- Company name
- Wheaton Precious Metals
- Sector
- Precious metals streaming
- About
- Wheaton Precious Metals is a streaming company. It pays mining companies an upfront deposit, and in return it buys part of the gold, silver or other metals of their mines for the life of the mine at a fixed price or a low percentage of the spot price. It does not operate mines. At November 5, 2026, it had streaming and royalty agreements on 57 mining assets, of which 22 were operating mines. The largest are the Salobo gold stream in Brazil (Vale), the Antamina silver streams in Peru and the Peñasquito silver stream in Mexico. In Q3 2026, revenue was $772 million: 51% from gold, 46% from silver and the rest from palladium and cobalt. Wheaton reports in U.S. dollars, and its shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol WPM. The head office is in Vancouver. Haytham Hodaly is President and Chief Executive Officer.
- Thesis
- Wheaton trades above the AI estimate because investors pay for high gold and silver prices and for the growth that Wheaton expects from new mines. Its costs per ounce are fixed or low, so its margins rise when metal prices rise. In the first nine months of 2026, revenue rose 79.5% to $2,602 million, and the cash operating margin was $3,866 per gold equivalent ounce (GEO). For the shares to keep this price, three things must be true. Gold and silver prices must stay near their 2026 levels. Production must grow from 860,000 to 940,000 GEOs in 2026 to about 1,200,000 GEOs by 2030, as projects such as Platreef, Koné, Mineral Park and Copper World start or grow. Cash flow must reduce the net debt of $1.5 billion from the purchase of the Antamina stream. The production results and 2027 guidance, expected in mid-February 2027, are the next test. A fall in metal prices can push the shares down to the AI estimate.
- Valuation
- The intrinsic value for Wheaton Precious Metals is an AI estimate from November 10, 2026. It is not an analyst's value. An AI research agent calculated it from Wheaton's filings. The company reports in U.S. dollars, and the estimate is in Canadian dollars per share on the Toronto Stock Exchange. The method is a multiple of operating cash flow per share for 2027, at stated metal prices, less net debt per share. The Q3 2026 results (6-K, November 5, 2026) give operating cash flow of $2,060 million and 583,129 GEOs sold in the first nine months of 2026, or $3,533 per GEO, against a cash operating margin of $3,866 per GEO, so the estimate takes operating cash flow as 91% of the cash operating margin. They also give average cash costs of $597 per GEO for the nine months, production guidance of 860,000 to 940,000 GEOs for 2026 and about 1,200,000 GEOs by 2030, and net debt of $1,452 million at September 30, 2026: bank debt of $1,598 million less cash of $146 million. The financial statements give 455,030 thousand diluted shares for Q3 2026, which the estimate rounds to 455 million. Net debt is $3.19 per share. On November 9, 2026, the market prices were about $4,114.50 per ounce of gold and $52.56 per ounce of silver. The estimate assumes cash costs of $600 per GEO and an exchange rate of C$1.41187 per U.S. dollar, the market rate on November 9, 2026. The realized price per GEO, the GEOs sold in 2027 and the multiples are assumptions. The low case assumes $3,200 per GEO and 850,000 GEOs, or operating cash flow of $4.42 per share, at 21 times. It gives $89.63 per share, or C$126.55. The base case assumes $3,700 per GEO, close to the market prices of November 9, 2026, and 900,000 GEOs, or $5.58 per share, at 24 times. It gives $130.73 per share, or C$184.57. The high case assumes $4,300 per GEO and 950,000 GEOs, or $7.03 per share, at 27 times. It gives $186.62 per share, or C$263.48. The estimate assumes weights of 25%, 50% and 25%. The weighted intrinsic value is $134.43 per share, or C$189.79. The value moves with the prices of gold and silver and with the Canadian dollar. The estimate finds no lasting advantage. The stream contracts give low costs per ounce for the life of many large, low-cost mines. But it buys new streams in a competitive market against other streaming companies, banks and investors, the prices of gold and silver are set by the market, and it has no switching costs or network effects. So the estimate does not expect the advantage to last 10 years.
As of 2026-11-10.
- Risks
- Revenue follows the prices of gold and silver. A fall in metal prices cuts revenue, margins and cash flow at once.
Wheaton depends on the mine operators. Strikes, lower grades or outages, such as the labour disputes at San Dimas and Stillwater in Q3 2026, reduce the ounces that it receives.
Growth depends on projects that other companies build, such as Platreef, Mineral Park and Copper World. Delays or cost overruns push the planned growth to later years.
Many mines are in Brazil, Peru, Mexico and other countries where taxes, permits and rules can change.
Net debt was $1.5 billion at September 30, 2026, after the $4.3 billion Antamina payment. The debt has floating interest rates.
- Balance sheet
- Cash: $146M
Debt: $1.6B
Net debt: $1.5B
Undrawn credit line: $2.4B, to June 2031
Wheaton had no debt at the end of 2025. It paid $4.3 billion for the second Antamina silver stream on April 1, 2026 with cash and bank debt. At September 30, 2026, cash was $146 million, and bank debt was $1.6 billion: $1.5 billion under the Term Loan and $100 million under the Revolving Credit Facility. Net debt was $1.5 billion. Wheaton repaid $372 million of the revolving credit facility in Q3 2026. The Revolving Credit Facility is $2.5 billion and runs to June 30, 2031, with a $500 million accordion. Operating cash flow was $2,060 million in the first nine months of 2026. The quarterly dividend is $0.195 per share. Wheaton must also pay upfront deposits for streams on projects in construction, such as $51 million that it paid after the quarter for Jervois and Spring Valley.
As of 2026-09-30.
- Checkpoints
- Nov 5, 2026: Q3 2026 results and production guidance. Passed. Watch: Production growth and a confirmed 2026 guidance pass; a guidance cut fails. Outcome: Production rose 13.3% to 230,965 GEOs, and Wheaton kept its 2026 guidance.
Feb 2027 (estimate): 2026 production and 2027 guidance. Pending. Watch: 2026 production of 860,000 GEOs or more and 2027 guidance on the path to 1,200,000 GEOs by 2030 pass; less fails.
Mar 11, 2027 (estimate): Q4 2026 and full year 2026 results. Pending. Watch: Lower net debt and a higher dividend pass; higher net debt fails.
- Recent events
- 2026-11-05: Wheaton reported Q3 2026 results. Revenue rose 62.0% to $772 million, net earnings were $410 million, or $0.903 per share, and operating cash flow was $645 million. Production was 230,965 GEOs, 13.3% more than a year earlier, mainly because of the larger Antamina silver stream. Wheaton repaid $372 million of its revolving credit facility, kept its 2026 production guidance and declared a quarterly dividend of $0.195 per share.
2026-08-06: Wheaton reported Q2 2026 results, with record revenue of $929 million and net earnings of $543 million. It increased its revolving credit facility by $500 million to $2.5 billion and extended its maturity to June 30, 2031.
2026-04-01: Wheaton closed the purchase of a second silver stream on Antamina from BHP for an upfront payment of $4.3 billion. It now buys silver equal to 67.5% of the silver of the mine, and it pays 20% of the spot price for each ounce of the new stream. On the same day, it agreed to a gold and silver stream on the Jervois copper project in Australia for $275 million.
2026-03-12: Wheaton reported 2025 results, with record revenue of $2.3 billion, net earnings of $1.5 billion and operating cash flow of $1.9 billion. Randy Smallwood said that he would move from Chief Executive Officer to Chair of the Board, and Haytham Hodaly, then President, said that he would become Chief Executive Officer.
2026-02-16: Wheaton reported 2025 production of about 692,000 GEOs, above its guidance. It forecast 860,000 to 940,000 GEOs for 2026 and about 1,200,000 GEOs by 2030.