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Sprott Physical Silver

PSLV
42
Asset Management · Financial Services
Price
$19.24
+0.35 (+1.85%)
Market Cap
$12.23B
Exchange
NYSE ARCA
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+43.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 389.6M (2021) → 557.1M (2025)

Sprott Physical Silver Trust is a closed-end investment trust company, which engages in the provision of a secure, convenient, and exchange-traded investment alternative for investors interested in holding physical silver bullion without the inconvenience that is typical of a direct investment in physical silver bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical silver bullion, and does not speculate with regard to short-term changes in silver prices. The company was founded on June 30, 2010 and is headquartered in Toronto, Canada.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-92.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-41.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Research and development spending

Cash Runway

5+ years

Quarterly Free Cash Flow

$16.3B cash & investments at current burn rate

Revenue declining

Sprott Physical Silver's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
68.2%
Premium pricing power — 68.2% gross margin
Operating Margin
990.0%
Excellent — 990.0% operating margin
ROCE
4.0%
Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-95.9%
Shrinking sales (-95.9% YoY)
EPS YoY
+340.2%
Earnings growing fast (340.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
-1%
Weak — only -1% of profit becomes cash
FCF Margin
-181.3%
Burning cash (-181.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
1.4x
Attractive valuation — P/E 1.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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