Sprott Physical Platinum and Palladium Trust Financials

SPPP

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

This page shows Sprott Physical Platinum and Palladium Trust (SPPP) 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

Financial Profile 22/100

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 Sprott Physical Platinum and Palladium Trust'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

Sprott Physical Platinum and Palladium Trust carries a low D/E ratio of 0.01, meaning only $0.01 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

Sprott Physical Platinum and Palladium Trust's ROE of 37.6% shows moderate profitability relative to equity, earning a score of 30/100. This is up from -13.9% the prior year.

Piotroski F-Score Weak

3/9

Sprott Physical Platinum and Palladium 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 Platinum and Palladium Trust generates $0.02 in operating cash flow ($5.5M OCF vs $290.3M 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

$290.3M

YoY+1344.0%

5Y CAGR+65.5%

Sprott Physical Platinum and Palladium Trust reported $290.3M in net income in fiscal year 2025. This represents an increase of 1344.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$12.0M

YoY+3772.0%

5Y CAGR+59.7%

Sprott Physical Platinum and Palladium Trust held $12.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

44M

YoY+137.8%

5Y CAGR+44.1%

Sprott Physical Platinum and Palladium Trust had 44M shares outstanding in fiscal year 2025. This represents an increase of 137.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

37.6%

YoY+51.5pp

5Y CAGR+19.1pp

Sprott Physical Platinum and Palladium Trust's ROE was 37.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 51.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$17K

YoY-80.5%

5Y CAGR-76.8%

Sprott Physical Platinum and Palladium Trust spent $17K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 80.5% from the prior year.

Capital Expenditures

N/A

SPPP 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	$290.3M+1344.0%	-$23.3M+35.3%	-$36.0M-573.3%	-$5.4M+83.1%	-$31.6M-235.2%	$23.4M
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

SPPP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$781.2M+365.9%	$167.7M+43.9%	$116.5M-15.8%	$138.3M+4.4%	$132.5M+4.3%	$127.1M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.0M+3772.0%	$311K-47.6%	$594K+58.4%	$375K-58.0%	$892K-23.2%	$1.2M
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	$8.8M+2677.6%	$317K+49.5%	$212K+259.3%	$59K-90.8%	$638K+165.8%	$240K
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	$772.4M+361.5%	$167.4M+43.9%	$116.3M-15.9%	$138.3M+4.9%	$131.8M+4.0%	$126.8M
Retained Earnings	$257.5M+884.6%	-$32.8M-245.8%	-$9.5M-135.7%	$26.6M-25.6%	$35.7M-47.0%	$67.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$781.2M+365.9%	$167.7M+43.9%	$116.5M-15.8%	$138.3M+4.4%	$132.5M+4.3%	$127.1M+7.6%	$118.1M+16.0%	$101.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.0M+3772.0%	$311K-47.6%	$594K+58.4%	$375K-58.0%	$892K-23.2%	$1.2M+331.6%	$269K+183.2%	$95K
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	$8.8M+2677.6%	$317K+49.5%	$212K+259.3%	$59K-90.8%	$638K+165.8%	$240K-30.6%	$346K+57.6%	$220K
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	$772.4M+361.5%	$167.4M+43.9%	$116.3M-15.9%	$138.3M+4.9%	$131.8M+4.0%	$126.8M+7.7%	$117.7M+15.9%	$101.5M
Retained Earnings	$257.5M+884.6%	-$32.8M-245.8%	-$9.5M-135.7%	$26.6M-25.6%	$35.7M-47.0%	$67.3M+25.9%	$53.5M+194.3%	$18.2M

SPPP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.5M+557.0%	-$1.2M-11.1%	-$1.1M+41.4%	-$1.9M-65.7%	-$1.1M+24.2%	-$1.5M
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	-$308.5M-319.8%	-$73.5M-476.5%	-$12.7M+44.7%	-$23.0M+35.7%	-$35.8M-314.9%	-$8.6M
Financing Cash Flow	$314.7M+323.0%	$74.4M+429.5%	$14.1M-42.3%	$24.4M-33.5%	$36.7M+233.3%	$11.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$17K-80.5%	$87K+2800.0%	$3K-100.0%	$12.8M+116190.9%	$11K-100.0%	$25.5M

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

SPPP 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	37.6%+51.5pp	-13.9%+17.1pp	-31.0%-27.1pp	-3.9%+20.1pp	-24.0%-42.5pp	18.5%
Return on Assets	37.2%+51.1pp	-13.9%+17.0pp	-30.9%-27.1pp	-3.9%+20.0pp	-23.9%-42.3pp	18.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.010.0	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	0.010.0	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 Platinum and Palladium Trust profitable?

Yes, Sprott Physical Platinum and Palladium Trust (SPPP) reported a net income of $290.3M in fiscal year 2025.

What is Sprott Physical Platinum and Palladium Trust's return on equity (ROE)?

Sprott Physical Platinum and Palladium Trust (SPPP) has a return on equity of 37.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sprott Physical Platinum and Palladium Trust's operating cash flow?

Sprott Physical Platinum and Palladium Trust (SPPP) generated $5.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sprott Physical Platinum and Palladium Trust's total assets?

Sprott Physical Platinum and Palladium Trust (SPPP) had $781.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Sprott Physical Platinum and Palladium Trust buy back shares?

Yes, Sprott Physical Platinum and Palladium Trust (SPPP) spent $17K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Sprott Physical Platinum and Palladium Trust have outstanding?

Sprott Physical Platinum and Palladium Trust (SPPP) had 44M shares outstanding as of fiscal year 2025.

What is Sprott Physical Platinum and Palladium Trust's debt-to-equity ratio?

Sprott Physical Platinum and Palladium Trust (SPPP) 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 Platinum and Palladium Trust's return on assets (ROA)?

Sprott Physical Platinum and Palladium Trust (SPPP) had a return on assets of 37.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sprott Physical Platinum and Palladium Trust's Piotroski F-Score?

Sprott Physical Platinum and Palladium Trust (SPPP) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sprott Physical Platinum and Palladium Trust's earnings high quality?

Sprott Physical Platinum and Palladium Trust (SPPP) 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.

How financially healthy is Sprott Physical Platinum and Palladium Trust?

Sprott Physical Platinum and Palladium Trust (SPPP) scores 22 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.