abrdn Physical Silver Shares ETF Financials

SIVR

Source SEC Filings (10-K/10-Q) Updated May 8, 2026 Currency USD FYE December

This page shows abrdn Physical Silver Shares ETF (SIVR) 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 SIVR FY2025 2026-05-08

SIVR’s economic engine is balance-sheet revaluation, and near-zero leverage lets asset moves pass almost directly to shareholders.

With just $1.37M of liabilities against $5.43B of assets, the latest balance sheet leaves almost no creditor layer between asset value and equity. That is why ROE and ROA moved almost identically at roughly 52.2%, signaling a pass-through asset vehicle rather than a business where leverage or cost structure drives returns.

The vehicle did not only benefit from higher asset values; it also scaled through new share creation, as shares outstanding rose from 51.5M to 79.3M. Because liabilities stayed tiny, that expansion was funded by investor capital and appreciation, not balance-sheet leverage.

One recent down year produced -$13.4M of net income, but the latest year produced $2.84B, showing how reported earnings can swing with the asset base rather than with operating execution. The rise in total assets from $1.42B to $5.43B over the last two filings points the same way: scale and valuation changes matter more here than cost control.

Financial Health Signals

Financial Profile 30/100

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 Silver 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 Silver 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 Silver Shares ETF earns a strong 52.2% return on equity (ROE), meaning it generates $52 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is up from 15.2% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$2.8B

YoY+1217.9%

5Y CAGR+61.1%

abrdn Physical Silver Shares ETF reported $2.8B in net income in fiscal year 2025. This represents an increase of 1217.9% 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

79M

YoY+53.9%

5Y CAGR+18.6%

10Y CAGR+15.8%

abrdn Physical Silver Shares ETF had 79M shares outstanding in fiscal year 2025. This represents an increase of 53.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

52.2%

YoY+37.1pp

5Y CAGR+22.0pp

10Y CAGR+67.7pp

abrdn Physical Silver Shares ETF's ROE was 52.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 37.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SIVR 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	$2.8B+1217.9%	$215.2M+1708.4%	-$13.4M-313.1%	$6.3M+104.4%	-$143.3M-154.8%	$261.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	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	$111.9M	N/A	$623.7M+523.4%	$100.0M-59.5%	$247.1M	N/A	$79.8M-63.0%	$215.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SIVR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.4B+282.1%	$1.4B+34.0%	$1.1B-5.2%	$1.1B+12.4%	$995.4M+15.2%	$863.9M
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	$1.4M+275.4%	$366K+35.1%	$271K-3.2%	$280K+10.7%	$253K+15.0%	$220K
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	$5.4B+282.1%	$1.4B+34.0%	$1.1B-5.2%	$1.1B+12.4%	$995.2M+15.2%	$863.7M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.0B-8.5%	$5.4B+80.8%	$3.0B+51.6%	$2.0B+20.8%	$1.6B+15.4%	$1.4B-2.2%	$1.5B+8.7%	$1.3B
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-4.9%	$1.4M+91.4%	$718K+53.4%	$468K+12.2%	$417K+13.9%	$366K+2.8%	$356K+8.5%	$328K
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	$5.4B0.0%	$5.4B+80.8%	$3.0B+51.6%	$2.0B+20.8%	$1.6B+15.4%	$1.4B-2.2%	$1.5B+8.7%	$1.3B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SIVR 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	52.2%+37.1pp	15.2%+16.4pp	-1.3%-1.8pp	0.6%+15.0pp	-14.4%-44.6pp	30.2%
Return on Assets	52.2%+37.1pp	15.1%+16.4pp	-1.3%-1.8pp	0.6%+14.9pp	-14.4%-44.6pp	30.2%
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	Q2'26	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	2.1%	N/A	20.8%+15.7pp	5.1%-10.0pp	15.1%	N/A	5.5%-10.6pp	16.1%
Return on Assets	2.3%	N/A	20.8%+15.7pp	5.1%-10.0pp	15.1%	N/A	5.5%-10.6pp	16.1%
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 Silver Shares ETF profitable?

Yes, abrdn Physical Silver Shares ETF (SIVR) reported a net income of $2.8B in fiscal year 2025.

What is abrdn Physical Silver Shares ETF's return on equity (ROE)?

abrdn Physical Silver Shares ETF (SIVR) has a return on equity of 52.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are abrdn Physical Silver Shares ETF's total assets?

abrdn Physical Silver Shares ETF (SIVR) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does abrdn Physical Silver Shares ETF have outstanding?

abrdn Physical Silver Shares ETF (SIVR) had 79M shares outstanding as of fiscal year 2025.

What is abrdn Physical Silver Shares ETF's debt-to-equity ratio?

abrdn Physical Silver Shares ETF (SIVR) 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 Silver Shares ETF's return on assets (ROA)?

abrdn Physical Silver Shares ETF (SIVR) had a return on assets of 52.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How financially healthy is abrdn Physical Silver Shares ETF?

abrdn Physical Silver Shares ETF (SIVR) scores 30 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.