Sprott Physical Gold Trust is a closed-end trust that provides direct exposure to physical gold bullion through professionally managed, allocated holdings. The trust’s mandate is to hold substantially all of its assets in unencumbered London Good Delivery gold bars, making it a straightforward vehicle for investors seeking exchange-traded access to physical gold without handling or storing bullion themselves. Sprott Physical Gold Trust is designed to reflect the value of gold holdings rather than to actively trade or speculate on short-term price movements. Its structure and bullion-backed focus make it a widely used instrument in the precious metals market, particularly for portfolios and institutions that want a convenient way to access gold as a core commodity exposure. The trust is managed by Sprott Asset Management and is part of Sprott’s physical bullion platform.
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$2.55B
▲ +243.7% YoY
Net Income (TTM)
$2.54B
▲ +244.2% YoY
Net Margin
99.68%
P/E
5.59
Balance Sheet
Total Assets
$15.98B
Equity
$15.98B
Total Debt
$0.00
Cash & Equiv.
$27M
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Peers
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Held by ETFs
PHYS is in 2 US ETFs. The largest of them, with PHYS's weight in each:
Sprott Physical Gold Trust (PHYS) in four numbers
Questions about Sprott Physical Gold Trust
Is Sprott Physical Gold Trust (PHYS) overvalued?
At $30.67, Sprott Physical Gold Trust's price is 41% below the $51.79 a share fair value that Intrinsiqq's calculator gets from its book value. It trades at 5.59 times earnings. The growth behind that figure is yours to set on the Intrinsic Value tab. See how to tell if a stock is overvalued.
What is Sprott Physical Gold Trust's fair value?
Intrinsiqq's calculator puts Sprott Physical Gold Trust's fair value at $51.79 a share. It grows book value per share 20% a year for 5 years, applies an exit P/B of 1, and works back at a 10% yearly return. A 25% margin of safety gives a buy-below price of $38.85. Every input can be changed on the Intrinsic Value tab.
Is Sprott Physical Gold Trust a high-quality business?
Sprott Physical Gold Trust scores 60 out of 100 on Intrinsiqq's quality score, which makes it a solid business on these measures. The score blends 7 checks computed from company filings. Its best check is book value growth at 31.1%, and its weakest is share count change at 23.5%. The Quality tab shows every check against its target.
Does Sprott Physical Gold Trust (PHYS) pay a dividend?
No. Sprott Physical Gold Trust (PHYS) does not pay a dividend, and no dividend payment appears anywhere in the filing history we hold. Nor has its share count fallen meaningfully over the last twelve months, so cash is kept in the business. The Dividends tab shows its cash returns.
Source: company filings. Price: last close 4 Nov 2026. How this is calculated. Sector medians are approximate S&P 500 benchmarks and update periodically. Analysis, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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