Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VanEck Merk Gold ETF 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
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2024
FY2025
FY2026
Operating expenses
0.53
0.53
0.56
0.66
1.01
1.27
1.56
1.8
2.58
4.83
Operating income
-0.53
-0.53
-0.56
-0.66
-1.01
Net income
3.46
13.7
-2.34
30.4
39.3
-18.2
31.6
37.9
313
1,093
Balance sheet
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2024
FY2025
FY2026
Total assets
123
142
154
198
450
586
660
786
1,328
2,903
Accrued liabilities
0
0
0
0
Total liabilities
0
0
0
0
7.48
0
3.73
5.91
13.8
0.11
Paid-in capital
-130
-136
-150
-165
-371
-533
-571
657
878
1,374
Retained earnings
-53.6
-85.2
123
436
1,529
Shareholders' equity
780
1,315
2,903
Total equity
780
1,315
2,903
Total liabilities and equity
786
1,328
2,903
Shares outstanding
10.3
10.7
11.9
12.8
24.4
33.6
35.2
39.6
48.7
62.4
Cash flow statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2024
FY2025
FY2026
Net income
3.46
13.7
-2.34
30.4
39.3
-18.2
31.6
37.9
313
1,093
Change in inventory
-73.8
-7.45
-19.1
-19.6
-245
-179
-137
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $41.23 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
14.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
14.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
249.0%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
225.8%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y
94.4%
Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
120.9%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
118.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
63.8%
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
45.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share
$38.94
Tangible book value / shares outstanding.
Valuation
Metric
Value
How it is calculated
Market cap
$2.77B
Share price x shares outstanding.
Enterprise value
$2.77B
Market cap + total debt - cash - short-term investments.
P/E
7.53x
Market cap / net income. Only when net income is positive.
P/B
1.09x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.09x
Market cap / tangible book value, when positive.
Earnings yield
13.3%
Net income / market cap (the inverse of P/E).
Was VanEck Merk Gold ETF profitable in fiscal 2026?
Yes. Net income was $1.09B, 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.