Wheaton Precious Metals Corp. (WPM) 10-Year Financial Performance & Capital Metrics

WPM • • Industrial / General

Basic MaterialsGoldRoyalty & Streaming CompaniesPrecious Metals Royalty Companies

AboutWheaton Precious Metals Corp., a streaming company, primarily sells precious metals in Canada and internationally. The company sells gold, silver, palladium, and cobalt deposits. It has a portfolio of interests in the 23 operating mines and 13 development projects. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp. was founded in 2004 and is headquartered in Vancouver, Canada.Show more

Revenue $1.28B +26.4%
EBITDA $869M +20.5%
Net Income $529M -1.6%
EPS (Diluted) 1.17 -1.7%
Gross Margin 62.48% +10.7%
EBITDA Margin 67.66% -4.7%
Operating Margin 48.33% -2.8%
Net Margin 41.19% -22.2%
ROE 7.43% -5.3%
ROIC 7.22% +18.8%
Debt/Equity 0.00 -20.2%
Interest Coverage 111.88 +22.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 43.8%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 28.7% free cash flow margin
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.55%

5Y8.32%

3Y2.25%

TTM50.33%

Profit (Net Income) CAGR

10Y10.23%

5Y43.77%

3Y-11.17%

TTM64.35%

EPS CAGR

10Y7.65%

5Y42.37%

3Y-11.01%

TTM62.96%

ROCE

10Y Avg6.1%

5Y Avg8.96%

3Y Avg7.95%

Latest8.62%

Peer Comparison

Precious Metals Royalty Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OROR Royalties Inc.	7.68B	40.84	340.33	4.33%	61.04%	7.61%	1.13%	0.08
WPMWheaton Precious Metals Corp.	61.52B	135.50	115.81	26.44%	54.72%	12.38%	0.6%	0.00
FNVFranco-Nevada Corporation	46.33B	240.32	83.74	-8.65%	58.82%	11.89%	0.91%
RGLDRoyal Gold, Inc.	21.87B	259.15	51.32	19.11%	56.09%	14.05%	1.95%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	648.69M	891.56M	843.22M	794.01M	861.33M	1.1B	1.2B	1.07B	1.02B	1.28B
Revenue Growth %	0.05%	0.37%	-0.05%	-0.06%	0.08%	0.27%	0.1%	-0.11%	-0.05%	0.26%
Cost of Goods Sold+	388.8M	563.14M	506.18M	498.08M	258.56M	510.65M	542.74M	499.57M	442.61M	482.05M
COGS % of Revenue	0.6%	0.63%	0.6%	0.63%	0.3%	0.47%	0.45%	0.47%	0.44%	0.38%
Gross Profit+	259.89M	328.42M	337.03M	295.93M	602.77M	585.57M	658.92M	565.48M	573.44M	802.59M
Gross Margin %	0.4%	0.37%	0.4%	0.37%	0.7%	0.53%	0.55%	0.53%	0.56%	0.62%
Gross Profit Growth %	-0.16%	0.26%	0.03%	-0.12%	1.04%	-0.03%	0.13%	-0.14%	0.01%	0.4%
Operating Expenses+	30.27M	32.46M	32.53M	49.04M	477.25M	65.7M	-95.73M	53.58M	68.17M	181.75M
OpEx % of Revenue	0.05%	0.04%	0.04%	0.06%	0.55%	0.06%	-0.08%	0.05%	0.07%	0.14%
Selling, General & Admin	29.65M	31.51M	31.56M	47.98M	54.51M	58.02M	52.12M	53.19M	58.37M	61.57M
SG&A % of Revenue	0.05%	0.04%	0.04%	0.06%	0.06%	0.05%	0.04%	0.05%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	621K	952K	972K	1.06M	422.74M	7.68M	-147.86M	389K	9.8M	120.19M
Operating Income+	201.58M	293.98M	73.68M	244.28M	125.53M	519.87M	754.66M	511.9M	505.27M	620.83M
Operating Margin %	0.31%	0.33%	0.09%	0.31%	0.15%	0.47%	0.63%	0.48%	0.5%	0.48%
Operating Income Growth %	-0.35%	0.46%	-0.75%	2.32%	-0.49%	3.14%	0.45%	-0.32%	-0.01%	0.23%
EBITDA+	400.78M	603.64M	337.03M	497.62M	384.26M	765.65M	1.01B	745.44M	721.2M	869.13M
EBITDA Margin %	0.62%	0.68%	0.4%	0.63%	0.45%	0.7%	0.84%	0.7%	0.71%	0.68%
EBITDA Growth %	-0.15%	0.51%	-0.44%	0.48%	-0.23%	0.99%	0.32%	-0.26%	-0.03%	0.21%
D&A (Non-Cash Add-back)	199.2M	309.65M	263.35M	253.34M	258.73M	245.78M	256.69M	233.54M	215.93M	248.3M
EBIT	-161.34M	218M	81.81M	478.82M	122.01M	517.7M	754.97M	669.73M	539.26M	644.63M
Net Interest Income+	-6.21M	-28.32M	-31.07M	-38.37M	-49.03M	-16.49M	-5.53M	705.88K	29.35M	19.28M
Interest Income	122K	145.23K	421.64K	711.75K	834.97K	229K	238.88K	6.07M	34.86M	24.83M
Interest Expense	4.09M	28.47M	31.49M	39.09M	49.86M	16.71M	5.77M	5.36M	5.51M	5.55M
Other Income/Expense	-367.01M	-100.17M	-16.86M	198.7M	-48.46M	-14.54M	-41K	157.73M	33.79M	23.51M
Pretax Income+	-165.43M	193.81M	56.82M	442.98M	77.07M	505.33M	754.62M	669.63M	539.06M	644.34M
Pretax Margin %	-0.26%	0.22%	0.07%	0.56%	0.09%	0.46%	0.63%	0.63%	0.53%	0.5%
Income Tax+	-3.39M	-1.33M	-886K	15.87M	-9.07M	-2.48M	-269K	509K	1.41M	115.2M
Effective Tax Rate %	0.98%	1.01%	1.02%	0.96%	1.12%	1%	1%	1%	1%	0.82%
Net Income+	-162.04M	195.14M	57.7M	427.12M	86.14M	507.8M	754.88M	669.13M	537.64M	529.14M
Net Margin %	-0.25%	0.22%	0.07%	0.54%	0.1%	0.46%	0.63%	0.63%	0.53%	0.41%
Net Income Growth %	-1.81%	2.2%	-0.7%	6.4%	-0.8%	4.9%	0.49%	-0.11%	-0.2%	-0.02%
Net Income (Continuing)	-162.04M	195.14M	57.7M	427.12M	86.14M	507.8M	754.88M	669.13M	537.64M	529.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.41	0.45	0.13	0.96	0.20	1.19	1.66	1.42	1.19	1.17
EPS Growth %	-1.73%	2.1%	-0.71%	6.38%	-0.79%	4.95%	0.39%	-0.14%	-0.16%	-0.02%
EPS (Basic)	-0.41	0.45	0.13	0.96	0.20	1.19	1.66	1.42	1.19	1.17
Diluted Shares Outstanding	395.94M	430.85M	442.44M	443.86M	446.93M	450.07M	451.17M	452.34M	453.46M	454.12M
Basic Shares Outstanding	395.75M	430.46M	441.96M	443.41M	446.02M	448.69M	450.14M	451.57M	452.81M	453.46M
Dividend Payout Ratio	-	0.4%	2.11%	0.31%	1.51%	0.33%	0.29%	0.35%	0.49%	0.53%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	105.88M	128.09M	103.42M	79.7M	154.75M	201.83M	249.72M	720.09M	567.41M	828.08M
Cash & Short-Term Investments	103.3M	124.3M	98.52M	75.77M	103.99M	192.68M	226.04M	696.09M	546.53M	818.17M
Cash Only	103.3M	124.3M	98.52M	75.77M	103.99M	192.68M	226.04M	696.09M	546.53M	818.17M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	815K	503K	1.4M	1.33M	4.35M	5.43M	11.2M	9.16M	9.34M	6.22M
Days Sales Outstanding	0.46	0.21	0.61	0.61	1.84	1.81	3.4	3.14	3.35	1.77
Inventory	0	0	0	0	0	0	8.71M	10.53M	1.37M	0
Days Inventory Outstanding	-	-	-	-	-	-	5.86	7.69	1.13	-
Other Current Assets	1.76M	3.29M	3.5M	1.1M	44.92M	1.33M	1.24M	1.46M	7.55M	467K
Total Non-Current Assets+	5.53B	6.03B	5.58B	6.39B	6.12B	5.76B	6.05B	6.04B	6.46B	6.6B
Property, Plant & Equipment	5.47B	5.92B	5.42B	6.16B	5.74B	5.49B	5.91B	5.71B	6.13B	6.39B
Fixed Asset Turnover	0.12x	0.15x	0.16x	0.13x	0.15x	0.20x	0.20x	0.19x	0.17x	0.20x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	3.29M	3.42M	3.04M	2.65M	2.27M	6.4M	4.62M
Long-Term Investments	28.88M	73.73M	107.83M	176.42M	312.79M	202.93M	68.08M	262.7M	260.13M	139.4M
Other Non-Current Assets	28.04M	32.23M	48.79M	50.16M	65.63M	54.8M	64.39M	63.61M	67.17M	64.09M
Total Assets+	5.63B	6.15B	5.68B	6.47B	6.28B	5.96B	6.3B	6.76B	7.03B	7.42B
Asset Turnover	0.12x	0.14x	0.15x	0.12x	0.14x	0.18x	0.19x	0.16x	0.14x	0.17x
Asset Growth %	0.21%	0.09%	-0.08%	0.14%	-0.03%	-0.05%	0.06%	0.07%	0.04%	0.06%
Total Current Liabilities+	12.57M	19.06M	12.14M	28.84M	64.7M	31.17M	29.69M	30.72M	26.07M	29.5M
Accounts Payable	10.66M	18.06M	12.12M	19.88M	11.79M	13.02M	13.94M	12.57M	13.46M	13.55M
Days Payables Outstanding	10.01	11.71	8.74	14.57	16.65	9.31	9.37	9.18	11.1	10.26
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.9M	995K	25K	5.6M	52.18M	17.37M	14.81M	14.57M	12.01M	0
Current Ratio	8.42x	6.72x	8.52x	2.76x	2.39x	6.48x	8.41x	23.44x	21.76x	28.07x
Quick Ratio	8.42x	6.72x	8.52x	2.76x	2.39x	6.48x	8.12x	23.10x	21.71x	28.07x
Cash Conversion Cycle	-	-	-	-	-	-	-0.11	1.65	-6.61	-
Total Non-Current Liabilities+	1.47B	1.19B	771.51M	1.27B	887.39M	211.53M	16.34M	11.51M	19.59M	135.57M
Long-Term Debt	1.47B	1.19B	770M	1.26B	874.5M	195M	0	0	0	0
Capital Lease Obligations	0	0	0	0	3.53M	2.86M	2.06M	1.15M	5.63M	4.91M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.91M	1.27M	1.51M	5.29M	9.36M	13.67M	14.28M	10.36M	13.97M	130.66M
Total Liabilities	1.48B	1.21B	783.65M	1.3B	952.09M	242.7M	46.03M	42.23M	45.67M	165.08M
Total Debt+	1.47B	1.19B	770M	1.26B	878.75M	198.64M	2.87M	1.97M	6.23M	5.17M
Net Debt	1.36B	1.07B	671.48M	1.19B	774.77M	5.95M	-223.17M	-694.12M	-540.3M	-813M
Debt / Equity	0.35x	0.24x	0.16x	0.24x	0.16x	0.03x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	3.66x	1.98x	2.28x	2.54x	2.29x	0.26x	0.00x	0.00x	0.01x	0.01x
Net Debt / EBITDA	3.40x	1.77x	1.99x	2.39x	2.02x	0.01x	-0.22x	-0.93x	-0.75x	-0.94x
Interest Coverage	49.29x	10.33x	2.34x	6.25x	2.52x	31.10x	130.88x	95.42x	91.70x	111.88x
Total Equity+	4.15B	4.94B	4.9B	5.17B	5.33B	5.71B	6.25B	6.72B	6.99B	7.26B
Equity Growth %	0.14%	0.19%	-0.01%	0.06%	0.03%	0.07%	0.09%	0.07%	0.04%	0.04%
Book Value per Share	10.48	11.47	11.07	11.65	11.92	12.70	13.85	14.85	15.40	15.99
Total Shareholders' Equity	4.15B	4.94B	4.9B	5.17B	5.33B	5.71B	6.25B	6.72B	6.99B	7.26B
Common Stock	2.82B	3.45B	3.47B	3.52B	3.6B	3.65B	3.7B	3.75B	3.78B	3.8B
Retained Earnings	1.36B	1.44B	1.35B	1.65B	1.57B	1.94B	2.5B	2.9B	3.25B	3.52B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-23.2M	55.3M	77.01M	7.89M	160.7M	126.88M	47.04M	66.55M	-40.09M	-63.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	431.36M	584.3M	538.81M	477.41M	501.62M	765.44M	845.14M	743.42M	750.81M	1.03B
Operating CF Margin %	0.66%	0.66%	0.64%	0.6%	0.58%	0.7%	0.7%	0.7%	0.74%	0.8%
Operating CF Growth %	-0%	0.35%	-0.08%	-0.11%	0.05%	0.53%	0.1%	-0.12%	0.01%	0.37%
Net Income	-162.04M	195.14M	57.7M	427.12M	86.14M	507.8M	754.88M	669.13M	537.64M	529.14M
Depreciation & Amortization	199.2M	309.65M	263.35M	253.34M	258.73M	245.78M	256.69M	233.54M	215.93M	248.3M
Stock-Based Compensation	6.69M	1.52M	5.19M	14.95M	13.53M	14.83M	2.34M	20.06M	22.74M	23.27M
Deferred Taxes	-3.6M	-1.3M	-886K	15.87M	-9.07M	-2.48M	-269K	509K	1.41M	115.2M
Other Non-Cash Items	387.92M	72.25M	219.79M	-242.83M	164.13M	-1.52M	-160.42M	-181.38M	-28.83M	107.24M
Working Capital Changes	3.19M	7.04M	-6.35M	8.96M	-11.84M	1.02M	-8.07M	1.57M	1.91M	4.43M
Change in Receivables	3.01M	-1.19M	-729K	828K	-2.51M	-1.18M	-5.7M	2.02M	-264K	4.39M
Change in Inventory	0	0	0	0	0	0	-4.44M	1.58M	0	0
Change in Payables	-39K	8.67M	-5.65M	0	0	0	0	0	0	0
Cash from Investing+	-1.79B	-805.43M	-19.57M	-861.33M	10.63M	149.65M	-404.22M	-44.3M	-646.65M	-488.3M
Capital Expenditures	-1.8B	-804.52M	-1.72M	-1.13B	-1.68M	-1.82M	-525.96M	-153.43M	-671.36M	-655.22M
CapEx % of Revenue	2.78%	0.9%	0%	1.42%	0%	0%	0.44%	0.14%	0.66%	0.51%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.08M	-916K	-14.73M	222.47M	-4.47M	-801K	-554K	131.9M	41.96M	10.06M
Cash from Financing+	1.16B	242.35M	-545.06M	360.91M	-484.19M	-826.9M	-407.61M	-228.89M	-254.24M	-267.39M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-68.59M	-78.71M	-121.93M	-132.91M	-129.99M	-167.21M	-218.05M	-237.1M	-265.11M	-279.05M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-33.14M	-5.37M	-130K	-178K	35.93M	20.52M	6.23M	9.01M	11.56M	-303.6K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.37B	-220.22M	537.09M	-648.25M	498.41M	763.62M	319.18M	590M	74.94M	369.25M
FCF Margin %	-2.11%	-0.25%	0.64%	-0.82%	0.58%	0.7%	0.27%	0.55%	0.07%	0.29%
FCF Growth %	-5.61%	0.84%	3.44%	-2.21%	1.77%	0.53%	-0.58%	0.85%	-0.87%	3.93%
FCF per Share	-3.46	-0.51	1.21	-1.46	1.12	1.70	0.71	1.30	0.17	0.81
FCF Conversion (FCF/Net Income)	-2.66x	2.99x	9.34x	1.12x	5.82x	1.51x	1.12x	1.11x	1.40x	1.94x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.17%	4.29%	1.17%	8.48%	1.64%	9.2%	12.62%	10.32%	7.85%	7.43%
Return on Invested Capital (ROIC)	3.08%	3.83%	0.95%	3.07%	1.51%	6.6%	9.64%	6.37%	6.08%	7.22%
Gross Margin	40.06%	36.84%	39.97%	37.27%	69.98%	53.42%	54.83%	53.09%	56.44%	62.48%
Net Margin	-24.98%	21.89%	6.84%	53.79%	10%	46.32%	62.82%	62.83%	52.92%	41.19%
Debt / Equity	0.35x	0.24x	0.16x	0.24x	0.16x	0.03x	0.00x	0.00x	0.00x	0.00x
Interest Coverage	49.29x	10.33x	2.34x	6.25x	2.52x	31.10x	130.88x	95.42x	91.70x	111.88x
FCF Conversion	-2.66x	2.99x	9.34x	1.12x	5.82x	1.51x	1.12x	1.11x	1.40x	1.94x
Revenue Growth	4.6%	37.44%	-5.42%	-5.84%	8.48%	27.27%	9.62%	-11.37%	-4.6%	26.44%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
BRAZIL	317.6M	336.47M	365.45M	450.17M	343.4M	296.14M	399.94M	539.58M
BRAZIL Growth	-	5.94%	8.61%	23.18%	-23.72%	-13.76%	35.05%	34.92%
PERU	199.51M	172.52M	170.51M	185.49M	286.29M	253.44M	233.44M	284.08M
PERU Growth	-	-13.53%	-1.16%	8.79%	54.34%	-11.47%	-7.89%	21.69%
MEXICO	162.39M	147.27M	139.28M	220.77M	307.64M	266.37M	200.15M	283.35M
MEXICO Growth	-	-9.31%	-5.43%	58.51%	39.35%	-13.42%	-24.86%	41.57%
SWEDEN	27.57M	24.19M	25.25M	34.49M	33.02M	41.61M	48.18M	53.65M
SWEDEN Growth	-	-12.26%	4.39%	36.58%	-4.26%	26.03%	15.77%	11.36%
CANADA	106.73M	64.59M	74.31M	94.24M	108.59M	124.71M	60.16M	52.86M
CANADA Growth	-	-39.49%	15.05%	26.82%	15.23%	14.84%	-51.76%	-12.14%
UNITED STATES	-	16.02M	49.19M	66.13M	66.32M	48.74M	35.34M	38.59M
UNITED STATES Growth	-	-	207.09%	34.43%	0.30%	-26.50%	-27.50%	9.21%
PORTUGAL	8.62M	20.48M	28.01M	33.46M	41.32M	25.73M	33.38M	22.7M
PORTUGAL Growth	-	137.74%	36.75%	19.45%	23.49%	-37.73%	29.72%	-32.00%
COLOMBIA	-	-	-	-	-	-	5.47M	6.69M
COLOMBIA Growth	-	-	-	-	-	-	-	22.34%
CHILE	-	-	-	-	-	-	-	1.94M
CHILE Growth	-	-	-	-	-	-	-	-
ECUADOR	-	-	-	-	-	-	-	1.2M
ECUADOR Growth	-	-	-	-	-	-	-	-
Colombia	-	-	-	-	-	5.01M	-	-
Colombia Growth	-	-	-	-	-	-	-	-
GREECE	8.76M	8.02M	9.34M	11.49M	9.15M	3.29M	-	-
GREECE Growth	-	-8.41%	16.45%	23.01%	-20.32%	-64.05%	-	-
Columbia	-	-	-	-	5.94M	-	-	-
Columbia Growth	-	-	-	-	-	-	-	-
ARGENTINA	-	-	-	-	-	-	-	-
ARGENTINA Growth	-	-	-	-	-	-	-	-
Argentina and Chile	12.04M	4.44M	-	-	-	-	-	-
Argentina and Chile Growth	-	-63.09%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Wheaton Precious Metals Corp. (WPM) has a price-to-earnings (P/E) ratio of 115.8x. This suggests investors expect higher future growth.

Growth & Financials

Wheaton Precious Metals Corp. (WPM) reported $1.83B in revenue for fiscal year 2024. This represents a 151% increase from $730.0M in 2011.

Wheaton Precious Metals Corp. (WPM) grew revenue by 26.4% over the past year. This is strong growth.

Yes, Wheaton Precious Metals Corp. (WPM) is profitable, generating $1.00B in net income for fiscal year 2024 (41.2% net margin).

Dividend & Returns

Yes, Wheaton Precious Metals Corp. (WPM) pays a dividend with a yield of 0.45%. This makes it attractive for income-focused investors.

Wheaton Precious Metals Corp. (WPM) has a return on equity (ROE) of 7.4%. This is below average, suggesting room for improvement.

Wheaton Precious Metals Corp. (WPM) generated $664.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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