NYSE · Basic Materials

Wheaton Precious Metals Corp.

WPM · Gold

$122.57

▼ -3.28 (-2.61%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 77.6%

Operating Margin 74.9%

Net Income Margin 64.6%

Fin. Health

A⤢

Years to Pay Off Debt 0.0 yrs

Working Capital vs Long-Term Debt $1.7B

Working Capital $1.7B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 6.02x

Cash Flow

A⤢

Free Cash Flow $705M

CapEx % of Net Income 10.5%

Owner Earnings $720M

Profitability

Gross Profit Margin 77.6%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 74.9%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 64.6%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 0.0 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $1.7B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $1.7B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $705M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 10.5%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $720M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Wheaton Precious Metals Corp.

Wheaton Precious Metals Corp. operates as a precious metal streaming company. It explores for gold, silver, palladium, platinum, and cobalt deposits in Canada, the United States, Mexico, Portugal, Sweden, the United Kingdom, Argentina, Chile, Brazil, Peru, Ecuador, Colombia, Côte d'Ivoire, Ethiopia, and South Africa. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp. was founded in 2004 and is headquartered in Vancouver, Canada.

Market Data

Market Cap $55.7B

Enterprise Value $56.1B

P/E (TTM) 30.95

Dividend Yield 0.55%

Exchange NYSE

Key Margins

Gross Profit 77.6%

Operating Margin 74.9%

Net Margin 64.6%

Company Info

Sector Basic Materials

Industry Gold

Country Canada

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Wheaton Precious Metals Corp. at $122.57.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $122.57, the stock trades at a 406% premium to its Graham Number of $24.20. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 35.2x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	77.6%▲	76.7%•	N/A
Operating Margin %	74.9%▲	74.7%•	N/A
Net Income %	64.6%▲	64.6%•	N/A
Diluted EPS	1.28•	N/A•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$9.8B	$9.1B	N/A
Total Debt	$8M▼	$8M•	N/A
Working Capital	$1.7B▲	$1.0B•	N/A
Years to Pay Debt	0.01	0.01	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$705M▲	$99M•	N/A
Owner Earnings	$720M	$1.3B	N/A
CapEx % of Net Income	10.5%	115.9%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	270	-547
Tax Rate For Calcs	0	0
Normalized EBITDA	766,797	741,225
Total Unusual Items	1,712	-3,853
Total Unusual Items Excluding Goodwill	1,712	-3,853
Net Income From Continuing Operation Net Minority Interest	582,044	558,249
Reconciled Depreciation	77,283	86,576
Reconciled Cost Of Revenue	125,243	114,956
EBITDA	768,509	737,372
EBIT	691,226	650,796
Net Interest Income	11,610	8,297
Interest Expense	102	119
Interest Income	13,015	9,748
Normalized Income	580,602	561,555
Net Income From Continuing And Discontinued Operation	582,044	558,249
Total Expenses	226,676	218,959
Total Operating Income As Reported	674,793	645,755
Diluted Average Shares	454,955
Basic Average Shares	454,044
Diluted EPS	0
Basic EPS	0
Diluted NI Availto Com Stockholders	582,044	558,249
Net Income Common Stockholders	582,044	558,249
Net Income	582,044	558,249
Net Income Including Noncontrolling Interests	582,044	558,249
Net Income Continuous Operations	582,044	558,249
Tax Provision	109,080	92,428
Pretax Income	691,124	650,677
Other Income Expense	4,721	-3,375
Other Non Operating Income Expenses	3,009	478
Special Income Charges		0	-108,861
Gain On Sale Of Ppe		0	0
Gain On Sale Of Security	1,712	-3,853
Net Non Operating Interest Income Expense	11,610	8,297
Total Other Finance Cost	1,303	1,332
Interest Expense Non Operating	102	119
Interest Income Non Operating	13,015	9,748
Operating Income	674,793	645,755
Operating Expense	24,581	17,776
Other Operating Expenses	1,497	4,270
Other Taxes	867	130
Depreciation Amortization Depletion Income Statement	431	349
Depreciation And Amortization In Income Statement	431	349
Depreciation Income Statement	431	349
Selling General And Administration	21,786	13,027
General And Administrative Expense	21,786	13,027
Other Gand A	4,540	4,233
Insurance And Claims	491	404
Salaries And Wages	16,755	8,390
Gross Profit	699,374	663,531
Cost Of Revenue	202,095	201,183
Total Revenue	901,469	864,714
Operating Revenue	901,469	864,714

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	454,097	454,034
Share Issued	454,097	454,034
Total Debt	7,662	7,905
Tangible Book Value	9,242,254	8,689,388
Invested Capital	9,243,278	8,690,508
Working Capital	1,703,246	1,049,482
Net Tangible Assets	9,242,254	8,689,388
Capital Lease Obligations	7,662	7,905
Common Stock Equity	9,243,278	8,690,508
Total Capitalization	9,243,278	8,690,508
Total Equity Gross Minority Interest	9,243,278	8,690,508
Stockholders Equity	9,243,278	8,690,508
Other Equity Interest	31,427	32,310
Gains Losses Not Affecting Retained Earnings	68,353	144,601
Fixed Assets Revaluation Reserve			-95,723
Unrealized Gain Loss	68,353	144,601
Retained Earnings	5,325,319	4,698,687
Capital Stock	3,818,179	3,814,910
Common Stock	3,818,179	3,814,910
Total Liabilities Net Minority Interest	602,917	435,273
Total Non Current Liabilities Net Minority Interest	120,566	280,586
Employee Benefits	7,555	19,191
Non Current Pension And Other Postretirement Benefit Plans	6,055	5,976
Tradeand Other Payables Non Current	96,443	252,271
Non Current Deferred Liabilities	9,487	1,794
Non Current Deferred Taxes Liabilities	9,487	1,794
Long Term Debt And Capital Lease Obligation	7,081	7,330
Long Term Capital Lease Obligation	7,081	7,330
Current Liabilities	482,351	154,687
Current Debt And Capital Lease Obligation	581	575
Current Capital Lease Obligation	581	575
Pensionand Other Post Retirement Benefit Plans Current	12,216	21,604
Payables And Accrued Expenses	469,554	132,508
Payables	469,554	132,508
Dividends Payable	88,549
Total Tax Payable	367,506	109,951
Income Tax Payable	367,506	109,951
Accounts Payable	13,499	22,557
Total Assets	9,846,195	9,125,781
Total Non Current Assets	7,660,598	7,921,612
Other Non Current Assets	3,584	542
Non Current Prepaid Assets	10,363	10,163
Non Current Deferred Assets	4,369	4,702
Investments And Advances	164,217	410,495
Investmentin Financial Assets	164,217	410,495
Available For Sale Securities	164,217	410,495
Goodwill And Other Intangible Assets	1,024	1,120
Other Intangible Assets	1,024	1,120
Net PPE	7,477,041	7,494,590
Accumulated Depreciation	-3,454,445	-3,400,001
Gross PPE	10,931,486	10,894,591
Current Assets	2,185,597	1,204,169
Other Current Assets	3,053	1,325
Prepaid Assets		2,528	3,230
Receivables	18,039	46,723
Other Receivables	1,062	1,706
Taxes Receivable			0
Accounts Receivable	16,977	45,017
Cash Cash Equivalents And Short Term Investments	2,164,505	1,153,593
Cash And Cash Equivalents	2,164,505	1,153,593
Cash Equivalents		154,282	49,484
Cash Financial		999,311	768,682

Cash Flow

	2026	2025	2024
Free Cash Flow	704,666	99,228
Repayment Of Debt	-159	-167
Capital Expenditure	-61,157	-647,048
End Cash Position	2,164,505	1,153,593
Beginning Cash Position	1,153,593	1,157,706
Effect Of Exchange Rate Changes	-3,542	-1
Changes In Cash	1,014,454	-4,112
Financing Cash Flow	-2,465	-73,507
Cash Flow From Continuing Financing Activities	-2,465	-73,507
Net Other Financing Charges	-3,045	0	-1
Proceeds From Stock Option Exercised	739	856
Cash Dividends Paid		-74,196	-69,942
Common Stock Dividend Paid		-74,196	-69,942
Net Issuance Payments Of Debt	-159	-167
Net Long Term Debt Issuance	-159	-167
Long Term Debt Payments	-159	-167
Investing Cash Flow	251,096	-676,881
Cash Flow From Continuing Investing Activities	251,096	-676,881
Net Other Investing Changes	3,440	40
Dividends Received Cfi	0	286
Net Investment Purchase And Sale	308,813	-30,159
Sale Of Investment	323,421	0
Purchase Of Investment	-14,608	-30,159
Net PPE Purchase And Sale	-61,157	-647,048
Sale Of PPE		0
Purchase Of PPE	-61,157	-647,048
Operating Cash Flow	765,823	746,276
Cash Flow From Continuing Operating Activities	765,823
Taxes Refund Paid	-182	-41
Interest Received Cfo	13,478	9,723
Interest Paid Cfo	-103	-119
Change In Working Capital	18,776	1,553
Change In Other Working Capital	-187	144
Change In Payables And Accrued Expense	-9,059	6,916
Change In Receivables	28,022	-5,507
Changes In Account Receivables	28,022	-5,507
Other Non Cash Items	-31,651	6,232
Stock Based Compensation	10,113	1,709
Deferred Tax	109,080	92,428
Deferred Income Tax	109,080	92,428
Depreciation Amortization Depletion	77,283	86,576
Depletion		86,227
Depreciation And Amortization		349
Depreciation		349
Operating Gains Losses	-13,015	-10,034
Pension And Employee Benefit Expense			330
Gain Loss On Investment Securities	-13,015	-10,034
Gain Loss On Sale Of PPE		0	0
Net Income From Continuing Operations	582,044	558,249

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $470M ▲ $901M +91.6%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 67.8% ▲ 77.6% +9.8pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 143.4% ▲ 74.9% -68.6pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 54.0% ▲ 64.6% +10.6pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$901M/qtr (≈$3.6B ann.)

vs > $1.5B annualised revenue

✅ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

4.53x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$705M

vs Positive

Operating Cash Flow

$766M

Latest quarter · Buffett's cash reality check

ROIC

5.7%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

6.0x

Net Assets: $9.2B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

Peers & Industry

No auto-detected peers for Gold. You can manually compare WPM against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.11%

Low — management has little skin in the game

Return on Equity (ROE)

6.3%

Weak — poor returns on equity

Return on Assets (ROA)

5.9%

Strong — management uses assets efficiently

Debt Trend YoY

-3.1% YoY

Debt is declining — management is deleveraging

Leadership Team

Haytham Henry Hodaly

President, CEO & Director

Pay: $1,511,332

0.260% of net income

Vincent Lau

Senior VP & CFO

Pay: $934,887

0.161% of net income

Patrick Eugene Drouin

President of Wheaton International & Chief Sustainability Officer

Pay: $990,834

0.170% of net income

Wesley Carson Eng, Eng.

Vice President of Operations

Ryan Ulansky Sc., Eng

Vice President of Technical Services

Top Institutional Holders

Institution	% Owned	Shares
Capital World Investors	9.27%	42,086,263
FMR, LLC	3.55%	16,144,132
Van Eck Associates Corporation	3.16%	14,332,382
First Eagle Investment Management, LLC	3.12%	14,156,511
Vanguard Capital Management LLC	2.75%	12,499,340
Mirae Asset Global ETFs Holdings Ltd.	2.34%	10,626,954
Royal Bank of Canada	1.91%	8,667,296
Bank of Montreal /CAN/	1.89%	8,596,293

Risk Analysis

Beta (Market Risk)

1.16

Moderate volatility — moves slightly more than market

Debt-to-Equity

0.00x

Conservative balance sheet — low financial risk

Current Ratio

4.53x

Strong liquidity — Graham approved

52-Week Price Range

Low: $85.59 Current: $122.57 High: $165.76

Currently at 46% of 52-week range

Wheaton Precious Metals Corp.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis