# Sprott Physical Gold Trust (PHYS.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services. Price C$46.48, market value C$22.0 billion.

## Valuation
- **P/E (trailing): 3.7×** (5-yr avg 7.3×, 3-yr avg 7.3×). Sprott Physical Gold Trust trades at 3.7× trailing earnings, well below its own five-year average of 7.3×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: -0.4%** (5-yr avg -0.3%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 27.4%**. The inverse of the P/E: 27.4% of the price is earned each year.

## Profitability
- **Return on equity: 37.2%**. 37.2% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on assets: 15.9%**. Each dollar of assets produces 15.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -91.5%** (5-yr -27.9%/yr). Revenue fell 91.5% over the last year, against -27.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 206.8%** (5-yr 36.8%/yr). Earnings per share rose 206.8%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: C$22.1 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. Sprott Physical Gold Trust does not currently pay a dividend, but it returned -6.9% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 23.2%** (YTD 2.6%, 3-mo 2.4%). The shares are up 23.2% over twelve months including dividends.
- **From 52-week high: -18.2%** (20.7% above the low). Trading 18% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 51**. An RSI of 51 is neutral.
- **Beta (1 yr): 1.37** (volatility 29%). Beta of 1.37 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=PHYS.TO · Page: https://foliofundamentals.com/stocks/phys.to

Not investment advice.