Sprott Inc. (SII) Stock Price & How to Invest

Sprott Inc. (NYSE and TSX: SII) is a specialist asset manager headquartered in Toronto with only about 131 employees. It manages money almost entirely in two areas: precious metals (physical gold and silver trusts, mining equity funds) and critical materials (uranium, copper, lithium, uranium miners and nuclear-adjacent ETFs). As of June 30, 2026 total assets under management were ~$55.6 billion, split across Exchange Listed Products (~$47.9 billion, of which ~$36.7 billion is precious metals and ~$11.2 billion is critical materials), Managed Equities (~$5.6 billion) and Private Strategies (~$2.0 billion). Its best-known vehicles are the Sprott Physical Gold Trust, the Sprott Physical Silver Trust, the Sprott Physical Uranium Trust and the Sprott Uranium Miners ETF, which made it the largest manager of uranium-linked investments in the world after the 2022 acquisition of the North Shore uranium ETF.

The investment picture is dominated by one mechanic: Sprott charges management fees on AUM, and AUM is mostly commodity price times units held, so revenue is a direct derivative of metals markets. That cut both ways in the last twelve months. Trailing revenue of ~$399.7 million was up roughly 102% and trailing net income of ~$105.4 million was up about 111% as gold and silver ran hard, yet AUM then fell ~15% in the second quarter of 2026 (from ~$65.1 billion at March 31 to ~$55.6 billion at June 30) when metals corrected, and the stock fell about 21% inside that quarter. Because headcount is tiny, the operating leverage is severe in both directions: the net compensation ratio improved to ~32% in Q2 2026 from ~43% a year earlier, and Q2 net income still grew to ~$34.3 million (~$1.33 per share) even as AUM shrank. Anyone sizing SII is effectively choosing how much commodity-cycle beta they want inside a financials-sector wrapper.

The dominant risk is that Sprott is a commodity price bet in disguise: a sustained drawdown in gold, silver or uranium shrinks AUM, fees and earnings at the same time, as the ~15% quarter-over-quarter AUM decline in Q2 2026 showed. Flows compound the price effect rather than offsetting it, since precious metals trusts saw ~$767 million of net outflows in the same quarter prices fell. Performance and carried-interest revenue is lumpy and can go to zero in a quarter, making earnings comparisons noisy. The company is also small (roughly 25.8 million shares outstanding and a market value near $3 billion), which means thin liquidity, a wide 52-week range of about $61.94 to $169.63, and price swings well beyond those of a typical asset manager. Finally, it is a Canadian issuer reporting in US dollars with concentrated product exposure, so a single mandate loss, a regulatory change affecting physical trusts, or a structural cooling in the nuclear investment theme would hit a large share of the fee base at once.

We give no verdict on Sprott Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Precious metals AUM is the core engine. Roughly $36.7 billion of the ~$47.9 billion in exchange listed products sits in precious metals vehicles, so gold and silver prices set most of the fee base.

The case against. The dominant risk is that Sprott is a commodity price bet in disguise: a sustained drawdown in gold, silver or uranium shrinks AUM, fees and earnings at the same time, as the ~15% quarter-over-quarter AUM decline in Q2 2026 showed.

Read the full bull and bear case on SII, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Sprott Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$399.7 million, up ~102% year over year
• Net income (TTM): ~$105.4 million, up ~111%
• EPS (TTM): ~$4.08 diluted
• Assets under management: ~$55.6 billion at June 30, 2026 (~$55.3 billion at July 31, 2026)
• Q2 2026 adjusted EBITDA: ~$50.8 million, or ~$1.97 per share
• Market value / P-E / dividend: ~$3.0 billion market value, ~28x trailing earnings, ~1.3% yield ($0.40 quarterly dividend)

The trailing figures capture a period when gold and silver were at record levels, so they flatter the current run rate: AUM has since fallen from ~$65.1 billion at March 31, 2026 to ~$55.6 billion, and the trailing multiple of about 28x is being paid on peak-cycle earnings. The offset is that first-half 2026 net income of ~$63.5 million (~$2.46 per share) and adjusted EBITDA of ~$108.7 million (~$4.22 per share) were both still sharply higher year over year, and the compensation ratio improved to ~32%. How the valuation resolves depends almost entirely on where metals prices settle rather than on anything management controls.

Other names that sit close to SII: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SII exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SII sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SII fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Sprott is a small, high-margin asset manager whose earnings rise and fall with gold, silver and uranium, so the position behaves like a levered commodity exposure wrapped in a fee business.

Whether SII is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SII a buy or a sell?, and where the stock could go from here in the SII stock forecast.

For income investors, whether SII pays a dividend and how the payout looks is covered in does SII pay a dividend? And to weigh SII against a peer, read the full side-by-side comparisons: SII vs IVZ and SII vs WT.