Wheaton Precious Metals Corp
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+ FollowMarket Cap$59.73B
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Earnings Call Q2 2026
August 7, 2026 - AI Summary
Record first half + Q2 operating momentum (good):
- Q2 production: 202k GEOs (+6% YoY); sales volumes: 209k GEOs (+14% YoY).
- Record Q2 revenue: $929m (+85% YoY), driven by +61% in average realized gold-equivalent price and higher sold volumes.
- Net earnings: $543m (+86% YoY); operating cash flow: $650m (+57% YoY).
- Revenue mix: ~46% gold / 52% silver in the quarter (company expects gold mix to increase in coming quarters as “gold-dominant” development projects come online).
Guidance + production weighting (clear outlook):
- 2026 production guidance reiterated: 860k–940k GEOs.
- Second-half weighting expected due to mine sequencing at Salobo & Penasquito, and fuller Antamina stream contribution.
- PBND/deliveries are a key swing factor for sales: ended Q2 with ~158k GEOs PBND (~2.6 months of payable production) within the guided 2.5–3.5 months range; company expects sales to be flat-to-slightly higher in H2 vs production depending on PBND (i.e., PBND more likely to rise late in the year, not drop materially).
Growth strategy executing via transactions + strong balance sheet (opportunity):
- Closed major growth deals:
- Antamina silver stream (BHP)—described as the largest precious metal streaming transaction ever; also boosts Antamina silver exposure to 67.5% effective Apr 1 (vs 33.75% prior).
- First Australia stream (Jervois): gold & silver stream via KGL Resources.
- Added royalty optionality: Spanish Mountain & Cipango royalties, including ROFR on future financings (structured for certainty on “last look” in funding).
- Balance sheet flexibility: $100m cash at June 30 and access to $2.5b revolver (upsized/extended), giving roughly $2.6b available liquidity, supporting continued accretive dealmaking and debt repayment.
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$43.29
67.1% downside
Current Fair Value
67.1% downsideOvervalued by 67.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $59.73 Billion |
|---|---|
| Enterprise Value | $61.86 Billion |
| Annual dividend | $0.75 |
| Dividend yield | 0.64% |
| Earnings per Share | $3.3 |
| Beta | 1.24 |
| Outstanding Shares | 454,133,000 |
Return
| Return on Equity | 21.17% |
|---|---|
| Return on Assets | 16.87% |
| Return on Invested Capital | 19.52% |
Valuation & Multiples
| P/E Ratio | 25.79 |
|---|---|
| PEG | 30.04 |
| Price to Sales | 21.92 |
| Price to Book Ratio | 6.26 |
| Enterprise Value to Revenue | 19.5 |
| Enterprise Value to EBIT | 26.67 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.23 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 6, 2026
EPS Estimate
$1.15
Consensus analyst estimateRevenue Estimate
$879.29 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$0.91
Consensus analyst estimateRevenue Estimate
$787.10 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 202.02% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.31%▼ 61.83% |
|---|---|
| Total Invested | $1.45B▼ 95.63% |
| Investors Holding | 310▼ 595.00% |
About Wheaton Precious Metals Corp
44 employees
CEO: Randy Smallwood
Wheaton Precious Metals Corp., headquartered in Vancouver, British Columbia, is a company dedicated to the sale of precious metals, specifically silver and gold, alongside cobalt production. With a team of 39 full-time employees, the fir...