Wheaton Precious Financials

WPM

FY2025 annual

Revenue $2.3B +80.2% YoY

Net Income $1.5B +178.1% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

Wheaton Precious (WPM) reported $2.3B in revenue for fiscal year 2025, up 80.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI WPM FY2025 2026-08-15

Earnings scale efficiently here because cash-funded growth has expanded without meaningful debt or working-capital drag.

From FY2024 to FY2025, net margin expanded from 41.2% to 63.6%, showing the revenue rebound carried far more profit than the prior year. At the same time, operating cash flow rose from $1.03B to $1.90B, which points to strong cash conversion rather than earnings being tied up in receivables or other accruals.

The balance sheet is equity-funded: total liabilities were only $435M against assets of $9.13B. That leaves very little lender dependence, so expansion has not required meaningful financial leverage.

FY2025 looked like internally funded expansion: the company produced $1.90B of operating cash flow and used $1.28B in investing activities. Because cash still finished above FY2024 levels, reinvestment capacity appears to be coming from the business itself rather than from new borrowing.

Financial Health Signals

Financial health score not available

Wheaton Precious does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/8

Wheaton Precious passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.29x

For every $1 of reported earnings, Wheaton Precious generates $1.29 in operating cash flow ($1.9B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.3B

YoY+80.2%

5Y CAGR+16.1%

Wheaton Precious generated $2.3B in revenue in fiscal year 2025. This represents an increase of 80.2% from the prior year.

Net Income

$1.5B

YoY+178.1%

5Y CAGR+58.1%

Wheaton Precious reported $1.5B in net income in fiscal year 2025. This represents an increase of 178.1% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$1.2B

YoY+41.0%

5Y CAGR+43.0%

Wheaton Precious held $1.2B in cash against $7.3M in long-term debt as of fiscal year 2025.

Shares Outstanding

454M

YoY+0.1%

5Y CAGR+0.2%

Wheaton Precious had 454M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

63.6%

YoY+22.4pp

5Y CAGR+50.0pp

Wheaton Precious's net profit margin was 63.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.4 percentage points from the prior year.

Return on Equity

16.9%

YoY+9.6pp

5Y CAGR+14.3pp

Wheaton Precious's ROE was 16.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

WPM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

WPM annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$2.3B+80.2%	$1.3B+26.4%	$1.0B-4.6%	$1.1B-11.4%	$1.2B+9.6%	$1.1B+27.3%	$861.3M+8.5%	$794.0M-5.8%	$843.2M-5.4%	$891.6M
Interest Expense	$429K+51.1%	$284K+37.2%	$207K+127.5%	$91K-26.0%	$123K-12.1%	$140K-20.0%	$175K	N/A	N/A	N/A
Income Tax	$226.3M+96.5%	$115.2M+8047.4%	$1.4M+177.8%	$509K+289.2%	-$269K+89.1%	-$2.5M+72.7%	-$9.1M-157.1%	$15.9M+1891.0%	-$886K+33.4%	-$1.3M
Net Income	$1.5B+178.1%	$529.1M-1.6%	$537.6M-19.6%	$669.1M-11.4%	$754.9M+406.4%	$149.1M+73.1%	$86.1M-79.8%	$427.1M+640.2%	$57.7M-70.4%	$195.1M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Revenue	N/A	$503.2M	N/A	$299.1M	N/A	N/A	$265.0M	N/A
Interest Expense	N/A	$110K	N/A	$72K	N/A	N/A	$36K	N/A
Income Tax	N/A	$45.7M	N/A	$50.5M	N/A	N/A	$6.1M	N/A
Net Income	N/A	$292.3M	N/A	$122.3M-25.4%	$164.0M	N/A	$141.4M+27.0%	$111.4M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).

WPM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

WPM annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$9.1B+22.9%	$7.4B+5.6%	$7.0B+4.0%	$6.8B+7.4%	$6.3B+5.7%	$6.0B-5.1%	$6.3B-3.0%	$6.5B+13.8%	$5.7B-7.6%	$6.2B
Current Assets	$1.2B+45.4%	$828.1M+45.9%	$567.4M-21.2%	$720.1M+188.4%	$249.7M+23.7%	$201.8M+30.4%	$154.8M+94.2%	$79.7M-22.9%	$103.4M-19.3%	$128.1M
Cash & Equivalents	$1.2B+41.0%	$818.2M+49.7%	$546.5M-21.5%	$696.1M+207.9%	$226.0M+17.3%	$192.7M+85.3%	$104.0M+37.2%	$75.8M-23.1%	$98.5M-20.7%	$124.3M
Inventory	N/A	$0-100.0%	$1.4M-87.0%	$10.5M+20.9%	$8.7M	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$46.7M+651.5%	$6.2M-38.3%	$10.1M-1.1%	$10.2M-12.0%	$11.6M+96.8%	$5.9M-17.6%	$7.1M+226.5%	$2.2M-31.6%	$3.2M+37.9%	$2.3M
Total Liabilities	$435.3M+163.7%	$165.1M+261.5%	$45.7M+8.1%	$42.2M-8.3%	$46.0M-81.0%	$242.7M-74.5%	$952.1M-26.7%	$1.3B+65.7%	$783.6M-35.4%	$1.2B
Current Liabilities	$154.7M+424.3%	$29.5M+13.2%	$26.1M-15.1%	$30.7M+3.5%	$29.7M-4.7%	$31.2M-51.8%	$64.7M+124.3%	$28.8M+137.5%	$12.1M-36.3%	$19.1M
Long-Term Debt	$7.3M+49.3%	$4.9M-12.7%	$5.6M+388.3%	$1.2M-44.1%	$2.1M-28.1%	$2.9M-18.8%	$3.5M	$0-100.0%	$770.0M-35.5%	$1.2B
Total Equity	$8.7B+19.7%	$7.3B+3.9%	$7.0B+4.0%	$6.7B+7.5%	$6.3B+9.4%	$5.7B+7.3%	$5.3B+3.0%	$5.2B+5.6%	$4.9B-0.8%	$4.9B
Retained Earnings	$4.7B+33.3%	$3.5B+8.5%	$3.2B+12.1%	$2.9B+15.7%	$2.5B+29.0%	$1.9B+24.0%	$1.6B-5.0%	$1.6B+22.0%	$1.4B-6.1%	$1.4B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Total Assets	$9.1B+14.3%	$8.0B+7.5%	$7.4B+2.4%	$7.2B	N/A	$7.0B+2.2%	$6.9B	N/A
Current Assets	$1.2B+17.3%	$1.0B+23.9%	$828.1M+48.2%	$558.8M	N/A	$567.4M-33.2%	$849.4M	N/A
Cash & Equivalents	$1.2B+14.7%	$1.0B+22.9%	$818.2M+51.5%	$540.2M+76.5%	$306.1M-44.0%	$546.5M-34.1%	$828.8M+3.6%	$799.7M
Inventory	N/A	N/A	$0	$0	N/A	$1.4M-72.3%	$5.0M	N/A
Accounts Receivable	$46.7M+199.8%	$15.6M+150.7%	$6.2M-35.6%	$9.7M	N/A	$10.1M+44.6%	$7.0M	N/A
Total Liabilities	$435.3M+69.6%	$256.7M+55.5%	$165.1M+88.9%	$87.4M	N/A	$45.7M+36.4%	$33.5M	N/A
Current Liabilities	$154.7M+11.2%	$139.1M+371.6%	$29.5M+41.8%	$20.8M	N/A	$26.1M+38.1%	$18.9M	N/A
Long-Term Debt	$7.3M-4.6%	$7.7M+56.5%	$4.9M-7.4%	$5.3M	N/A	$5.6M-5.1%	$5.9M	N/A
Total Equity	$8.7B+12.5%	$7.7B+6.4%	$7.3B+1.4%	$7.2B+1.1%	$7.1B+1.3%	$7.0B+2.0%	$6.8B+0.5%	$6.8B
Retained Earnings	$4.7B+19.8%	$3.9B+11.2%	$3.5B+2.9%	$3.4B	N/A	$3.2B+4.8%	$3.1B	N/A

Not reported in any period shown, so not listed: Goodwill.

WPM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

WPM annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	$1.9B+85.4%	$1.0B+36.9%	$750.8M+1.0%	$743.4M-12.0%	$845.1M+10.4%	$765.4M+52.6%	$501.6M+5.1%	$477.4M-11.4%	$538.8M-7.8%	$584.3M
Investing Cash Flow	-$1.3B-162.0%	-$488.3M+24.5%	-$646.6M-1359.8%	-$44.3M+89.0%	-$404.2M-370.1%	$149.6M+1307.8%	$10.6M+101.2%	-$861.3M-4300.6%	-$19.6M+97.6%	-$805.4M
Financing Cash Flow	-$290.6M-8.7%	-$267.4M-5.2%	-$254.2M-11.1%	-$228.9M+43.8%	-$407.6M+50.7%	-$826.9M-70.8%	-$484.2M-234.2%	$360.9M+166.2%	-$545.1M-324.9%	$242.3M
Dividends Paid	$296.4M+6.2%	$279.1M+5.3%	$265.1M+11.8%	$237.1M+8.7%	$218.1M+30.4%	$167.2M+28.6%	$130.0M-2.2%	$132.9M+9.0%	$121.9M+54.9%	$78.7M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Operating Cash Flow	N/A	$415.0M	N/A	$234.4M	N/A	N/A	$202.4M	N/A
Investing Cash Flow	N/A	-$347.9M	N/A	$131.7M	N/A	N/A	-$42.4M	N/A
Financing Cash Flow	N/A	-$146.9M	N/A	-$131.8M	N/A	N/A	-$131.0M	N/A
Dividends Paid	N/A	$147.9M	N/A	$139.1M	N/A	N/A	$131.1M	N/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

WPM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

WPM annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Net Margin	63.6%+22.4pp	41.2%-11.7pp	52.9%-9.9pp	62.8%0.0pp	62.8%+49.2pp	13.6%+3.6pp	10.0%-43.8pp	53.8%+47.0pp	6.8%-15.1pp	21.9%
Return on Equity	16.9%+9.6pp	7.3%-0.4pp	7.7%-2.3pp	10.0%-2.1pp	12.1%+9.5pp	2.6%+1.0pp	1.6%-6.6pp	8.3%+7.1pp	1.2%-2.8pp	4.0%
Return on Assets	16.1%+9.0pp	7.1%-0.5pp	7.6%-2.3pp	9.9%-2.1pp	12.0%+9.5pp	2.5%+1.1pp	1.4%-5.2pp	6.6%+5.6pp	1.0%-2.1pp	3.2%
Current Ratio	7.78-20.3x	28.07+6.3x	21.76-1.7x	23.44+15.0x	8.41+1.9x	6.48+4.1x	2.39-0.4x	2.76-5.8x	8.52+1.8x	6.72
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00-0.2x	0.16-0.1x	0.24

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Net Margin	N/A	58.1%	N/A	40.9%	N/A	N/A	53.4%	N/A
Return on Equity	N/A	3.8%	N/A	1.7%-0.6pp	2.3%	N/A	2.1%+0.4pp	1.6%
Return on Assets	N/A	3.7%	N/A	1.7%	N/A	N/A	2.1%	N/A
Current Ratio	7.78+0.4x	7.38-20.7x	28.07+1.2x	26.86	N/A	21.76-23.2x	44.99	N/A
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.00	N/A	0.000.0x	0.00	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

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Where Wheaton Precious Ranks

Frequently Asked Questions

What is Wheaton Precious's annual revenue?

Wheaton Precious (WPM) reported $2.3B in total revenue for fiscal year 2025. This represents a 80.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Wheaton Precious's revenue growing?

Wheaton Precious (WPM) revenue grew by 80.2% year-over-year, from $1.3B to $2.3B in fiscal year 2025.

Is Wheaton Precious profitable?

Yes, Wheaton Precious (WPM) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 63.6%.

How much debt does Wheaton Precious have?

As of fiscal year 2025, Wheaton Precious (WPM) had $1.2B in cash and equivalents against $7.3M in long-term debt.

What is Wheaton Precious's net profit margin?

Wheaton Precious (WPM) had a net profit margin of 63.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Wheaton Precious's return on equity (ROE)?

Wheaton Precious (WPM) has a return on equity of 16.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Wheaton Precious's operating cash flow?

Wheaton Precious (WPM) generated $1.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Wheaton Precious's total assets?

Wheaton Precious (WPM) had $9.1B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Wheaton Precious have outstanding?

Wheaton Precious (WPM) had 454M shares outstanding as of fiscal year 2025.

What is Wheaton Precious's current ratio?

Wheaton Precious (WPM) had a current ratio of 7.78 as of fiscal year 2025, which is generally considered healthy.

What is Wheaton Precious's debt-to-equity ratio?

Wheaton Precious (WPM) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Wheaton Precious's return on assets (ROA)?

Wheaton Precious (WPM) had a return on assets of 16.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Wheaton Precious's Piotroski F-Score?

Wheaton Precious (WPM) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Wheaton Precious's earnings high quality?

Wheaton Precious (WPM) has an earnings quality ratio of 1.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.