# Sprott Physical Platinum and Palladium Trust (SPPP.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services. Price C$20.81, market value C$907 million.

## Valuation
- **P/E (trailing): 2.9×** (5-yr avg 2.3×, 3-yr avg 2.3×). Sprott Physical Platinum and Palladium Trust trades at 2.9× trailing earnings, well above its own five-year average of 2.3×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: -11.8%** (5-yr avg -0.6%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 34.2%**. The inverse of the P/E: 34.2% of the price is earned each year.

## Profitability
- **Return on equity: 37.6%**. 37.6% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on assets: 3.9%**. Each dollar of assets produces 3.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 103.1%** (5-yr -50.8%/yr). Revenue grew 103.1% over the last year, against -50.8% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 708.4%** (5-yr 24.8%/yr). Earnings per share rose 708.4%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: C$1.1 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 Platinum and Palladium Trust does not currently pay a dividend, but it returned -34.5% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 23.4%** (YTD -10.0%, 3-mo 9.0%). The shares are up 23.4% over twelve months including dividends.
- **From 52-week high: -36.1%** (25.4% above the low). Trading 36% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 60**. An RSI of 60 is neutral.
- **Beta (1 yr): 2.29** (volatility 48%). Beta of 2.29 against the S&P/TSX Composite: the shares move much more than the market.

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

Not investment advice.