Sprott Physical Silver (PSLV) fair value: what the stock is really worth
We calculate from audited financials what Sprott Physical Silver is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 21, 2026.
How to read this chart
60‑month range $6.25 – $36.36 · fair‑value band $12.88 – $21.46 · the $21.71 price screens above the $17.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 21, 2026.
Sprott Physical Silver 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 silver bullion in London Good Delivery bar form. Sprott Physical Silver Trust was formed on June 30, 2010 and is domiciled in Canada.
Stock analysis
Sprott Physical Silver (PSLV) currently trades at $21.71, while our model-based Fair Value estimate is $17.17, implying the stock looks roughly 26.4% overvalued today.
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Valuation
How firm this estimate is: it rests on 15 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: $12.88 (bear) to $21.46 (bull), the price of $21.71 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 28/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sprott Physical Silver reported revenue of −$2.7M in FY2025 versus −$544M in FY2021. Reported net income was $8.5B in FY2025.
Key figures
Market cap $13.8B · P/E ratio 1.5 · EPS (TTM) $14.48 · Return on assets (EBIT) 11.4% · Free cash flow $145M · Net cash $199M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 43% below its 52-week high and 82% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at −21%, PSLV screens cheaper than that median.
Fair Value models
Bear $12.88Fair Value $17.17Bull $21.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.2%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.5%
’12
’16
’17
’19
’20
’22
’24
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+90.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+90.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.49% vs 38%, picking up
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.98% → 99%
2025 sits 1,523% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+36.3%
Yearly growth needed for the next five years to justify today's price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 655 stocks
Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score27 · Bottom 25%
Fair Value upside−21% · Below median
Profitability
Return on assets0% · Below median
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth0% · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Sprott Physical Silver (PSLV) overvalued or undervalued?
As of Sep 21, 2026, our model estimates a fair value of $17.17 versus a price of $21.71, about −21% upside (overvalued).
What is the fair value of PSLV?
Our model-based fair value for Sprott Physical Silver is $17.17 (as of Sep 21, 2026), built from audited fundamentals. The current price: $21.71.
What is the quality score of PSLV?
Sprott Physical Silver has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sprott Physical Silver (PSLV)?
Our model-based price target is the fair value of $17.17 (as of Sep 21, 2026) from 2 valuation models. Cautious scenario $12.88, optimistic scenario $21.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Sprott Physical Silver stock forecast for 2026?
Our models put fair value at $17.17, about −21% upside versus a price of $21.71 (overvalued). Cautious scenario $12.88, optimistic scenario $21.46. The calculation is refreshed regularly with new filings.
What growth is priced into Sprott Physical Silver (PSLV)?
For today's price to be fair in a discounted-cash-flow model, Sprott Physical Silver would have to grow free cash flow by +36.3 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +45.2 % per year. As of Sep 21, 2026.
What discount rate (WACC) does the fair value of PSLV use?
Our models discount Sprott Physical Silver at 8.8 %: a base by market capitalisation (large), damped by beta 0.80, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sprott Physical Silver that is +36.3 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Sprott Physical Silver (PSLV) delivered so far?
Over the past 5 years revenue at Sprott Physical Silver grew +45.2 % a year. The price currently implies +36.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sprott Physical Silver (PSLV) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Sprott Physical Silver (+36.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sprott Physical Silver (PSLV)?
The free-cash-flow yield on the price is 1.05 %: that much free cash flow Sprott Physical Silver produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sprott Physical Silver (PSLV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sprott Physical Silver it is $17.17 per share (as of Sep 21, 2026), against a price of $21.71. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Sprott Physical Silver stock overvalued or undervalued in 2026?
As of Sep 21, 2026, PSLV trades above its calculated fair value: price $21.71, fair value $17.17, a gap of about −21% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PSLV?
No. The price is what the market pays today ($21.71); the fair value is what the company's own numbers justify ($17.17). For Sprott Physical Silver the two are $4.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sprott Physical Silver worth?
The market values Sprott Physical Silver at about $13.8B (market capitalisation, as of Sep 21, 2026). Per share that is $21.71; our models calculate a fair value of $17.17 per share.
What do the bullish and bearish scenarios say about PSLV?
Our models span a range for Sprott Physical Silver: cautious scenario $12.88, base $17.17, optimistic $21.46 per share (as of Sep 21, 2026, price $21.71). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PSLV?
Sprott Physical Silver trades at a price-to-earnings ratio of 1.5 (as of Sep 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $17.17 is built from several models across several years. Other multiples: P/B 0.9, EV/EBITDA 1.5.
How far is PSLV from its 52-week high?
Sprott Physical Silver trades at $21.71, about 43% below its 52-week high of $38.13 and 82% above the low of $11.91 (as of Sep 21, 2026). Distance from the high says nothing about value: that is what the fair value of $17.17 is for.
Which stocks are comparable to Sprott Physical Silver?
From the same area (Financial Services) we also value Blackstone Inc, Investor AB, Brookfield Corporation, KKR & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sprott Physical Silver stock attractive at the current price?
The data as of Sep 21, 2026: price $21.71, calculated fair value $17.17 (−21%), Quality Score 28/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PSLV calculated?
We run Sprott Physical Silver through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $17.17, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Sprott Physical Silver itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sprott Physical Silver (PSLV)?
The closing price on Sep 18, 2026 was $21.71. Our model-based fair value is $17.17, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sprott Physical Silver right now?
Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Sprott Physical Silver
How large is the market capitalisation of Sprott Physical Silver (PSLV)?
The market capitalisation of Sprott Physical Silver is $13.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Sprott Physical Silver (PSLV)?
Earnings per share at Sprott Physical Silver are $14.48 (price ÷ EPS = P/E 1.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the EBIT return on assets of Sprott Physical Silver (PSLV)?
On an EBIT basis the return on assets of Sprott Physical Silver is 11.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much net cash does Sprott Physical Silver (PSLV) hold?
Sprott Physical Silver holds more cash than debt, $199M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 21, 2026