Upside case
Bull case
$123+0.3%
WPM would need investors to value it at roughly 23x earnings — about 0x more generous than today's 23x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Wheaton Precious Metals Corp. (WPM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
20
analysts
16 bullish · 0 bearish · 20 covering WPM
Strong Buy
0
Buy
16
Hold
4
Sell
0
Strong Sell
0
Consensus Target
$170
+38.7% vs today
Scenario Range
$59 – $123
Model bear to bull value window
Coverage
20
Published analyst ratings
Valuation Context
22.7x
Forward P/E · Market cap $55.7B
WPM price targets
Three scenarios for where WPM stock could go
Current
~$123
Confidence
46 / 100
Updated
Jun 18, 2026
Where we are now
Current · $123
Bear
$59
Base
$93
Bull
$123
Market caseClosest to today
Base case
$93-23.9%
At 17x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$59-52.1%
If investor confidence fades or macro conditions deteriorate, a 12x multiple contraction could push WPM down roughly 52% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Wheaton Precious Metals Corp.
WPM · NYSEBasic MaterialsGoldDecember year-end
Wheaton Precious Metals is a precious metals streaming company that provides upfront financing to mining companies in exchange for the right to purchase future production at fixed, low prices. It generates revenue primarily from gold (about 60%) and silver (about 35%) streams, with the remainder from palladium and cobalt. Its competitive advantage lies in its low-cost, diversified portfolio of streaming agreements—which provide exposure to metal price upside without the operational risks and capital expenditures of traditional mining.
Market Cap
$55.7B
Revenue TTM
$2.7B
Net Income TTM
$1.8B
Net Margin
65.5%
WPM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+8.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.63/$0.58
Revenue
$503M/$475M
Q4 2025
EPS
$0.62/$0.59
Revenue
$476M/$721M
Q1 2026
EPS
$1.22/$1.08
Revenue
$865M/$779M
Q2 2026
EPS
$1.28/$1.15
Revenue
$901M/$868M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.63/$0.58 | +8.2% | $503M/$475M | +6.0% |
| Q4 2025 | $0.62/$0.59 | +5.8% | $476M/$721M | -33.9% |
| Q1 2026 | $1.22/$1.08 | +13.0% | $865M/$779M | +11.0% |
| Q2 2026 | $1.28/$1.15 | +11.3% | $901M/$868M | +3.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.2B
+15.7% YoY
FY2
$3.8B
+18.4% YoY
EPS Outlook
FY1
$2.24
-43.5% YoY
FY2
$2.64
+18.2% YoY
Trailing FCF (TTM)$992M
FCF Margin: 36.1%
Next Earnings
August 6, 2026
Expected EPS
$1.28
Expected Revenue
$953M
WPM beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
WPM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $2.3B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
BRAZIL
44.9%
+92.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
BRAZIL is the largest reported region at 44.9%, up 92.7% YoY.
WPM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly expensive versus peers
Fair value est. $110 — implies -10.3% from today's price.
Premium to Fair Value
10.3%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
WPM
37.3x
vs
S&P 500
24.4x
+52% premium
vs Basic Materials Trailing P/E
WPM
37.3x
vs
Basic Materials
23.6x
+58% premium
vs WPM 5Y Avg P/E
Today
37.3x
vs
5Y Average
35.7x
In line with benchmark
Forward PE
22.7x
S&P 500
18.8x
+21%
Basic Materials
14.9x
+53%
5Y Avg
—
—
Trailing PE
37.3x
S&P 500
24.4x
+52%
Basic Materials
23.6x
+58%
5Y Avg
35.7x
+4%
PEG Ratio
1.65x
S&P 500
1.66x
-0%
Basic Materials
1.23x
+34%
5Y Avg
—
—
EV/EBITDA
28.2x
S&P 500
15.2x
+86%
Basic Materials
11.0x
+156%
5Y Avg
25.5x
+11%
Price/FCF
97.0x
S&P 500
20.7x
+369%
Basic Materials
29.0x
+235%
5Y Avg
63.2x
+53%
Price/Sales
23.6x
S&P 500
3.1x
+664%
Basic Materials
1.9x
+1156%
5Y Avg
19.5x
+21%
Dividend Yield
0.54%
S&P 500
1.91%
-72%
Basic Materials
1.41%
-62%
5Y Avg
1.06%
-49%
| Metric | WPM | S&P 500 | Basic Materials | 5Y Avg WPM |
|---|---|---|---|---|
| Forward PE | 22.7x | 18.8x+21% | 14.9x+53% | — |
| Trailing PE | 37.3x | 24.4x+52% | 23.6x+58% | 35.7x |
| PEG Ratio | 1.65x | 1.66x | 1.23x+34% | — |
| EV/EBITDA | 28.2x | 15.2x+86% | 11.0x+156% | 25.5x+11% |
| Price/FCF | 97.0x | 20.7x+369% | 29.0x+235% | 63.2x+53% |
| Price/Sales | 23.6x | 3.1x+664% | 1.9x+1156% | 19.5x+21% |
| Dividend Yield | 0.54% | 1.91% | 1.41% | 1.06% |
WPM trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolWPM Financial Health
Verdict
Exceptional
WPM generates $992M in free cash flow at a 36.1% margin — 17.4% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$2.7B
Revenue Growth
TTM vs prior year
+88.3%
Gross Margin
Gross profit as a share of revenue
77.1%
Operating Margin
Operating income divided by revenue
71.8%
Net Margin
Net income divided by revenue
65.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.96
Free Cash Flow (TTM)
Cash generation after capex
$992M
FCF Margin
FCF as share of revenue — the primary cash quality signal
36.1%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
17.4%
ROA
Return on assets, trailing twelve months
20.3%
Cash & Equivalents
Liquid assets on the balance sheet
$1.2B
Net Cash
Cash exceeds total debt — no net leverage
$1.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
21.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.5%
Dividend
0.5%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$0.66
Payout Ratio
Share of earnings distributed as dividends
20.1%
Shares Outstanding
Current diluted share count
454M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageWPM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
High Risk
Commodity price risk
The BHP silver-stream acquisition adds risk if precious metal prices correct, potentially impacting earnings.
High Risk
Production disruptions
Potential disruptions or delays in stream production across their operational portfolio could negatively affect financial performance.
Medium
Tax policy impact
Implementation of a 15% global minimum tax is affecting financial projections and target price revisions.
Medium
Valuation risks
Downward adjustments in target price and weaker guidance for 2024 highlight valuation concerns.
Medium
Deal execution risk
The Antamina deal introduces potential risks related to execution and integration.
Lower
Market sentiment
AI models forecast a -7.0% decline in stock price by 2026, reflecting bearish sentiment.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why WPM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
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.
AI price target upside
AI models forecast a 2026 price target of $119.26 for WPM, presenting a potential upside from current levels despite a slight dip from higher projections.
Operational risk mitigation
WPM provides exposure to precious metals without the operational risks associated with traditional mining, enhancing its appeal to risk-averse investors.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
WPM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$122.57
52W Range Position
46%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$85.59
+43.2% from the low
52-Week High
$165.76
-26.1% from the high
1 Month
-5.34%
3 Month
-4.80%
YTD
+4.0%
1 Year
+34.6%
3Y CAGR
+41.8%
5Y CAGR
+22.9%
10Y CAGR
+19.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
WPM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
22.7x
vs 16.7x median
+36% above peer median
Revenue Growth
+15.7%
vs +14.3% median
+10% above peer median
Net Margin
65.5%
vs 48.5% median
+35% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
WPM WPM Wheaton Precious Metals Corp. | $55.7B | 22.7x | +15.7% | 65.5% | Buy | +38.7% |
RGL RGLD Royal Gold, Inc. | $14.9B | 18.8x | +13.6% | 48.5% | Buy | +53.6% |
FNV FNV Franco-Nevada Corporation | $42.3B | 24.4x | +14.3% | 65.1% | Buy | +36.4% |
OR OR OR Royalties Inc. | $6.5B | 16.7x | +12.5% | 78.1% | Buy | +46.3% |
NEM NEM Newmont Corporation | $115.0B | 10.1x | +16.2% | 30.5% | Buy | +38.1% |
AEM AEM Agnico Eagle Mines Limited | $83.5B | 12.2x | +15.7% | 37.5% | Buy | +48.9% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
WPM Dividend and Capital Return
WPM returns 0.5% total yield, led by a 0.54% dividend.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
0.5%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
0.54%
Payout Ratio
20.1%
How WPM Splits Its Return
Div 0.54%
Dividend 0.54%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.66
Growth Streak
Consecutive years of dividend increases
2Y
3Y Div CAGR
3.2%
5Y Div CAGR
9.5%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
454M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.39 | — | — | — |
| 2025 | $0.66 | +6.5% | 0.0% | 0.6% |
| 2024 | $0.62 | +3.3% | 0.0% | 1.1% |
| 2023 | $0.60 | 0.0% | 0.0% | 1.2% |
| 2022 | $0.60 | +5.3% | 0.0% | 1.3% |
FAQ
7 questionsWPM Investor Questions
Common questions answered from live analyst data and company financials.
01Is Wheaton Precious Metals Corp. (WPM) stock a buy or sell in 2026?
Wheaton Precious Metals Corp. (WPM) is rated Buy by Wall Street analysts as of 2026. Of 20 analysts covering the stock, 16 rate it Buy or Strong Buy, 4 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $170, implying +38.7% from the current price of $123. The bear case scenario is $59 and the bull case is $123.
02What is the WPM stock price target for 2026?
The Wall Street consensus price target for WPM is $170 based on 20 analyst estimates. The high-end target is $180 (+46.9% from today), and the low-end target is $160 (+30.5%). The base case model target is $93.
03Is Wheaton Precious Metals Corp. (WPM) stock overvalued in 2026?
WPM trades at 22.7x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Wheaton Precious Metals Corp. (WPM) stock in 2026?
The primary risks for WPM in 2026 are: (1) Commodity price risk — The BHP silver-stream acquisition adds risk if precious metal prices correct, potentially impacting earnings. (2) Production disruptions — Potential disruptions or delays in stream production across their operational portfolio could negatively affect financial performance. (3) Tax policy impact — Implementation of a 15% global minimum tax is affecting financial projections and target price revisions. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Wheaton Precious Metals Corp.'s revenue and earnings forecast?
Analyst consensus estimates WPM will report consensus revenue of $3.2B (+15.7% year-over-year) and EPS of $2.24 (-43.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $3.8B in revenue.
06When does Wheaton Precious Metals Corp. (WPM) report its next earnings?
Wheaton Precious Metals Corp. is expected to report its next earnings on approximately 2026-08-06. Consensus expects EPS of $1.28 and revenue of $953M. Over recent quarters, WPM has beaten EPS estimates 83% of the time.
07How much free cash flow does Wheaton Precious Metals Corp. generate?
Wheaton Precious Metals Corp. (WPM) generated $992M in free cash flow over the trailing twelve months — a free cash flow margin of 36.1%. WPM returns capital to shareholders through dividends (0.5% yield) and share repurchases ($0 TTM).