abrdn Palladium ETF Trust
PALLdata completeness 38%16 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
abrdn Palladium ETF Trust earns about -16% on equity, but has diluted owners by 169% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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 | −$72.9M1 | −$60.5M2 | −$111.4M3 | −$67.6M3 | $321.9M3 |
| Operating cash flow | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 1.8M | 1.9M | 2.0M | 3.2M | 4.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $2,106.59 of net worth that earned you $654.99 last year.
It earned an average -16% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 169% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →