Wheaton Precious Metals Corp
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+ FollowMarket Cap$59.71B
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Earnings Call Q3 2026
November 6, 2026 - AI Summary
Strong quarter + record first 9 months (growth is real, not just guidance)
- Q3 2026 production: 231k GEOs (+13% YoY), driven mainly by BHP Antamina stream acquisition plus contributions from Hemlo, Phoenix, Platreef, Mineral Park.
- Q3 sales: 192k GEOs (+19% YoY).
- YTD momentum: management highlighted records across production, sales volumes, revenue, earnings, and operating cash flow.
Financial strength: cash generation, deleveraging, and liquidity for deals
- Q3 revenue: $772M (+62% YoY), supported by +36% higher average realized gold-equivalent price and +19% higher GEOs sold.
- Q3 net earnings: $410M (+12% YoY); adjusted net earnings +46%.
- Q3 operating cash flow: ~$645M; upfront payments ~ $87M (El Domo, Marmato).
- Dividend paid: ~$88M.
- Net debt reduced: ~$1.9B → ~$1.5B from Q2 to Q3.
- Liquidity: ~$3B total liquidity at Sep 30 (cash + revolving facility). Revolver nearly repaid; intention to keep term loans outstanding to preserve liquidity.
- Outlook on balance sheet: expects to move back toward net cash position by end of next year / early 2028.
Production outlook unchanged; key forecast is ~industry-leading growth to 2030
- 2026 guidance reaffirmed: 860k–940k GEOs.
- Q4 setup: expect a stronger Q4 mainly from Salobo grade recovery (after Q3 sequencing-related lower grades).
- Longer-term embedded growth profile: ~1.2M GEOs by 2030 (avg ~1.2M GEOs/yr from 2031–2035).
- Management stated ~50% organic growth by 2030 is embedded in existing portfolio, not dependent on new transactions.
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$43.66
66.8% downside
Current Fair Value
66.8% downsideOvervalued by 66.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $59.71 Billion |
|---|---|
| Enterprise Value | $61.42 Billion |
| Annual dividend | $0.75 |
| Dividend yield | 0.57% |
| Earnings per Share | $3.3 |
| Beta | 1.24 |
| Outstanding Shares | 454,171,000 |
Return
| Return on Equity | 20.88% |
|---|---|
| Return on Assets | 17.14% |
| Return on Invested Capital | 21.06% |
Valuation & Multiples
| P/E Ratio | 28.51 |
|---|---|
| PEG | 243.33 |
| Price to Sales | 18.78 |
| Price to Book Ratio | 5.98 |
| Enterprise Value to Revenue | 17.71 |
| Enterprise Value to EBIT | 24.43 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 0.18 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$0.90
Est. $0.91Revenue
$771.73 M
Est. $787.10 MNext Earnings Call
Expected Date
March 11, 2027
EPS Estimate
$1.14
Consensus analyst estimateRevenue Estimate
$971.07 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 177.99, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 177.9899▲ 17596.97% |
|---|---|
| Total Calls | 19,800▼ 99.14% |
| Total Puts | 3,524,200▼ 24.49% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.46%▼ 55.68% |
|---|---|
| Total Invested | $5.20B▼ 84.28% |
| Investors Holding | 452▼ 453.00% |
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...