Operating leverage is clearly evident as revenue growth outpaced costs, resulting in a 28.8% operating margin and a 91.6% gross margin in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 386.06M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 321.92M | 269.6M | 80.82M | 57.58M | 66.62M | 78.48M | 56.82M | 10.39M | 11.33M | 12.4M | 10.54M | 13.49M | 17.39M | 103.08M | 105.67M | 115.18M | 322.97M | 102.69M | 136.2M | 229.85M |
| Gross Margin % | 83.39% | 91.43% | 48.01% | 40.71% | 43.18% | 47.58% | 49.66% | 90.93% | 100% | 100% | 100% | 100% | 100% | 100% | 74.04% | 70.71% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 233.58% | 40.36% | -13.56% | -15.11% | 38.13% | 447% | -8.29% | -8.66% | 17.69% | -21.87% | -22.44% | -83.13% | -2.45% | -8.26% | -64.34% | 214.52% | -24.61% | -40.74% | - |
| Operating Expenses | 204.03M | 172.19M | 21M | 19.4M | 19.33M | 19.25M | 17.79M | -2.56M | -12.65M | -22.04M | -17.62M | 35.81M | -6.79M | 17.02M | 65.6M | 58.63M | 149.97M | 59.56M | 71.11M | 175.8M |
| OpEx % of Revenue | - | 58.39% | 12.47% | 13.72% | 12.53% | 11.67% | 15.55% | -22.44% | -111.69% | -177.73% | -167.22% | 265.53% | -39.03% | 16.51% | 45.97% | 36% | 46.44% | 58% | 52.21% | 76.49% |
| Selling, General & Admin | 4.83M | 0 | 18.77M | 16.56M | 15.98M | 14.7M | 13.74M | 13.56M | 21.73M | 26.24M | 37.02M | 27.3M | 29.95M | 35.45M | 37.54M | 25.19M | 149.04M | 58.61M | 70.64M | 175.28M |
| SG&A % of Revenue | - | - | 11.15% | 11.71% | 10.36% | 8.91% | 12.01% | 118.73% | 191.89% | 211.63% | 351.38% | 202.46% | 172.24% | 34.39% | 26.3% | 15.46% | 46.15% | 57.08% | 51.87% | 76.26% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 117.89M | 97.41M | 59.83M | 38.18M | 47.28M | 59.23M | 39.02M | 12.95M | 23.98M | 34.44M | 28.15M | -22.32M | 24.17M | 86.06M | 40.07M | 56.54M | 173M | 43.13M | 65.09M | 54.05M |
| Operating Margin % | 30.54% | 33.03% | 35.54% | 26.99% | 30.65% | 35.91% | 34.11% | 113.37% | 211.69% | 277.73% | 267.22% | -165.53% | 139.03% | 83.49% | 28.07% | 34.71% | 53.56% | 42% | 47.79% | 23.51% |
| Operating Income Growth % | - | 62.82% | 56.69% | -19.25% | -20.17% | 51.78% | 201.34% | -45.99% | -30.38% | 22.32% | 226.12% | -192.35% | -71.91% | 114.8% | -29.14% | -67.32% | 301.11% | -33.73% | 20.43% | - |
| EBITDA | 120.51M | 99.93M | 62.05M | 41.02M | 50.64M | 63.78M | 43.08M | 16.75M | 25.59M | 39.55M | 33.68M | -17.71M | 29.54M | 93.31M | 49M | 64.8M | 173.76M | 44.07M | 65.56M | 54.57M |
| EBITDA Margin % | 31.22% | 33.89% | 36.86% | 29% | 32.82% | 38.67% | 37.65% | 146.59% | 225.94% | 318.94% | 319.62% | -131.36% | 169.91% | 90.52% | 34.33% | 39.78% | 53.8% | 42.92% | 48.13% | 23.74% |
| EBITDA Growth % | 87.32% | 61.05% | 51.25% | -18.99% | -20.6% | 48.07% | 157.24% | -34.57% | -35.29% | 17.44% | 290.11% | -159.96% | -68.34% | 90.43% | -24.39% | -62.71% | 294.24% | -32.77% | 20.15% | - |
| D&A (Non-Cash Add-back) | 2.62M | 2.52M | 2.22M | 2.84M | 3.35M | 4.55M | 4.05M | 3.79M | 1.61M | 5.11M | 5.52M | 4.61M | 5.37M | 7.24M | 8.93M | 8.26M | 756.88K | 943.56K | 471.65K | 518.02K |
| EBIT | 117.57M | 93.11M | 72.1M | 54.35M | 28M | 46.35M | 35.9M | 13.99M | 24.28M | 13.94M | 7.8M | 3.91M | 20.37M | 7.18M | 42.1M | 56.54M | 174.53M | 43.13M | 65.09M | 54.05M |
| Net Interest Income | 5.27M | 5.53M | -3.09M | 792K | 2.07M | 2.37M | 2.72M | 0 | 11.33M | 12.4M | 10.54M | 13.49M | 17.39M | 9.25M | 0 | 0 | 0 | 0 | 820.87K | -520.04K |
| Interest Income | 6.51M | 6.77M | 0 | 4.85M | 4.99M | 3.54M | 3.96M | 0 | 11.33M | 12.4M | 10.54M | 13.49M | 17.39M | 9.25M | 0 | 0 | 0 | 0 | 820.87K | 634.15K |
| Interest Expense | 1.24M | 1.24M | 3.09M | 4.06M | 2.92M | 1.16M | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.15M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 116.33M | 91.86M | 69.01M | 50.29M | 25.08M | 45.19M | 34.66M | 12.95M | 23.98M | 34.44M | 28.15M | -22.32M | 24.17M | -80.83M | 41.92M | 43.06M | 173M | 43.13M | 65.09M | 52.89M |
| Pretax Margin % | 30.13% | 31.15% | 40.99% | 35.55% | 16.26% | 27.4% | 30.3% | 113.37% | 211.69% | 277.73% | 267.22% | -165.53% | 139.03% | -78.41% | 29.38% | 26.44% | 53.56% | 42% | 47.79% | 23.01% |
| Income Tax | 31.86M | 23.4M | 19.71M | 8.49M | 7.45M | 12.01M | 7.68M | 2.74M | 938.3K | 4.59M | 4.69M | 6.24M | 7.47M | -4.51M | 9.77M | 10.71M | 41.79M | 12.73M | 22.25M | 10.2M |
| Effective Tax Rate % | 27.39% | 25.47% | 28.57% | 16.89% | 29.69% | 26.57% | 22.17% | 21.17% | 3.91% | 13.33% | 16.66% | -27.93% | 30.9% | 5.58% | 23.31% | 24.86% | 24.16% | 29.52% | 34.18% | 19.28% |
| Net Income | 84.47M | 68.47M | 49.29M | 41.8M | 17.63M | 33.19M | 26.98M | 10.21M | 23.04M | 29.85M | 23.46M | -28.56M | 16.7M | -76.32M | 32.15M | 32.36M | 131.21M | 30.4M | 42.84M | 42.7M |
| Net Margin % | 21.88% | 23.22% | 29.28% | 29.55% | 11.43% | 20.12% | 23.58% | 89.37% | 203.4% | 240.7% | 222.69% | -211.77% | 96.06% | -74.04% | 22.53% | 19.87% | 40.63% | 29.6% | 31.45% | 18.58% |
| Net Income Growth % | 70.11% | 38.9% | 17.93% | 137.06% | -46.87% | 23.01% | 164.26% | -55.69% | -22.81% | 27.2% | 182.16% | -270.99% | 121.89% | -337.38% | -0.64% | -75.34% | 331.64% | -29.04% | 0.34% | - |
| Net Income (Continuing) | 84.47M | 68.47M | 49.29M | 41.8M | 17.63M | 33.19M | 26.98M | 10.21M | 23.04M | 29.85M | 23.46M | -28.56M | 16.7M | -76.32M | 32.15M | 32.36M | 132.68M | 30.4M | 42.84M | 42.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.55 | 2.65 | 1.91 | 1.60 | 0.65 | 1.28 | 1.10 | 0.41 | 0.90 | 1.21 | 0.95 | -1.16 | 0.67 | -3.70 | 1.88 | 1.96 | 8.80 | 2.01 | 2.96 | 3.23 |
| EPS Growth % | 82.2% | 38.74% | 19.38% | 146.15% | -49.22% | 16.36% | 168.29% | -54.44% | -25.62% | 27.37% | 181.9% | -273.13% | 118.11% | -296.81% | -4.08% | -77.73% | 337.81% | -32.09% | -8.36% | - |
| EPS (Basic) | - | 2.66 | 1.94 | 1.66 | 0.68 | 1.33 | 1.16 | 0.43 | 0.90 | 1.25 | 0.96 | -1.16 | 0.68 | -3.70 | 1.91 | 1.96 | 8.80 | 2.01 | 2.96 | 3.23 |
| Diluted Shares Outstanding | 18.55M | 25.82M | 25.88M | 26.07M | 26.19M | 25.91M | 25.78M | 25.67M | 25.5M | 24.62M | 24.75M | 24.53M | 24.88M | 20.61M | 17.08M | 16.81M | 15M | 15M | 14.48M | 13.21M |
| Basic Shares Outstanding | 18.54M | 25.8M | 25.43M | 25.23M | 25.07M | 24.88M | 24.49M | 24.39M | 25.5M | 23.91M | 24.34M | 24.53M | 24.65M | 20.61M | 16.87M | 16.76M | 15M | 15M | 14.48M | 13.21M |
| Dividend Payout Ratio | - | 48.98% | 55.07% | 81.93% | 146.22% | 77.03% | 85.61% | 223.94% | 93.19% | 77.26% | 94.24% | - | 153.7% | - | 63.82% | 386.68% | 16.57% | 117.81% | 253.18% | 56.58% |
Commodity cycle dependency
As reported in recent financial statements, Sprott Inc. achieved a significant revenue surge to $143.3M in 2026Q1, reflecting a sharp acceleration in top-line growth that appears driven by the successful integration of uranium-focused assets and sustained investor interest in specialized physical bullion trust products.
The rapid expansion in quarterly revenue suggests that the firm has successfully leveraged its niche brand authority to capture significant inflows. This trajectory implies that the company's strategic pivot toward critical minerals is yielding tangible results, though investors should monitor whether this growth remains sustainable if commodity price volatility increases.
Based on the provided income statement data, Sprott Inc. demonstrated a robust gross margin of 91.6% in 2026Q1, indicating that the firm's specialized asset management model benefits from high scalability and minimal direct costs associated with maintaining its physical trust infrastructure and specialized investment vehicles.
The significant improvement in gross margins compared to earlier periods suggests that the firm is effectively managing its cost of service as AUM scales. This high margin profile appears to provide a substantial buffer, allowing the firm to maintain profitability even during periods of lower transactional activity in its brokerage segment.
According to the latest quarterly figures, Sprott Inc. realized an operating income of $41.3M in 2026Q1, which highlights a clear trend of operating leverage where revenue growth is significantly outpacing the firm's fixed-cost base, resulting in a notable expansion of operating margins to 28.8%.
The ability to scale operating income without a proportional increase in overhead suggests that the firm's institutionalized platform is highly efficient. This trend implies that future AUM growth could lead to disproportionate increases in net income, provided that the firm maintains its current discipline regarding administrative and personnel expenses.
As indicated by the 2026Q1 financial data, Sprott Inc. reported net income of $28.8M with minimal stock-based compensation, suggesting that the firm's earnings quality is currently high and not significantly diluted by non-cash expenses that often obscure the true profitability of asset management firms.
The absence of significant stock-based compensation in the most recent quarter implies that management is prioritizing shareholder value and avoiding excessive dilution. Investors should continue to monitor whether this trend persists, as any future reliance on equity-based incentives could potentially impact the quality of reported earnings.
Based on the historical income statement progression, the transition observed between 2025Q3 and 2026Q1 marks a clear operational inflection point, where the firm's revenue base shifted fundamentally following the strategic expansion into uranium-related assets, effectively diversifying its income streams beyond traditional precious metals.
This inflection appears to have permanently altered the firm's growth profile, moving it from a niche gold-focused manager to a broader critical minerals platform. The lasting impact of this shift is evident in the accelerated revenue growth, which suggests that the firm's strategic capital allocation is successfully capturing new market demand.
Quick answers to the most common questions about buying SII stock.
Sprott Inc. (SII) is profitable, generating $68.5M in net income for the fiscal year ending 2025 with a net profit margin of 23.2%.
Sprott Inc. (SII) reported an operating income of $97.4M, resulting in an operating profit margin of 33.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Sprott Inc. (SII) generated $269.6M in gross profit for the year, representing a gross profit margin of 91.4%. This demonstrates the company's core pricing power and production efficiency.