SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST earns about -7% on equity, but has diluted owners by 378% 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 | −$31.6M1 | −$5.35M2 | −$36M3 | −$23.3M4 | $290.3M4 |
| Operating cash flow | −$1.12M5 | −$1.85M6 | −$1.09M7 | −$1.21M8 | $5.52M8 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $892,0009 | $375,00010 | $594,00011 | $311,00011 | $12M11 |
| Diluted shares | 9.1M | 9.6M | 10.9M | 18.3M | 43.6M |
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 $177.29 of net worth that earned you $66.64 last year.
It earned an average -7% 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 378% 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 →
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MeritValue on the App Store →- 40-F filed 2023-03-21 · period ending 2021-12-31 · accession 0001387131-23-003844 (ProfitLoss)
- 40-F filed 2024-03-25 · period ending 2022-12-31 · accession 0001999371-24-003927 (ProfitLoss)
- 40-F filed 2025-03-20 · period ending 2023-12-31 · accession 0001999371-25-002919 (ProfitLoss)
- 40-F filed 2026-03-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001999371-26-005825 (ProfitLoss)
- 40-F filed 2023-03-21 · period ending 2021-12-31 · accession 0001387131-23-003844 (CashFlowsFromUsedInOperatingActivities)
- 40-F filed 2024-03-25 · period ending 2022-12-31 · accession 0001999371-24-003927 (CashFlowsFromUsedInOperatingActivities)
- 40-F filed 2025-03-20 · period ending 2023-12-31 · accession 0001999371-25-002919 (CashFlowsFromUsedInOperatingActivities)
- 40-F filed 2026-03-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001999371-26-005825 (CashFlowsFromUsedInOperatingActivities)
- 40-F filed 2024-03-25 · period ending 2021-12-31 · accession 0001999371-24-003927 (CashAndCashEquivalents)
- 40-F filed 2025-03-20 · period ending 2022-12-31 · accession 0001999371-25-002919 (CashAndCashEquivalents)
- 40-F filed 2026-03-16 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001999371-26-005825 (CashAndCashEquivalents)