Sprott Inc. (SII)

Price$129.00Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares still look expensive even after a sharp improvement in recent earnings.

At the current market value of about $3.3 billion, Sprott trades near 32 times earnings from the last four reported quarters: about $105 million, or $4.08 per share. First-half 2026 net income reached $63.5 million, so even a simple annualization gives roughly 26 times earnings. That is a demanding multiple for an asset manager whose fee base moves with metal prices. The stronger earnings reduce the overvaluation case, but the price still assumes unusually durable growth.

Big pictureSprott is producing much more profit and cash, but some of that strength is cyclical.

Revenue rose from $178.7 million in 2024 to $285.1 million in 2025, while net income climbed from $49.3 million to $67.3 million. Operating cash flow reached $97.7 million and capital spending was only $1.9 million, so free cash flow—cash left after running and investing in the business—was about $95.8 million. In 2026, management fees kept accelerating, but first-quarter results also included $52.0 million of carried interest and performance fees. Those fees can be lumpy, so recent growth should not be treated as a smooth permanent run rate.

Business strengthA debt-free balance sheet and stable share count provide meaningful protection, despite expensive employee compensation.

At the end of 2025, Sprott held $123.4 million of cash, had no debt, and reported $367.2 million of equity. Shares outstanding edged down from 25.81 million to 25.79 million, so dilution was minimal. The company paid $33.5 million of dividends, about half of net income, and its 2026 buyback authorization permits repurchasing up to 5% of shares. One caution is compensation: stock-based compensation was $75.5 million in 2025, making employee rewards a large economic cost even when share dilution stays low.

What could change the storyA lasting metals recovery and fresh fund inflows could justify the premium; stalled assets would not.

Ending assets under management fell 15% in the second quarter to $55.6 billion and slipped to $55.3 billion by July 31, even though average assets were 70% above the prior-year quarter. Precious-metals products lost $767 million to net redemptions during the quarter and about $8.0 billion from market-value declines, while critical-materials products attracted $466 million. The bull case needs renewed metal appreciation plus continued inflows to lift recurring management fees. If assets remain near current levels, a valuation above 30 times trailing earnings looks hard to defend.

AI: News

Second-quarter earnings surgedProfit more than doubled as management fees jumped, even while quarter-end client assets fell.

On August 5, 2026, Sprott reported second-quarter net income of $34.3 million, or $1.33 per share, versus $13.5 million and $0.52 a year earlier. Management fees rose 72% to $76.4 million, but assets under management dropped 15% from March to $55.6 billion. The U.S.-listed shares closed about 10% higher that day. The timing is consistent with a positive earnings reaction, but it does not prove the report was the only cause.

Metals rebound lifted expectationsGold and silver rebounded sharply, improving the outlook for fee-producing assets tied to precious metals.

On August 19, gold rose more than 3% and silver nearly 4% after falling yields and a weaker dollar revived demand for metals. That matters directly because Sprott's largest fee pools include physical gold and silver products, whose asset values rise and fall with metal prices. Sprott shares then gained about 4.7% on August 20 and 4.6% on August 21. The overlap supports a plausible link through higher expected assets and fees, but stock timing alone cannot establish causation.

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Revenue

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Net income

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$285.1M	$178.7M	$151.4M	$145.2M	$164.6M	$121.8M	$73.5M
Operating expenses	$21.0M	$21.0M	$19.4M	$19.3M	—	—	—
Operating income	$79.5M	$68.7M	$38.2M	$47.3M	—	—	—
Operating margin	27.89%	38.47%	25.22%	32.57%	—	—	—
EBITDA	$94.1M	$74.3M	$57.2M	$31.4M	—	—	—
EBITDA margin	32.99%	41.60%	37.78%	21.60%	—	—	—
Net income	$67.3M	$49.3M	$41.8M	$17.6M	$33.2M	$27.0M	$10.2M
Net profit margin	23.62%	27.59%	27.61%	12.14%	20.16%	22.15%	13.89%
Basic EPSper basic share	$2.61	$1.94	$1.66	$0.70	$1.33	$1.10	$0.42
Diluted EPSper diluted share	$2.61	$1.91	$1.60	$0.67	$1.28	$1.05	$0.40

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SII
Holder	Shares held
SPROTT INC.	4.2M
RULE ARTHUR RICHARDS	2.6M
Mawer Investment Management Ltd.	1.32M
Connor, Clark & Lunn Investment Management Ltd.	1.2M
Capital World Investors	687.49K
VANGUARD CAPITAL MANAGEMENT LLC	628.44K
Praetorian PR LLC	550K
TD Asset Management Inc	526.37K
TWO SIGMA INVESTMENTS, LP	483.71K
ROYCE & ASSOCIATES LP	366.09K
Global Alpha Capital Management Ltd.	315.58K
MORGAN STANLEY	312.07K
Capital Research Global Investors	305.13K
NORGES BANK	284.58K
BANK OF MONTREAL /CAN/	265.25K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	244.91K
HORIZON KINETICS ASSET MANAGEMENT LLC	232.22K
VANGUARD FIDUCIARY TRUST CO	190.78K
RENAISSANCE TECHNOLOGIES LLC	166.7K
ROYAL BANK OF CANADA	162.96K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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