Sprott Physical Gold & Silver Trust earns about 14% on equity, and has bought back 14% of its shares over 5 years. The applicable estimate puts fair value near $16.16 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$310.7M1 | $4.73M2 | $308.5M3 | $1.02B4 | $4.36B4 |
| Operating cash flow | −$21.2M5 | −$17.8M6 | −$20.1M7 | −$22.2M8 | −$29.9M8 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $679,0009 | $3.4M10 | $6.9M11 | $4.42M11 | $18.8M11 |
| Diluted shares | 220.7M | 214.9M | 211.1M | 200.5M | 190.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $474.76 of net worth that earned you $228.29 last year.
It earned an average 14% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$308.5M
- Growth assumed0.0%
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MeritValue on the App Store →- 40-F filed 2023-03-21 · period ending 2021-12-31 · accession 0001387131-23-003842 (ProfitLoss)
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- 40-F filed 2025-03-20 · period ending 2023-12-31 · accession 0001999371-25-002917 (CashFlowsFromUsedInOperatingActivities)
- 40-F filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001999371-26-005824 (CashFlowsFromUsedInOperatingActivities)
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- 40-F filed 2026-03-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001999371-26-005824 (CashAndCashEquivalents)