Sprott Silver Miners & Physical Silver ETF (SLVR): fair value, margin of safety and Wheel Score

Is SLVR undervalued?

SLVR has a margin of safety of 49%: the stock closed at 47.96 on 5 Nov 2026 against a GLS average fair value of 93.54. 4 of the 6 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.

There is a wide gap between DDM (30.23) and GLS Growth (189.79). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.

SLVR looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.

Nine valuation models for SLVR

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

Sprott Silver Miners & Physical Silver ETF scores only 2 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. There is no GLS Moat score for SLVR: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.

Returns on capital are moderate - ROIC 8.0%, ROE 8.0%, ROA 7.6% - with debt at 0.00 times equity and negative free cash flow.

The dividend yield is high at 4.28% (payout ratio 0%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.

Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 42: Weak

With a Wheel Score of 42 Sprott Silver Miners & Physical Silver ETF sits in the Weak band. It fails filter 2, a real business, not a gamble - a fund or note, not a company; and filter 4, financially healthy - Piotroski 2/9 (under 6); and filter 8, big enough - market cap $777M (under $1.0B); Moat (weak) is its weakest part.

Implied volatility is 58% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 3,100 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 222k shares a day on a market cap of $777M, with a beta of 1.02; the Stability part of the Wheel Score rates that fair.

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 SLVR in the nightly calendar.

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

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The 12 companies below are the closest to Sprott Silver Miners & Physical Silver ETF 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.

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