Wheaton Precious Metals (WPM)
Finances partner mines in exchange for contracted shares of future precious-metal production.
Something off on this page? Send us feedback.
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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 28, 2026 | Berenberg Bank | Target | Target: — | Target: $157 |
| Jul 9, 2026 | RBC Capital | Target | Target: $130 | Target: $160 |
| Jul 6, 2026 | Jefferies | Reiterate | Rating: —Target: $145 | Target: $177 |
| Jun 30, 2026 | UBS | Reiterate | Rating: —Target: $160 | Target: $150 |
| May 14, 2026 | Scotiabank | Reiterate | Rating: —Target: $175 | Target: $180 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $100.2M · Total debt $1.98B · Total assets $12.16B · Shareholders' equity $9.69B
- Revenue
- $929.2M
- Operating income
- $667.1M
- Net income
- $543.2M
HistoryDividendAnnual yield
| Institutions | 64.12% | 291.18M shares | |
|---|---|---|---|
| 904 holders · as of Jun 30, 2026 | |||
| Other | 35.88% | 162.95M shares | |
| remainder | |||
454.13M company shares as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Capital World InvestorsInstitution | 8.07% | 36.63M | as of Jun 30, 2026 |
FMR LLCInstitution | 3.24% | 14.70M | as of Jun 30, 2026 |
Van Eck Associates CorpInstitution | 3.17% | 14.41M | as of Jun 30, 2026 |
First Eagle Investment Management, LLCInstitution | 3.13% | 14.22M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 2.79% | 12.66M | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Wheaton Precious Metals | $149.18 | +1.03% | $67.06B | 32.7 | 29.0 | 21.1 | +84.7% |
| Franco-Nevada | $262.13 | +0.17% | $50.47B | 34.2 | 29.6 | 21.8 | +57.3% |
| Royal Gold | $251.65 | +0.61% | $21.23B | 27.3 | 21.2 | 13.7 | +114.9% |
| Triple Flag Precious Metals | $32.94 | +0.55% | $6.77B | 16.4 | 26.0 | 13.9 | +37.3% |
| OR Royalties | $36.55 | +1.22% | $6.77B | 24.1 | 22.4 | 18.7 | +62.1% |
| Median | 25.7 | 24.2 | 16.3 | +59.7% |