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Wheaton Precious Metals (WPM) USD

At a glance: strengths & risks
✓Revenue growing (+80%)✓Profit growing (+178%)✓Net cash balance sheet

Sector: Precious-metals royalty

Geography: Canada, United States, Mexico, Peru

COMM_WPM

Price chart

134.21 USDDay 1.78%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
134.21 USD · 1.78%
Market cap
60.9 bn USD

Growth

Δ revenue y/y
84.7%
Δ EBITDA y/y
95.0%

Multiples

P/E (LTM)
29.7x
P/B (FY)
7.0x
P/E (ann.)
28.0x
EV/EBITDA (LTM)
23.6x
EV/EBITDA (ann.)
19.9x

Cash return

Dividend yield
—
FCF yield (LTM)
-4.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-57.0%
↓ details

Liquidity

Daily turnover
—

Shares: yahoo_fundamentals_timeseries/WPM

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK929.2
y/y 84.7%
667.1
y/y 102.3%
122.8
y/y 63.0%
789.9
y/y 95.0%
543.2
y/y 85.9%
649.5-4511.412161.2
y/y 52.4%
9690.4
y/y 25.4%
23.0%1869.7Link
2026-03-31Q1 2026 (3M)OK901.5
y/y 91.8%
674.8
y/y 132.1%
77.3
y/y 0.4%
752.1
y/y 104.5%
582.0
y/y 129.2%
765.8-61.29846.2
y/y 27.2%
9243.3
y/y 23.8%
26.0%-2156.8Link
2025-12-31Q4 2025 (3M)PARTIAL864.7
y/y 126.4%
645.8
y/y 453.0%
86.6
y/y 25.9%
732.3
y/y 294.7%
558.2
y/y 533.3%
746.3-647.09125.8
y/y 22.9%
8690.5
y/y 19.7%
17.5%-1145.6Link
2025-09-30Q3 2025 (3M)OK476.3
y/y 54.5%
315.5
y/y 79.3%
66.3
y/y 18.6%
381.8
y/y 64.7%
367.2
y/y 137.5%
383.0-250.68419.5
y/y 14.0%
8092.8
y/y 11.5%
6.2%-1149.7Link
2025-06-30Q2 2025 (3M)OK503.2
y/y 68.3%
329.7
y/y 95.1%
75.3
y/y 27.2%
405.0
y/y 77.5%
292.3
y/y 138.9%
415.0-348.07982.4
y/y 10.1%
7725.7
y/y 7.9%
15.4%-997.6Link
2025-03-31Q1 2025 (3M)OK470.0
y/y 59.1%
290.7
y/y 82.7%
77.0
y/y 20.8%
367.7
y/y 65.0%
254.0
y/y 54.8%
360.8-95.77739.3
y/y 7.8%
7466.1
y/y 5.6%
13.8%-1077.5Link
2024-12-31Q4 2024 (3M)OK381.9
y/y 21.8%
116.8
y/y -26.7%
68.8
y/y 14.7%
185.5
y/y -15.3%
88.1
y/y -47.7%
320.3-126.67424.5
y/y 5.6%
7259.4
y/y 3.9%
7.3%-818.2Link
2024-09-30Q3 2024 (3M)OK308.3
y/y 38.1%
175.9
y/y 56.8%
55.9
y/y 19.5%
231.8
y/y 45.8%
154.6
y/y 32.9%
254.3-30.87386.2
y/y 7.3%
7260.0
y/y 6.1%
2.9%-688.4Link
2024-06-30Q2 2024 (3M)OK299.0
y/y 12.8%
169.0
y/y 25.0%
59.2
y/y 7.9%
228.2
y/y 20.1%
122.3
y/y -13.5%
233.9-48.77248.2
y/y 5.4%
7159.7
y/y 4.6%
6.9%-534.5Link
2024-03-31Q1 2024 (3M)OK295.5
y/y 37.8%
159.1
y/y 61.3%
63.7
y/y 17.3%
222.8
y/y 45.7%
164.0
y/y 47.3%
219.1-460.87178.9
y/y 4.0%
7071.9
y/y 3.8%
9.3%-299.9Link
2023-12-31Q4 2023 (3M)OK313.5
y/y —
159.2
y/y —
60.0
y/y —
219.2
y/y —
168.4
y/y —
242.2-460.37031.2
y/y —
6985.5
y/y —
7.8%-546.5Link
2023-09-30Q3 2023 (3M)OK223.1
y/y —
112.2
y/y —
46.8
y/y —
159.0
y/y —
116.4
y/y —
171.1-94.66881.5
y/y —
6843.3
y/y —
2.3%-827.7Link
2023-06-30Q2 2023 (3M)OK265.0
y/y —
135.2
y/y —
54.9
y/y —
190.1
y/y —
141.4
y/y —
202.4-88.76879.9
y/y —
6846.4
y/y —
8.3%-822.3Link
2023-03-31Q1 2023 (3M)OK214.5
y/y —
98.6
y/y —
54.3
y/y —
153.0
y/y —
111.4
y/y —
135.1-32.36905.5
y/y —
6812.5
y/y —
—-797.9Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)1 969
− Cash & equivalents100
Net debt1 870

Net debt / LTM EBITDA: 0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-4 000-3 000-2 000-1 00001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-3 000-2 000-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.29x of reported net profit; after capex, 0.42x.
year20212022202320242025
cash flow / profit1.12x1.11x1.40x1.94x1.29x
accruals, % of assets-1.4%-1.1%-3.0%-6.7%-4.8%
Last twelve months (to 2026-06-30): 1.24x of profit came back as operating cash flow.
net debt / EBITDA -0.7x · capex 3.5x of depreciation · dividends 8% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
23.53 mln oz eq.
2024
Annual production
0.69 mln ounces
2025

Production, mln ounces

0.7620210.6420220.6220230.6520240.692025

Proved reserves

YearReserves, mln oz eq.
202423.53
202321.88
202222.43
202122.57

Production

YearProduction, mln ouncesper day, mln ounces
20260.21 * (3M)
+40.3%		0.00
20250.69
+5.8%		0.00
20240.65
+5.3%		0.00
20230.62
−3.8%		0.00
20220.64
−15.0%		0.00
20210.760.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 376spot vs LTM +3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -57.0% ▲ +0.0 pp 1d

Main driver: Gold +3% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 2 686→2 280; at 12.0× EV/EBITDA → -57%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+50%4 375.604 242.243 238.53+3%-24%
Silver (rev)+50%64.6662.3042.37+4%-32%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 172
LTM EBITDA2 686
LTM cash costs (revenue − EBITDA)486
2 · Revenue projection
Revenue multiplier — spot×1.035 (+3%)
= Spot revenue3 282
Revenue multiplier — 3y price×0.722 (-28%)
= 3-year-price revenue2 289
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs505
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs505
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 776
= 3-year-price EBITDA1 784
Conservative EBITDA = min(spot, avg)2 280
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA27 362
Net debt1 869
Target market cap = EV − net debt25 125
Current market cap58 405

Upside = target market cap ÷ current − 1 = -57.0%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3223250-10.6%159219-27.3%
2023 Q4313243+28.8%219214+2.6%
2024 Q1295263+12.5%223187+19.0%
2024 Q2299327-8.6%229249-8.0%
2024 Q3308337-8.6%232260-10.8%
2024 Q4382364+4.8%186284-34.7%
2025 Q1470375+25.4%368268+37.2%
2025 Q2503433+16.3%405319+27.1%
2025 Q3476515-7.5%382394-3.0%
2025 Q4865676+27.8%737551+33.9%
2026 Q19011 000-9.9%769892-13.9%
2026 Q2929875+6.2%798759+5.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +80% vs +26% the year before — a +53.7 pp move. 3-year CAGR +30%.
revenue growth by year: 2023 -5% · 2024 +26% · 2025 +80%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 19.9x · target 75th pct (3y) 30.8x · LTM avg 34.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Wheaton Precious Metals (WPM) — from primary filings.

Wheaton Precious Metals Corp. is a precious metals streaming company that provides upfront financing to mining companies in exchange for the right to purchase a portion of their future gold, silver, and other metal production at a fixed price.

Frequently asked questions

What is Wheaton Precious Metals (WPM)'s P/E ratio?
Wheaton Precious Metals (WPM) trades at a P/E of 29.7x (price to trailing 12-month earnings).
What is Wheaton Precious Metals (WPM)'s EV/EBITDA?
Wheaton Precious Metals (WPM) trades at 23.6x EV/EBITDA.
What is Wheaton Precious Metals (WPM)'s P/B ratio?
Wheaton Precious Metals (WPM) trades at a P/B of 7.0x.
What is Wheaton Precious Metals (WPM)'s return on equity (ROE)?
Wheaton Precious Metals (WPM)'s ROE is 23.0%.
What is Wheaton Precious Metals (WPM)'s market capitalization?
Wheaton Precious Metals (WPM)'s market cap is 60.9 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map