Wheaton Precious Metals Corp.

WPM

NYSE · Precious Metal Royalties

$136.31

At close - USD

Market Cap$61.9B

P/E41.4x

52W High$165.76

Volume1.68M

VCP Research Verdict2026Q2

Streaming Model Delivers Structural Margin Expansion

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.

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MARKET ACTION

WPM price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

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.

Analyst Consensus+22.8% target

Buy(20 analysts)

16 Buy4 Hold0 Sell

The Bull Case

Upside Catalysts

Premier streaming company

Wheaton Precious Metals is recognized as the leading precious-metals streaming company, offering low-risk, high-margin exposure to gold, silver, and other metals.

Strong Q1 performance

Wheaton Precious Metals' Q1 results surged due to robust gold and silver prices, with the Antamina deal further boosting high-margin growth.

Attractive valuation metrics

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.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

WPM+16.14%

S&P 500 (^GSPC)+7.63%

1-Year Return

WPM+42.36%

S&P 500 (^GSPC)+9.69%

3-Year Return

WPM+210.84%

S&P 500 (^GSPC)+74.64%

5-Year Return

WPM+237.59%

S&P 500 (^GSPC)+61.97%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/EMedian

30.2x

Forward P/EExpansion

30.2x

EV/EBITDA40th %ile

22.8x

FCF YieldCash Flow

N/A

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

30.2x

35.7x

40th· Fair

EV/EBITDA

22.8x

27.1x

40th· Fair

Price/FCF

N/A

69.2x

N/A

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$37.81-72.3%

Base (Fair)$65.76-51.8%

Bull$67.58-50.4%

$37.81 Bear$65.76 Base$67.58 Bull

Current Market Price: $136.31

Trades at a 107.3% premium to Base DCF ($65.76)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$2.36B+83.3% YoY

Net income FY25

$1.5B+183.0% YoY

Free cash flow FY25

$574M+55.3% YoY

Operating margin FY25

68.8%+20.5 pts YoY

ROIC (FY25)17.4%

Avg ROIC 5Y-

ROE (FY25)18.8%

Piotroski Score6 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate9/12 (75%)

Revenue Beat Rate8/12 (67%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 5, 2026	$0.90-1.1% vs $0.91	$772M-2.0% vs $787M
Q3 2026 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

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·1d ago

Wheaton Precious Metals Corp. (WPM:CA) Q3 2026 Earnings Call Transcript

Wheaton Precious Metals Corp. ( WPM:CA ) Q3 2026 Earnings Call November 6, 2026 11:00 AM EST Company Participants Emma Murray - Vice President of Investor Relations Haytham Hodaly - President, CEO & Director Wesley Carson - Vice President of Operations Vincent Lau - Senior VP & CFO Neil Burns - Vice President of Corporate Development Conference Call Participants Fahad Tariq - Jefferies LLC, Research Division Brian MacArthur - Raymond James Ltd., Research Division Cosmos Chiu - CIBC Capital Markets, Research Division Daniel Major - UBS Investment Bank, Research Division Derick Ma - TD Cowen, Research Division Harrison Reynolds - RBC Capital Markets, Research Division Martin Pradier - Veritas Investment Research Corporation Lawson Winder - BofA Securities, Research Division Presentation Operator Good morning, ladies and gentlemen.

Proactive Investors - Finance·1d ago

Novo Resources advances Tibooburra gold project - ICYMI

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) earlier this week outlined plans to begin a 2,700-metre reverse circulation drilling program at the...

Proactive Investors - Finance·1d ago

Novo Resources maps a discovery-led path through strong gold and copper markets

Deep Dive - Novo Resources Corp

Proactive Investors - Finance·1d ago

Wheaton Precious Metals beats Peel Hunt forecasts as broker keeps 'buy' rating

Wheaton Precious Metals Corp (LSE:WPM, TSX:WPM, NYSE:WPM) delivered a better-than-expected third quarter, according to Peel Hunt, which retained its 'buy'...

Filtered for Wheaton Precious Metals Corp.More Headlines

Compare before deciding

Benchmark WPM against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Wheaton Precious Metals Corp. (WPM)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
WPMWheaton Precious Metals Corp.Current	$136.31	$61.9B	41.43	83.33%	63.58%	18.8%	0.49%
RGLDRoyal Gold, Inc.	$265.81	$22.56B	39.73	44.57%	47.7%	11.48%	0.64%
FNVFranco-Nevada Corporation	$254.95	$49.17B	43.51	63.69%	63.79%	19.08%	0.56%
OROR Royalties Inc.	$36.22	$6.79B	32.63	47.52%	78.04%	19.57%	0.52%
NEMNewmont Corporation	$120.91	$127.4B	18.86	19.08%	39.2%	26.29%	0.83%
AEMAgnico Eagle Mines Limited	$191.57	$97B	21.62	43.71%	41.02%	22.39%	0.75%

Compare WPM vs Peers

Wheaton Precious Metals Corp. (WPM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RGLD

Most directly comparable listed peer for WPM.

Scale Benchmark

vs NEM

Larger-name benchmark to compare WPM against a more recognizable public peer.

Peer Set

Compare Top 5

vs RGLD, FNV, OR, NEM

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WPM Frequently Asked Questions

Wheaton Precious Metals Corp. (WPM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Wheaton Precious Metals Corp.'s revenue?

Wheaton Precious Metals Corp. (WPM) reported $3.17B in revenue over the trailing twelve months. Revenue was $2.36B in fiscal year 2025. That is 410738% more than the $0.6M of fiscal year 1998.

How fast is Wheaton Precious Metals Corp. growing?

Wheaton Precious Metals Corp. (WPM) grew revenue by 83.3% in fiscal year 2025, compared with the prior fiscal year.

Is WPM profitable?

Yes. Wheaton Precious Metals Corp. (WPM) earned $2.05B in net income over the trailing twelve months (a 64.7% net margin).

Dividend & Returns

Does WPM pay dividends?

Yes. Wheaton Precious Metals Corp. (WPM) pays a dividend that yields 0.49% at the current price, a small yield.

What is WPM's return on equity?

Wheaton Precious Metals Corp. (WPM) had a return on equity (ROE) of 18.8% in fiscal year 2025. That is above the market's typical 10-15%.

What is Wheaton Precious Metals Corp.'s free cash flow?

Wheaton Precious Metals Corp. (WPM) had negative free cash flow of $2.93B over the trailing twelve months.

What if you invested $1,000 in WPM back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 5, 2026

$0.90-1.1%

vs $0.91

$772M-2.0%

vs $787M

Q3 2026

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

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

WPMWheaton Precious Metals Corp.Current

$136.31

$61.9B

41.43

83.33%

63.58%

18.8%

0.49%

RGLDRoyal Gold, Inc.

$265.81

$22.56B

39.73

44.57%

47.7%

11.48%

0.64%

FNVFranco-Nevada Corporation

$254.95

$49.17B

43.51

63.69%

63.79%

19.08%

0.56%

OROR Royalties Inc.

$36.22

$6.79B

32.63

47.52%

78.04%

19.57%

0.52%

NEMNewmont Corporation

$120.91

$127.4B

18.86

19.08%

39.2%

26.29%

0.83%

AEMAgnico Eagle Mines Limited

$191.57

$97B

21.62

43.71%

41.02%

22.39%

0.75%