Wheaton Precious Metals' streaming model is generating exceptional financial performance, with revenue surging 84.7% YoY in Q2 2026 and gross margins expanding to 74.0%, driven by higher realized metal prices and increased deliveries. The company's fortress ba...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth has accelerated to 84.7% YoY in Q2 2026, with gross margins expanding structurally to 74.0% from 57.8% in Q1 2024, reflecting the streaming model's insulation from mining cost inflation.
Wheaton Precious Metals is recognized as the leading precious-metals streaming company, offering low-risk, high-margin exposure to gold, silver, and other metals.
Wheaton Precious Metals' Q1 results surged due to robust gold and silver prices, with the Antamina deal further boosting high-margin growth.
WPM's forward P/E of 37.59 suggests a more attractive valuation compared to its trailing P/E, indicating potential for future earnings growth.
Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 6, 2026 | $1.19+3.5% vs $1.15 | $929M+5.7% vs $879M |
Q2 2026 May 7, 2026 | $1.28+3.2% vs $1.24 | $901M+3.8% vs $868M |
Q2 2026 Mar 12, 2026 | $1.22+13.0% vs $1.08 | $865M+11.0% vs $779M |
Q4 2025 Nov 6, 2025 | $0.62+5.8% vs $0.59 | $476M-33.9% vs $721M |
The price of gold briefly dipped surrounding the Federal Reserve's recent announcement of its first interest rate hike in three years, but quickly rebounded. After the incredible multi-quarter rally in recent years, gold has had a more tumultuous 2026 so far, but is essentially trading flat year to date (YTD).
Wheaton Precious Metals Corp. (WPM:CA) Analyst/Investor Day Transcript
Wheaton Precious Metals NYSE: WPM used its 2026 Investor Day to outline a strategy centered on selective stream acquisitions, contract structures intended to preserve upside and mitigate downside risk, and a production growth outlook to 2030 that management said does not require additional capital deployment.
Wheaton Precious Metals (WPM) is a core 3.5% portfolio position, offering high gold and silver exposure with strong growth and capital allocation. WPM targets 7.5% GEO production CAGR to 2030, underpinned by long mine lives and a robust asset base concentrated in low-cost quartiles. At ~34x forward P/E, WPM trades at a premium to peers and the S&P 500. Our base case 5-year IRR is ~10%, making it expensive for new buys.
Benchmark WPM against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Wheaton Precious Metals Corp. (WPM)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $153.81 | $69.85B | 46.75 | 83.33% | 63.58% | 18.8% | 0.43% | |
| $258.29 | $21.92B | 38.61 | 44.57% | 47.7% | 11.48% | — | |
| $267.20 | $51.53B | 45.60 | 63.69% | 63.79% | 19.08% | — | |
| $37.55 | $7.04B | 33.83 | 47.52% | 78.04% | 19.57% | — | |
| $127.26 | $134.09B | 19.85 | 19.08% | 38.06% | 24.89% | — | |
| $203.55 | $103.07B | 22.97 | 43.71% | 40.43% | 22.64% | — |
Wheaton Precious Metals Corp. (WPM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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Wheaton Precious Metals Corp. (WPM) stock FAQ — growth, dividends, profitability & financials explained
Wheaton Precious Metals Corp. (WPM) reported $3.17B in revenue for fiscal year 2025. This represents a 553316% increase from $0.6M in 1998.
Wheaton Precious Metals Corp. (WPM) grew revenue by 83.3% over the past year. This is strong growth.
Yes, Wheaton Precious Metals Corp. (WPM) is profitable, generating $2.05B in net income for fiscal year 2025 (63.6% net margin).
Yes, Wheaton Precious Metals Corp. (WPM) pays a dividend with a yield of 0.43%. This makes it attractive for income-focused investors.
Wheaton Precious Metals Corp. (WPM) has a return on equity (ROE) of 18.8%. This is reasonable for most industries.
Wheaton Precious Metals Corp. (WPM) had negative free cash flow of $2.93B in fiscal year 2025, likely due to heavy capital investments.
