Wheaton Precious Metals (TSE:WPM)
TSX:WPM
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Wheaton Precious Metals
(TSX:WPM)
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Rating:78Outperform
Price Target:
C$197.00
▲(14.10% Upside)
Action:ReiteratedDate:03/14/26
The score is driven primarily by standout profitability and a fortress-like balance sheet, reinforced by a strongly positive earnings update with clear long-term growth targets. Offsetting factors are a premium valuation with a low dividend yield and a mixed near-term technical picture, plus noted variability in free cash flow conversion.
Positive Factors
Conservative balance sheet
Minimal leverage provides durable financial flexibility: low default risk, strong capacity to fund large streams, and resilience across commodity cycles. This supports long-term deal origination, opportunistic M&A and the ability to withstand temporary cash-flow swings without distress.
Negative Factors
Variable free cash flow conversion
Material divergence between net income and free cash flow, with large year-to-year swings, reduces reliability of distributable cash and complicates capital allocation. Persistent FCF variability can stress funding plans for large upfront payments and dividend policy in down cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Minimal leverage provides durable financial flexibility: low default risk, strong capacity to fund large streams, and resilience across commodity cycles. This supports long-term deal origination, opportunistic M&A and the ability to withstand temporary cash-flow swings without distress.
Read all positive factors
Wheaton Precious Metals (WPM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$78.39B
Dividend Yield0.55%
Average Volume (3M)825.07K
Price to Earnings (P/E)23.5
Beta (1Y)1.75
Revenue Growth54.48%
EPS Growth68.44%
CountryCA
Employees44
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.70
Shares Outstanding454,036,960
10 Day Avg. Volume945,416
30 Day Avg. Volume825,072
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)6.15
Price to Sales (P/S)22.65
P/FCF Ratio92.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$243.90Price Target Upside41.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)5.68
Revenue Forecast (FY)C$4.20B
Wheaton Precious Metals Business Overview & Revenue Model
Company Description
Wheaton Precious Metals Corp., a streaming company, primarily sells precious metals in Canada and internationally. The company sells gold, silver, palladium, and cobalt deposits. It has a portfolio of interests in the 23 operating mines and 13 dev...
How the Company Makes Money
WPM makes money primarily through a streaming (and to a lesser extent royalty) business model. Under a streaming agreement, WPM pays an upfront deposit (and sometimes additional payments tied to project milestones) to a mining company. In return, ...
Wheaton Precious Metals Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall: management reported record quarterly and annual financial results, production that exceeded guidance, robust free cash flow, an industry‑leading growth outlook (50% growth to ~1.2M GEOs by 2030), and an 18% dividend increase. Major strategic expansion with the $4.3B Antamina stream materially strengthens silver exposure but temporarily increases leverage and cash commitments. A few operational headwinds (Constancia grade declines, mix/grade impacts and short-term PBND seasonality) and the near-term funding and integration of large transactions are noted, but management presents clear funding plans and confidence in rapid deleveraging and continued access to deals.Positive Updates
High Sales Volume and Leverage of Streaming Model
Q4 sales volumes >190,000 GEOs (+35% YoY). 80% of revenue from fixed per-ounce production payments in operating streams, demonstrating strong margin leverage in rising precious metals prices.
Negative Updates
Declines at Constancia Due to Grade Depletion
Constancia Q4 produced 700,000 attributable silver ounces and 15,000 attributable gold ounces, declines of ~25% (silver) and ~18% (gold) YoY driven by significantly lower grades and slightly lower throughput; Pampacancha pit depletion accelerated and completed late Dec 2025, with attributable production expected to decline in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
High Sales Volume and Leverage of Streaming Model
Q4 sales volumes >190,000 GEOs (+35% YoY). 80% of revenue from fixed per-ounce production payments in operating streams, demonstrating strong margin leverage in rising precious metals prices.
Read all positive updates
Company Guidance
Management's guidance called for 2026 attributable production of 400,000–430,000 oz gold, 27–29 million oz silver and 19,000–21,000 oz of other metals (total ~860,000–940,000 GEOs), with ~45% of annual production in H1 and ~55% in H2; production is expected to grow ~50% to over 1.2 million GEOs by 2030 (averaging ~1.2M GEOs p.a. in 2031–2035) with Antamina contributing ~18% of 2030 output. They forecast more than $10 billion of operating cash flow through 2028 at spot prices, expect to return to net cash in ~1 year after an anticipated ~$2.4 billion net debt position at Antamina closing (funded by $1.2B cash, ~$400M pre‑closing FCF, $300M monetization, $1.5B term loan and ~$900M revolver), plan PBND to rebuild from ~155,000 GEOs (~2.5 months) toward ~3 months in Q1, and approved an 18% dividend increase to $0.195/share.Wheaton Precious Metals Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
96
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.36B | 1.28B | 1.02B | 1.07B | 1.20B |
| Gross Profit | 1.70B | 802.59M | 573.44M | 565.48M | 658.92M |
| EBITDA | 1.93B | 892.93M | 755.19M | 903.26M | 1.01B |
| Net Income | 1.50B | 529.14M | 537.64M | 669.13M | 754.88M |
Balance Sheet | |||||
| Total Assets | 9.15B | 7.42B | 7.03B | 6.76B | 6.30B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 818.17M | 546.53M | 696.09M | 226.04M |
| Total Debt | 7.89M | 5.17M | 6.23M | 1.97M | 2.87M |
| Total Liabilities | 478.80M | 165.08M | 45.67M | 42.23M | 46.03M |
| Stockholders Equity | 8.67B | 7.26B | 6.99B | 6.72B | 6.25B |
Cash Flow | |||||
| Free Cash Flow | 573.58M | 369.25M | 74.94M | 721.76M | 319.18M |
| Operating Cash Flow | 1.94B | 1.03B | 750.81M | 743.42M | 845.14M |
| Investing Cash Flow | -1.30B | -488.30M | -646.65M | -44.30M | -404.22M |
| Financing Cash Flow | -294.67M | -267.39M | -254.24M | -228.89M | -407.61M |
Wheaton Precious Metals Technical Analysis
Neutral
172.65
Price Trends
194.30
Negative
175.17
Negative
155.08
Positive
Market Momentum
-9.07
Positive
41.37
Neutral
32.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WPM, the sentiment is Neutral. The current price of 172.65 is below the 20-day moving average (MA) of 188.02, below the 50-day MA of 194.30, and above the 200-day MA of 155.08, indicating a neutral trend. The MACD of -9.07 indicates Positive momentum. The RSI at 41.37 is Neutral, neither overbought nor oversold. The STOCH value of 32.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:WPM.
Wheaton Precious Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$134.39B | 18.74 | 19.25% | 0.91% | 38.72% | 250.70% | |
80 Outperform | C$62.51B | 35.28 | 16.25% | 0.72% | 44.76% | ― | |
78 Outperform | C$78.39B | 23.53 | 18.53% | 0.55% | 54.48% | 68.44% | |
78 Outperform | C$24.76B | 18.00 | 22.48% | 0.25% | 34.64% | 115.75% | |
78 Outperform | C$23.71B | 24.83 | 60.01% | 2.47% | 57.32% | 126.96% | |
73 Outperform | C$89.51B | 14.63 | 19.79% | 1.17% | 21.76% | 129.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:WPM
Wheaton Precious Metals
172.65
61.81
55.76%
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44.38%
TSE:AGI
Alamos Gold
58.97
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53.86%
TSE:LUG
Lundin Gold
98.11
55.86
132.21%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.