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Streaming company that pays miners upfront cash for the right to buy their silver and gold output at fixed low prices.
Streaming company that pays miners upfront cash for the right to buy their silver and gold output at fixed low prices.
Pays miners upfront for the right to buy part of a mine's output at a fixed low price, then sells the metal at market prices, so its margin is the gap and it carries no mine operating costs. Gold and silver streams carry the business. It was called Silver Wheaton until 2017.
In one line: A precious-metals Franco-Nevada peer..
Moat: wide (scale, installed base). Large, diversified portfolio of long-life low-cost streams with no operating cost exposure.
Headquarters: Vancouver, Canada · Founded: 2004 · Employees: 47
Size Wheaton Precious Metals (WPM.TO) is a Canada Materials company (Precious Metals) with a market value of $62.3B, the 17th largest of 420 Canada companies the cockpit tracks. Shares closed at C$192.17 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against -12.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 18 in its peer set.
Growth Revenue grew 88.6% over the last twelve months (peer median +41.4%); the operating margin is 73.0% (peer median 52.2%).
Valuation It trades at 29.9× forward earnings against a peer median of 12.7× (2nd most expensive of 18).
Capital Return on invested capital runs 4.6 points above its cost of capital (9.7% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$4.38B | C$3.23B | C$1.76B | C$1.37B | C$1.39B |
| Revenue growth | — | +84% | +28% | -1% | — |
| Gross profit | C$3.30B | C$2.33B | C$1.10B | C$772M | C$734M |
| EBITDA | C$3.69B | C$2.65B | C$1.35B | C$983M | C$967M |
| Net income | C$2.83B | C$2.06B | C$725M | C$726M | C$871M |
| Free cash flow | -C$4.02B | C$788M | C$549M | C$120M | C$771M |
| Capital expenditure | C$7.54B | C$1.87B | C$902M | C$911M | C$198M |
| Total debt | C$2.80B | C$10.8M | C$7.44M | C$8.21M | C$2.67M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Wheaton Precious Metals WPM.TO | $62.3B | +7% | +89% | 73% | 29.9× | n/a |
| Franco-Nevada FNV.TO | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% |
| Royal Gold RGLD | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% |
| OR Royalties OR.TO | $6.81B | 0% | +68% | 77% | 29.5× | n/a |
| Triple Flag Precious Metals TFPM.TO | $6.54B | +1% | +45% | 63% | 24.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WPM.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +2.4% | 9th lowest of 18 |
| 6-month return | +7.0% | -12.7% | 4th highest of 18 |
| Distance from 52-week high | -15.2% | -28.0% | 4th highest of 18 |
| Revenue growth (TTM) | +88.6% | +41.4% | 5th highest of 18 |
| Operating margin | 73.0% | 52.2% | 2nd highest of 18 |
| Forward P/E | 29.9× | 12.7× | 2nd most expensive of 18 |
| ROIC minus cost of capital | +4.6 pp | +13.9 pp | 4th lowest of 17 |
| EV / EBITDA | 24.4× | 8.6× | most expensive of 15 |
| Net debt / EBITDA | 0.7× | -0.3× | most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wheaton Precious Metals WPM.TO | Canada | $62.3B | +7% | +89% | 73% | 29.9× | n/a | n/a |
| Barrick Mining ABX.TO | Canada | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% | +7.0% |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Agnico Eagle Mines AEM.TO | Canada | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% | +31.6% |
| Zijin Mining 601899.SS | China | $109B | -15% | +16% | 30% | 9.6× | -10.2% | +15.3% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Newmont NEM | United States | $126B | +4% | +23% | 55% | 12.7× | -8.9% | +14.1% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |