Sprott Physical Silver Trust Financials

PSLV

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Sprott Physical Silver Trust (PSLV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Financial Health Signals

Piotroski F-Score Weak

3/9

Sprott Physical Silver Trust passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.02x

For every $1 of reported earnings, Sprott Physical Silver Trust generates $0.02 in operating cash flow ($145.2M OCF vs $8.5B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$8.5B

YoY+932.4%

5Y CAGR+63.6%

Sprott Physical Silver Trust reported $8.5B in net income in fiscal year 2025. This represents an increase of 932.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$198.9M

YoY+1943.9%

5Y CAGR+137.7%

Sprott Physical Silver Trust held $198.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

614M

YoY+18.2%

5Y CAGR+19.6%

Sprott Physical Silver Trust had 614M shares outstanding in fiscal year 2025. This represents an increase of 18.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

56.1%

YoY+40.4pp

5Y CAGR+26.1pp

Sprott Physical Silver Trust's ROE was 56.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 40.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$124K

YoY-99.4%

5Y CAGR-6.8%

Sprott Physical Silver Trust spent $124K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.4% from the prior year.

Capital Expenditures

N/A

PSLV 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	$8.5B+932.4%	$821.2M+1634.0%	-$53.5M-151.9%	$103.2M+118.8%	-$549.5M-176.0%	$722.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PSLV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15.3B+192.5%	$5.2B+28.4%	$4.1B-0.7%	$4.1B+13.9%	$3.6B+49.5%	$2.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$198.9M+1943.9%	$9.7M+66.0%	$5.9M-63.3%	$16.0M+401.2%	$3.2M+21.7%	$2.6M
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	$189.9M+7648.5%	$2.5M+13.7%	$2.2M-77.9%	$9.7M+1941.5%	$477K+67.4%	$285K
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	$15.1B+189.0%	$5.2B+28.5%	$4.1B-0.5%	$4.1B+13.6%	$3.6B+49.5%	$2.4B
Retained Earnings	$9.0B+1516.0%	$559.3M+309.7%	-$266.7M-8.9%	-$244.8M+29.7%	-$348.2M-272.9%	$201.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$15.3B+192.5%	$5.2B+28.4%	$4.1B-0.7%	$4.1B+13.9%	$3.6B+49.5%	$2.4B+123.4%	$1.1B+23.1%	$875.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$198.9M+1943.9%	$9.7M+66.0%	$5.9M-63.3%	$16.0M+401.2%	$3.2M+21.7%	$2.6M+4.3%	$2.5M-33.8%	$3.8M
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	$189.9M+7648.5%	$2.5M+13.7%	$2.2M-77.9%	$9.7M+1941.5%	$477K+67.4%	$285K-38.7%	$465K-13.7%	$539K
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	$15.1B+189.0%	$5.2B+28.5%	$4.1B-0.5%	$4.1B+13.6%	$3.6B+49.5%	$2.4B+123.5%	$1.1B+23.1%	$874.9M
Retained Earnings	$9.0B+1516.0%	$559.3M+309.7%	-$266.7M-8.9%	-$244.8M+29.7%	-$348.2M-272.9%	$201.3M+138.6%	-$521.6M+20.1%	-$652.7M

PSLV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$145.2M+624.4%	-$27.7M+11.7%	-$31.4M-189.7%	-$10.8M+49.7%	-$21.5M-106.8%	-$10.4M
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	-$1.4B-318.1%	-$325.1M-117.4%	-$149.5M+59.0%	-$364.3M+78.8%	-$1.7B-187.9%	-$597.4M
Financing Cash Flow	$1.4B+293.5%	$356.7M+108.8%	$170.8M-56.0%	$387.9M-77.7%	$1.7B+186.5%	$607.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$124K-99.4%	$20.5M-85.5%	$141.8M+30939.4%	$457K+5612.5%	$8K-95.5%	$176K

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PSLV 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	56.1%+40.4pp	15.7%+17.0pp	-1.3%-3.8pp	2.5%+17.8pp	-15.3%-45.3pp	30.0%
Return on Assets	55.4%+39.7pp	15.7%+17.0pp	-1.3%-3.8pp	2.5%+17.8pp	-15.3%-45.3pp	30.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.01+0.0	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	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.01+0.0	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 Sprott Physical Silver Trust profitable?

Yes, Sprott Physical Silver Trust (PSLV) reported a net income of $8.5B in fiscal year 2025.

What is Sprott Physical Silver Trust's return on equity (ROE)?

Sprott Physical Silver Trust (PSLV) has a return on equity of 56.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sprott Physical Silver Trust's operating cash flow?

Sprott Physical Silver Trust (PSLV) generated $145.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sprott Physical Silver Trust's total assets?

Sprott Physical Silver Trust (PSLV) had $15.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Sprott Physical Silver Trust buy back shares?

Yes, Sprott Physical Silver Trust (PSLV) spent $124K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Sprott Physical Silver Trust have outstanding?

Sprott Physical Silver Trust (PSLV) had 614M shares outstanding as of fiscal year 2025.

What is Sprott Physical Silver Trust's debt-to-equity ratio?

Sprott Physical Silver Trust (PSLV) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sprott Physical Silver Trust's return on assets (ROA)?

Sprott Physical Silver Trust (PSLV) had a return on assets of 55.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sprott Physical Silver Trust's Piotroski F-Score?

Sprott Physical Silver Trust (PSLV) has a Piotroski F-Score of 3 out of 9, indicating weak 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sprott Physical Silver Trust's earnings high quality?

Sprott Physical Silver Trust (PSLV) has an earnings quality ratio of 0.02x, 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.