Wheaton Precious Metals Corp. (WPM) Financials

WPM

FY2025 annual

Revenue $2.3B +80.2% YoY

Net Income $1.5B +178.1% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $1.9B +85.4% YoY

Market Cap $61.9B as of Oct 3, 2026

Price / Sales 26.7x on $2.3B revenue, FY2025

Price / Earnings 42.1x on $1.5B net income, FY2025

Price / Book 7.1x on $8.7B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 31, 2026 Currency USD FYE December

Newest figures come from the 40-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WPM SEC filings page.

Wheaton Precious Metals Corp. (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 2026-10-04

The business converts unusually high reported profits into cash while carrying little conventional debt, despite a sharp FY2025 rise in liabilities.

Cash conversion strengthened alongside profitability: in FY2025, operating cash flow reached $1.9B against net income of $1.5B, while net margin rose to 63.6% from 41.2% in FY2024. That combination suggests reported earnings were broadly supported by cash rather than mainly accounting gains.

FY2025 changed the earnings scale: revenue expanded to $2.3B and net income to $1.5B, after revenue had been relatively stable near $1.0B–$1.3B during FY2021–FY2024. Because net margin rebounded above its earlier level, the improvement reflects more than simple top-line growth, although the available data cannot identify whether mix, pricing, or costs drove it.

The balance sheet remains lightly debt-funded: long-term debt was only $7.3M in FY2025, while total liabilities reached $435.3M, up from $165.1M in FY2024. The current ratio fell to 7.8x from 28.1x, but still indicates substantial current-asset coverage; the change primarily signals a larger liability base rather than conventional borrowing.

Financial Health Signals

Financial health score not available

Wheaton Precious Metals Corp. 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 Metals Corp. 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 Metals Corp. 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

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$1.2B

YoY+41.0%

QoQ+14.7%

5Y CAGR+72.4%

Wheaton Precious Metals Corp. held $1.2B in cash against $7.3M in long-term debt as of Q4 2025.

Shares Outstanding

454M

YoY+0.1%

Wheaton Precious Metals Corp. had 454M shares outstanding in Q4 2025. This represents an increase of 0.1% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WPM quarterly income statement

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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	$5.8M+3.8%	$5.5M+0.7%	$5.5M	$0-100.0%	$229K-98.1%	$12.2M-72.7%	$44.8M+24.9%	$35.8M+43.4%	$25.0M+3.3%	$24.2M
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
Diluted Shares (Avg)	455M+0.1%	454M+0.1%	453M+0.2%	452M+0.3%	451M+0.2%	450M+0.7%	447M+0.7%	444M+0.3%	442M+2.7%	431M

Metric	Q4'2540-F	Q2'2510-Q	Q4'2440-F	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q	Q1'2310-Q
Revenue	N/A	$503.2M+68.3%	N/A	$299.1M+12.9%	N/A	N/A	$265.0M-12.5%	N/A
Interest Expense	N/A	$1.4M+9.9%	N/A	$1.3M-3.9%	N/A	N/A	$1.4M	N/A
Income Tax	N/A	$45.7M-9.5%	N/A	$50.5M+723.4%	N/A	N/A	$6.1M+2952.2%	N/A
Net Income	N/A	$292.3M+138.9%	N/A	$122.3M-13.5%	$164.0M+47.3%	N/A	$141.4M-5.1%	$111.4M-29.3%
Diluted Shares (Avg)	N/A	455M+0.1%	N/A	454M+0.1%	N/A	N/A	454M+0.3%	N/A

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

WPM Balance Sheet

WPM quarterly balance sheet

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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
Non-Current Liabilities	$280.6M+107.0%	$135.6M+591.9%	$19.6M+70.2%	$11.5M-29.5%	$16.3M-92.3%	$211.5M-76.2%	$887.4M-30.1%	$1.3B+64.5%	$771.5M-35.4%	$1.2B
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	Q4'2540-F	Q2'2510-Q	Q4'2440-F	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q	Q1'2310-Q
Total Assets	$9.1B+22.9%	$8.0B+10.1%	$7.4B+5.6%	$7.2B+5.3%	N/A	$7.0B+4.0%	$6.9B+6.7%	N/A
Current Assets	$1.2B+45.4%	$1.0B+83.6%	$828.1M+45.9%	$558.8M-34.2%	N/A	$567.4M-21.2%	$849.4M+77.6%	N/A
Cash & Equivalents	$1.2B+41.0%	$1.0B+86.2%	$818.2M+49.7%	$540.2M-34.8%	$306.1M-61.7%	$546.5M-21.5%	$828.8M+84.8%	$799.7M+112.6%
Inventory	N/A	N/A	$0-100.0%	$0-100.0%	N/A	$1.4M-87.0%	$5.0M-58.5%	N/A
Accounts Receivable	$46.7M+651.5%	$15.6M+61.4%	$6.2M-38.3%	$9.7M+38.5%	N/A	$10.1M-1.1%	$7.0M-48.6%	N/A
Total Liabilities	$435.3M+163.7%	$256.7M+193.6%	$165.1M+261.5%	$87.4M+161.0%	N/A	$45.7M+8.1%	$33.5M+5.0%	N/A
Current Liabilities	$154.7M+424.3%	$139.1M+568.7%	$29.5M+13.2%	$20.8M+10.2%	N/A	$26.1M-15.1%	$18.9M-15.9%	N/A
Non-Current Liabilities	$280.6M+107.0%	$117.6M+76.5%	$135.6M+591.9%	$66.6M+355.8%	N/A	$19.6M+70.2%	$14.6M+54.8%	N/A
Long-Term Debt	$7.3M+49.3%	$7.7M+44.9%	$4.9M-12.7%	$5.3M-10.5%	N/A	$5.6M+388.3%	$5.9M+266.0%	N/A
Total Equity	$8.7B+19.7%	$7.7B+7.9%	$7.3B+3.9%	$7.2B+4.6%	$7.1B+3.9%	$7.0B+4.0%	$6.8B+6.7%	$6.8B+7.3%
Retained Earnings	$4.7B+33.3%	$3.9B+14.5%	$3.5B+8.5%	$3.4B+10.5%	N/A	$3.2B+12.1%	$3.1B+15.9%	N/A

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.

WPM Cash Flow Statement

WPM quarterly cash flow statement

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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	Q4'2540-F	Q2'2510-Q	Q4'2440-F	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q	Q1'2310-Q
Operating Cash Flow	N/A	$415.0M+77.0%	N/A	$234.4M+15.8%	N/A	N/A	$202.4M-1.9%	N/A
Investing Cash Flow	N/A	-$347.9M-364.2%	N/A	$131.7M+410.4%	N/A	N/A	-$42.4M-133.6%	N/A
Financing Cash Flow	N/A	-$146.9M-11.4%	N/A	-$131.8M-0.7%	N/A	N/A	-$131.0M-13.4%	N/A
Dividends Paid	N/A	$147.9M+6.3%	N/A	$139.1M+6.1%	N/A	N/A	$131.1M+11.9%	N/A

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

WPM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WPM quarterly financial ratios

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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
Asset Turnover	0.25+0.1x	0.170.0x	0.140.0x	0.160.0x	0.190.0x	0.180.0x	0.140.0x	0.120.0x	0.150.0x	0.14

Metric	Q4'2540-F	Q2'2510-Q	Q4'2440-F	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q	Q1'2310-Q
Net Margin	N/A	58.1%+17.2pp	N/A	40.9%-12.5pp	N/A	N/A	53.4%+4.2pp	N/A
Return on Equity	N/A	3.8%+2.1pp	N/A	1.7%-0.4pp	2.3%+0.7pp	N/A	2.1%-0.2pp	1.6%-0.8pp
Return on Assets	N/A	3.7%+2.0pp	N/A	1.7%-0.4pp	N/A	N/A	2.1%-0.2pp	N/A
Current Ratio	7.78-20.3x	7.38-19.5x	28.07+6.3x	26.86-18.1x	N/A	21.76-1.7x	44.99+23.7x	N/A
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.000.0x	N/A	0.000.0x	0.000.0x	N/A
Asset Turnover	N/A	0.060.0x	N/A	0.040.0x	N/A	N/A	0.040.0x	N/A

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

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Wheaton Precious Metals Corp. WPM	FY2025	$2.3B	$1.5B	63.6%	$61.9B	—
Barrick Mining Corporation B	FY2010	$10.9B	$3.3B	30.0%	$66.0B	—
Franco-Nevada Corporation FNV	FY2025	$1.8B	$1.1B	61.0%	$46.2B	61/100
Agnico Eagle Mines Ltd. AEM	FY2013	N/A	-$406.5M	N/A	$93.0B	—
AngloGold Ashanti plc AU	FY2025	$9.9B	$3.2B	32.1%	$48.0B	43/100
Kinross Gold Corporation KGC	FY2025	$7.1B	$2.5B	35.0%	$28.5B	55/100

Where Wheaton Precious Metals Corp. Ranks

Frequently Asked Questions

What is Wheaton Precious Metals Corp.'s annual revenue?

Wheaton Precious Metals Corp. (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 Metals Corp.'s revenue growing?

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

Is Wheaton Precious Metals Corp. profitable?

Yes, Wheaton Precious Metals Corp. (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 Metals Corp. have?

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

What is Wheaton Precious Metals Corp.'s net profit margin?

Wheaton Precious Metals Corp. (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 Metals Corp.'s return on equity (ROE)?

Wheaton Precious Metals Corp. (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 Metals Corp.'s operating cash flow?

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

What are Wheaton Precious Metals Corp.'s total assets?

Wheaton Precious Metals Corp. (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 Metals Corp. have outstanding?

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

What is Wheaton Precious Metals Corp.'s current ratio?

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

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

Wheaton Precious Metals Corp. (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 Metals Corp.'s return on assets (ROA)?

Wheaton Precious Metals Corp. (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 Metals Corp.'s P/E ratio?

Wheaton Precious Metals Corp. (WPM) trades at 42.1x earnings, its market capitalization divided by net income of $1.5B net income, FY2025. The market capitalization is $61.9B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Wheaton Precious Metals Corp.'s price-to-sales ratio?

Wheaton Precious Metals Corp. (WPM) trades at 26.7x sales, its market capitalization divided by revenue of $2.3B revenue, FY2025. The market capitalization is $61.9B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Wheaton Precious Metals Corp.'s Piotroski F-Score?

Wheaton Precious Metals Corp. (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 Metals Corp.'s earnings high quality?

Wheaton Precious Metals Corp. (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.