3.1pp
-0.5%-24.3pp
23.8%
Return on Assets
31.1%+50.2pp
-19.1%+31.7pp
-50.8%-30.3pp
-20.5%-0.1pp
-20.4%-37.4pp
17.0%-12.5pp
29.5%+20.8pp
8.8%-28.7pp
37.5%+15.0pp
22.4%+79.6pp
-57.1%-70.5pp
13.4%+10.8pp
2.6%+3.1pp
-0.5%-24.3pp
23.8%
Debt-to-Equity
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.010.0x
0.030.0x
0.000.0x
0.000.0x
0.00
Metric
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Return on Equity
-21.1%-11.4pp
-9.8%
N/A
7.6%-4.3pp
11.9%+3.8pp
8.1%
N/A
3.6%
Return on Assets
-20.9%-11.1pp
-9.8%
N/A
7.6%-4.3pp
11.9%+3.8pp
8.1%
N/A
3.6%
Debt-to-Equity
0.010.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.000.0x
0.00
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
Is abrdn Physical Palladium Shares ETF profitable?
Yes, abrdn Physical Palladium Shares ETF (PALL) reported a net income of $321.9M in fiscal year 2025.
What is abrdn Physical Palladium Shares ETF's return on equity (ROE)?
abrdn Physical Palladium Shares ETF (PALL) has a return on equity of 31.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What are abrdn Physical Palladium Shares ETF's total assets?
abrdn Physical Palladium Shares ETF (PALL) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
How many shares does abrdn Physical Palladium Shares ETF have outstanding?
abrdn Physical Palladium Shares ETF (PALL) had 7M shares outstanding as of fiscal year 2025.
What is abrdn Physical Palladium Shares ETF's debt-to-equity ratio?
abrdn Physical Palladium Shares ETF (PALL) 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 abrdn Physical Palladium Shares ETF's return on assets (ROA)?
abrdn Physical Palladium Shares ETF (PALL) had a return on assets of 31.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
