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Wheaton Precious Metals
(TSX:WPM)
Select Model
Select Model
Rating:75Outperform
Price Target:
C$241.00
â–²(6.55% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by very strong profitability and a healthy balance sheet, reinforced by a positive earnings call with reaffirmed guidance and strong operating performance. The main constraints are the sharp deterioration in TTM free cash flow, stretched technical momentum (RSI/Stoch), and a less attractive valuation (higher P/E and low yield).
Positive Factors
Exceptional Profitability
Exceptionally high margins and robust operating profitability indicate strong economics in Wheaton’s streaming model. Because the company funds mine operators rather than operating mines, sustained margins can support reinvestment, resilience, and durable earnings power across the portfolio.
Negative Factors
Negative Free Cash Flow
The sharp deterioration in free cash flow reduces near-term cash conversion quality despite strong operating cash flow. If the outflow persists, Wheaton may have less internally generated funding for new streams and greater reliance on liquidity facilities or financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional Profitability
Exceptionally high margins and robust operating profitability indicate strong economics in Wheaton’s streaming model. Because the company funds mine operators rather than operating mines, sustained margins can support reinvestment, resilience, and durable earnings power across the portfolio.
Read all positive factors
Wheaton Precious Metals (WPM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$97.38B
Dividend Yield0.49%
Average Volume (3M)789.18K
Price to Earnings (P/E)34.3
Beta (1Y)2.13
Revenue Growth88.63%
EPS Growth156.74%
CountryCA
Employees44
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)4.52
Shares Outstanding454,159,970
10 Day Avg. Volume782,377
30 Day Avg. Volume789,182
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$231.39Price Target Upside2.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)4.78
Revenue Forecast (FY)C$3.69B
Wheaton Precious Metals Business Overview & Revenue Model
Company Description
Wheaton Precious Metals Corp. operates as a streaming company, primarily engaged in the international sale of precious metals, including within Canada. Its revenue streams are generated from gold, silver, palladium, and cobalt. The company boasts ...
How the Company Makes Money
Wheaton Precious Metals makes money primarily through its streaming agreements. Under a typical stream, WPM pays an upfront deposit (and sometimes additional payments) to a mining partner to help fund development, construction, expansion, or refin...
Wheaton Precious Metals Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance with record H1 production, record quarterly revenue and substantial operating cash flow, alongside successful strategic transactions (notably the Antamina stream) that materially expand and diversify the portfolio. Near-term headwinds include lower grades at Salobo, Antamina grade/timing impacts in Q2, large upfront cash deployments that temporarily reduced cash balances and increased near-term leverage, and execution/timing risk tied to mine sequencing and long-dated larger projects. On balance, the highlights significantly outweigh the lowlights due to robust cash generation, maintained guidance, strengthened liquidity facilities, and a clear growth trajectory.Positive Updates
Record First Half Performance
Record production of 415,000 gold equivalent ounces (GEOs) and record sales volumes of 390,000 GEOs in the first six months of 2026, supporting 2026 guidance of 860,000 to 940,000 GEOs.
Negative Updates
Salobo Gold Production Decline
Salobo produced 62,100 attributable gold ounces in Q2, down ~11% year-over-year primarily due to lower grades, reflecting near-term operational variability at a material asset.
Read all updates
Q2-2026 Updates
Positive
Negative
Record First Half Performance
Record production of 415,000 gold equivalent ounces (GEOs) and record sales volumes of 390,000 GEOs in the first six months of 2026, supporting 2026 guidance of 860,000 to 940,000 GEOs.
Read all positive updates
Company Guidance
Management reaffirmed 2026 production guidance of 860,000–940,000 gold equivalent ounces (GEOs), noting record H1 production of 415,000 GEOs and Q2 production of 202,000 GEOs (up 6% year‑over‑year) with H1 sales of 390,000 GEOs and Q2 sales of 209,000 GEOs (up 14%); production is expected to be weighted to H2 2026 driven by mine sequencing at Salobo and Peñasquito, the first full contribution from the Antamina BHP stream and ongoing ramp‑ups. The produced‑but‑not‑delivered (PBND) balance was ~158,000 GEOs (2.6 months), inside the guided 2.5–3.5 month range. Management reiterated a long‑term organic growth profile of ~50% by 2030 to ~1.2 million GEOs (and an average ~1.2 million GEOs per year from 2031–2035). Financially, Q2 revenue was $929 million (up 85% YoY), net earnings $543 million (up 86%), and operating cash flow ~$650 million (up 57%); cash on hand was ~$100 million with an upsized $2.5 billion revolver and ~$2.6 billion of available liquidity (including a $500 million accordion), net debt of ~ $1.9 billion (down from ~$2.1 billion pro forma post‑Antamina), and management emphasized capacity to fund commitments after deploying roughly $4.5 billion of upfront stream payments (including $4.3 billion for Antamina).Wheaton Precious Metals Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.17B | 2.36B | 1.28B | 1.02B | 1.07B | 1.20B |
| Gross Profit | 2.45B | 1.70B | 802.59M | 573.44M | 565.48M | 658.92M |
| EBITDA | 2.76B | 1.93B | 892.93M | 755.19M | 903.26M | 1.01B |
| Net Income | 2.05B | 1.50B | 529.14M | 537.64M | 669.13M | 754.88M |
Balance Sheet | ||||||
| Total Assets | 12.16B | 9.15B | 7.42B | 7.03B | 6.76B | 6.30B |
| Cash, Cash Equivalents and Short-Term Investments | 100.19M | 1.15B | 818.17M | 546.53M | 696.09M | 226.04M |
| Total Debt | 1.98B | 7.89M | 5.17M | 6.23M | 1.97M | 2.87M |
| Total Liabilities | 2.47B | 478.80M | 165.08M | 45.67M | 42.23M | 46.03M |
| Stockholders Equity | 9.69B | 8.67B | 7.26B | 6.99B | 6.72B | 6.25B |
Cash Flow | ||||||
| Free Cash Flow | -2.93B | 573.58M | 369.25M | 74.94M | 721.76M | 319.18M |
| Operating Cash Flow | 2.54B | 1.94B | 1.03B | 750.81M | 743.42M | 845.14M |
| Investing Cash Flow | -5.11B | -1.30B | -488.30M | -646.65M | -44.30M | -404.22M |
| Financing Cash Flow | 1.65B | -294.67M | -267.39M | -254.24M | -228.89M | -407.61M |
Wheaton Precious Metals Technical Analysis
Positive
226.18
Price Trends
176.48
Positive
177.49
Positive
178.64
Positive
Market Momentum
11.08
Positive
61.98
Neutral
49.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WPM, the sentiment is Positive. The current price of 226.18 is above the 20-day moving average (MA) of 203.82, above the 50-day MA of 176.48, and above the 200-day MA of 178.64, indicating a bullish trend. The MACD of 11.08 indicates Positive momentum. The RSI at 61.98 is Neutral, neither overbought nor oversold. The STOCH value of 49.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$144.29B | 17.59 | 22.64% | 0.86% | 48.77% | 96.65% | |
82 Outperform | C$21.42B | 13.39 | 26.09% | 0.35% | 46.49% | 237.61% | |
82 Outperform | C$24.15B | 18.66 | 81.63% | 1.66% | 35.61% | 49.78% | |
80 Outperform | C$70.97B | 34.75 | 19.08% | 0.62% | 71.54% | 85.90% | |
79 Outperform | C$101.91B | 11.57 | 24.57% | 2.10% | 48.57% | 142.08% | |
75 Outperform | C$97.38B | 34.29 | 22.96% | 0.49% | 88.63% | 156.74% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:WPM
Wheaton Precious Metals
214.42
68.83
47.28%
TSE:AEM
Agnico Eagle
283.22
72.15
34.18%
TSE:ABX
Barrick Mining
61.92
22.67
57.75%
TSE:FNV
Franco-Nevada
367.97
97.47
36.03%
TSE:AGI
Alamos Gold
51.16
6.06
13.43%
TSE:LUG
Lundin Gold
99.88
15.38
18.20%
Wheaton Precious Metals Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Wheaton Precious Metals Posts Record First-Half Results and Expands Streaming Portfolio
Positive
Aug 6, 2026
Wheaton Precious Metals reported a record second quarter and first-half of 2026, with quarterly revenue of $929 million, net earnings of $543 million and operating cash flow of $650 million, driving record year-to-date figures. The company maintai...
Business Operations and StrategyDividends
Wheaton Precious Metals Raises Quarterly Dividend and Confirms DRIP Terms
Positive
Aug 6, 2026
Wheaton Precious Metals Corp. has declared its third quarterly cash dividend for 2026 of US$0.195 per common share, representing an 18% increase over the comparable payout in 2025. The dividend will be paid to shareholders of record on August 20, ...
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.