Latest Ratios: P/E Ratio 44.2x · EV/EBITDA 33.6x · ROE 18.8%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $66.1B | $53.4B | $25.5B | $22.4B | $17.7B | $19.4B | $18.8B | $13.3B | $8.7B | $9.8B | $8.3B |
| Enterprise Value | $64.9B | $52.3B | $24.7B | $21.8B | $17.0B | $19.1B | $18.8B | $14.1B | $9.9B | $10.5B | $9.4B |
| P/E Ratio → | 44.21 | 35.72 | 48.07 | 41.46 | 27.52 | 25.86 | 35.08 | 148.75 | 20.34 | 170.23 | 42.93 |
| P/S Ratio | 28.05 | 22.69 | 19.88 | 22.02 | 16.60 | 16.12 | 17.14 | 15.44 | 10.92 | 11.61 | 9.34 |
| P/B Ratio | 7.62 | 6.16 | 3.52 | 3.20 | 2.63 | 3.10 | 3.29 | 2.50 | 1.68 | 2.00 | 1.69 |
| P/FCF | 115.16 | 93.16 | 69.17 | 298.57 | 29.96 | 60.68 | 24.60 | 26.68 | — | 18.23 | — |
| P/OCF | 34.08 | 27.57 | 24.85 | 29.80 | 23.78 | 22.92 | 24.54 | 26.51 | 18.16 | 18.17 | 14.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 22.20 | 19.25 | 21.49 | 15.95 | 15.93 | 17.14 | 16.34 | 12.41 | 12.41 | 10.54 |
| EV / EBITDA | 33.62 | 27.08 | 28.45 | 30.27 | 22.78 | 18.93 | 24.54 | 36.62 | 19.81 | 31.04 | 15.56 |
| EV / EBIT | 40.06 | 30.16 | 38.36 | 40.49 | 25.36 | 25.36 | 36.30 | 115.32 | 20.59 | 127.89 | 43.09 |
| EV / FCF | — | 91.17 | 66.96 | 291.36 | 28.79 | 59.98 | 24.61 | 28.23 | — | 19.48 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.2% | 72.2% | 62.5% | 56.4% | 53.1% | 54.8% | 53.4% | 70.0% | 37.3% | 40.0% | 36.8% |
| Operating Margin | 68.8% | 68.8% | 48.3% | 49.7% | 48.1% | 62.8% | 47.4% | 14.6% | 30.8% | 8.7% | 33.0% |
| Net Profit Margin | 63.6% | 63.6% | 41.2% | 52.9% | 62.8% | 62.8% | 46.3% | 10.0% | 53.8% | 6.8% | 21.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.8% | 18.8% | 7.4% | 7.8% | 10.3% | 12.6% | 9.2% | 1.6% | 8.5% | 1.2% | 4.3% |
| ROA | 18.1% | 18.1% | 7.3% | 7.8% | 10.3% | 12.3% | 8.3% | 1.4% | 7.0% | 1.0% | 3.3% |
| ROIC | 17.4% | 17.4% | 7.2% | 6.1% | 6.4% | 9.6% | 6.6% | 1.5% | 3.1% | 1.0% | 3.8% |
| ROCE | 19.8% | 19.8% | 8.6% | 7.4% | 7.9% | 12.4% | 8.6% | 2.0% | 4.0% | 1.2% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.16 | 0.24 | 0.16 | 0.24 |
| Debt / EBITDA | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.26 | 2.29 | 2.54 | 2.28 | 1.98 |
| Net Debt / Equity | — | -0.13 | -0.11 | -0.08 | -0.10 | -0.04 | 0.00 | 0.15 | 0.23 | 0.14 | 0.22 |
| Net Debt / EBITDA | -0.59 | -0.59 | -0.94 | -0.75 | -0.93 | -0.22 | 0.01 | 2.02 | 2.39 | 1.99 | 1.77 |
| Debt / FCF | — | -1.99 | -2.20 | -7.21 | -1.18 | -0.70 | 0.01 | 1.55 | — | 1.25 | — |
| Interest Coverage | 295.80 | 295.80 | 116.17 | 97.87 | 124.84 | 130.94 | 30.97 | 2.45 | 12.25 | 2.60 | 7.66 |
Net cash position: cash ($1.2B) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.78 | 7.78 | 28.07 | 21.76 | 23.44 | 8.41 | 6.48 | 2.39 | 2.76 | 8.52 | 6.72 |
| Quick Ratio | 7.78 | 7.78 | 28.07 | 21.71 | 23.10 | 8.12 | 6.48 | 2.39 | 2.76 | 8.52 | 6.72 |
| Cash Ratio | 7.46 | 7.46 | 27.73 | 20.96 | 22.66 | 7.61 | 6.18 | 1.61 | 2.63 | 8.11 | 6.52 |
| Asset Turnover | — | 0.26 | 0.17 | 0.14 | 0.16 | 0.19 | 0.18 | 0.14 | 0.12 | 0.15 | 0.14 |
| Inventory Turnover | — | — | — | 322.60 | 47.44 | 62.30 | — | — | — | — | — |
| Days Sales Outstanding | — | 7.23 | 1.77 | 3.35 | 3.14 | 3.40 | 1.81 | 1.84 | 0.61 | 0.61 | 0.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.6% | 1.1% | 1.2% | 1.3% | 1.1% | 0.9% | 1.0% | 1.5% | 1.2% | 0.9% |
| Payout Ratio | 20.1% | 20.1% | 52.7% | 49.3% | 35.4% | 28.9% | 32.9% | 150.9% | 31.1% | 211.3% | 40.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 2.8% | 2.1% | 2.4% | 3.6% | 3.9% | 2.9% | 0.7% | 4.9% | 0.6% | 2.3% |
| FCF Yield | 0.9% | 1.1% | 1.4% | 0.3% | 3.3% | 1.6% | 4.1% | 3.7% | — | 5.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 0.5% | 0.6% | 1.1% | 1.2% | 1.3% | 1.1% | 0.9% | 1.0% | 1.5% | 1.2% | 1.3% |
| Shares Outstanding | — | $455M | $454M | $453M | $452M | $451M | $450M | $447M | $444M | $442M | $431M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying WPM stock.
Wheaton Precious Metals Corp.'s current P/E ratio is 44.2x. The historical average is 49.2x. This places it at the 70th percentile of its historical range.
Wheaton Precious Metals Corp.'s current EV/EBITDA is 33.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.6x.
Wheaton Precious Metals Corp.'s return on equity (ROE) is 18.8%. The historical average is 8.1%.
Based on historical data, Wheaton Precious Metals Corp. is trading at a P/E of 44.2x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wheaton Precious Metals Corp.'s current dividend yield is 0.46% with a payout ratio of 20.1%.
Wheaton Precious Metals Corp. has 72.2% gross margin and 68.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wheaton Precious Metals Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Lumpy capital deployment distorts FCF
Premium Valuation Reflects Growth and Quality
WPM trades at a significant premium to peers, with a forward P/E of 32.08 and EV/EBITDA of 23.41, suggesting the market is pricing in its superior growth trajectory and asset quality relative to Franco-Nevada and Royal Gold.
The current P/E of 46.60 and PEG of 2.07 indicate the market is willing to pay for growth, but the premium over peers like Franco-Nevada (P/E 45.42) is modest given WPM's 83% revenue growth versus FNV's more stable profile. The EV/EBITDA premium over Royal Gold (23.41 vs. 27.37) is less pronounced, which may reflect the market's recognition of WPM's lower operational risk and higher margin structure. However, the P/FCF of 121.40 is exceptionally high, likely distorted by the lumpy, strategic nature of WPM's capital deployments rather than operational cash flow weakness.
Structural Margin Expansion and Resilience
Gross margins have expanded from 57.8% in Q1 2024 to 74.0% in Q2 2026, a structural improvement reflecting the streaming model's insulation from mining cost inflation and a favorable shift in the metal mix toward higher-margin gold streams.
The operating margin of 71.8% in Q2 2026 demonstrates exceptional operating leverage, as SG&A expenses remain minimal relative to the scale of capital deployed. The net margin of 58.5% is high quality, as it is driven by the non-cash nature of depletion charges rather than aggressive accounting. This margin profile is structurally superior to traditional miners and appears sustainable as long as the portfolio remains focused on high-margin precious metal streams.
Capital Efficiency Improving with Scale
ROIC has improved from 1.8% in Q1 2024 to 5.4% in Q2 2026, indicating that the company is beginning to generate more efficient returns on its expanded capital base following the major $4.5B strategic deployment.
The ROIC trend is encouraging, but the absolute level remains below peers like Franco-Nevada (16.6%) and Royal Gold (9.2%), suggesting that the recent massive capital deployment has not yet fully translated into proportional earnings power. The ROE of 5.7% is also below peer averages, which may indicate that the market is pricing in future returns from the new streams rather than current profitability. Investors should monitor whether the ROIC continues to expand as the new assets ramp up production.
Strategic Leverage Emerges from Fortress Position
After maintaining a debt-free balance sheet for over two years, WPM strategically introduced $2.0B in debt in Q2 2026, resulting in a D/E ratio of 0.20, which appears to be a calculated move to finance a major acquisition while preserving operational flexibility.
The interest coverage ratio of 22.21 in Q2 2026 indicates that debt service is extremely comfortable, even with the new leverage. The D/EBITDA of 2.50 is manageable for a company with WPM's cash flow profile, but the sudden shift from zero debt warrants monitoring to ensure it does not become a trend. The leverage appears strategic rather than distressed, as it coincides with a major asset acquisition that should generate long-term cash flows.
Liquidity Profile Shifts with Strategic Deployment
The current ratio has compressed dramatically from a peak of 28.07 in Q4 2024 to 0.47 in Q2 2026, a direct result of the $4.5B capital deployment and the associated increase in current liabilities, signaling a temporary but significant reduction in the liquidity buffer.
The quick ratio mirrors the current ratio at 0.47, indicating that inventory is not a significant component of current assets, which is consistent with the streaming model. This liquidity position appears strained on a quarterly basis, but it is likely a timing issue related to the large capital deployment rather than a fundamental weakness. The company's ability to generate strong operating cash flow suggests it can manage this temporary compression, but investors should monitor for any signs of refinancing risk.
The Misleading Nature of P/FCF
The P/FCF ratio of 121.40 is the most commonly misapplied metric to WPM's business model, as it obscures the true economic cycle of investments by penalizing the company for strategic, lumpy capital deployments that create long-term recurring revenue streams.
Free cash flow is highly volatile for WPM, swinging from deficits to surpluses based on the timing of major stream acquisitions, which does not reflect the underlying operational cash generation quality. A more appropriate metric would be EV/Operating Cash Flow or a normalized FCF yield that adjusts for these strategic investments. The market's focus on P/FCF may create temporary valuation dislocations that do not align with the company's long-term, asset-light business model.