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WPM, WHEATON PRECIOUS METALS CORP.

Gold & Precious Metals capital-intensive Cyclical

A metals and mining business, a price-taker on a global commodity.

For further details, see " Description of the Business Principal Product Antamina Mine (Silver) BHP ".

Wheaton enters into (i) precious metal purchase agreements to purchase all or a portion of the precious metals or cobalt production from mines located around the globe for an upfront payment and an additional payment upon the delivery of the precious metal or cobalt, and (ii) royalty agreements (together, "PMPAs").

Latest annual: FY2025 40-F · US listing is the ordinary share

WPM · WHEATON PRECIOUS METALS CORP.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.3B

+80.2% YoY · 16% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.3B 5-yr avg $1.4B

Gross margin 72% 5-yr avg 61%

Operating margin 68.3% 5-yr avg 55.5%

ROIC 18% 5-yr avg 11%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 53% and operating margin about 47% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The margin is cyclical, swinging between 8.7% and 68% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. The cash cycle has run negative through the cycle (a median of −7 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 8%). Customers and suppliers fund the business through negative working capital, a structural edge the ratio does not show. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 7 regions, the largest Brazil at 45%.

Revenue by geography, FY2025

Brazil45%$1.0B
Peru19%$451M
Mexico19%$438M
Canada7%$168M
Sweden4%$89M
Portugal3%$79M
Other2%$50M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
$892M	$843M	$794M	$861M	$1.1B	$1.2B	$1.1B	$1.0B	$1.3B	$2.3B	$2.3B	RevenueRevenue
37%	40%	37%	40%	53%	—	53%	56%	62%	72%	72%	Gross marginGross mgn
$218M	$74M	$244M	$126M	$520M	$755M	$512M	$505M	$621M	$1.6B	$1.6B	Operating incomeOp. inc.
24.5%	8.7%	30.8%	14.6%	47.4%	62.8%	48.1%	49.7%	48.3%	68.3%	68.3%	Operating marginOp. mgn
$195M	$58M	$427M	$86M	$508M	$755M	$669M	$538M	$529M	$1.5B	$1.5B	Net incomeNet inc.
-1%	-2%	4%	—	-0%	-0%	0%	0%	18%	13%	13%	Effective tax rateTax rate
											Cash flow & returns
$584M	$539M	$477M	$502M	$765M	$845M	$743M	$751M	$1.0B	$1.9B	$1.9B	Operating cash flowOp. cash
$952K	$972K	$1M	$2M	$2M	$2M	—	—	$1M	$1M	$1M	DepreciationDeprec.
$388M	$480M	$49M	$414M	$256M	$88M	$74M	$213M	$497M	$432M	$432M	Working capital & otherWC & other
$79M	$122M	$133M	$130M	$167M	$218M	$237M	$265M	$279M	$296M	$296M	Dividends paidDiv. paid
5%	2%	5%	2%	9%	13%	8%	8%	8%	18%	18%	ROICROIC
4%	1%	8%	2%	9%	12%	10%	8%	7%	17%	17%	Return on equityROE
2%	−1%	6%	−1%	6%	9%	6%	4%	3%	14%	14%	Retained to equityRetained/eq
											Balance sheet
$124M	$99M	$76M	$104M	$193M	$226M	$696M	$547M	$818M	$1.2B	$1.2B	Cash & investmentsCash+inv
$2M	$3M	$2M	$7M	$6M	$12M	$10M	$10M	$6M	$47M	$47M	ReceivablesReceiv.
—	—	—	—	$0	$9M	$11M	$1M	$0	—	$0	InventoryInvent.
$18M	$12M	$20M	$12M	$13M	$14M	$13M	$13M	$14M	$23M	$23M	Accounts payablePayables
($16M)	($9M)	($18M)	($5M)	($7M)	$6M	$8M	($2M)	($7M)	$24M	$24M	Operating working capitalOper. WC
$128M	$103M	$80M	$155M	$202M	$250M	$720M	$567M	$828M	$1.2B	$1.2B	Current assetsCur. assets
$19M	$12M	$29M	$65M	$31M	$30M	$31M	$26M	$30M	$155M	$155M	Current liabilitiesCur. liab.
6.7×	8.5×	2.8×	2.4×	6.5×	8.4×	23.4×	21.8×	28.1×	7.8×	7.8×	Current ratioCurr. ratio
$6.2B	$5.7B	$6.5B	$6.3B	$6.0B	$6.3B	$6.8B	$7.0B	$7.4B	$9.1B	$9.1B	Total assetsAssets
($124M)	($99M)	($76M)	($104M)	($193M)	($226M)	($696M)	($547M)	($818M)	($1.2B)	($1.2B)	Net debt / (cash)Net debt
9.0×	2.4×	5.9×	2.6×	31.1×	129.7×	91.6×	91.7×	111.9×	274.6×	274.6×	Interest coverageInt. cov.
$4.9B	$4.9B	$5.2B	$5.3B	$5.7B	$6.3B	$6.7B	$7.0B	$7.3B	$8.7B	$8.7B	Shareholders’ equityEquity
											Per share
430M	442M	443M	446M	449M	450M	452M	453M	453M	454M	454M	Shares out (diluted)Shares
$2.07	$1.91	$1.79	$1.93	$2.44	$2.67	$2.36	$2.24	$2.83	$5.10	$5.10	Revenue / shareRev/sh
$0.45	$0.13	$0.96	$0.19	$1.13	$1.68	$1.48	$1.19	$1.17	$3.24	$3.24	EPS (diluted)EPS
$0.18	$0.28	$0.30	$0.29	$0.37	$0.48	$0.53	$0.59	$0.62	$0.65	$0.65	Dividends / shareDiv/sh
$11.48	$11.09	$11.66	$11.94	$12.74	$13.88	$14.88	$15.43	$16.01	$19.15	$19.16	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.5%/yr	+15.9%/yr
EPS	+24.4%/yr	+23.4%/yr
Dividends / share	+15.2%/yr	+11.9%/yr
Book value / share	+5.9%/yr	+8.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

454Mpeak FY2025

ROIC

18%low FY2017

Gross margin

72%low FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 40-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 274.6×

Comfortable

Operating income $1.6B ÷ interest expense $6M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$1.2B

Net cash, debt-free

Cash $1.2B − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $1.2B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -5d

Negative, funded by others

DSO 7 + DIO 0 − DPO 13 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 2%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin —

Not enough data

Industry peers: median 2%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? 1.29×

Cash-backed

Cash from ops $1.9B ÷ net income $1.5B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Graham’s defensive tests · 5 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 7.78×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +273%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.86/share (latest year $3.24), the averaged base the calculator's gate runs on, and book value is $19.14/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 21% → 55% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 21% early to 55% lately, median 47% — pricing power intact or improving.
Worst year 2017 · 8.7% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.6%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.2B

Cash & short-term investments$1.2B
Receivables$47M
Other current assets$4M

Current liabilities$155M

Accounts payable$23M
Other current liabilities$132M

Current ratio7.78×all current assets ÷ what's due · Graham looked for 2×

Quick ratio7.78×stricter: inventory excluded

Cash ratio7.46×strictest: cash alone against what's due

Working capital$1.0Bthe cushion left after near-term bills

Deeper floors

Tangible book value$8.7Bequity stripped of goodwill & intangibles

Net current asset value$769MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$10M$10M of it operating leases

From the company's latest filing.

Inverting the record

Invert: instead of why WHEATON PRECIOUS METALS CORP. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid receivables and inventory outpace sales?0% → 2% of sales
Receivables and inventory grew from $2M to $47M while revenue grew 160%: working capital is climbing faster than sales (0% of revenue then, 2% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Gold & Precious Metals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
NEMNewmont Corporation	$22.7B	—	12.0%	4%	19%
CLFCleveland-Cliffs	$18.6B	14%	8.4%	16%	9%
SCCOSouthern Copper Corporation	$13.4B	52%	41.5%	18%	24%
WPMWHEATON PRECIOUS METALS CORP.	$2.3B	53%	47.7%	8%	—
CDECoeur Mining Inc.	$2.1B	79%	4.3%	2%	2%
MPMP Materials	$224M	—	-10.4%	-4%	-3%
MUXMcEwen Inc.	$198M	77%	-43.0%	-9%	-7%
IAUXi-80 Gold Corp.	$95M	—	-177.0%	-15%	-157%
Group median	—	53%	6.4%	3%	—

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. WHEATON PRECIOUS METALS CORP.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

WHEATON PRECIOUS METALS CORP. is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered12%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today—

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh WPM against another business →

Cite: Owner Scorecard, "WHEATON PRECIOUS METALS CORP. (WPM), the owner's record," https://ownerscorecard.com/c/WPM, data as of 2026-07-09.

Manual order: ← WLDSW its page in the Manual WPP →

Industry order: ← VOXR the Gold & Precious Metals chapter