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abrdn Physical Platinum Shares ETF Financials

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

This page shows abrdn Physical Platinum Shares ETF (PPLT) 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 PPLT FY2025

FY2025’s balance-sheet expansion came through a much larger equity-funded asset pool, not through operating growth or added leverage.

From FY2024 to FY2025, total assets jumped from $1.0B to $2.9B while shares outstanding rose from 12.2M to 15.6M and liabilities stayed near $1.4M; that combination points to growth driven mainly by added investor capital and asset value, not by borrowing. The fact that ROA and ROE moved almost identically across the last three years, reaching roughly 46.8% in FY2025, reinforces that returns are flowing through an almost all-equity structure rather than being amplified by leverage.

Liabilities are tiny relative to assets—$1.4M against $2.9B in FY2025 and below $1M in FY2023 and FY2024—so the balance sheet has very little financing drag. Because equity sits almost one-for-one against assets, changes in asset values pass through to reported results with little balance-sheet cushioning or distortion.

The swing from -$94.7M in FY2024 to $1.34B in FY2025, with no revenue or operating cash flow reported, suggests reported earnings are primarily valuation-driven rather than the output of a conventional operating model. That makes net income closer to a mark-to-market result than a measure of sales efficiency, and helps explain why profitability can reverse sharply from one year to the next.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 26 / 100
Financial Profile 26/100

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 Platinum 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 Platinum 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
56

abrdn Physical Platinum Shares ETF's ROE of 46.9% shows moderate profitability relative to equity, earning a score of 56/100. This is up from -9.3% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
$1.3B
YoY+1517.0%
5Y CAGR+50.3%

abrdn Physical Platinum Shares ETF reported $1.3B in net income in fiscal year 2025. This represents an increase of 1517.0% 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
16M
YoY+27.5%
5Y CAGR+3.2%
10Y CAGR+12.6%

abrdn Physical Platinum Shares ETF had 16M shares outstanding in fiscal year 2025. This represents an increase of 27.5% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
46.9%
YoY+56.1pp
5Y CAGR+33.7pp
10Y CAGR+89.2pp

abrdn Physical Platinum Shares ETF's ROE was 46.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 56.1 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

PPLT Income Statement

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 -$184.2M N/A $259.4M-35.5% $402.3M+374.2% $84.8M N/A -$28.4M-126.5% $107.4M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

PPLT Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $2.4B-16.3% $2.9B+46.2% $2.0B+21.1% $1.6B+51.9% $1.1B+4.5% $1.0B+1.8% $1.0B-2.8% $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 $1.3M-5.1% $1.4M+49.9% $923K+17.4% $786K+44.5% $544K+4.8% $519K+4.8% $495K-4.3% $517K
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 $2.4B-16.3% $2.9B+46.2% $2.0B+21.1% $1.6B+51.9% $1.1B+4.5% $1.0B+1.8% $1.0B-2.8% $1.0B
Retained Earnings N/A N/A N/A N/A N/A N/A N/A N/A

PPLT Financial Ratios

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 -7.7% N/A 13.3%-11.6pp 24.9%+16.9pp 8.0% N/A -2.8%-13.3pp 10.4%
Return on Assets -7.7% N/A 13.2%-11.6pp 24.9%+16.9pp 8.0% N/A -2.8%-13.3pp 10.4%
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

Yes, abrdn Physical Platinum Shares ETF (PPLT) reported a net income of $1.3B in fiscal year 2025.

abrdn Physical Platinum Shares ETF (PPLT) has a return on equity of 46.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

abrdn Physical Platinum Shares ETF (PPLT) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

abrdn Physical Platinum Shares ETF (PPLT) had 16M shares outstanding as of fiscal year 2025.

abrdn Physical Platinum Shares ETF (PPLT) 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.

abrdn Physical Platinum Shares ETF (PPLT) had a return on assets of 46.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

abrdn Physical Platinum Shares ETF (PPLT) scores 26 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.

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