Start here if you're new
what it is
Wheaton pays miners upfront, then buys future gold and silver cheap and sells it at market prices.
how it gets paid
Last year Wheaton made $1.3B in revenue. Gold streams was the main engine at $0.92B, or 71% of sales.
what just happened
Revenue hit $974M, up 93% vs. prior year, while EPS reached $1.20.
At a glance
A balance sheet — strong enough to weather a downturn
65/100 earnings predictability — reasonably predictable
43.7x trailing p/e — you're paying up for this one
0.7% dividend yield — cash in your pocket every quarter
14.0% return on capital — nothing to write home about
xvary composite: 67/100 — average
What they do
Wheaton pays miners upfront, then buys future gold and silver cheap and sells it at market prices.
Streaming → paying miners upfront for future metal at a fixed low cost → you get commodity upside without running a mine. That is why Wheaton posted a 76.0% operating margin and a 56.7% net profit margin, based on the company profile data above. You are buying exposure to 18 operating mines and 28 development projects, so one bad mine hurts less than it does for an actual operator.
How they make money
$1.3B
annual revenue
Gold streams
$0.92B
Silver streams
$0.35B
Palladium streams
$0.02B
Cobalt and other streams
$0.01B
The products that matter
finances mines for metal rights
precious metals streaming
$1.3B · effectively the whole disclosed revenue base
the snapshot only shows one revenue bucket, so this is the business. $1.3B of revenue turned into a 76.0% operating margin and a 56.7% net margin. that's unusually rich economics for anything connected to mining.
56.7% net margin
earnings power investors are already paying for
fy2026 earnings setup
$3.50 eps est · 33.1x forward p/e
expected earnings of $3.50 a share put the stock at about 33.1x forward earnings at $115.72. in human-speak: the market likes the model, but you are not getting the quality story at a bargain price.
premium multiple
the long-range assumption doing real work
fy2028 revenue target
$3B · more than double current revenue
the $3B fy2028 revenue estimate is the ambitious part of the story. from today's $1.3B base, that means a lot of future growth is already being taken seriously.
expectations check
Key numbers
76.0%
operating margin
Operating margin → profit after running the business → so what: Wheaton keeps $0.76 of every sales dollar before taxes and interest, which is absurdly high for anything tied to mining.
40%
volume growth
Production volume → how much metal Wheaton expects to receive → so what: the long-term bull case needs a much bigger stream of ounces by 2029, not just higher gold prices.
43.7x
trailing p/e
P/E → price divided by past earnings → so what: you are paying 43.7 years of trailing profit for one share, which leaves less room for disappointment.
$130
18-month target
Price target → a published estimate of near-term fair value → so what: it is only about 12% above $115.72, which says the easy money may already be gone.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- net profit margin 56.7% — keeps 57 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in WPM 3 years ago → it's now worth $31,070.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Revenue hit $974M, up 93% vs. prior year, while EPS reached $1.20.
The quarter showed how hard this model can flex when deliveries and metal prices line up. Gross margin was 69.0%, which is rich for anything exposed to commodities.
$974M
revenue
$1.20
eps
69.0%
gross margin
the number that mattered
Revenue grew 93% vs. prior year to $974M, which tells you this business has real torque when volume and prices both cooperate.
-
wheaton precious metals possesses many catalysts.
-
the biggest is impressive volume growth, which jumped 22%, to 173,000 gold equivalent ounces (goe), in the third quarter.strong output gains at the salobo and antamina mines, as well as the commencement of production at the blackwater, aliustrel, and goose properties, position the company to achieve a 2025 volume target of 600,000670,000 geo. momentum ought to continue thereafter, with the scheduled completion of six development projects within the next 24 months.
-
moreover, volumes are projected to rise 40% by 2029.
-
too, wheaton’s exposure to the resurgent silver market is a bonus.
-
the streaming giant has the means to keep pursuing acquisitions.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
WPM's risk profile is specific: you are paying 43.7x trailing earnings for a company with cleaner economics than a miner, but not freedom from metal-price sentiment.
high
premium valuation meets commodity reality
43.7x trailing earnings is a rich multiple for any company. it is even richer when investor enthusiasm for precious metals can cool faster than operating quality changes.
if sentiment fades, the multiple can compress even while the business stays good
med
thin segment disclosure leaves you underwriting the whole portfolio
this snapshot shows one revenue bucket: $1.3B total revenue. that means your thesis leans on the overall streaming portfolio, with limited segment-level help on what is driving changes underneath.
in the provided data, essentially all of the revenue story comes through one line
med
the growth case is carrying real weight already
the fy2028 revenue estimate is $3B versus $1.3B today. that's the story helping 33.1x forward earnings feel more acceptable than 43.7x trailing. if the path to that $3B slips, valuation gets less forgiving fast.
more than double revenue is being contemplated in the long-range setup
med
great past returns can steal from future returns
$10,000 turned into $31,070 in three years. great for existing holders. for you as a new buyer, it means part of the rerating may already be behind you.
the stock beat the market by $17,150 over the same period
here's what would change the story for you: if earnings growth starts catching up to the premium multiple, the setup holds. if the $3B fy2028 revenue case weakens while the stock still trades near the $121 high, this starts looking like quality bought at a very full price.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether the multiple cools faster than earnings grow
43.7x trailing earnings leaves limited room for disappointment. if earnings grow into the price, the setup works. if not, the stock can stall while the business still looks respectable.
trend
institutional buying staying positive
WPM posted net institutional buying for two straight quarters, with 383 buyers versus 258 sellers in 3q2025. you want that sponsorship to keep showing up near the highs.
calendar
whether the $3B fy2028 revenue story still looks believable
that forecast is more than double the current $1.3B revenue base. each update either supports the long-range case or chips away at it.
risk
metal-price enthusiasm fading
the business model is cleaner than running a mine, but it still needs investors to value precious-metals cash flows generously. the stock near a $121 high tells you sentiment is already warm.
Analyst rankings
earnings predictability
65 / 100
in human-speak: the business is steadier than many commodity stories, but you should still expect swings.
balance sheet grade
A
balance sheet quality is a real plus. you are not relying on fragile finances here.
risk rank
3
that puts it around the middle of the pack for safety. not reckless, not defensive.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 383 buyers vs. 258 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$88
$171
$116
current price
$130
target midpoint · +12% from current · 3-5yr high: $165 (+45% · 10% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive