Sprott Physical Gold Trust (PHYS): fair value, margin of safety and Wheel Score

Is PHYS undervalued?

At 30.67 (close of 5 Nov 2026), PHYS trades 79% below the GLS average fair value of 147.64. That average comes from 6 models run on the latest filings, and 5 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Sprott Physical Gold Trust the full Value points in the Wheel Score - and a closer look at what the market is pricing in.

The 6 models disagree widely: DCF gives 1.10 while GLS Growth gives 326.37. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files PHYS under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.

Nine valuation models for PHYS

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is weak: PHYS passes 2 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.

Returns on capital are high - ROIC 37.2%, ROE 37.2%, ROA 37.2% - with debt at 0.00 times equity and negative free cash flow.

Sprott Physical Gold Trust pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.

Institutional ownership scores 4/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 31: No options

PHYS has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (31 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 18.5M shares a day on a market cap of $14.5B, with a beta of 0.22 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for PHYS in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Asset Management

The 12 companies below are the closest to Sprott Physical Gold Trust by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

⚖ Compare PHYS with 7 of them   All Financial Services stocks →