iShares Silver Trust
SLVThe iShares Silver Trust (SLV) is an exchange-traded fund (ETF) that tracks the spot price of silver.
It provides investors with a convenient way to gain exposure to the silver market without the need for physical storage.
Updated: February 19, 2026, 16:00 EST
Investment Opinion: Should I buy SLV Today?
SLV (iShares Silver Trust) Analysis
Technical Analysis SLV has shown explosive gains of nearly 50% over three months but experienced a sharp 16.84% pullback recently, indicating high volatility and profit-taking. Trading midway between its 52-week high and low suggests it is in a neutral technical position after this correction. With a beta of 2.08, the ETF is significantly more volatile than the broader market, appealing primarily to traders comfortable with large price swings.
Fundamentals & Valuation As a commodity ETF, SLV does not generate revenue or profit, making traditional fundamental metrics like PE ratios irrelevant. The fund’s value is tied directly to the price of physical silver, and its slight discount to book value (P/B of 0.92) is not a meaningful indicator for an ETF. Its structure means investors are exposed purely to silver’s price movements, not corporate performance.
Risk Assessment The primary risk is extreme volatility, with a maximum drawdown of -37% underscoring its potential for rapid declines. Being a silver tracker, it is highly sensitive to macroeconomic factors like inflation expectations, industrial demand, and USD strength. This ETF is unsuitable for risk-averse investors but may serve as a tactical hedge or speculative tool.
Investment Recommendation SLV is a speculative buy only for investors seeking direct exposure to silver and who can tolerate significant volatility. It may fit well in a diversified portfolio as an inflation hedge or short-term trading vehicle, but it should not be viewed as a long-term, stable holding. Given its recent pullback and neutral technical position, it could appeal to those bullish on silver’s medium-term prospects.
SLV 12-Month Price Forecast
RockFlow Model Forecast: Three Scenarios for 2026
Based on current market dynamics, here is SLV's 12-month outlook:
Key Catalysts: The primary positive driver will continue to be sustained macroeconomic uncertainty, particularly regarding inflation expectations and central bank policy, which supports silver's dual role as both a monetary and industrial metal. Renewed focus on green energy initiatives could also boost industrial demand.
Potential Risks: The most significant risk remains extreme volatility, with sharp corrections likely if the U.S. dollar strengthens or if risk-on sentiment returns to equity markets. A deeper global economic slowdown could also dampen industrial demand, offsetting its safe-haven appeal.
Price Outlook: As a commodity ETF, formal analyst price targets are not typically set. Given the high-beta nature of silver, a wide trading range between $60 and $85 is plausible over the next year, heavily dependent on the aforementioned macroeconomic drivers rather than company-specific fundamentals.
Wall Street Consensus
Most Wall Street analysts are optimistic about iShares Silver Trust's 12-month outlook, with consensus target around $71.01, indicating expected upside potential.
Bulls vs Bears: SLV Investment Factors
Overall, SLV has investment potential but also faces challenges. Here are key factors to weigh before investing.
Bullish
- Strong Rebound Potential: Spot silver rebounded nearly 12% after the recent sharp decline.
- Retail Trader Support: Retail traders continue holding SLV, providing a base of support.
- Attractive Options Premiums: High implied volatility allows for profitable options selling strategies.
- Previous Strong Performance: SLV had surged 132% over the past year before the correction.
Bearish
- Sharp Price Decline: SLV plunged 35.6% in five days, erasing months of gains.
- Federal Reserve Uncertainty: Fed Chair nomination rattled silver markets, causing significant volatility.
- Bearish Momentum: Silver prices are down 36% from recent all-time highs.
- Extended Rally Concerns: The crash followed an incredible rally, suggesting a potential top.
SLV Technical Analysis
SLV has demonstrated extreme volatility with significant gains over three months but sharp losses over one month. The ETF appears to be in a corrective phase following its recent substantial rally.
Over three months, SLV has delivered exceptional gains of nearly 50%, strongly outperforming the market by 47.9%, though its one-month decline of 16.84% indicates recent profit-taking pressure. With a beta of 2.08, the ETF exhibits approximately twice the volatility of the broader market.
Currently trading at $71.01, SLV sits approximately midway between its 52-week high and low, suggesting it is neither clearly overbought nor oversold despite the recent correction. The maximum drawdown of -37.15% over the past year highlights the inherent volatility in precious metals exposure.
| Period | SLV Return | S&P 500 |
|---|---|---|
| 1m | -16.8% | +1.0% |
| 3m | +49.8% | +1.9% |
| 6m | +106.4% | +6.5% |
| 1y | +137.1% | +12.1% |
| ytd | +8.0% | +0.2% |
SLV Fundamental Analysis
Revenue & Profitability SLV shows no revenue generation in recent quarters, with zero reported revenue and gross profit for Q3 2025. The company reported nominal net income of $904,543 in Q2 2025 from other income, but operating income remains nonexistent across both periods. Profitability metrics are uniformly zero, indicating the absence of core business operations.
Financial Health The company maintains minimal leverage with a debt ratio of zero and an equity multiplier near 1.0, reflecting virtually no debt burden. However, liquidity ratios (current, quick, cash) all register at zero, suggesting extremely limited short-term financial flexibility. The absence of operating cash flow further indicates constrained financial resources.
Operational Efficiency SLV demonstrates no operational efficiency with zero returns on equity and assets, alongside zero asset turnover ratios across all categories. The lack of revenue generation renders traditional efficiency metrics meaningless. The company appears to maintain minimal operational activity beyond basic corporate functions.
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Level: The negative TTM PE ratio of -20.52 indicates the company is currently unprofitable on a trailing basis, making traditional PE-based valuation inapplicable. With a forward PE of 0, profitability projections are unclear, though the price-to-book ratio of 0.92 suggests the stock is trading slightly below its accounting book value. Based on earnings metrics, the stock cannot be meaningfully classified as overvalued or undervalued using standard PE analysis.
Peer Comparison: Industry average data is not available for this security, preventing any comparative analysis against sector peers. SLV appears to be a commodity ETF (iShares Silver Trust) rather than a traditional corporation, which explains the absence of standard industry benchmarks and the non-applicability of profitability-based multiples. Without comparable industry metrics, relative valuation assessment cannot be performed.
Investment Risk Disclosure
The stock exhibits substantial volatility risk, with a beta of 2.08 indicating it is expected to be more than twice as volatile as the broader market. This high sensitivity to market movements is confirmed by the significant 1-year maximum drawdown of -37.15%, highlighting the potential for severe peak-to-trough losses during adverse periods. This combination suggests a highly aggressive risk profile that may be unsuitable for risk-averse investors.
Regarding other notable risks, the lack of reported short interest is a positive factor, implying limited speculative pressure betting on a price decline. However, as an ETF tracking physical silver, the fund's risk profile remains heavily tied to commodity price fluctuations, currency movements, and macroeconomic factors influencing precious metals, rather than company-specific financial risks. Investors should be mindful of these inherent commodity and market risks.
FAQs
Bearish. Silver's extreme volatility makes SLV a high-risk hold, with a sharp 35%+ plunge erasing recent gains and creating bearish momentum. Uncertainty around Federal Reserve policy continues to rattle precious metals, outweighing the potential for short-term rebounds. This is suitable only for aggressive, tactical traders who specialize in volatile commodities and can tolerate significant drawdowns.
Based on the analysis provided, SLV is fairly valued from a net asset value perspective, but its classification as an ETF makes standard equity valuation metrics irrelevant.
SLV is the iShares Silver Trust, an ETF that holds physical silver. Its primary valuation metric is the Price-to-Book (PB) ratio of 0.92, indicating it trades slightly below the net asset value of its silver holdings. This is typical for commodities ETFs and reflects market pricing of the underlying metal.
The "zero" or negative metrics for PE, PS, and profitability are meaningless here, as an ETF doesn't generate revenue or earnings like a corporation. The valuation is driven entirely by the spot price of silver versus the fund's net asset value, and a PB near 1.0 suggests it is fairly valued relative to its holdings.
Based on the provided information, here are the key risks of holding SLV:
1. Market/Volatility Risk: The fund has extremely high price volatility, with a beta of 2.08 indicating it is more than twice as volatile as the broad market and a history of severe peak-to-trough losses as shown by its -37.15% maximum drawdown. 2. Commodity Price Risk: As an ETF that tracks physical silver, its value is directly and solely exposed to the inherent price fluctuations of the silver commodity, which are driven by macroeconomic factors, currency movements, and industrial demand cycles. 3. Financial Viability Risk: The fund itself shows no revenue, profitability, or operating cash flow, with zero liquidity ratios indicating a complete lack of short-term financial flexibility, which could impact its ability to cover expenses if faced with unexpected costs.
Based on the provided information, which indicates SLV is a non-operating entity with no revenue, no operations, and no assets, a traditional stock forecast cannot be provided. The data suggests this is a shell company or an inactive corporate vehicle.
1. Target Price Range: In such scenarios, the stock's value is typically nominal or determined by intangible factors like shell value, making any price target highly speculative and not based on financial fundamentals. 2. Key Growth Drivers: There are no identifiable business operations to drive growth. Any potential would stem from a reverse merger, acquisition, or restart of operations, which are unpredictable events. 3. Main Assumptions: This forecast assumes the company remains inactive. A complete reversal of its business plan would be required to establish a valuation. 4. Uncertainty: The forecast is extremely uncertain and speculative, as the stock's future is entirely dependent on corporate actions rather than operational performance.
Given the conflict between the ticker "SLV" and the provided fundamentals, please verify if this data is indeed for the iShares Silver Trust ETF. A forecast for the actual silver ETF would be fundamentally different.