Invesco DB Precious Metals Fund financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Invesco DB Precious Metals Fund files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating expenses	1.55	1.18	1.08	0.99	1.15	0.91	0.83	1.19	1.24	1.51
Operating income	-0.97	0.19	1.43	1.87	-0.37	-0.84	0.56	6.59	6.95	6.5
Interest expense	0.01	0	0.01	0.01	0.01	0	0.01	0.03	0.05
Net income	-6.1	14.6	-7.36	17.6	32.6	-9.7	-3.37	11.5	36.3	113
EBITDA	-1.53	-1.09	-0.93	-0.77	-0.74	-0.87	0.04	3.84	4.09	5.51
EPS, basic	2.65
EPS, diluted	2.65

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.98	0.67	0	0.13	1.03	0	0.87	0	0	0
Total assets	141	155	110	142	142	113	110	149	156	258
Total liabilities	1.11	0.1	1.12	0.09	0.17	0.07	0.25	1.08	1.06	0.15
Shareholders' equity	140	155	109	142	142	113	110	147	155	258
Total equity	140	155	109	142	142	113	110	147	155	258
Total liabilities and equity	141	155	110	142	142	113	110	149	156	258

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.1	14.6	-7.36	17.6	32.6	-9.7	-3.37	11.5	36.3	113
Depreciation and amortization	-0.57	-1.28	-2.36	-2.64	-0.37	-0.02	-0.52	-2.75	-2.87	-0.99
Cash from operations	-50.5	-1.66	36.8	-14.1	33.3	18.5	0.01	-26.7	28	10.9
Purchases of investments	-151	-255	-185
Sales and maturities of investments	143	249	191
Stock issued	232	52.7	45.7	69.4	51.2	10.2	48.1	111	33.8	45.3
Share buybacks	-183	-52.2	-82.9	-52.4	-83.6	-29.7	-46.8	-78.8	-56	-49
Dividends paid		-0.18	-1.35	-1.79			-0.5	-6.7	-6.78	-6.13
Cash from financing	49	0.36	-37.4	14.2	-32.4	-19.5	0.86	25.9	-28	-10.9
Net change in cash			-0.67	0.13	0.9	-1.03	0.87	-0.87	0	0
Interest paid	0.01	0	0.01	0.01	0.01	0	0.01	0.03	0.05	0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $99.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	20.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	20.5%	Net income / average total assets.
Return on invested capital (ROIC)	2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	-6.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	126.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	34.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	426.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	210.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	28.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-61.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	946.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-20.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	66.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	65.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	0.1%	Total liabilities / total assets.
Tangible book value	$241.0M	Shareholders' equity - goodwill - intangible assets.

Valuation

Metric	Value	How it is calculated
Market cap	$258.1M	Share price x shares outstanding.
Enterprise value	$258.1M	Market cap + total debt - cash - short-term investments.
P/E	5.22x	Market cap / net income. Only when net income is positive.
P/B	1.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.07x	Market cap / tangible book value, when positive.
EV/EBIT	33.4x	Enterprise value / operating income, when both are positive.
Earnings yield	19.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	14.9%	(Dividends paid + share buybacks) / market cap.

Was Invesco DB Precious Metals Fund profitable in fiscal 2025?

Yes. Net income was $112.6M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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