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On May 5, 2026 the board declared a quarterly dividend of $0.40 per common share, payable June 3, 2026 to shareholders of record May 19, 2026. Subsequent to quarter-end, Sprott launched the Sprott Rare Earths Ex‑China ETF on April 15, 2026 and the Sprott Physical Copper Trust began trading on the NYSE on May 4, 2026 with an enhanced monthly physical redemption feature; the company reported AUM of $65.1 billion as at March 31, 2026 and $65.5 billion as at May 1, 2026. The company announced the timing for its first‑quarter 2026 results release on April 29, 2026.
Technical Analysis
ADX at 16.37 indicates no established trend; the market sits in a low‑trend environment, which raises the risk of whipsaws around key moving averages and amplifies the importance of short‑term indicators for direction.
Directional indicators show DI‑ at 31.0 with a peak‑and‑reversal (DI‑ decreasing), which reads as bullish by the directional rule set, while DI+ at 21.37 sits on a decreasing path, a bearish signal. Those opposing signals in a low ADX environment imply rotational pressure rather than a sustained directional move and favor choppy action near current levels.
MACD sits negative at -4.58 but registers a dip‑and‑reversal (increasing), indicating a shift toward bullish momentum from a negative base; the MACD remains below its signal line (-4.39), so momentum improvement has not yet delivered a confirmed crossover. That pattern suggests any bounce may start from a technical oversold base rather than from confirmed trend reversal.
MRO at 1.53 reads positive, indicating price sits modestly above the model target and therefore carries limited downside pressure from a large negative gap; the small positive value implies only modest mean‑reversion risk if selling intensifies.
RSI at 41.23 with a dip‑and‑reversal pattern indicates momentum recovering from recent weakness but still below neutral, consistent with a lower‑to‑sideways bias until RSI clears equilibrium levels.
Price sits below the 12‑ and 26‑day EMAs (price $104.92 vs 12‑day EMA $107.95 and 26‑day EMA $112.63) and beneath the 20‑day average ($109.38) and 200‑day average ($116.43), so short‑term strength would need to reclaim these averages to change the near‑term price bias. Bollinger bands show a 1‑SD band roughly $104–$114, placing current close to the lower band and indicating compressed volatility with upside room inside the band.
High short‑term volatility (42‑day beta 2.07 versus 52‑week beta 1.6) and volumes running below 10/50/200‑day averages suggest directional moves may occur with thin liquidity, increasing the likelihood of exaggerated intraday swings around earnings and fund‑level news.
Fundamental Analysis
Revenue totaled $141.87 million for the period with total net fees and carried interest driving operating performance; year‑over‑year revenue growth registers 177.52% while quarter‑over‑quarter revenue contracted 61.71%, reflecting timing effects from carried interest and product launches. Free cash flow stood at $43.82 million, producing a free cash flow yield of 1.26% and free cash flow growth year‑over‑year of -69.17%.
Operating metrics show EBIT $42.24 million and EBITDA $42.93 million, yielding an EBIT margin of 29.77%, which undercuts the industry peer mean of 40.56% and industry peer median of 37.17%. QoQ EBIT margin declined ~18.01% and YoY declined ~22.60%, consistent with higher compensation and carried interest variability during the quarter.
Earnings per share came in at $0.60 versus an estimate of $0.93, an EPS surprise of -35.48%. Forward EPS sits at $1.238, implying a forward PE of 106.71 while the trailing PE registers at 224.37, signaling a substantial premium to normalized earnings expectations.
Balance sheet and liquidity remain strong: cash and short‑term investments $174.57 million, cash ratio 2.82, current ratio 3.19, and interest coverage ~140x. Dividend coverage and payout sit at a dividend payout ratio near 35.30% and dividend coverage ratio about 2.83, reflecting sustainable distributionability from current cash generation.
Valuation context: price‑to‑book at 9.13 sits above the industry peer mean (3.15) and above the peer high of ~7.06, while price‑to‑sales of 24.47 and forward PS of 89.57 point to market expectations priced for continued outperformance of fee‑based and physical trust flows. The current valuation as determined by WMDST: over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-06 |
| NEXT REPORT DATE: | 2026-08-05 |
| CASH FLOW | Begin Period Cash Flow | $ 123.4 M |
| Operating Cash Flow | $ 44.4 M | |
| Capital Expenditures | $ -542.00 K | |
| Change In Working Capital | $ 6.4 M | |
| Dividends Paid | $ -10.31 M | |
| Cash Flow Delta | $ 50.5 M | |
| End Period Cash Flow | $ 173.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 141.9 M | |
| Forward Revenue | $ 38.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 94.6 M | |
| Depreciation | $ 689.0 K | |
| Depreciation and Amortization | $ 689.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 101.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 47.3 M | |
| EBITDA | $ 42.9 M | |
| EBIT | $ 42.2 M | |
| Operating Income | $ 40.8 M | |
| Interest Income | — | |
| Interest Expense | $ 301.0 K | |
| Net Interest Income | $ -301.00 K | |
| Income Before Tax | $ 41.9 M | |
| Tax Provision | $ 12.7 M | |
| Tax Rate | 30.334 % | |
| Net Income | $ 29.2 M | |
| Net Income From Continuing Operations | $ 29.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.93 | |
| EPS Actual | $ 0.60 | |
| EPS Difference | $ -0.33 | |
| EPS Surprise | -35.484 % | |
| Forward EPS | $ 1.24 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 504.3 M | |
| Intangible Assets | $ 199.2 M | |
| Net Tangible Assets | $ 180.8 M | |
| Total Current Assets | $ 197.0 M | |
| Cash and Short-Term Investments | $ 174.6 M | |
| Cash | $ 173.9 M | |
| Net Receivables | $ 8.7 M | |
| Inventory | — | |
| Long-Term Investments | $ 24.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 13.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 61.8 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 124.2 M | |
| EQUITY | ||
| Total Equity | $ 380.0 M | |
| Retained Earnings | $ -14.55 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.74 | |
| Shares Outstanding | 25.783 M | |
| Revenue Per-Share | $ 5.50 | |
| VALUATION | Market Capitalization | $ 3.5 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.327 | |
| Asset To Liability | 4.059 | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 9.133 | |
| Price To Book QoQ | 19.429 % | |
| Price To Book YoY | 147.215 % | |
| Price To Book IPRWA | SII: 9.133 high: 7.056 median: 3.216 mean: 3.155 low: -0.507 |
|
| Price To Earnings (P/E) | 224.374 | |
| Price To Earnings QoQ | 110.135 % | |
| Price To Earnings YoY | 197.919 % | |
| Price To Earnings IPRWA | SII: 224.374 high: 131.673 mean: 62.537 median: 56.13 low: -78.913 |
|
| PE/G Ratio | -5.449 | |
| Price To Sales (P/S) | 24.465 | |
| Price To Sales QoQ | -6.753 % | |
| Price To Sales YoY | -15.376 % | |
| Price To Sales IPRWA | high: 89.649 mean: 26.375 SII: 24.465 median: 21.141 low: -50.338 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 106.712 | |
| Forward PE/G | -2.592 | |
| Forward P/S | 89.571 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.266 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.275 | |
| Asset Turnover Ratio QoQ | 27.639 % | |
| Asset Turnover Ratio YoY | 156.108 % | |
| Asset Turnover Ratio IPRWA | SII: 0.275 high: 0.265 mean: 0.037 median: 0.013 low: -0.147 |
|
| Receivables Turnover | 5.186 | |
| Receivables Turnover Ratio QoQ | 68.601 % | |
| Receivables Turnover Ratio YoY | 32.435 % | |
| Receivables Turnover Ratio IPRWA | high: 9.786 SII: 5.186 mean: 1.597 median: 0.21 low: 0.039 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 17.597 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -1.059 | |
| Cash Conversion Cycle Days QoQ | 1888.204 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 439.773 SII: -1.059 median: -123.572 mean: -193.757 low: -917.879 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.049 | |
| CapEx To Revenue | -0.004 | |
| CapEx To Depreciation | -0.787 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 380.0 M | |
| Net Invested Capital | $ 380.0 M | |
| Invested Capital | $ 380.0 M | |
| Net Tangible Assets | $ 180.8 M | |
| Net Working Capital | $ 135.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.824 | |
| Current Ratio | 3.187 | |
| Current Ratio QoQ | 65.572 % | |
| Current Ratio YoY | -8.157 % | |
| Current Ratio IPRWA | high: 8.141 SII: 3.187 mean: 1.934 median: 1.178 low: 0.007 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 2.245 % | |
| Interest Coverage Ratio | 140.336 | |
| Interest Coverage Ratio QoQ | 42.599 % | |
| Interest Coverage Ratio YoY | 145.097 % | |
| Interest Coverage Ratio IPRWA | SII: 140.336 high: 98.464 mean: 10.808 median: 9.06 low: -19.59 |
|
| Operating Cash Flow Ratio | 1.085 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 18.655 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.833 | |
| Dividend Payout Ratio | 0.353 | |
| Dividend Rate | $ 0.40 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -4.091 % | |
| Revenue Growth | 32.542 % | |
| Revenue Growth QoQ | -61.707 % | |
| Revenue Growth YoY | 177.52 % | |
| Revenue Growth IPRWA | high: 130.559 % SII: 32.542 % median: -1.879 % mean: -3.493 % low: -156.276 % |
|
| Earnings Growth | -41.176 % | |
| Earnings Growth QoQ | -478.804 % | |
| Earnings Growth YoY | -290.904 % | |
| Earnings Growth IPRWA | high: 45.0 % median: 4.348 % mean: -0.489 % SII: -41.176 % low: -132.432 % |
|
| MARGINS | ||
| Gross Margin | 33.349 % | |
| Gross Margin QoQ | -13.494 % | |
| Gross Margin YoY | -28.975 % | |
| Gross Margin IPRWA | high: 107.251 % median: 71.417 % mean: 67.687 % SII: 33.349 % low: 14.434 % |
|
| EBIT Margin | 29.774 % | |
| EBIT Margin QoQ | -18.014 % | |
| EBIT Margin YoY | -22.599 % | |
| EBIT Margin IPRWA | high: 82.682 % mean: 40.555 % median: 37.173 % SII: 29.774 % low: -62.871 % |
|
| Return On Sales (ROS) | 28.731 % | |
| Return On Sales QoQ | -13.516 % | |
| Return On Sales YoY | -25.31 % | |
| Return On Sales IPRWA | high: 69.661 % median: 45.647 % mean: 39.574 % SII: 28.731 % low: -58.213 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 43.8 M | |
| Free Cash Flow Yield | 1.262 % | |
| Free Cash Flow Yield QoQ | -31.301 % | |
| Free Cash Flow Yield YoY | 12.278 % | |
| Free Cash Flow Yield IPRWA | high: 29.426 % SII: 1.262 % median: 0.626 % mean: -1.606 % low: -27.411 % |
|
| Free Cash Growth | -15.073 % | |
| Free Cash Growth QoQ | -103.444 % | |
| Free Cash Growth YoY | -69.168 % | |
| Free Cash Growth IPRWA | high: 314.536 % median: 8.623 % mean: -1.014 % SII: -15.073 % low: -569.703 % |
|
| Free Cash To Net Income | 1.5 | |
| Cash Flow Margin | 47.264 % | |
| Cash Flow To Earnings | 2.295 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 5.673 % | |
| Return On Assets QoQ | -2.055 % | |
| Return On Assets YoY | 83.83 % | |
| Return On Assets IPRWA | high: 6.815 % SII: 5.673 % mean: 0.806 % median: 0.371 % low: -5.651 % |
|
| Return On Capital Employed (ROCE) | 9.547 % | |
| Return On Equity (ROE) | 0.077 | |
| Return On Equity QoQ | -1.726 % | |
| Return On Equity YoY | 109.711 % | |
| Return On Equity IPRWA | high: 0.222 SII: 0.077 median: 0.052 mean: 0.048 low: -0.164 |
|
| DuPont ROE | 7.82 % | |
| Return On Invested Capital (ROIC) | 7.743 % | |
| Return On Invested Capital QoQ | -2.025 % | |
| Return On Invested Capital YoY | 107.531 % | |
| Return On Invested Capital IPRWA | high: 18.847 % SII: 7.743 % mean: 3.511 % median: 3.357 % low: -11.601 % |
|