A Business at a Glance
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The purpose of the iShares Silver Trust (the “Trust”) is to own silver transferred to the Trust in exchange for shares issued by the Trust (“Shares”). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of silver held by the Trust’s custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash. For example, a claim may arise against a third party, which is settled in cash. In situations where the Trust unexpectedly receives cash or other assets, no new Shares will be issued until after the record date for the distribution of such cash or other property has passed. The Trust was formed on April 21, 2006 when an initial deposit of silver was made in exchange for the issuance of three Baskets (a “Basket” consists of 50,000 Shares). The Trust is a grantor trust formed under the laws of the State of New York.
| Metric | TTM | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 |
|---|---|---|---|---|---|---|
| Revenue | 0 | -1.9B | 439M | 3.1B | - | 595M |
| Net Income | 21.3B | -2.0B | 390M | 3.1B | 234M | 575M |
| EPS | $40.90 | $-5.65 | $1.21 | $9.16 | $0.75 | $1.60 |
| Free Cash Flow | 0 | 0 | 0 | 0 | - | - |
| ROIC | -12.9% | - | - | 31.6% | 2.9% | - |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 17.78 | - | 0.00 | 0.00 | -5.32 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -96M | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 3655.0% | -587.9% | - | 31.6% | 2.9% | - |
| Shares Outstanding | 587M | 346M | 322M | 335M | 313M | 359M |
| Metric | 2008 | 2009 | 2010 | 2011 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | 595M | N/A | 3.1B | 439M | -1.9B | 0 |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | N/A | N/A | N/A | N/A | N/A | N/A | -96M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | -603M | 575M | 234M | 3.1B | 390M | -2.0B | 21.3B |
| Net Margin | N/A | 96.6% | N/A | 98.2% | 88.9% | 102.1% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 1.8B | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | N/A | 2.9% | 31.6% | N/A | N/A | -12.9% |
| ROE | N/A | N/A | 2.9% | 31.6% | N/A | -587.9% | 3655.0% |
| ROA | N/A | 13.6% | N/A | N/A | 4.8% | -31.3% | 56.0% |
| Cash Flow | |||||||
| Op. Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| Owner Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 0 | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | -5.32 | 0.00 | 0.00 | N/A | 17.78 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | N/A | -975M | 10.8B | 8.7B | N/A | 333M | 583M |
| Total Assets | N/A | 4.2B | N/A | N/A | 8.1B | 6.2B | 38.1B |
| Total Liabilities | N/A | 5.2B | 4.3M | 4.0M | N/A | 5.9B | 14M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||
| EPS | -1.68 | 1.60 | 0.75 | 9.16 | 1.21 | -5.65 | 40.90 |
| Owner EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book Value | N/A | -2.72 | 34.40 | 25.95 | N/A | 0.96 | 0.99 |
| Cash Flow/Share | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | 36.31 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 359.2M | 359.2M | 312.6M | 335.2M | 322.4M | 346.0M | 586.8M |
| Valuation | |||||||
| P/E Ratio | N/A | 10.8 | 39.4 | 2.9 | 24.0 | N/A | 1.7 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 0.9 | 1.0 | N/A | 20.1 | 68.7 |
| Price/Sales | N/A | 8.7 | N/A | 3.7 | 22.2 | N/A | N/A |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Cap | 3.8B | 6.2B | 9.2B | 8.8B | 9.4B | 6.7B | 40.1B |
| Avg. Price | 14.86 | 14.42 | 19.65 | 34.38 | 30.22 | 23.04 | 68.28 |
| Year-End Price | 10.64 | 17.22 | 29.53 | 26.27 | 29.10 | 19.27 | 68.28 |
iShares Silver Trust passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 17.3%. At current prices, the estimated annualized return to fair value is -29.1%.
iShares Silver Trust (SLV) has a 5-year average return on invested capital (ROIC) of 17.3%. This indicates strong capital allocation and a potential competitive advantage.
iShares Silver Trust (SLV) has a market capitalization of $40.1B. It is classified as a large-cap stock.
iShares Silver Trust (SLV) does not currently pay a regular dividend.
iShares Silver Trust (SLV) operates in the Commodity Contracts Brokers & Dealers industry, within the Financials sector.
iShares Silver Trust (SLV) reported annual revenue of $-1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
iShares Silver Trust (SLV) has a net profit margin of 102.1%. This is a strong margin indicating high profitability.
iShares Silver Trust (SLV) has a debt-to-equity ratio of 17.78. This indicates higher leverage, which may increase financial risk.
iShares Silver Trust (SLV) reported earnings per share (EPS) of $-5.65 in its most recent fiscal year.
iShares Silver Trust (SLV) has a return on equity (ROE) of -587.9%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 6 years of financial data for iShares Silver Trust (SLV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
iShares Silver Trust (SLV) has a book value per share of $0.96, based on its most recent annual SEC filing.
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