Sprott Physical Gold Trust (PHYS) - Net Assets
Based on the latest financial reports, Sprott Physical Gold Trust (PHYS) has net assets worth CA$14.11 Billion CAD (≈ $10.21 Billion USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$14.12 Billion ≈ $10.21 Billion USD) and total liabilities (CA$3.42 Million ≈ $2.47 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Explore Sprott Physical Gold Trust cash conversion from operations to assess how effectively this company generates cash.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$14.11 Billion |
| % of Total Assets | 99.98% |
| Annual Growth Rate | 15.31% |
| 5-Year Change | 75.93% |
| 10-Year Change | 596.23% |
| Growth Volatility | 37.13 |
Sprott Physical Gold Trust - Net Assets Trend (2010–2024)
This chart illustrates how Sprott Physical Gold Trust's net assets have evolved over time, based on quarterly financial data. Explore PHYS long-term investment intensity to see how much of total assets are deployed in long-term investments.
Annual Net Assets for Sprott Physical Gold Trust (2010–2024)
The table below shows the annual net assets of Sprott Physical Gold Trust from 2010 to 2024. For live valuation and market cap data, see PHYS stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CA$8.61 Billion ≈ $6.23 Billion |
+31.79% |
| 2023-12-31 | CA$6.53 Billion ≈ $4.72 Billion |
+13.67% |
| 2022-12-31 | CA$5.75 Billion ≈ $4.16 Billion |
+14.74% |
| 2021-12-31 | CA$5.01 Billion ≈ $3.62 Billion |
+2.35% |
| 2020-12-31 | CA$4.89 Billion ≈ $3.54 Billion |
+98.72% |
| 2019-12-31 | CA$2.46 Billion ≈ $1.78 Billion |
+21.62% |
| 2018-12-31 | CA$2.02 Billion ≈ $1.46 Billion |
-10.40% |
| 2017-12-31 | CA$2.26 Billion ≈ $1.63 Billion |
+9.60% |
| 2016-12-31 | CA$2.06 Billion ≈ $1.49 Billion |
+66.75% |
| 2015-12-31 | CA$1.24 Billion ≈ $894.40 Million |
-20.09% |
| 2014-12-31 | CA$1.55 Billion ≈ $1.12 Billion |
-43.43% |
| 2012-12-31 | CA$2.73 Billion ≈ $1.98 Billion |
+42.32% |
| 2011-12-31 | CA$1.92 Billion ≈ $1.39 Billion |
+64.00% |
| 2010-12-31 | CA$1.17 Billion ≈ $847.62 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Sprott Physical Gold Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 290791100000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$2.91 Billion | 33.78% |
| Common Stock | CA$5.82 Billion | 67.55% |
| Total Equity | CA$8.61 Billion | 100.00% |
Sprott Physical Gold Trust Competitors by Market Cap
The table below lists competitors of Sprott Physical Gold Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Tractor Supply Company
NASDAQ:TSCO
|
$16.21 Billion |
|
Shengyi Electronics Co. Ltd. A
SHG:688183
|
$16.23 Billion |
|
Genmab AS
NASDAQ:GMAB
|
$16.23 Billion |
|
Samvardhana Motherson International Limited
NSE:MOTHERSON
|
$16.23 Billion |
|
Brambles Ltd
AU:BXB
|
$16.19 Billion |
|
Alamos Gold Inc
TO:AGI
|
$16.17 Billion |
|
SDIC Power Holdings Co Ltd
SHG:600886
|
$16.14 Billion |
|
Banco de Sabadell S.A
MC:SAB
|
$16.13 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Sprott Physical Gold Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 6,531,725,000 to 8,608,197,000, a change of 2,076,472,000 (31.8%).
- Net income of 1,728,194,000 contributed positively to equity growth.
- Share repurchases of 3,504,000 reduced equity.
- New share issuances of 564,199,000 increased equity.
- Other factors decreased equity by 212,417,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$1.73 Billion | +20.08% |
| Share Repurchases | CA$3.50 Million | -0.04% |
| Share Issuances | CA$564.20 Million | +6.55% |
| Other Changes | CA$-212.42 Million | -2.47% |
| Total Change | CA$- | 31.79% |
Book Value vs Market Value Analysis
This analysis compares Sprott Physical Gold Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.20x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 206160750.00x to 2.20x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | CA$0.00 | CA$46.59 | x |
| 2010-12-31 | CA$19.61 | CA$46.59 | x |
| 2011-12-31 | CA$15.13 | CA$46.59 | x |
| 2012-12-31 | CA$15.62 | CA$46.59 | x |
| 2013-12-31 | CA$9.77 | CA$46.59 | x |
| 2014-12-31 | CA$9.30 | CA$46.59 | x |
| 2015-12-31 | CA$8.31 | CA$46.59 | x |
| 2016-12-31 | CA$9.72 | CA$46.59 | x |
| 2017-12-31 | CA$10.57 | CA$46.59 | x |
| 2018-12-31 | CA$9.83 | CA$46.59 | x |
| 2019-12-31 | CA$12.53 | CA$46.59 | x |
| 2020-12-31 | CA$17.82 | CA$46.59 | x |
| 2021-12-31 | CA$15.01 | CA$46.59 | x |
| 2022-12-31 | CA$17.23 | CA$46.59 | x |
| 2023-12-31 | CA$16.23 | CA$46.59 | x |
| 2024-12-31 | CA$21.14 | CA$46.59 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Sprott Physical Gold Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 20.08%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 99.74%
- • Asset Turnover: 0.20x
- • Equity Multiplier: 1.00x
- Recent ROE (20.08%) is above the historical average (2.79%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2010 | 15.35% | 98.36% | 0.16x | 1.00x | CA$62.66 Million |
| 2011 | 6.65% | 94.01% | 0.07x | 1.00x | CA$-64.43 Million |
| 2012 | 3.71% | 98.28% | 0.04x | 1.00x | CA$-171.89 Million |
| 2013 | -40.26% | 0.00% | -0.40x | 1.00x | CA$-952.39 Million |
| 2014 | -2.13% | 0.00% | -0.02x | 1.00x | CA$-187.69 Million |
| 2015 | -12.56% | 0.00% | -0.12x | 1.00x | CA$-278.90 Million |
| 2016 | 6.85% | 98.29% | 0.07x | 1.00x | CA$-64.95 Million |
| 2017 | 11.30% | 98.97% | 0.11x | 1.00x | CA$29.42 Million |
| 2018 | -2.77% | 0.00% | -0.03x | 1.00x | CA$-258.62 Million |
| 2019 | 14.63% | 99.10% | 0.15x | 1.00x | CA$113.99 Million |
| 2020 | 15.27% | 99.61% | 0.15x | 1.00x | CA$257.84 Million |
| 2021 | -3.95% | 0.00% | -0.04x | 1.00x | CA$-698.80 Million |
| 2022 | -1.44% | 0.00% | -0.01x | 1.00x | CA$-657.08 Million |
| 2023 | 11.08% | 99.49% | 0.11x | 1.00x | CA$70.35 Million |
| 2024 | 20.08% | 99.74% | 0.20x | 1.00x | CA$867.37 Million |
Industry Comparison
This section compares Sprott Physical Gold Trust's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $1,200,937,030
- Average return on equity (ROE) among peers: -25.08%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Sprott Physical Gold Trust (PHYS) | CA$14.11 Billion | 15.35% | 0.00x | $16.19 Billion |
| Aberdeen International Inc. (AAB) | $2.84 Million | -313.72% | 0.96x | $2.91 Million |
| Base Carbon Inc. (BCBN) | $43.86 Million | -35.28% | 0.01x | $51.12 Million |
| Canadian Banc Corp (BK) | $98.80 Million | 12.59% | 0.84x | $538.15 Million |
| Brookfield Corporation (BN) | $5.29 Billion | 1.57% | 1.74x | $103.31 Billion |
| Sprott Physical Gold and Silver Trust (CEF) | $2.81 Billion | -9.16% | 0.00x | $9.05 Billion |
| Canadian General Investments Ltd (CGI) | $1.28 Billion | 19.91% | 0.14x | $793.77 Million |
| CI Financial Corp (CIX) | $264.42 Million | 4.35% | 0.73x | $3.32 Billion |
| Clairvest Group Inc. (CVG) | $1.18 Billion | -0.29% | 0.14x | $762.10 Million |
| Cymbria Corporation (CYB) | $1.02 Billion | 18.60% | 0.05x | $1.03 Billion |
| Dividend 15 Split Corp II (DF) | $33.02 Million | 50.64% | 1.56x | $160.15 Million |
About Sprott Physical Gold Trust
Sprott Physical Gold Trust is an exchange traded commodity launched and managed by Sprott Asset Management LP. The fund invests in the commodity markets. It primarily invests in physical gold bullion in London Good Delivery bar form. Sprott Physical Gold Trust was formed on August 28, 2009 and is domiciled in Canada.