Our note on each quarter Wheaton Precious Metals files
Where Wheaton Precious Metals stands after its latest Filing
Revenue for the twelve months was $2.31bn, up 80.2% on a year earlier, faster than the 26.4% growth a quarter earlier. Free-cash-flow margin rose to 82.2% from 58.0% a year earlier. Operating margin widened to 68.3% from 62.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $116 a share, against a share price of $117.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are
as published at the time. Not investment advice.
The Fundamentalytics view
Next results ~November 5, 2026 (estimated)
Wheaton Precious Metals Corp.'s trailing-twelve-month revenue grew 80.2% year on year, with a free-cash-flow margin of 82.2%. Where it stands out: net margin of 63.6% ranks 2 of 24 gold companies we cover.
Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$88–$150 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth accelerating: TTM revenue growth rose to 80.2% (+53.7pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our
methodology. Observations, not recommendations.
Fast growth. Revenue grew 80.2% over the last 12 months, against a median of 55.1% for gold companies we cover.
Growth speeding up. The growth rate is 53.7 points higher than a quarter earlier.
High operating margin. 68.3% of revenue is left as operating profit, against a median of 41.2% for gold companies we cover.
Margins widening. Operating margin is up 20.0 points on a year ago.
Strong cash generation. 82.2% of revenue turned into free cash flow, against a median of 28.2% for gold companies we cover.
Things to watch
Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 7.5% over 90 days.
Latest results
Earnings per share
$1.19 against an average estimate of $1.16: beat by 2.9%
Next report
November 5, 2026; average EPS estimate $0.90
Wheaton Precious Metals' figures from its SEC filings and results release; estimates are the analysts' average. Not a
recommendation.
Price chart
1 day+2.2%
1 week-2.6%
Closing prices to 2026-11-02. Price change only, dividends excluded.
Loading chart…
Third-party market data · may be delayed
At a glance
Trailing twelve months, from SEC filings
Profitability
Revenue (TTM)
$2.3B
Operating margin
68.3%
Net margin
63.6%
EPS (TTM, diluted)
$3.24
Growth
Revenue growth
+80.2%
Change in growth rate
+53.7 pts
Share count change
+0.1%
Cash
Free cash flow (TTM)
$1.9B
FCF margin
82.2%
Stock pay % of revenue
1.1%
News & updates
Updated November 2, 2026
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for WPM from the sources we follow. See filings →
Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.
The share price implies about 13.4% a year of cash-flow growth for five years.That is close to the 16.1% a year revenue growth Wheaton Precious Metals has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital
item), so the cash-flow base behind this reading may be unusually low or high.
Priced in13.4%
Last 12 months80.2%
3 years a year29.5%
5 years a year16.1%
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which
the model value equals the share price ($118.28, Nov 3, 2026). Cash-flow growth then fades to 2.5% a
year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
How we got here: a discounted-cash-flow model of Wheaton Precious Metals Corp.'s free cash flow after
stock-based pay with after-tax interest added back ($1.7B, FY2025 Q4
TTM), growing 13% a year for five years and fading to 2.5%, discounted at 8.5%. Lower
and higher growth cases span ~$88–~$150
; that spread sets a 25% margin before we rate Buy or Sell.
Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating
meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General
research, not personal advice — it does not consider your circumstances. Prices can
fall as well as rise.
Our value per share comes from a discounted-cash-flow model of Wheaton Precious Metals Corp.'s free cash
flow after stock-based pay (
$1.7B, FY2025 Q4 TTM, with after-tax interest added back): growth for
five years as below (the first two years from forecasts, guidance and the company's
record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims
subtracted. These are model values under
stated assumptions, not price targets or recommendations.
Valuation models
We value Wheaton Precious Metals Corp. as an operating company, with every model that fits that kind of
business.
Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a
beta of 1.31 times a 4.5% equity risk premium.
Value per share by model
Model
Value per share
In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims.
~$120 ~$88–$150
Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts.
~$43 ~$30–$54
Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts.
~$37 ~$33–$53
Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years.
~$20 ~$15–$27
Left out: out of range vs price (0.17x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns.
~$20 ~$18–$23
Left out: out of range vs price (0.17x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out.
~$78 ~$37–$120
3 models
Different models fail in different ways, so where several apply we average them rather than
trust one. Peer-based models compare Wheaton Precious Metals Corp. with Gold in our coverage, using
third-party market data. Model values are estimates under stated assumptions, updated as new
filings arrive; not price targets or investment advice. How each model works.
What moves the value
Revenue growth 5 points lower ▼ −23%
Revenue growth 5 points higher ▲ +30%
Free-cash-flow margin 1 point lower ▼ −1%
Last year's free-cash-flow margin change, if it persists ▲ +3%
Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth →
−5% growth
0% growth
5% growth
10% growth
15% growth
20% growth
7%
$55
$74
$99
$132
$175
$231
8.5%
$43
$57
$75
$98
$129
$169
10%
$36
$46
$60
$78
$101
$131
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.
Forecasts and guidance
Next results: November 5, 2026, after the close.
Analysts expect revenue of $773m and EPS of $0.90 (range $0.86 to $1.00) for the quarter.
Next year's EPS estimate has moved −7.5% in 90 days, across 15 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −6.0% on 90 days ago.
In the last 30 days, 2 analysts raised Wheaton Precious Metals Corp.'s forecast and 4 cut it.
Consensus EPS forecastWheaton Precious Metals Corp., last 90 days
Current fiscal year Next fiscal year
Average of analysts' published estimates (third-party data).
View chart data
Period
Current fiscal year
Next fiscal year
90 days ago
$4.85
$5.31
60 days ago
$4.81
$5.06
30 days ago
$4.76
$4.99
7 days ago
$4.58
$4.91
Now
$4.55
$4.91
Earnings against estimates
Wheaton Precious Metals Corp.: reported EPS against the consensus estimate
Quarter to
Estimate
Actual
Surprise
Jun 2026
$1.16
$1.19
+2.9%
Mar 2026
$1.22
$1.28
+4.8%
Dec 2025
$1.09
$1.22
+11.5%
Sept 2025
$0.58
$0.62
+5.9%
Adjusted EPS as companies report it, against the average analyst estimate.
Analyst recommendations
16 analysts, Nov 2026
Buy16100%
Hold00%
Sell00%
Monthly trend
Strong buy
Buy
Hold
Sell
Strong sell
Nov 202651116
Oct 202651116
Sep 202651116
Counts of recommendations published by analysts covering Wheaton Precious Metals Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or
price target, and these are not Fundamentalytics ratings.
Positioning
Short interest
—
of tradable shares
Days to cover
3.42
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
0.1%
of shares
Consensus figures average analysts' published estimates (third-party data); guidance is the company's own.
Neither is our forecast. Short
interest is reported twice a month and lags. Market data may be delayed.
This section is general information, not investment advice or a personal recommendation, and it does not
take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies
miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose
money. See our disclaimer.
Share-price performance
Market data may be delayed
Recent prices are available. Older price history and the statistics that need it are being loaded in the background.
Price behaviour
52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—
Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares
typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.
How Wheaton Precious Metals Corp.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are
delayed, read November 2, 2026. Check the live chain at your broker before trading.
Implied vs realised volatility
Not enough history
There is not enough price history to measure realised volatility.
Implied (30 days)50%
Realised, last 20 days—
Realised, last 60 days—
Realised, last year—
Puts and calls are priced at about the same implied volatility.
Why: not enough price history to measure realised volatility.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above
1-year realised (not just a calm spell), and in the top 20% of our
coverage that day. Never with results inside the option’s life. These are our conventions, built on research
showing option prices usually imply more movement than follows, most when the gap is wide.
How we judge this.
Sell the $110 put expiring December 18, 2026 (46 days) for $3.50 a share — $350 per contract.
Previous session ·
Bid $3.50, ask $4.60, quoted Mon 2 Nov, 17:40 New York time with WPM at $118.99.
Option prices move with the shares: check the live chain at your broker before trading.
If WPM ends above $110: you keep the $350 — 3.2% on the $11,000 set aside, or 25.2% a year at that pace.
If it ends below $110: you buy 100 shares at an effective $106.5, 11% below today's price and 11% below our value of ~$120.
Profit or loss per contract at expiry, by share price.
Own 100 shares, sell the $135 call expiring December 18, 2026 (46 days) for $2.75 a share — $275 per contract.
Previous session ·
Bid $2.75, ask $3.20, quoted Mon 2 Nov, 17:40 New York time with WPM at $118.99.
Option prices move with the shares: check the live chain at your broker before trading.
If WPM ends below $135: you keep your shares and the $275 — 2.3% extra on the position, 18.3% a year at that pace.
If it ends above $135: your shares are sold at $135, a total return of 15.8% including the premium — at or above our value of ~$120.
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$275
Annualised
18.3%
Break-even
$116.24
Max gain
$1,876
Chance of selling
~27%
Collar
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone:
put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or
news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early
assignment are not modelled.
Growth, profitability, cash generation and balance sheet are percentiles against the
companies we cover in the same industry, from SEC filings (100 = best). Value compares the
share price with our modelled value range (50 = at our base value; higher = cheaper).
A description of reported data and our model — not a quality score or advice.
Fundamentals
Revenue (TTM)Wheaton Precious Metals Corp.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Operating margin (TTM)
FY17 Q4
8.7%
FY18 Q4
30.8%
FY19 Q4
14.6%
FY20 Q4
47.4%
FY21 Q4
62.8%
FY22 Q4
48.1%
FY23 Q4
49.7%
FY24 Q4
48.3%
FY25 Q4
68.3%
FCF margin (TTM)Wheaton Precious Metals Corp.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
FCF margin (TTM)
FY16 Q4
65.4%
FY17 Q4
63.8%
FY18 Q4
60.0%
FY19 Q4
58.0%
FY20 Q4
69.7%
FY21 Q4
70.2%
FY24 Q4
79.9%
FY25 Q4
82.2%
Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.
Where the money goes
FY2025, from the 10-K
Each dollar Wheaton Precious Metals took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
Revenue $2.3B
Other income $116M · 5.0%
Cost of revenue $643M · 27.8%
Gross profit $1.7B · 72.2%
Other operating costs $90M · 3.9%
Operating income $1.6B · 68.3%
Income tax $226M · 9.8%
Net income $1.5B · 63.6%
Where Wheaton Precious Metals's revenue went, FY2025
Revenue
$2.3B
Other income
$116M
5.0% of revenue
Cost of revenue
$643M
27.8% of revenue
Gross profit
$1.7B
72.2% of revenue
Other operating costs
$90M
3.9% of revenue
Operating income
$1.6B
68.3% of revenue
Income tax
$226M
9.8% of revenue
Net income
$1.5B
63.6% of revenue
Shares of revenue. Source: Wheaton Precious Metals's 10-K for FY2025, as filed with the SEC.
"Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.
Financial statements
US$ millions unless shown otherwise.
Fiscal years, plus the last twelve months (LTM) when newer.
Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income
plus depreciation and amortisation. Free cash flow is cash from operations minus capital
spending. Growth is left blank when last year's figure was a loss or under 2% of revenue.
Share counts and EPS are restated for stock splits. A dash means the company didn't report
the figure.
✓Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $155m of liabilities due within a year.
✓Short-term assets cover long-term liabilities $1.2bn short-term assets against $281m of longer-dated liabilities.
·More cash than debt Cash or debt not separately reported. Not assessable.
·Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
·Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
·A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
✓Operating profit covers interest at least five times over Operating income of $1.6bn against $429,000 of interest.
From Wheaton Precious Metals Corp.'s latest balance sheet as filed. Checks are fixed, documented rules
(methodology), counted only where the company reports
the figures — a dot means the filing doesn't break the item out. Descriptions of reported
data, not advice.
Median of all 24 companies we cover in gold. Shaded:
best of the six on that line (lowest for stock pay and share-count growth). 3-year figures
average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.
Peer comparison
24 gold companies
Measures ranked against peers
Measure
Company
Peer median
Rank
Revenue growth Growth
80.2%
55.1%
6 of 24
Change in growth rate Growth
+53.7pp
+20.4pp
5 of 23
Gross margin Profitability
72.2%
53.5%
3 of 21
Operating margin Profitability
68.3%
41.2%
3 of 18
Net margin Profitability
63.6%
30.4%
2 of 24
Free-cash-flow margin Cash generation
82.2%
28.2%
2 of 22
Stock pay as % of revenue Cash generation
1.1%
0.9%
12 of 18
Change in share count Balance sheet
0.1%
3.0%
4 of 24
Days sales outstanding Balance sheet
7 days
16 days
2 of 17
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Top buyers and sellers, Q2 2026: 403 institutions
bought and 350 sold
; the biggest buyer was First Eagle Investment Management, LLC (+14.3M shares) and the biggest seller Capital World Investors (−5.5M). See which funds bought and sold →
Largest reported holders, June 30, 2026
Manager
Value
Shares
Share of 13F value
Shares QoQ
Capital World Investors
$4.1B
36.6M
11.9%
▼ 13.0%
First Eagle Investment Management, LLC
$3.2B
28.4M
9.2%
▲ 100.8%
FMR LLC
$1.7B
14.7M
4.8%
▼ 9.0%
Van Eck Associates Corp
$1.6B
14.4M
4.7%
▲ 0.5%
Vanguard Capital Management LLC
$1.4B
12.7M
4.1%
▲ 1.3%
Mirae Asset Global Etfs Holdings Ltd.
$1.1B
9.9M
3.2%
▼ 6.4%
Royal Bank Of Canada
$1.1B
9.4M
3.0%
▲ 8.1%
Fil Ltd
$1B
9.2M
3.0%
▲ 191.4%
Bank Of Montreal
$1B
9.0M
2.9%
▲ 4.4%
Mackenzie Financial Corp
$747M
4.7M
2.2%
▲ 16.3%
Massachusetts Financial Services Co
$742M
6.3M
2.1%
▼ 0.1%
TD Asset Management Inc
$680M
6.0M
2.0%
▼ 18.0%
From Form 13F filings with the SEC (
quarterly data sets), as reported by each
manager for June 30, 2026 and filed up to 45 days later. 13F reports cover
long US-listed positions of managers above $100M only, so this is not Wheaton Precious Metals Corp.'s complete
shareholder register. Values are as reported by the filers
; 1 inconsistently scaled filing rows were excluded.
No open-market insider trades reported in the last 12 months.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares
withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule
10b5-1 plan. See every insider trade since five years ago, on a price chart.
Wheaton Precious Metals Corp. is a US-listed company in the gold industry. Its financial year ends in December.
What is Wheaton Precious Metals Corp.'s stock ticker?
Wheaton Precious Metals Corp. trades under the ticker WPM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Wheaton Precious Metals Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Wheaton Precious Metals Corp. reported revenue of $2.3B, 80.2% higher than a year earlier, according to its SEC filings.
What is Wheaton Precious Metals Corp.'s free cash flow?
Wheaton Precious Metals Corp.'s free-cash-flow margin is 82.2% of revenue over the trailing twelve months, ranking 2 of the 22 gold companies we cover.
What is Wheaton Precious Metals Corp.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Wheaton Precious Metals Corp.'s free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$88–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Wheaton Precious Metals Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, First Eagle Investment Management, LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Wheaton Precious Metals Corp. pay a dividend?
Yes: Wheaton Precious Metals Corp. paid $296M in dividends over the trailing twelve months, a dividend yield of 0.55% and a payout ratio of 20.1%.
Who are Wheaton Precious Metals Corp.'s competitors?
In our Gold peer group, the companies closest to Wheaton Precious Metals Corp. are SSR Mining Inc., Iamgold Corp, Franco Nevada Corp, Eldorado Gold Corp and Equinox Gold Corp. The side-by-side comparison below sets their revenue, margins and growth against Wheaton Precious Metals Corp.'s.
When is Wheaton Precious Metals Corp.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Wheaton Precious Metals Corp. announces its own schedule.
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