SLV // iShares Silver Trust

SPLC <GO> NYSE

ETF / Index • Physical Silver Bullion • SIC 6726

$44.60 ▼ -2.68 (-5.67%)

MKT CAP: $15.00B • VOL: 40.25M

52W L $43 52W H $110

ALTMAN Z

4.80 SAFE

PIOTROSKI

7 / 9

SLV // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

SLV // iShares Silver Trust

GROSS MARGIN

58.0%

OP MARGIN

24.0%

ROIC %

19.5%

MKT CAP

$15.00B

UPSTREAM INPUTS ──► SLV OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
SLV ★	iShares Silver Trust	$44.60	$15.00B	58.0%	24.0%	19.5%	—	+9.2%	SUBJECT ISSUER
SPY	SPDR S&P 500 ETF Trust	$755.72	$620.00B	58.0%	24.0%	19.5%	—	+9.2%	SLV VS SPY <GO>
VOO	Vanguard S&P 500 ETF	$694.81	$580.00B	58.0%	24.0%	19.5%	—	+9.2%	SLV VS VOO <GO>
VTI	Vanguard Total Stock Market ETF	$371.57	$465.00B	58.0%	24.0%	19.5%	—	+9.2%	SLV VS VTI <GO>
QQQ	Invesco QQQ Trust (Nasdaq-100)	$690.49	$325.00B	58.0%	24.0%	19.5%	—	+9.2%	SLV VS QQQ <GO>
GLD	SPDR Gold Shares Trust	$355.78	$82.00B	58.0%	24.0%	19.5%	—	+9.2%	SLV VS GLD <GO>