abrdn Physical Palladium Shares ETF Financials

PALL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE 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 16 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 PALL FY2025 2026-05-09

With almost no balance-sheet leverage, this ETF’s reported results mainly mirror asset-value swings and fund size.

From FY2023 through FY2025, ROA and ROE stayed nearly identical while liabilities remained tiny, reaching just $495K against $1.04B of assets in FY2025. That pairing means the shift to $321.9M of net income is best read as a revaluation gain on a much larger asset base, not as an operating turnaround created by margin expansion or debt-fueled leverage.

The fund is almost entirely equity-funded: liabilities were well under 0.1% of assets in FY2025, so reported returns are shaped far more by movements in the underlying holdings than by financing structure. With so little leverage, gains and losses should flow more directly into book value than they would in a debt-dependent vehicle.

Scale changed almost as much as performance: assets climbed from $354.2M to $1.04B between FY2024 and FY2025 while shares outstanding also rose sharply. That makes share issuance and asset growth part of the business mechanic, because aggregate profit can expand faster than per-share economics when the fund itself becomes much larger.

Financial Health Signals

Financial Profile 18/100

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 abrdn Physical Palladium Shares ETF'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

abrdn Physical Palladium Shares ETF 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

abrdn Physical Palladium Shares ETF generates a 31.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 10/100. This is up from -19.1% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$321.9M

YoY+575.9%

5Y CAGR+39.7%

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.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

YoY+70.7%

5Y CAGR+35.0%

10Y CAGR+7.7%

abrdn Physical Palladium Shares ETF had 7M shares outstanding in fiscal year 2025. This represents an increase of 70.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

PALL 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	$321.9M+575.9%	-$67.6M+39.3%	-$111.4M-84.2%	-$60.5M+17.1%	-$72.9M-220.3%	$60.6M
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	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	-$77.2M	N/A	$47.3M-22.8%	$61.3M+104.2%	$30.0M	N/A	$9.9M+188.5%	-$11.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PALL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.0B+192.4%	$354.2M+61.4%	$219.4M-25.8%	$295.6M-17.5%	$358.2M+0.5%	$356.4M
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	$496K+168.1%	$185K+65.2%	$112K-23.8%	$147K-22.6%	$190K+2.2%	$186K
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	$1.0B+192.5%	$354.1M+61.4%	$219.3M-25.8%	$295.5M-17.5%	$358.0M+0.5%	$356.2M
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	$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-3.9%	$284.1M
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	$447K-9.9%	$496K+72.2%	$288K+18.5%	$243K+38.9%	$175K-5.4%	$185K+32.1%	$140K-4.8%	$147K
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	$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-3.9%	$284.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PALL 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	31.1%+50.2pp	-19.1%+31.7pp	-50.8%-30.3pp	-20.5%-0.1pp	-20.4%-37.4pp	17.0%
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%
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	Q1'26	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	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	-9.8%	N/A	7.6%-4.3pp	11.9%+3.8pp	8.1%	N/A	3.6%+7.6pp	-4.0%
Return on Assets	-9.8%	N/A	7.6%-4.3pp	11.9%+3.8pp	8.1%	N/A	3.6%+7.6pp	-4.0%
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	0.000.0	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 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.

How financially healthy is abrdn Physical Palladium Shares ETF?

abrdn Physical Palladium Shares ETF (PALL) scores 18 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.