Wheaton Precious Metals
Finances partner mines in exchange for contracted shares of future precious-metal production.
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Profile
Finances mining companies through precious-metal streams and royalties, receiving contracted portions of future gold, silver, palladium, and cobalt production without operating mines. A lean team manages agreements across many countries, while results depend on partner-mine output, metal prices, and meaningful concentration with Vale-backed assets.
Provides upfront capital to mining companies in exchange for contracted portions of future gold, silver, palladium, and cobalt production. Streams add a fixed delivery payment, while royalties provide contractual exposure without operating the mines.
Combines financial, technical, and ESG due diligence with a lean workforce to build a portfolio spanning operating and development assets across multiple countries. The model depends on partners to construct and run mines, process ore, and deliver metal under each agreement.
Results are shaped principally by partner-mine production volumes and realized metal prices. Agreements backed by Vale accounted for roughly half of recent revenue, leaving the global portfolio materially dependent on a major counterparty.
Company facts
Key statistics
Year to date +30.1% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Berenberg Bank | Target | $157 | |||
| Jul 9, 2026 | RBC Capital | Target | $130 | $160 | ||
| Jul 6, 2026 | Jefferies | Reiterate | Buy | $145 | $177 | |
| Jun 30, 2026 | UBS | Reiterate | Buy | $160 | $150 | |
| May 14, 2026 | Scotiabank | Reiterate | Sector Outperform | $175 | $180 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $1.15 | $1.19 | +3.5% | $879.3M | $929.2M | +5.7% | +7.10% |
| May 7, 2026Q1 FY26 | $1.15 | $1.28 | +11.3% | $868.4M | $901.5M | +3.8% | +5.54% |
| Mar 12, 2026Q4 FY25 | $1.08 | $1.22 | +13.0% | $778.8M | $864.7M | +11.0% | −4.02% |
| Nov 6, 2025Q3 FY25 | $0.59 | $0.62 | +5.8% | $720.9M | $476.3M | −33.9% | +2.89% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $470.4M | $503.2M | $476.3M | $878.0M | $889.0M | $929.2M | |
| Gross profit | $319.1M | $353.0M | $402.0M | $673.4M | $689.3M | $687.9M | |
| Operating income | $290.7M | $329.7M | $315.5M | $660.0M | $666.9M | $667.1M | |
| Net income | $254.0M | $292.3M | $367.2M | $566.8M | $574.0M | $543.2M | |
| Diluted EPS | $0.56 | $0.64 | $0.81 | $1.25 | $1.26 | $1.19 | |
| Gross margin | 67.8% | 70.2% | 84.4% | 76.7% | 77.5% | 74.0% | |
| Operating margin | 61.8% | 65.5% | 66.2% | 75.2% | 75.0% | 71.8% |
Fiscal years (4-quarter sums)FY21 $1.20B · FY22 $1.07B · FY23 $1.02B · FY24 $1.28B · FY25 $2.33B
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $100.2M · Total debt $1.98B · Total assets $12.16B · Shareholders' equity $9.69B
Dividends
Raised for 10 straight years — most recently to $0.195 from $0.165 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 20, 2026 | Aug 20 | Sep 3 | $0.195 | |
| May 27, 2026 | May 27 | Jun 9 | $0.195 | |
| Mar 31, 2026 | Mar 31 | Apr 10 | $0.195 | raised from $0.165 |
| Nov 20, 2025 | Nov 20 | Dec 4 | $0.165 | |
| Aug 21, 2025 | Aug 21 | Sep 4 | $0.165 | |
| May 28, 2025 | May 28 | Jun 10 | $0.165 | |
| Apr 1, 2025 | Apr 1 | Apr 11 | $0.165 | raised from $0.155 |
| Nov 21, 2024 | Nov 21 | Dec 6 | $0.155 |
Ownership
Shares outstanding 454.13M · Float 453.17M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 36.63M | 8.07% | 13F | Aug 12, 2026 |
| FMR LLC | 14.70M | 3.24% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 14.41M | 3.17% | 13F | Aug 14, 2026 |
| First Eagle Investment Management, LLC | 14.22M | 3.13% | 13F | Aug 24, 2026 |
| Vanguard Capital Management LLC | 12.66M | 2.79% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Franco-Nevada
Global leader in gold-focused royalties and streams
- Royal Gold
Large precious-metals stream and royalty acquirer
- Triple Flag Precious Metals
Gold-and-silver streaming and royalty finance peer
- OR Royalties
Americas-focused precious-metals royalty and streaming peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Wheaton Precious Metals | $152.55 | −0.50% | $69.63B | 34.0 | 29.7 | 21.9 | +84.7% |
| Franco-Nevada | $272.44 | +2.35% | $51.33B | 34.8 | 29.7 | 22.2 | +57.3% |
| Royal Gold | $263.05 | +0.06% | $22.31B | 28.7 | 21.8 | 14.4 | +114.9% |
| Triple Flag Precious Metals | $34.50 | +1.58% | $7.02B | 17.0 | 25.6 | 14.4 | +37.3% |
| OR Royalties | $36.90 | −1.31% | $7.01B | 24.9 | 22.2 | 17.9 | +120.8% |
| Median | 26.8 | 23.9 | 16.2 | +86.1% |