WPM

MKT CAP:$64B

Wheaton Precious Metals Corp.

Market Cap

$64B

Basic Materials·Gold·🇨🇦 Canada·NYSE

Materials·Gold·🇨🇦·NYSE

Stock Price

$140.15+$22.28 (+18.90%)

Apr 24, 2026

Company Details

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...

CEO

Haytham Henry Hodaly

IPO Date

Jul 6, 2005

Website

www.wheatonpm.com

Key Metrics TTM

Revenue

$2.3B

+81.2% YoY

Net Income

$1.5B

EPS (Diluted)

$3.26

Free Cash Flow

$565M

Revenue / Share

$5.12

Gross Margin

75.1%

Operating Margin

68.6%

Net Margin

63.6%

FCF Margin

24.3%

P/S

27.3x

P/E

43.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Dec 30, 2025

$2.4B+83.3%EPS $3.29

Q4 2025

Mar 12, 2026

$878M+130.7%EPS $1.25

Q3 2025

Nov 6, 2025

$476M+54.5%EPS $0.81

Q2 2025

Aug 7, 2025

$503M+68.3%EPS $0.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$307M	$180M	$160M
Q2 22	$303M	$162M	$150M
Q3 22	$219M	$102M	$103M
Q4 22	$236M	$121M	$100M
Q1 23	$214M	$118M	$99M
Q2 23	$265M	$152M	$135M
Q3 23	$223M	$127M	$112M
Q4 23	$313M	$177M	$159M
Q1 24	$297M	$172M	$158M
Q2 24	$299M	$186M	$169M
Q3 24	$308M	$197M	$176M
Q4 24	$381M	$247M	$118M
Q1 25	$470M	$319M	$291M
Q2 25	$503M	$353M	$330M
Q3 25	$476M	$402M	$316M
Q4 25	$878M	$673M	$660M

Valuation

Quarter	P/S	P/E
Q1 22	17.9x	28.2x
Q2 22	15.1x	23.9x
Q3 22	13.7x	19.1x
Q4 22	18.2x	29.0x
Q1 23	22.9x	35.8x
Q2 23	21.3x	32.4x
Q3 23	18.8x	33.0x
Q4 23	21.4x	40.4x
Q1 24	19.7x	36.7x
Q2 24	20.9x	41.4x
Q3 24	22.8x	45.5x
Q4 24	19.8x	48.1x
Q1 25	24.2x	56.9x
Q2 25	24.5x	51.7x
Q3 25	27.4x	50.1x
Q4 25	22.9x	36.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$211M	$165M
Q2 22	$206M	$191M
Q3 22	$154M	$107M
Q4 22	$172M	$128M
Q1 23	$135M	$103M
Q2 23	$202M	$114M
Q3 23	$171M	$77M
Q4 23	$242M	-$218M
Q1 24	$219M	-$243M
Q2 24	$234M	$189M
Q3 24	$254M	$224M
Q4 24	$319M	$201M
Q1 25	$361M	$265M
Q2 25	$415M	$67M
Q3 25	$383M	$132M
Q4 25	$759M	$101M

Capital Expenditures

Quarter	CapEx
Q1 22	$46M
Q2 22	$16M
Q3 22	$48M
Q4 22	$44M
Q1 23	$32M
Q2 23	$89M
Q3 23	$95M
Q4 23	$460M
Q1 24	$463M
Q2 24	$46M
Q3 24	$31M
Q4 24	$119M
Q1 25	$96M
Q2 25	$348M
Q3 25	$251M
Q4 25	$658M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-5.2%	-8.3%
Q2 22	-8.3%	-8.5%
Q3 22	-18.6%	-11.4%
Q4 22	-15.1%	+1214.3%
Q1 23	-30.2%	-21.5%
Q2 23	-12.5%	-15.2%
Q3 23	+2.0%	-4.5%
Q4 23	+32.8%	+13.1%
Q1 24	+38.4%	+19.6%
Q2 24	+12.9%	+0.2%
Q3 24	+38.1%	+19.3%
Q4 24	+21.4%	+70.4%
Q1 25	+58.5%	+29.7%
Q2 25	+68.3%	+33.4%
Q3 25	+54.5%	+21.5%
Q4 25	+130.7%	-17.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$10M	3.2%
Q2 22	$2M	0.5%
Q3 22	$77.0K	0.0%
Q4 22	$8M	3.6%
Q1 23	$7M	3.4%
Q2 23	$4M	1.7%
Q3 23	$4M	1.9%
Q4 23	$7M	2.1%
Q1 24	$1M	0.4%
Q2 24	$6M	2.1%
Q3 24	$10M	3.1%
Q4 24	$6M	1.6%
Q1 25	$12M	2.6%
Q2 25	$10M	2.0%
Q3 25	$9M	1.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	$19M	—	—
Q2 22	$11M	—	—
Q3 22	$8M	—	—
Q4 22	$16M	—	—
Q1 23	$16M	—	—
Q2 23	$14M	—	—
Q3 23	$12M	—	—
Q4 23	$15M	—	—
Q1 24	$11M	—	—
Q2 24	$16M	—	—
Q3 24	$19M	—	—
Q4 24	$16M	—	—
Q1 25	$25M	—	—
Q2 25	$20M	—	—
Q3 25	$10M	$9M	—
Q4 25	—	—	$13M

Revenue by Geography

Quarter	Brazil	Canada	Columbia	Greece	Mexico	Peru	Portugal	Sweden	United States	Colombia
Q2 22	$91M	$37M	$2M	-$62.0K	$71M	$70M	$6M	$14M	$12M	—
Q2 23	$91M	$15M	—	—	$73M	$59M	$7M	$9M	$9M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$376M	$0	$376M
Q2 22	$449M	$0	$449M
Q3 22	$495M	$0	$495M
Q4 22	$696M	$0	$696M
Q1 23	$800M	$0	$800M
Q2 23	$829M	$0	$829M
Q3 23	$834M	$0	$834M
Q4 23	$547M	$0	$547M
Q1 24	$306M	$0	$306M
Q2 24	$540M	$0	$540M
Q3 24	$694M	$0	$694M
Q4 24	$818M	$0	$818M
Q1 25	$1.1B	$0	$1.1B
Q2 25	$1.0B	$0	$1.0B
Q3 25	$1.2B	$0	$1.2B
Q4 25	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	452M	+0.1%	+0.3%
Q2 22	452M	+0.1%	+0.3%
Q3 22	452M	+0.0%	+0.1%
Q4 22	453M	+0.1%	+0.2%
Q1 23	453M	+0.1%	+0.3%
Q2 23	454M	+0.1%	+0.3%
Q3 23	454M	-0.0%	+0.3%
Q4 23	454M	+0.0%	+0.2%
Q1 24	454M	+0.0%	+0.1%
Q2 24	454M	+0.1%	+0.1%
Q3 24	454M	+0.0%	+0.2%
Q4 24	454M	+0.0%	+0.2%
Q1 25	454M	+0.0%	+0.2%
Q2 25	455M	+0.1%	+0.1%
Q3 25	455M	+0.0%	+0.1%
Q4 25	455M	+0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$77M	4
Q2 22	$76M	4
Q3 22	$55M	4
Q4 22	$59M	4
Q1 23	$54M	4
Q2 23	$66M	4
Q3 23	$56M	4
Q4 23	$78M	4
Q1 24	$74M	4
Q2 24	$75M	4
Q3 24	$77M	4
Q4 24	$95M	4
Q1 25	$118M	4
Q2 25	$126M	4
Q3 25	$119M	4
Q4 25	$220M	4

Revenue / Employee