MeritValue

SPROTT INC.

SIIdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

SPROTT INC. earns about 16% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $16.8 and $160.41 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$164.6M1$145.2M2$151.4M3$178.7M4$285.1M4
Net income$33.2M5$17.6M6$41.8M7$49.3M8$67.3M8
Operating cash flow$51.2M9$32.5M10$29.9M11$69.2M12$97.7M12
Capital expenditure$693,00013$128,00014$1.54M15$1.87M16$1.85M16
Free cash flow (derived)$50.6M9$32.4M10$28.3M11$67.3M12$95.8M12
Total debt—————
Cash & equivalents$49.8M17$51.7M18$20.7M19$46.8M19$123.4M19
Diluted shares25.8M26.0M25.9M25.8M25.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$142.42
your share of equity
Profit it earned you last year
$26.12
Free cash flow it threw off
$37.17
Debt you’d be carrying
—

10 shares is a claim on $142.42 of net worth that earned you $26.12 and generated $37.17 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 14%FY22 8%FY23 15%FY24 18%FY25 28%

It earned about 16% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $16.8 and $160.41 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$160.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$67.3M
DCF · Growth Exit 5Y
$89.86
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$67.3M
Earnings Power Value
$16.8
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$41.8M
  • growthAssumed0.0%
Graham Number
$28.92
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $89.86
The three cases
Bear0.0%$42.07
Base20.0%$89.86
Bull20.0%$89.86

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001628280-23-004957 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001628280-24-005773 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001628280-25-007955 (Revenue)
  4. 40-F · period ending 2024-12-31 · accession 0001628280-26-009474 (Revenue)
  5. 40-F · period ending 2021-12-31 · accession 0001628280-23-004957 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001628280-24-005773 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001628280-25-007955 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001628280-26-009474 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001628280-23-004957 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001628280-24-005773 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001628280-25-007955 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001628280-26-009474 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001628280-23-004957 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001628280-24-005773 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001628280-25-007955 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001628280-26-009474 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-12-31 · accession 0001628280-24-005773 (CashAndCashEquivalents)
  18. 40-F · period ending 2022-12-31 · accession 0001628280-25-007955 (CashAndCashEquivalents)
  19. 40-F · period ending 2023-12-31 · accession 0001628280-26-009474 (CashAndCashEquivalents)