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Wheaton Precious Metals USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Precious-metals royalty

Geography: Canada, United States, Mexico, Peru

COMM_WPM

Price chart

116.1 USDDay 3.05%

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
116.1 USD · 3.05%
Market cap
52.7 bn USD

Growth

Δ revenue y/y
80.2%
Δ EBITDA y/y
82.1%

Multiples

P/E (LTM)
23.8x
P/B (FY)
6.1x
P/E (ann.)
35.9x
EV/EBITDA (LTM)
18.8x
EV/EBITDA (ann.)
33.8x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
0.6%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)

Liquidity

Daily turnover (listing)
230.5 mln USD

Shares: yahoo_fundamentals_timeseries/WPM

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 4 / Warn: 8 / Err: 2 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1Warn 1
2023-06-30 Q2Warn 1
2023-09-30 Q3Warn 1
2023-12-31 FYOK
2023-12-31 Q4OK
2024-03-31 Q1Errors 1Warn 1
2024-06-30 Q2Errors 1Warn 1
2024-09-30 Q3Warn 1
2024-12-31 FYOK
2024-12-31 Q4Warn 1
2025-03-31 Q1OK
2025-06-30 Q2Warn 1
2025-09-30 Q3Warn 1
2025-12-31 FYWarn 2
All checks pass · Has warnings (review) · Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2025-12-31FY 2025 (12M)PARTIAL2314.6
y/y 80.2%
1581.6
y/y 154.8%
1.3
y/y -99.5%
1582.9
y/y 82.1%
1471.7
y/y 178.1%
1905.0-1279.19125.8
y/y 22.9%
8690.5
y/y 19.7%
17.5%-1145.6
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%-1149.7
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%
-997.6
2025-03-31Q1 2025 (3M)OK470.0
y/y 59.1%
y/y
y/y
368.0
y/y 65.1%
y/y
y/y
y/y
-813.0
2024-12-31Q4 2024 (3M)PARTIAL381.9
y/y 21.8%
116.8
y/y -26.7%
69.5
y/y 15.9%
186.2
y/y -15.0%
88.1
y/y -47.7%
320.3-118.07424.5
y/y 5.6%
7259.4
y/y 3.9%
7.3%-818.2
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%-688.4
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%-534.5
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%-299.9
2023-12-31Q4 2023 (3M)PARTIAL313.5
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%-546.5
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%-827.7
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%-822.3
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
-797.9
Data quality — review suggested

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

0.7620210.6420220.6220230.6520240.6920250.212026

Proved reserves

YearReserves, mln oz eq.
202423.53
202321.88
202222.43
202122.57

Production

YearProduction, mln ouncesper day
20260.21 *581.0
20250.69
+5.8%
1 885
20240.65
+5.3%
1 782
20230.62
−3.8%
1 693
20220.64
−15.0%
1 759
20210.762 071

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-100%0%100%200%300%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF ($ mln)

-400-20002004002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

-1 250-1 000-750-500-25002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Key-commodity price — Gold

Current 4 105spot vs LTM +4%

Commodity-player potential

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

Upside: -62.3%

Main driver: Gold +4% vs LTM; revenue ×1.13 vs costs ×1.04; EBITDA 1 583→1 439; at 12.0× EV/EBITDA → -62%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+50%4 104.523 939.803 102.99+4%-21%
Silver (rev)+50%64.4152.9840.06+22%-24%

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

1 · Reported baseline (LTM)
LTM revenue2 315
LTM EBITDA1 583
LTM cash costs (revenue − EBITDA)732
2 · Revenue projection
Revenue multiplier — spot×1.129 (+13%)
= Spot revenue2 613
Revenue multiplier — 3y price×0.772 (-23%)
= 3-year-price revenue1 787
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs761
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs761
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 852
= 3-year-price EBITDA1 026
Conservative EBITDA = min(spot, avg)1 439
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)12.0x
Target EV = EV/EBITDA × conservative EBITDA17 264
Net debt-1 154
Target market cap = EV − net debt18 418
Current market cap48 818

Upside = target market cap ÷ current − 1 = -62.3%

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 Q1214278-22.9%153196-21.8%
2023 Q2265271-2.1%199196+1.8%
2023 Q3223250-10.6%169180-5.9%
2023 Q4322243+32.4%237177+33.7%
2024 Q1295265+11.5%223197+13.3%
2024 Q2299330-9.3%229259-11.5%
2024 Q3308340-9.3%238268-11.0%
2024 Q4381367+3.8%118291-59.4%
2025 Q1470374+25.5%368252+45.7%
2025 Q2503432+16.4%413303+36.5%
2025 Q3476515-7.4%480380+26.4%
2025 Q4865676+28.0%321561-42.7%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 25.5x · target 3-yr avg 28.3x · LTM avg 32.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-270.195 USDEx-dividend: 0.195 USD per sharePaidYahoo Finance (ex-div)
2026-03-310.195 USDEx-dividend: 0.195 USD per sharePaidYahoo Finance (ex-div)
2025-05-280.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2025-04-010.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2024-11-210.155 USDEx-dividend: 0.155 USD per sharePaidYahoo Finance (ex-div)
2024-08-210.155 USDEx-dividend: 0.155 USD per sharePaidYahoo Finance (ex-div)
2024-05-290.155 USDEx-dividend: 0.155 USD per sharePaidYahoo Finance (ex-div)
2024-04-020.155 USDEx-dividend: 0.155 USD per sharePaidYahoo Finance (ex-div)
2023-11-270.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-08-240.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-05-180.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-03-230.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-11-180.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-08-250.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-05-190.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-03-230.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2021-11-190.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2021-08-260.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

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