# Wheaton Precious Metals (WPM.TO)

Canonical: https://gigainvestors.com/s/WPM.TO

Analysis as of: 2026-10-16T07:33:51.166Z. Financial observations: FY2004–FY2026.

Listing currency: CAD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 188.88 per share; close as of 2026-10-15.

Estimated value: low CAD 84.52 per share, central CAD 120.69 per share, high CAD 141.75 per share. Buy at or below the central value CAD 120.69 per share. Valuation as of 2026-10-16T07:33:51.166Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.37×

- FY2018: 0.31×

- FY2019: 0.34×

- FY2020: 0.47×

- FY2021: 0.50×

- FY2022: 0.48×

- FY2023: 0.50×

- FY2024: 0.48×

- FY2025: 0.69×

- LTM to Jun 2026: 0.73×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: -9.2 pp

- Typical gross margin (annual median): 53.3%

- Recent gross margin (lower of latest and 3-year median): 62.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 47.5%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.9%

- FY2017: 5.6%

- FY2018: 3.7%

- FY2019: 4.8%

- FY2020: 9.1%

- FY2021: 10.0%

- FY2022: 8.5%

- FY2023: 7.8%

- FY2024: 7.9%

- FY2025: 18.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.7B

- Net income, five-year total: $4.0B

- Return on incremental invested capital: 47.5%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 0.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.32×

- FY2023: 0.14×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.9% vs 7.9%

- Per-share earnings: 0.13 to 1.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: $44B

- Cumulative retained earnings: $3.3B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 31.8%

- Per-share value change: $1.06

- Per-share value, starting three-year median: $0.13

- Per-share value, ending three-year median: $1.19

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $9.1M

- Cumulative net income, 10 years: $5.3B

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: 7.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.44

- FY2017: $0.13

- FY2018: $0.96

- FY2019: $0.19

- FY2020: $1.13

- FY2021: $1.67

- FY2022: $1.48

- FY2023: $1.19

- FY2024: $1.16

- FY2025: $3.29

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 4.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.3%

- FY2017: -8.5%

- FY2018: -0.8%

- FY2019: -6.6%

- FY2020: -4.3%

- FY2021: -1.4%

- FY2022: -1.1%

- FY2023: -3.0%

- FY2024: -6.7%

- FY2025: -4.8%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.2% a year for ten years · sales +34.6%

Story as of 2026-10-16T09:59:58.007Z; price observation 2026-10-15.

Price needs cash profits to grow 12.2% a year for ten years

- 2026-02-17: Wheaton Precious Metals Acquires Additional Silver Stream on Antamina, Exceeds 2025 Production Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/wheaton-precious-metals-acquires-additional-114019554.html))

- 2026-05-12: WPM Q1 Earnings Top Estimates on Higher Prices, Shares Gain 7% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wpm-q1-earnings-top-estimates-164800013.html))

- 2026-08-10: WPM Q2 Earnings Beat Estimates on Higher Prices, Revenue Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/wpm-q2-earnings-beat-estimates-143300595.html))

### Sales · FY2025–2026

sales +34.6%; source https://www.sec.gov/Archives/edgar/data/1323404/000119312526134908/d56281d40f.htm; observed 2026-03-31.

- FY2017: $843M 

- FY2018: $794M 

- FY2019: $861M 

- FY2020: $1.1B 

- FY2021: $1.2B 

- FY2022: $1.1B 

- FY2023: $1.0B 

- FY2024: $1.3B 

- FY2025: $2.4B 

- FY2026: $3.2B 

### Gross margin · FY2025

gross margin 72.2%; source https://www.sec.gov/Archives/edgar/data/1323404/000119312526134908/d56281d40f.htm; observed 2026-03-31.

- FY2016: 36.8% 

- FY2017: 40.0% 

- FY2018: 37.3% 

- FY2019: 40.2% 

- FY2020: 53.4% 

- FY2021: 54.8% 

- FY2022: 53.1% 

- FY2023: 56.4% 

- FY2024: 62.5% 

- FY2025: 72.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 2.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1323404/000119312526134908/d56281d40f.htm (filed 2026-03-31); FY2025: revenue 2355118307; grossProfit 1699610717; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 56.4% to 72.2% during 2023–25; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2023: grossProfit / revenue = 56.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2024: grossProfit / revenue = 62.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1323404/000119312526134908/d56281d40f.htm (filed 2026-03-31); FY2025: grossProfit / revenue = 72.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); 10-year return on capital observations [[2016,0.04892425778272006],[2017,0.05593286691797356],[2018,0.036999805703039575],[2019,0.0478011817031724],[2020,0.09087872179563938],[2021,0.09970076050138171],[2022,0.08491908995141638],[2023,0.07818891915095287],[2024,0.07908802420629833],[2025,0.18646399186467708]]; median 0.0786384716786256. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 70.5% of cash earnings on expansion; earns 47.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2016: growth capex 494865000; upkeep 309654000; owner earnings 195137000. Growth capex / owner earnings = 2.535987536961212.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2017: growth capex 0; upkeep 1721000; owner earnings 319334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2019: growth capex 0; upkeep 3207000; owner earnings 340810600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2020: growth capex 0; upkeep 1822000; owner earnings 751033600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2021: growth capex 269277000; upkeep 256685000; owner earnings 754310400. Growth capex / owner earnings = 0.3569843396034312.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2022: growth capex 0; upkeep 21666000; owner earnings 880605000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2023: growth capex 0; upkeep 675871000; owner earnings 76453200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2024: growth capex 408977433; upkeep 249351567; owner earnings 528105800. Growth capex / owner earnings = 0.7744232935900344.

- Source: https://www.sec.gov/Archives/edgar/data/1323404/000119312526134908/d56281d40f.htm (filed 2026-03-31); FY2025: growth capex 1054341272; upkeep 310509110; owner earnings 1495902243. Growth capex / owner earnings = 0.7048196343937162.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Incremental return on capital 0.47512904777959497, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Dividend observations: [[2016,78708000],[2017,121934000],[2018,132915000],[2019,129986000],[2020,167212000],[2021,218052000],[2022,237097000],[2023,265109000],[2024,279050000],[2025,301555062]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WPM.TO SharesStats.PercentInsiders = 0.11299999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Ten-year compound average after fade. Initial solved rate 0.16246148942869676. Price 188.88; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -4.0009955897498 → FY2025 3.2888465265884124. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 32.32 per share

- 2016-11: CAD 24.44 per share

- 2016-12: CAD 25.94 per share

- 2017-01: CAD 28.77 per share

- 2017-02: CAD 25.87 per share

- 2017-03: CAD 27.71 per share

- 2017-04: CAD 27.24 per share

- 2017-05: CAD 27.60 per share

- 2017-06: CAD 25.76 per share

- 2017-07: CAD 25.28 per share

- 2017-08: CAD 25.94 per share

- 2017-09: CAD 23.80 per share

- 2017-10: CAD 26.77 per share

- 2017-11: CAD 26.99 per share

- 2017-12: CAD 27.79 per share

- 2018-01: CAD 26.57 per share

- 2018-02: CAD 24.49 per share

- 2018-03: CAD 26.25 per share

- 2018-04: CAD 26.65 per share

- 2018-05: CAD 28.34 per share

- 2018-06: CAD 29.02 per share

- 2018-07: CAD 27.26 per share

- 2018-08: CAD 22.36 per share

- 2018-09: CAD 22.60 per share

- 2018-10: CAD 21.64 per share

- 2018-11: CAD 20.86 per share

- 2018-12: CAD 26.65 per share

- 2019-01: CAD 27.68 per share

- 2019-02: CAD 28.62 per share

- 2019-03: CAD 31.81 per share

- 2019-04: CAD 28.98 per share

- 2019-05: CAD 29.89 per share

- 2019-06: CAD 31.67 per share

- 2019-07: CAD 34.50 per share

- 2019-08: CAD 39.16 per share

- 2019-09: CAD 34.74 per share

- 2019-10: CAD 36.92 per share

- 2019-11: CAD 36.50 per share

- 2019-12: CAD 38.64 per share

- 2020-01: CAD 38.96 per share

- 2020-02: CAD 38.17 per share

- 2020-03: CAD 38.73 per share

- 2020-04: CAD 52.89 per share

- 2020-05: CAD 59.32 per share

- 2020-06: CAD 59.71 per share

- 2020-07: CAD 72.67 per share

- 2020-08: CAD 69.66 per share

- 2020-09: CAD 65.33 per share

- 2020-10: CAD 61.14 per share

- 2020-11: CAD 50.13 per share

- 2020-12: CAD 53.16 per share

- 2021-01: CAD 52.52 per share

- 2021-02: CAD 45.52 per share

- 2021-03: CAD 48.00 per share

- 2021-04: CAD 50.99 per share

- 2021-05: CAD 57.27 per share

- 2021-06: CAD 54.64 per share

- 2021-07: CAD 57.63 per share

- 2021-08: CAD 56.86 per share

- 2021-09: CAD 47.68 per share

- 2021-10: CAD 49.96 per share

- 2021-11: CAD 53.42 per share

- 2021-12: CAD 54.28 per share

- 2022-01: CAD 51.25 per share

- 2022-02: CAD 55.54 per share

- 2022-03: CAD 59.45 per share

- 2022-04: CAD 57.58 per share

- 2022-05: CAD 52.24 per share

- 2022-06: CAD 46.38 per share

- 2022-07: CAD 43.94 per share

- 2022-08: CAD 40.09 per share

- 2022-09: CAD 44.73 per share

- 2022-10: CAD 44.57 per share

- 2022-11: CAD 52.50 per share

- 2022-12: CAD 52.90 per share

- 2023-01: CAD 60.84 per share

- 2023-02: CAD 56.85 per share

- 2023-03: CAD 65.09 per share

- 2023-04: CAD 66.85 per share

- 2023-05: CAD 61.52 per share

- 2023-06: CAD 57.29 per share

- 2023-07: CAD 59.13 per share

- 2023-08: CAD 58.94 per share

- 2023-09: CAD 55.12 per share

- 2023-10: CAD 58.57 per share

- 2023-11: CAD 66.35 per share

- 2023-12: CAD 65.37 per share

- 2024-01: CAD 63.01 per share

- 2024-02: CAD 55.93 per share

- 2024-03: CAD 63.80 per share

- 2024-04: CAD 71.72 per share

- 2024-05: CAD 74.65 per share

- 2024-06: CAD 71.73 per share

- 2024-07: CAD 82.55 per share

- 2024-08: CAD 83.29 per share

- 2024-09: CAD 82.60 per share

- 2024-10: CAD 91.95 per share

- 2024-11: CAD 87.12 per share

- 2024-12: CAD 80.91 per share

- 2025-01: CAD 90.68 per share

- 2025-02: CAD 99.89 per share

- 2025-03: CAD 111.67 per share

- 2025-04: CAD 115.11 per share

- 2025-05: CAD 118.91 per share

- 2025-06: CAD 122.46 per share

- 2025-07: CAD 126.72 per share

- 2025-08: CAD 137.92 per share

- 2025-09: CAD 155.74 per share

- 2025-10: CAD 135.45 per share

- 2025-11: CAD 153.47 per share

- 2025-12: CAD 161.36 per share

- 2026-01: CAD 179.39 per share

- 2026-02: CAD 222.27 per share

- 2026-03: CAD 182.60 per share

- 2026-04: CAD 171.58 per share

- 2026-05: CAD 185.36 per share

- 2026-06: CAD 159.54 per share

- 2026-07: CAD 152.48 per share

- 2026-08: CAD 208.89 per share

- 2026-09: CAD 190.05 per share

- 2026-10: CAD 193.56 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 7.25 per share, central CAD 8.26 per share, high CAD 9.55 per share

- FY2017: low CAD 7.52 per share, central CAD 9.58 per share, high CAD 11.16 per share

- FY2018: low CAD 7.04 per share, central CAD 9.05 per share, high CAD 10.55 per share

- FY2019: low CAD 6.79 per share, central CAD 7.69 per share, high CAD 8.88 per share

- FY2020: low CAD 17.86 per share, central CAD 24.63 per share, high CAD 28.81 per share

- FY2021: low CAD 17.30 per share, central CAD 20.03 per share, high CAD 23.18 per share

- FY2022: low CAD 25.04 per share, central CAD 28.20 per share, high CAD 32.41 per share

- FY2023: low CAD 23.46 per share, central CAD 26.46 per share, high CAD 30.47 per share

- FY2024: low CAD 34.12 per share, central CAD 44.14 per share, high CAD 51.23 per share

- FY2025: low CAD 66.15 per share, central CAD 93.02 per share, high CAD 108.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:35.826Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1323404/000119312526134908/d56281d40f.htm); period 2025-12-31, filed 2026-03-31.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.