Wheaton Precious Metals Corp. (WPM) Key Metrics
WPM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $60.94B
- Enterprise value
- $68.07B
- P/E (TTM)
- 29.8 10-yr median 39.3
- Forward P/E
- 26.1
- PEG ratio
- 0.43
- Price / sales
- 19.2 10-yr median 16.4
- Price / book
- 6.8 10-yr median 2.9
- EV / EBITDA
- 24.5 10-yr median 25.3
- Dividend yield
- 0.58% $0.78 a year
- Beta
- 1.24
WPM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWPM valuation Price multiples at each fiscal year-end price.
WPM returns How much profit the business earns on the capital it uses.
WPM per-share figures Results divided by the shares outstanding at year-end.
WPM financial health Debt, liquidity and how easily interest is covered.
WPM efficiency & capital use Working capital cycle and where the cash goes.
WPM valuation history
WPM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WPM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WPM cash returned to shareholders
WPM price vs earnings per share
WPM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $53.43B | $25.54B | $22.37B | $17.68B | $19.37B | $18.79B | $13.30B | $8.67B | $9.79B | $8.32B |
| Enterprise value | $52.29B | $24.73B | $21.83B | $16.98B | $19.15B | $18.79B | $14.07B | $9.86B | $10.46B | $9.39B |
| P/E ratio | 36.3 | 48.3 | 41.6 | 26.4 | 25.7 | 37.0 | 154.4 | 20.3 | 169.7 | 42.7 |
| Price / sales | 23.1 | 19.9 | 22.0 | 16.6 | 16.1 | 17.1 | 15.4 | 10.9 | 11.6 | 9.3 |
| Price / book | 6.2 | 3.5 | 3.2 | 2.6 | 3.1 | 3.3 | 2.5 | 1.7 | 2.0 | 1.7 |
| Price / free cash flow | 94.8 | 69.2 | 298.6 | 24.5 | 60.7 | 24.6 | 26.7 | — | 18.2 | — |
| Price / operating cash flow | 28.0 | 24.9 | 29.8 | 23.8 | 22.9 | 24.5 | 26.5 | 18.2 | 18.2 | 14.2 |
| EV / sales | 22.6 | 19.2 | 21.5 | 15.9 | 15.9 | 17.1 | 16.3 | 12.4 | 12.4 | 10.5 |
| EV / EBITDA | 26.0 | 27.7 | 28.9 | 18.8 | 18.9 | 24.6 | 37.0 | 13.5 | 30.3 | 17.8 |
| EV / free cash flow | 92.8 | 67.0 | 291.4 | 23.5 | 60.0 | 24.6 | 28.2 | — | 19.5 | — |
| Earnings yield | 2.8% | 2.1% | 2.4% | 3.8% | 3.9% | 2.7% | 0.6% | 4.9% | 0.6% | 2.3% |
| Free cash flow yield | 1.1% | 1.4% | 0.3% | 4.1% | 1.6% | 4.1% | 3.7% | −7.5% | 5.5% | −2.6% |
| Dividend yield | 0.6% | 1.1% | 1.2% | 1.3% | 1.1% | 0.9% | 1.0% | 1.5% | 1.2% | 0.9% |
| Shareholder yield (dividends + buybacks) | 0.6% | 1.1% | 1.2% | 1.3% | 1.1% | 0.9% | 1.0% | 1.5% | 1.2% | 1.3% |
| Share price at fiscal year-end | $117.52 | $56.24 | $49.34 | $39.08 | $42.93 | $41.74 | $29.75 | $19.53 | $22.13 | $19.32 |
| Per share | ||||||||||
| Revenue per share | $5.09 | $2.83 | $2.24 | $2.35 | $2.66 | $2.44 | $1.93 | $1.79 | $1.91 | $2.07 |
| Earnings per share | $3.24 | $1.17 | $1.19 | $1.48 | $1.67 | $1.13 | $0.19 | $0.96 | $0.13 | $0.45 |
| Operating cash flow per share | $4.19 | $2.26 | $1.66 | $1.64 | $1.87 | $1.70 | $1.12 | $1.08 | $1.22 | $1.36 |
| Free cash flow per share | $1.24 | $0.81 | $0.17 | $1.60 | $0.71 | $1.70 | $1.12 | −$1.46 | $1.21 | −$0.51 |
| Cash per share | $2.53 | $1.80 | $1.21 | $1.54 | $0.50 | $0.43 | $0.23 | $0.17 | $0.22 | $0.29 |
| Book value per share | $19.08 | $15.99 | $15.40 | $14.85 | $13.85 | $12.70 | $11.92 | $11.65 | $11.07 | $11.47 |
| Tangible book value per share | $19.08 | $15.98 | $15.39 | $14.85 | $13.85 | $12.69 | $11.91 | $11.64 | $11.07 | $11.47 |
| Dividends per share | $0.65 | $0.61 | $0.58 | $0.52 | $0.48 | $0.37 | $0.29 | $0.30 | $0.28 | $0.18 |
| Capex per share | $2.95 | $1.45 | $1.49 | $0.05 | $1.17 | $0.00 | $0.01 | $2.54 | $0.00 | $1.87 |
| Debt per share | $0.02 | $0.01 | $0.01 | $0.00 | $0.01 | $0.44 | $1.97 | $2.86 | $1.74 | $2.77 |
| Shares outstanding | 454.7M | 454.1M | 453.5M | 452.3M | 451.2M | 450.1M | 446.9M | 443.9M | 442.4M | 430.8M |
| Change in shares outstanding | +0.1% | +0.1% | +0.2% | +0.3% | +0.2% | +0.7% | +0.7% | +0.3% | +2.7% | +8.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.5% | 7.4% | 7.8% | 10.3% | 12.6% | 9.2% | 1.6% | 8.5% | 1.2% | 4.3% |
| Return on invested capital (ROIC) | 19.7% | 7.9% | 8.1% | 8.5% | 12.8% | 8.8% | 2.0% | 3.9% | 1.3% | 5.1% |
| Return on assets (ROA) | 17.8% | 7.3% | 7.8% | 10.3% | 12.3% | 8.3% | 1.4% | 7.0% | 1.0% | 3.3% |
| Return on tangible assets | 16.1% | 7.1% | 7.7% | 9.9% | 12.0% | 8.5% | 1.4% | 6.6% | 1.0% | 3.2% |
| Free cash flow margin | 24.4% | 28.7% | 7.4% | 67.8% | 26.6% | 69.7% | 57.9% | −81.6% | 63.7% | −24.7% |
| Income quality (OCF / net income) | 1.29 | 1.94 | 1.40 | 1.11 | 1.12 | 1.51 | 5.82 | 1.12 | 9.34 | 2.99 |
| Financial health | ||||||||||
| Total debt | $7.9M | $5.2M | $6.2M | $2.0M | $2.9M | $198.6M | $878.8M | $1.27B | $770.0M | $1.19B |
| Cash & short-term investments | $1.15B | $818.2M | $546.5M | $696.1M | $226.0M | $192.7M | $104.0M | $75.8M | $98.5M | $124.3M |
| Net debt | −$1.14B | −$813.0M | −$540.3M | −$694.1M | −$223.2M | $6.0M | $774.8M | $1.19B | $671.5M | $1.07B |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.16 | 0.25 | 0.16 | 0.24 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.14 | 0.20 | 0.14 | 0.19 |
| Net debt / EBITDA | −0.57 | −0.91 | −0.72 | −0.77 | −0.22 | 0.01 | 2.03 | 1.63 | 1.95 | 2.03 |
| Current ratio | 7.78 | 28.07 | 21.76 | 23.44 | 8.41 | 6.48 | 2.39 | 2.76 | 8.52 | 6.72 |
| Quick ratio | 7.78 | 28.07 | 21.71 | 23.10 | 8.12 | 6.40 | 1.75 | 2.76 | 8.52 | 6.72 |
| Interest coverage | 276.5 | 111.9 | 91.7 | 95.4 | 130.9 | 31.1 | 2.5 | 6.2 | 2.3 | 10.3 |
| Working capital | $1.05B | $798.6M | $541.3M | $689.4M | $220.0M | $170.7M | $90.1M | $50.9M | $91.3M | $109.0M |
| Invested capital | $7.53B | $6.45B | $6.45B | $6.02B | $6.03B | $5.72B | $6.10B | $6.37B | $5.57B | $6.01B |
| Tangible asset value | $8.67B | $7.25B | $6.98B | $6.72B | $6.25B | $5.71B | $5.32B | $5.17B | $4.90B | $4.94B |
| Net current asset value | $723.2M | $663.0M | $521.7M | $677.9M | $203.7M | −$40.9M | −$797.3M | −$1.22B | −$680.2M | −$1.09B |
| Graham number | $37.28 | $20.47 | $20.27 | $22.23 | $22.84 | $17.95 | $7.19 | $15.88 | $5.70 | $10.81 |
| Graham net-net per share | $1.56 | $1.45 | $1.12 | $1.47 | $0.43 | −$0.10 | −$1.84 | −$2.75 | −$1.54 | −$2.52 |
| Capital allocation | ||||||||||
| Dividends paid | $296.4M | $279.1M | $265.1M | $237.1M | $218.1M | $167.2M | $130.0M | $132.9M | $121.9M | $78.7M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $33.1M |
| Dividend payout ratio | 20.1% | 52.7% | 49.3% | 35.4% | 28.9% | 32.9% | 150.9% | 31.1% | 211.3% | 40.3% |
| Dividends + buybacks / free cash flow | 52.6% | 75.6% | 353.8% | 32.8% | 68.3% | 21.9% | 26.1% | — | 22.7% | — |
| Capex / revenue | 58.0% | 51.2% | 66.5% | 2.0% | 43.8% | 0.2% | 0.4% | 141.8% | 0.2% | 90.2% |
| Capex / operating cash flow | 70.4% | 64.1% | 90.0% | 2.9% | 62.2% | 0.2% | 0.6% | 235.8% | 0.3% | 137.7% |
| Capex / depreciation | 4.40 | 2.65 | 3.13 | 0.09 | 5.15 | 0.01 | 0.01 | 4.44 | 0.01 | 2.60 |
| Stock-based compensation / revenue | 1.4% | 1.8% | 2.2% | 0.2% | 0.2% | 1.4% | 1.6% | 1.9% | 0.6% | 0.2% |
| SG&A / revenue | 3.3% | 6.6% | 5.7% | 5.0% | 4.3% | 5.3% | 6.3% | 6.0% | 3.7% | 3.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 4.2 | 2.2 | 3.3 | 3.5 | 2.5 | 1.6 | 1.4 | 1.3 | 1.2 | 0.7 |
| Days of inventory on hand | — | 0.5 | 4.9 | 7.0 | 3.7 | 15.7 | 29.3 | 0.0 | — | — |
| Days payables outstanding | 10.2 | 10.2 | 10.7 | 9.7 | 9.1 | 8.9 | 22.4 | 11.7 | 11.2 | 9.6 |
| Cash conversion cycle (days) | -6.1 | -7.5 | -2.5 | 0.8 | -2.8 | 8.4 | 8.4 | -10.4 | -10.0 | -8.9 |
| Receivables turnover | 87.58 | 165.21 | 109.88 | 104.61 | 144.49 | 224.20 | 255.36 | 284.08 | 306.07 | 518.35 |
| Payables turnover | 35.72 | 35.69 | 34.01 | 37.69 | 40.26 | 41.15 | 16.32 | 31.13 | 32.71 | 38.19 |
| Inventory turnover | — | 700.81 | 74.37 | 51.93 | 97.79 | 23.27 | 12.46 | 498,081,000.00 | — | — |
| Asset turnover | 0.28 | 0.18 | 0.15 | 0.16 | 0.20 | 0.18 | 0.14 | 0.13 | 0.14 | 0.15 |
| Average receivables | $26.4M | $7.8M | $9.2M | $10.2M | $8.3M | $4.9M | $3.4M | $2.8M | $2.8M | $1.7M |
| Average payables | $18.0M | $13.5M | $13.0M | $13.3M | $13.5M | $12.4M | $15.8M | $16.0M | $15.5M | $14.7M |
| Average inventory | — | $687,849 | $6.0M | $9.6M | $5.5M | $21.9M | $20.8M | $1 | — | — |
| Intangibles / total assets | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% |
Computed from WPM's annual financial statements (latest annual report filed March 31, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WPM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Wheaton Precious Metals traded at 36.3 times earnings, against a 10-year median of 39.3. Based on the latest twelve months, the trailing P/E is 29.8 and the forward P/E is 26.1. Wheaton Precious Metals earned a return on equity of 18.5% and a return on invested capital of 19.7% in fiscal 2025. It ended the year with $7.9 million of debt and $1.2 billion in cash and short-term investments, a net cash position of $1.1 billion. It returned $296.4 million to shareholders: $296.4 million in dividends and $0 in share buybacks, 53% of free cash flow. The share count rose 5.5% from 430.8M to 454.7M over 9 years.
See the WPM income statement, the WPM chart for price history, or the WPM stock overview for the latest quote and news.
WPM key metrics FAQ
What is Wheaton Precious Metals's P/E ratio?
Wheaton Precious Metals's trailing P/E ratio is 29.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 26.1. At the end of fiscal 2025 it was 36.3, compared with a 10-year median of 39.3.
What is Wheaton Precious Metals's EV/EBITDA?
Wheaton Precious Metals's enterprise value was 26.0 times EBITDA at the end of fiscal 2025 (enterprise value $52.3 billion, EBITDA $2.0 billion); the current EV/EBITDA is 24.5.
What is Wheaton Precious Metals's return on equity?
Wheaton Precious Metals's return on equity (ROE) was 18.5% in fiscal 2025: net income of $1.5 billion on average shareholders' equity of $8.0 billion.
What is Wheaton Precious Metals's ROIC?
Wheaton Precious Metals's return on invested capital was 19.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Wheaton Precious Metals have?
Wheaton Precious Metals had total debt of $7.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Wheaton Precious Metals's dividend yield?
Wheaton Precious Metals's forward dividend yield is 0.58%. Wheaton Precious Metals paid $296.4 million in dividends in fiscal 2025 ($0.65 per share), a payout ratio of 20.1%.
What is Wheaton Precious Metals's free cash flow yield?
Wheaton Precious Metals generated $563.7 million of free cash flow in fiscal 2025, a free cash flow yield of 1.1% on its market value at year-end ($53.4 billion).
What is Wheaton Precious Metals's current ratio?
Wheaton Precious Metals's current ratio was 7.78 at the end of fiscal 2025: current assets were 7.78 times current liabilities.