Wheaton Precious Metals (TSE:WPM)
NYSE:WPM
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Wheaton Precious Metals
(NYSE:WPM)
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Rating:72Outperform
Price Target:
C$190.00
â–¼(-8.96% Downside)
Action:Reiterated
Date:05/09/26
Strong financial performance (high margins and a historically conservative balance sheet) is the primary driver, reinforced by a positive earnings call highlighting record results and clear growth guidance. The score is held back by expensive valuation (high P/E and low yield) and only moderate/negative near-term technical momentum (negative MACD, neutral RSI).
Positive Factors
Margin Sustainability / Business Model
Wheaton's streaming model yields structurally high gross and net margins because it purchases metal at fixed low per‑ounce prices while selling at spot. This asset‑light approach preserves margin resilience across cycles and supports durable profitability and returns.
Negative Factors
Weak Cash Conversion
A low FCF-to-net-income ratio means a smaller share of reported profits converts to surplus cash, constraining sustainable shareholder returns and reinvestment flexibility. This raises sensitivity to working capital swings and reduces predictability of cash available for growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability / Business Model
Wheaton's streaming model yields structurally high gross and net margins because it purchases metal at fixed low per‑ounce prices while selling at spot. This asset‑light approach preserves margin resilience across cycles and supports durable profitability and returns.
Read all positive factors
Wheaton Precious Metals (WPM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$81.46B
Dividend Yield0.55%
Average Volume (3M)682.98K
Price to Earnings (P/E)26.0
Beta (1Y)1.91
Revenue Growth86.33%
EPS Growth186.98%
CountryCA
Employees44
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.96
Shares Outstanding454,099,550
10 Day Avg. Volume609,356
30 Day Avg. Volume682,984
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$245.64Price Target Upside17.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)5.53
Revenue Forecast (FY)C$4.11B
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call communicated a strongly positive financial and operational quarter highlighted by record revenue, earnings, and operating cash flow, meaningful production growth, and a transformational Antamina transaction that expands silver exposure and supports long-term organic growth. The company also expanded its geographic footprint (first Australian stream) and continued disciplined capital deployment. Offsetting considerations include a continued build in produced-but-not-yet-delivered inventory, significant near-term cash outflows and financing activity related to the Antamina acquisition, short-term operational interruptions and maintenance at select mines, and reliance on successful ramp-ups later in the year. Overall, the positives—robust cash generation, record metrics, strategic high-quality portfolio additions, and a clear growth trajectory—outweigh the manageable near-term challenges.Positive Updates
Record Revenue, Earnings and Cash Flow
Company reported record quarterly revenue (up 92% year-over-year), net earnings of $582 million (up 129% YoY), adjusted net earnings of $583 million (up 132% YoY), and operating cash flow of $766 million (up 812% YoY).
Negative Updates
Produced but Not Yet Delivered (PBND) Build
PBND balance increased to ~184,000 GEOs (about 2.8 months of payable production) and has built for the fifth consecutive quarter. Management expects PBND to remain in the 2.5–3.5 month range in 2026, with Q1–Q2 seasonality and ramp-ups contributing to the build.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue, Earnings and Cash Flow
Company reported record quarterly revenue (up 92% year-over-year), net earnings of $582 million (up 129% YoY), adjusted net earnings of $583 million (up 132% YoY), and operating cash flow of $766 million (up 812% YoY).
Read all positive updates
Company Guidance
Guidance for 2026 targets attributable production of 860,000–940,000 GEOs (Q1 production was 212,000 GEOs, +22% YoY; Q1 sales 182,000 GEOs) with production weighted ~45% H1 / 55% H2; PBND was ~184,000 GEOs (2.8 months) and is expected to remain ~2.5–3.5 months. Management reiterates industry‑leading organic growth of ~50% to ~1.2 million GEOs by 2030 (and ~1.2M pa on average in 2031–2035). Financially, Q1 delivered record results (revenue +92% YoY, average realized GEO price +98% YoY), net earnings $582M / adjusted net earnings $583M, operating cash flow $766M (+812% YoY), cash inflows $1.0B and cash balance $2.2B at March 31. Major cash items include $90M of upfront stream payments in Q1, $323M proceeds from monetizations ($150M gain), the $4.3B Antamina upfront funded Apr 1 (cash + draw on $2.0B RCF + $1.5B term loan) leaving pro forma net debt ~$2.1B (~0.7x annualized Q1 EBITDA) with implied finance costs ~5% (≈$30M range), a June global minimum tax cash outlay of ~$150M, Q2 total disbursements ~ $4.6B (Antamina + dividends), and the remainder of 2026 development funding ~ $200M; Antamina combined depletion is expected to be ~$26–27/oz.Wheaton Precious Metals Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.74B | 2.36B | 1.28B | 1.02B | 1.07B | 1.20B |
| Gross Profit | 2.12B | 1.70B | 802.59M | 573.44M | 565.48M | 658.92M |
| EBITDA | 2.37B | 1.93B | 892.93M | 755.19M | 903.26M | 1.01B |
| Net Income | 1.80B | 1.50B | 529.14M | 537.64M | 669.13M | 754.88M |
Balance Sheet | ||||||
| Total Assets | 9.85B | 9.15B | 7.42B | 7.03B | 6.76B | 6.30B |
| Cash, Cash Equivalents and Short-Term Investments | 2.17B | 1.15B | 818.17M | 546.53M | 696.09M | 226.04M |
| Total Debt | 7.67M | 7.89M | 5.17M | 6.23M | 1.97M | 2.87M |
| Total Liabilities | 603.34M | 478.80M | 165.08M | 45.67M | 42.23M | 46.03M |
| Stockholders Equity | 9.25B | 8.67B | 7.26B | 6.99B | 6.72B | 6.25B |
Cash Flow | ||||||
| Free Cash Flow | 990.38M | 573.58M | 369.25M | 74.94M | 721.76M | 319.18M |
| Operating Cash Flow | 2.31B | 1.94B | 1.03B | 750.81M | 743.42M | 845.14M |
| Investing Cash Flow | -948.11M | -1.30B | -488.30M | -646.65M | -44.30M | -404.22M |
| Financing Cash Flow | -293.50M | -294.67M | -267.39M | -254.24M | -228.89M | -407.61M |
Wheaton Precious Metals Technical Analysis
Negative
208.71
Price Trends
186.59
Negative
188.52
Negative
165.94
Positive
Market Momentum
-0.29
Negative
44.35
Neutral
64.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WPM, the sentiment is Negative. The current price of 208.71 is above the 20-day moving average (MA) of 185.36, above the 50-day MA of 186.59, and above the 200-day MA of 165.94, indicating a neutral trend. The MACD of -0.29 indicates Negative momentum. The RSI at 44.35 is Neutral, neither overbought nor oversold. The STOCH value of 64.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | C$93.52B | 10.86 | 23.48% | 1.17% | 42.43% | 170.59% | |
79 Outperform | C$124.16B | 14.97 | 21.97% | 0.91% | 50.46% | 123.62% | |
78 Outperform | C$20.97B | 16.89 | 68.29% | 2.47% | 49.56% | 67.17% | |
76 Outperform | C$59.77B | 25.90 | 18.67% | 0.72% | 70.06% | 119.01% | |
72 Outperform | C$81.46B | 26.03 | 21.33% | 0.55% | 86.33% | 186.98% | |
72 Outperform | C$23.23B | 24.81 | 25.24% | 0.25% | 46.83% | 306.46% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:WPM
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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.