Wheaton Precious Metals (WPM)


Market Price (11/8/2026): $136.15 | Market Cap: $61.8 BilSector: Materials | Industry: Gold

Wheaton Precious Metals (WPM)


Market Price (11/8/2026): $136.15
Market Cap: $61.8 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 89%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 72%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 81%, CFO LTM is 2.8 Bil

Megatrend and thematic drivers
Megatrends include Strategic Metals & Resource Finance. Themes include Precious Metals Streaming, and Critical Industrial Metals Supply.

Expensive valuation multiples
P/SPrice/Sales ratio is 18x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -72%

Key risks
WPM key risks include [1] its reliance on third-party mining partners, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 89%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 72%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 81%, CFO LTM is 2.8 Bil
3 Megatrend and thematic drivers
Megatrends include Strategic Metals & Resource Finance. Themes include Precious Metals Streaming, and Critical Industrial Metals Supply.
4 Expensive valuation multiples
P/SPrice/Sales ratio is 18x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -72%
6 Key risks
WPM key risks include [1] its reliance on third-party mining partners, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Wheaton Precious Metals (WPM) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance. Wheaton Precious Metals reported robust fiscal Q2 2026 results on August 6, 2026, with an earnings per share (EPS) of $1.19, surpassing analyst estimates of $1.15 by $0.04. The company also recorded an 84.7% year-over-year increase in revenue, reaching $878 million, and a significant 86% rise in net earnings to $543 million. Attributable gold equivalent production for the quarter increased by 6% to 202,000 ounces, while operating cash flow surged by 57% to $650 million. Management also maintained its 2026 production guidance, further instilling investor confidence.

2. Significant Increase in Precious Metals Prices. The period since July 31, 2026, witnessed a substantial rally in the prices of gold and silver. Gold prices experienced a 10.5% gain in August 2026, trading between $4,366 and $4,405 per ounce by September 10, 2026. Similarly, silver prices surged by 14.9% in August, rising from $57.63 at the end of July to approximately $66.20 per ounce. This general upward trend in commodity prices, particularly in gold and silver, positively impacted Wheaton Precious Metals as a streaming company.

Show more
Updated on 11/5/2026

Wheaton Precious Metals (WPM) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance. Wheaton Precious Metals reported robust fiscal Q2 2026 results on August 6, 2026, with an earnings per share (EPS) of $1.19, surpassing analyst estimates of $1.15 by $0.04. The company also recorded an 84.7% year-over-year increase in revenue, reaching $878 million, and a significant 86% rise in net earnings to $543 million. Attributable gold equivalent production for the quarter increased by 6% to 202,000 ounces, while operating cash flow surged by 57% to $650 million. Management also maintained its 2026 production guidance, further instilling investor confidence.

2. Significant Increase in Precious Metals Prices. The period since July 31, 2026, witnessed a substantial rally in the prices of gold and silver. Gold prices experienced a 10.5% gain in August 2026, trading between $4,366 and $4,405 per ounce by September 10, 2026. Similarly, silver prices surged by 14.9% in August, rising from $57.63 at the end of July to approximately $66.20 per ounce. This general upward trend in commodity prices, particularly in gold and silver, positively impacted Wheaton Precious Metals as a streaming company.

3. Positive Fiscal Q3 2026 Results and Reaffirmed Guidance. Wheaton Precious Metals continued its strong financial performance into fiscal Q3 2026, reporting $772 million in revenue, $410 million in net earnings, and $645 million in operating cash flow, as announced on November 5, 2026. The company's revenue for the quarter climbed 62% year-over-year, driven by a 36% rise in average realized gold-equivalent prices and a 19% increase in gold-equivalent ounces sold. This performance led to a 39% increase in the cash operating margin to $3,466 per gold equivalent ounce. Furthermore, the company reaffirmed its full-year 2026 production guidance of 860,000 to 940,000 gold equivalent ounces.

4. Strategic Acquisitions and Project Pipeline Growth. A key company-specific driver for the stock's appreciation was the strengthened portfolio resulting from the acquisition of the precious metals purchase agreement with BHP Group Limited. This agreement doubled Wheaton's silver share at the Antamina mine to 67.5% effective April 1, 2026, contributing to a 60% rise in Antamina silver production in fiscal Q3 2026. Additionally, progress on the company's growth pipeline, including the first gold pour at Montage Gold's Koné project and Hudbay's approval of construction at Copper World, provided further confidence in Wheaton's future production capabilities and long-term targets.

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Stock Movement Drivers

Fundamental Drivers

The 25.2% change in WPM stock from 7/31/2026 to 11/7/2026 was primarily driven by a 26.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611072026Change
Stock Price ($)108.89136.3125.2%
Change Contribution By: 
Total Revenues ($ Mil)2,7463,46726.3%
Net Income Margin (%)65.6%60.4%-7.9%
P/E Multiple27.529.67.6%
Shares Outstanding (Mil)4544540.0%
Cumulative Contribution25.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
WPM25.2% 
Market (SPY)-1.6%42.4%
Sector (XLB)3.0%52.6%

Fundamental Drivers

The 8.1% change in WPM stock from 4/30/2026 to 11/7/2026 was primarily driven by a 49.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611072026Change
Stock Price ($)126.10136.318.1%
Change Contribution By: 
Total Revenues ($ Mil)2,3153,46749.8%
Net Income Margin (%)63.6%60.4%-5.0%
P/E Multiple38.929.6-24.0%
Shares Outstanding (Mil)4544540.0%
Cumulative Contribution8.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
WPM8.1% 
Market (SPY)2.6%51.7%
Sector (XLB)1.3%57.1%

Fundamental Drivers

The 42.1% change in WPM stock from 10/31/2025 to 11/7/2026 was primarily driven by a 108.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511072026Change
Stock Price ($)95.94136.3142.1%
Change Contribution By: 
Total Revenues ($ Mil)1,6623,467108.6%
Net Income Margin (%)47.5%60.4%27.2%
P/E Multiple55.229.6-46.4%
Shares Outstanding (Mil)454454-0.1%
Cumulative Contribution42.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
WPM42.1% 
Market (SPY)8.7%48.1%
Sector (XLB)22.9%60.2%

Fundamental Drivers

The 231.1% change in WPM stock from 10/31/2023 to 11/7/2026 was primarily driven by a 271.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311072026Change
Stock Price ($)41.17136.31231.1%
Change Contribution By: 
Total Revenues ($ Mil)9343,467271.1%
Net Income Margin (%)65.9%60.4%-8.3%
P/E Multiple30.329.6-2.4%
Shares Outstanding (Mil)453454-0.3%
Cumulative Contribution231.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
WPM231.1% 
Market (SPY)81.9%30.6%
Sector (XLB)44.0%44.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WPM Return4%-8%28%15%111%17%248%
Peers Return3%3%4%15%82%16%166%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
WPM Win Rate58%50%58%50%92%45% 
Peers Win Rate53%44%39%56%69%45% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
WPM Max Drawdown-24%-43%-25%-21%-17%-37% 
Peers Max Drawdown-25%-36%-32%-16%-20%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNV, RGLD, OR. See WPM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventWPMS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.6%-9.5%
  % Gain to Breakeven17.1%10.5%
  Time to Breakeven43 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.0%-6.7%
  % Gain to Breakeven11.1%7.1%
  Time to Breakeven5 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.7%-24.5%
  % Gain to Breakeven42.2%32.4%
  Time to Breakeven100 days427 days
2020 COVID-19 Crash
  % Loss-26.2%-33.7%
  % Gain to Breakeven35.6%50.9%
  Time to Breakeven25 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-38.6%-3.7%
  % Gain to Breakeven62.9%3.9%
  Time to Breakeven945 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.1%-12.2%
  % Gain to Breakeven31.7%13.9%
  Time to Breakeven17 days62 days

Compare to FNV, RGLD, OR

In The Past

Wheaton Precious Metals's stock fell -2.0% during the 2025 US Tariff Shock. Such a loss loss requires a 2.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventWPMS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-29.7%-24.5%
  % Gain to Breakeven42.2%32.4%
  Time to Breakeven100 days427 days
2020 COVID-19 Crash
  % Loss-26.2%-33.7%
  % Gain to Breakeven35.6%50.9%
  Time to Breakeven25 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-38.6%-3.7%
  % Gain to Breakeven62.9%3.9%
  Time to Breakeven945 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.1%-12.2%
  % Gain to Breakeven31.7%13.9%
  Time to Breakeven17 days62 days
2014-2016 Oil Price Collapse
  % Loss-57.4%-6.8%
  % Gain to Breakeven134.5%7.3%
  Time to Breakeven164 days15 days
2013 Taper Tantrum
  % Loss-26.2%-0.2%
  % Gain to Breakeven35.5%0.2%
  Time to Breakeven47 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-30.5%-17.9%
  % Gain to Breakeven43.8%21.8%
  Time to Breakeven147 days123 days
2008-2009 Global Financial Crisis
  % Loss-85.5%-53.4%
  % Gain to Breakeven587.9%114.4%
  Time to Breakeven519 days1085 days
Summer 2007 Credit Crunch
  % Loss-25.2%-8.6%
  % Gain to Breakeven33.8%9.5%
  Time to Breakeven43 days47 days

Compare to FNV, RGLD, OR

In The Past

Wheaton Precious Metals's stock fell -2.0% during the 2025 US Tariff Shock. Such a loss loss requires a 2.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Wheaton Precious Metals (WPM)

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Wheaton Precious Metals Corp. (WPM) operates as a precious metals streaming company, a distinct business model within the mining sector. Rather than owning and operating mines directly, WPM provides upfront capital financing to mining companies. In exchange for this investment, WPM secures long-term contractual rights to purchase a fixed percentage of future production of specific metals from these mines at a predetermined, low fixed price. This strategy allows WPM to gain exposure to metal production and prices while avoiding the significant capital expenditures and operational risks associated with traditional mining.

The company's primary products are streams of precious and strategic metals, specifically gold, silver, palladium, and cobalt. Through its diversified portfolio of streaming agreements, WPM holds interests in 23 operating mines and 13 development projects across various international locations, ensuring a robust and diversified source of metals. These precious metals are subsequently sold by Wheaton Precious Metals in Canada and to other markets internationally.

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AI Analysis | Feedback

Here are 1-3 brief analogies for Wheaton Precious Metals (WPM):

  • It's like a specialized bank for precious metal miners, but instead of getting paid back with interest, they receive a stream of actual gold, silver, and other precious metals directly from the mines.

  • Imagine it as a "landlord" for future metal production, where they provide upfront funding to miners for their projects and, in return, receive a percentage of the physical gold, silver, and palladium produced, without actually owning or operating the mines.

AI Analysis | Feedback

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  • Gold: A precious metal acquired through streaming agreements and sold by Wheaton Precious Metals.
  • Silver: A precious metal acquired through streaming agreements and sold by Wheaton Precious Metals.
  • Palladium: A precious metal acquired through streaming agreements and sold by Wheaton Precious Metals.
  • Cobalt: A metal acquired through streaming agreements and sold by Wheaton Precious Metals.
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AI Analysis | Feedback

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AI Analysis | Feedback

  • Vale S.A. (VALE)
  • Newmont Corporation (NEM)
  • Sibanye Stillwater Limited (SBSW)
  • Teck Resources Limited (TECK)
  • Glencore plc (GLEN)
  • BHP Group (BHP)
  • Mitsubishi Corporation

AI Analysis | Feedback

Haytham Hodaly

President & CEO

Haytham Hodaly became President on June 30, 2025, and then Chief Executive Officer and a Director of Wheaton Precious Metals on March 31, 2026. He brings 30 years of experience in mining investment analysis and has been instrumental in the execution of over US$15 billion in streaming transactions for the company. Prior to joining Wheaton, Mr. Hodaly was a Director and Mining Analyst at RBC Capital Markets, and co-directed research at Salman Partners Inc. He is an engineer by training.

Vincent Lau

Chief Financial Officer

Vincent Lau was appointed Chief Financial Officer of Wheaton Precious Metals, effective March 31, 2025, as part of a planned leadership succession. He served as Wheaton's Vice President of Finance for 13 years, where he managed the corporate finance and risk management functions. Mr. Lau holds both Chartered Professional Accountant and Chartered Financial Analyst designations.

Curt Bernardi

Executive Vice President, Strategy and General Counsel

Curt Bernardi was appointed Executive Vice President, Strategy and General Counsel on June 30, 2025. He joined Wheaton in 2008 as Senior Vice President, Legal, and has been instrumental in providing strategic direction and expertly structuring many of the company's key streaming transactions. With a legal career spanning over three decades, Mr. Bernardi brings deep expertise in corporate finance, mergers and acquisitions, and governance. Prior to joining Wheaton, he held senior legal roles at Westcoast Energy, Duke Energy Gas Transmission, and Union Gas.

Neil Burns

Vice President, Corporate Development

Neil Burns was promoted to Vice President, Corporate Development, effective June 30, 2025. He originally joined Wheaton in July 2008 as Director, Geology, and was promoted to Vice President, Technical Services in 2012. Mr. Burns has extensive international experience in exploration, mining, and resource evaluation. Before Wheaton, he held numerous positions with mining and consulting firms, including Corporate Resource Geologist and Project Geologist for Lundin Mining Corporation and Resource Consultant for Snowden Mining Industry Consultants. He holds a master's degree in mineral exploration and a Bachelor of Science degree.

Simona Antolak

Vice President, Communications & Corporate Affairs

Simona Antolak joined Wheaton Precious Metals Corp. in 2016 and currently serves as the Vice President of Communications & Corporate Affairs. In this role, she manages both internal and external communications and supports the development and execution of Wheaton's sustainability strategy. Ms. Antolak has nearly 15 years of experience in the resource industry, specializing in corporate communications, investor relations, branding, media relations, and sustainability. She holds a Bachelor of Business Administration and Diploma of Technology in Marketing Communications.

AI Analysis | Feedback

Here are the key risks to Wheaton Precious Metals:

  1. Commodity Price Volatility: Wheaton Precious Metals' financial performance is highly dependent on the market prices of precious metals such as gold, silver, palladium, and cobalt. Fluctuations in these commodity prices directly impact the company's revenue and operating margins. Even though Wheaton's streaming model provides some insulation from direct mining cost inflation, a significant downturn in precious metal prices would negatively affect its profitability.
  2. Counterparty and Operational Risk: As a streaming company, Wheaton Precious Metals does not operate mines directly but relies on third-party mining companies. This exposes Wheaton to the operational risks of its partners, including potential disruptions or delays in stream production, lower ore grades than anticipated, project delays, or production shortfalls at the operating mines. Such issues at partner mines can directly reduce the volume of metals delivered to Wheaton.
  3. Geopolitical, Regulatory, and Tax Risks: Wheaton Precious Metals operates globally, which exposes it to a range of geopolitical uncertainties, as well as changes in tax and mining regulations in the various countries where its partner mines are located. These factors can include new taxes (like a global minimum tax), changes in mining laws, political instability, or other regulatory developments that could adversely affect the financial projections and operations of the company and its mining partners.

AI Analysis | Feedback

The accelerating global transition to electric vehicles (EVs) presents a clear emerging threat to Wheaton Precious Metals' palladium streams. Palladium's primary industrial demand stems from its use in catalytic converters for gasoline-powered internal combustion engine vehicles. As EV adoption increases and regulations favor zero-emission vehicles, the long-term demand for new gasoline vehicles, and consequently palladium, is projected to significantly decline, undermining the value of WPM's palladium agreements.

Additionally, the rapid evolution of battery technology poses an emerging threat to WPM's cobalt streams. Driven by ethical sourcing concerns, supply chain instability, and cost reduction efforts, battery manufacturers are actively developing and deploying alternative battery chemistries that utilize less cobalt or are entirely cobalt-free (e.g., lithium iron phosphate (LFP) batteries, high-nickel chemistries). Widespread adoption of these alternative technologies would reduce overall demand for cobalt, negatively impacting the profitability of WPM's cobalt interests.

AI Analysis | Feedback

Wheaton Precious Metals (symbol: WPM) operates in the precious metals streaming sector, with its main products being gold, silver, palladium, and cobalt. The addressable markets for these products are as follows:

  • Gold: The global gold market size is valued at approximately USD 1308.43 billion in 2026.
  • Silver: The global silver market size is projected to grow from approximately USD 105.15 billion in 2026.
  • Palladium: The global palladium market size is estimated to be valued at approximately US$ 16.8 billion in 2026.
  • Cobalt: The global cobalt market size is projected to grow from approximately USD 20.5 billion in 2026.

AI Analysis | Feedback

Here are 3 expected drivers of future revenue growth for Wheaton Precious Metals (WPM) over the next 2-3 years:

  1. Organic Production Growth from Portfolio Assets: Wheaton Precious Metals anticipates significant organic growth in its attributable production of gold equivalent ounces (GEOs). The company has provided guidance targeting an increase to 860,000-940,000 GEOs for 2026, representing approximately 12% growth from 2025, and expects production to reach 1.2 million GEOs by 2030, reflecting roughly 50% organic growth from 2025 levels. This growth is driven by contributions from a diverse portfolio of operating mines and development projects, including increased silver streams from Antamina, and ramping up production from assets such as Blackwater, Koné, Mineral Park, Fenix, Hemlo, Goose, and Platreef.
  2. Strategic Acquisitions and New Streaming Agreements: Wheaton Precious Metals actively pursues and executes new streaming and royalty agreements to expand its portfolio and diversify its production sources. A notable example is the substantial silver stream acquired from BHP at the Antamina mine, which is projected to significantly boost silver production and overall GEOs. The company's management has indicated a continued focus on evaluating new opportunities, deploying significant capital for new deals, and enhancing its long-term growth profile through strategic investments.
  3. Leverage to Precious Metal Prices: As a streaming company, Wheaton Precious Metals benefits significantly from increases in the market prices of gold, silver, palladium, and cobalt. The company's business model involves purchasing metals at fixed, low costs and selling them at prevailing spot prices. This structure provides direct leverage to commodity prices, allowing higher metal prices to translate into expanded margins and increased revenue without proportionate increases in operating costs. Strong precious metal prices have historically led to record revenues and operating cash flows for the company.

AI Analysis | Feedback

Share Repurchases

  • Wheaton Precious Metals has made no share repurchases in recent years, with the share buybacks for WPM stock recorded as $0.00.
  • Management indicated they would consider future buybacks once specific leverage metrics are achieved.

Share Issuance

  • As of February 28, 2026, the company's issued share capital was 454,036,958 common shares.
  • On March 3, 2026, Wheaton Precious Metals issued and allotted 461 common shares due to the exercise of vested share option rights by eligible employees.
  • The company operates a Dividend Reinvestment Plan (DRIP), where common shares are issued through treasury without a discount for quarterly dividends.

Outbound Investments

  • In February 2026, Wheaton Precious Metals announced the acquisition of an additional silver stream on the Antamina Mine from BHP Group Limited, with an upfront cash consideration of US$4.3 billion. This transaction closed on April 1, 2026, doubling Wheaton's exposure to Antamina's silver production.
  • The Antamina silver stream is projected to increase 2026 production by 11.3% on a pro-forma basis and contribute approximately 18% of total gold equivalent production by 2030, solidifying Antamina as Wheaton's second-largest asset.
  • The company also has a cobalt stream relating to the Jervois project, which involves a sizeable upfront commitment paid in installments.

Capital Expenditures

  • For a streaming company like Wheaton Precious Metals, a significant portion of capital allocation for growth involves upfront payments for streaming agreements. The Antamina silver stream, for instance, involved an upfront payment of US$4.3 billion in April 2026.
  • This US$4.3 billion transaction was financed through a combination of cash, a revolving credit facility, and a new term loan, shifting the company to a modest net-debt position.
  • Wheaton's capital allocation strategy focuses on acquiring high-quality assets and entering into well-structured agreements that offer attractive margins and long-term growth.

Better Bets vs. Wheaton Precious Metals (WPM)

Peer Outperformance in Gold

WPM has outperformed 81% of its 37 Gold peers over 5Y. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that WPM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
71%
of 42 industry peers · 38.4% return
3Y
61%
of 41 industry peers · 229.8% return
5Y
81%
of 37 industry peers · 251.1% return
No Gold peer with a comparable growth profile has beaten WPM by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is WPM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 31.6%112.2%139.2% SCCO 250% · TGB 219% · HBM 211%
Steel 14 14.3%39.7%116.0% HCC 310% · STLD 269% · RS 177%
Gold ← 38 17.5%199.3%100.4% IAG 519% · OGC 386% · AGI 316%
Silver 6 37.5%289.4%85.8% AYA 285% · HL 151% · EXK 50%
Construction Materials 6 -14.7%28.6%42.0% USLM 350% · CRH 104% · VMC 50%
Aluminum 3 6.8%106.8%19.3% CENX 155% · AA -13%
Metal, Glass & Plastic Containers 11 16.9%19.0%7.6% GEF 25% · ATR 15% · SLGN 9%
Paper & Plastic Packaging Products & Materials 7 19.6%16.6%-5.1% PKG 114% · CCK 20% · SON 0%
Diversified Metals & Mining 23 -52.8%-3.1%-5.7% SKE 180% · MTRN 103% · MP -3%
Diversified Chemicals 3 18.4%6.1%-13.7% CBT 36% · ASH -14%
Specialty Chemicals 41 11.0%10.0%-26.8% NEU 127% · ECL 38% · SXT 34%
Commodity Chemicals 13 18.3%-22.7%-29.2% HWKN 316% · MEOH 53% · DOW -29%
Precious Metals & Minerals 7 -0.9%150.6%-31.2% PPTA 311%
Fertilizers & Agricultural Chemicals 10 5.2%9.6%-42.2% CF 124% · CTVA 76% · NTR 26%
Paper Products 4 -40.8%-62.6%-81.4%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

WPMFNVRGLDORMedian
NameWheaton .Franco-N.Royal Go.OR Royal. 
Mkt Price136.15254.56265.8036.23195.36
Mkt Cap61.849.122.56.835.8
Rev LTM3,4672,3171,7603632,038
Op Inc LTM2,4991,7531,1032781,428
FCF LTM-2,490-1,214-92-92
FCF 3Y Avg-625-3472626
CFO LTM2,806-1,2153031,215
CFO 3Y Avg1,745-770210770

Growth & Margins

WPMFNVRGLDORMedian
NameWheaton .Franco-N.Royal Go.OR Royal. 
Rev Chg LTM89.4%73.6%105.2%69.5%81.5%
Rev Chg 3Y Avg56.5%27.8%47.3%30.2%38.7%
Rev Chg Q62.0%57.3%84.4%62.1%62.0%
QoQ Delta Rev Chg LTM9.3%10.0%13.7%11.5%10.8%
Op Inc Chg LTM115.0%93.4%92.3%90.0%92.8%
Op Inc Chg 3Y Avg79.5%39.0%56.5%51.1%53.8%
Op Mgn LTM72.1%75.7%62.7%76.6%73.9%
Op Mgn 3Y Avg63.3%68.5%61.9%66.0%64.6%
QoQ Delta Op Mgn LTM-0.5%1.3%-0.3%1.6%0.5%
CFO/Rev LTM80.9%-69.0%83.6%80.9%
CFO/Rev 3Y Avg79.9%-70.9%82.1%79.9%
FCF/Rev LTM-71.8%-69.0%-25.3%-25.3%
FCF/Rev 3Y Avg-13.2%-21.0%19.8%19.8%

Valuation

WPMFNVRGLDORMedian
NameWheaton .Franco-N.Royal Go.OR Royal. 
Mkt Cap61.849.122.56.835.8
P/S17.821.212.818.718.3
P/Op Inc24.728.020.424.524.6
P/EBIT24.526.120.820.222.6
P/E29.533.226.824.028.2
P/CFO22.0-18.522.422.0
Total Yield3.9%3.4%4.4%4.7%4.2%
Dividend Yield0.5%0.4%0.7%0.6%0.6%
FCF Yield 3Y Avg-1.0%-2.1%1.0%1.0%
D/E0.00.00.00.00.0
Net D/E0.0-0.0-0.00.00.0

Returns

WPMFNVRGLDORMedian
NameWheaton .Franco-N.Royal Go.OR Royal. 
1M Rtn0.9%5.8%15.0%6.0%5.9%
3M Rtn1.6%6.8%15.8%9.7%8.3%
6M Rtn-1.7%10.1%11.8%-5.3%4.2%
12M Rtn38.3%33.5%52.4%14.2%35.9%
3Y Rtn229.4%117.8%160.0%197.0%178.5%
1M Excs Rtn5.9%10.8%20.0%11.0%10.9%
3M Excs Rtn7.1%10.7%18.6%12.4%11.6%
6M Excs Rtn-1.4%10.4%12.0%-5.0%4.5%
12M Excs Rtn33.4%28.1%46.1%8.1%30.7%
3Y Excs Rtn150.3%45.3%88.0%129.5%108.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Salobo1,040540400296343
Peñasquito302194102175202
Antamina23010187108157
Constancia22118314710070
Other214107111191233
San Dimas10969837586
Blackwater760   
Sudbury5839373924
Stillwater3339354966
Voisey’s Bay3114153220
Marathon0000 
Platreef00   
Total2,3151,2851,0161,0651,202


Operating Income by Segment
$ Mil20082007
Luism in57 
Yauliyacu2220
Zinkgruvan1515
Stratoni75
Peñasquito2 
Other 10 
Luismin 63
Total103103


Net Income by Segment
$ Mil20232022202120202019
Salobo243173193250158
Constancia8454362619
Other732521168657
Peñasquito651121399541
San Dimas4538413322
Antamina4451784020
Stillwater1830414024
Sudbury975165
Voisey’s Bay3131660-166
Marathon00   
Total585730816586180


Assets by Segment
$ Mil20252024202320222021
Salobo2,6212,5952,6812,3832,438
Other2,0148871,186947958
Others1,7291,0459091,053390
Blackwater499481   
Antamina459491520545580
Stillwater413421432443453
Platreef412412   
Sudbury218242262283307
Voisey’s Bay216231351358372
Peñasquito207244276294322
Constancia204230260289310
San Dimas125136145156167
Marathon9999 
Total9,1267,4247,0316,7606,296


Price Behavior

Price Behavior
Market Price$136.31 
Market Cap ($ Bil)61.9 
First Trading Date07/06/2005 
Distance from 52W High-17.4% 
   50 Days200 Days
DMA Price$138.60$133.31
DMA Trendindeterminateindeterminate
Distance from DMA-1.7%2.3%
 3M1YR
Volatility53.4%51.8%
Downside Capture228.34216.06
Upside Capture311.74238.44
Correlation (S&P 500)41.9%48.9%
WPM Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.792.642.412.391.990.80
Up Beta2.740.190.401.551.430.46
Down Beta2.483.583.852.951.850.67
Up Capture198%203%305%286%403%167%
Bmk +ve Days12182862130427
Stock +ve Days10183360133409
Down Capture337%313%214%207%157%101%
Bmk -ve Days10253664121325
Stock -ve Days12253166118342

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WPM
WPM42.3%51.8%0.85-
Sector ETF (XLB)23.7%18.2%1.0160.2%
Equity (SPY)9.5%13.6%0.4047.8%
Gold (GLD)1.6%28.7%0.0582.1%
Commodities (DBC)38.4%21.2%1.42-2.0%
Real Estate (VNQ)11.3%14.2%0.5125.2%
Bitcoin (BTCUSD)-27.2%43.6%-0.6136.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WPM
WPM29.0%37.5%0.76-
Sector ETF (XLB)6.1%19.2%0.2044.3%
Equity (SPY)11.3%17.3%0.4831.3%
Gold (GLD)17.5%19.1%0.7475.9%
Commodities (DBC)8.1%19.6%0.3019.3%
Real Estate (VNQ)1.3%18.9%-0.0429.5%
Bitcoin (BTCUSD)4.0%51.6%0.2620.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WPM
WPM20.8%37.2%0.62-
Sector ETF (XLB)10.5%20.7%0.4431.0%
Equity (SPY)15.0%18.0%0.7022.5%
Gold (GLD)11.9%16.5%0.5971.0%
Commodities (DBC)7.5%18.1%0.3318.6%
Real Estate (VNQ)5.9%20.7%0.2421.7%
Bitcoin (BTCUSD)60.0%66.3%1.0013.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity5.7 Mil
Short Interest: % Change Since 9302026-0.7%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest4.3 days
Basic Shares Quantity454.2 Mil
Short % of Basic Shares1.3%

SEC Filings

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Core Cache Last Updated: 11/7/2026