Latest Ratios: P/E Ratio 34.0x · EV/EBITDA 25.7x · ROE 18.8%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $50.8B | $53.4B | $25.5B | $22.4B | $17.7B | $19.4B | $18.8B | $13.3B | $8.7B | $9.8B | $8.3B |
| Enterprise Value | $49.7B | $52.3B | $24.7B | $21.8B | $17.0B | $19.1B | $18.8B | $14.1B | $9.9B | $10.5B | $9.4B |
| P/E Ratio → | 34.01 | 35.72 | 48.07 | 41.46 | 27.52 | 25.86 | 35.08 | 148.75 | 20.34 | 170.23 | 42.93 |
| P/S Ratio | 21.57 | 22.69 | 19.88 | 22.02 | 16.60 | 16.12 | 17.14 | 15.44 | 10.92 | 11.61 | 9.34 |
| P/B Ratio | 5.86 | 6.16 | 3.52 | 3.20 | 2.63 | 3.10 | 3.29 | 2.50 | 1.68 | 2.00 | 1.69 |
| P/FCF | 88.58 | 93.16 | 69.17 | 298.57 | 29.96 | 60.68 | 24.60 | 26.68 | — | 18.23 | — |
| P/OCF | 26.21 | 27.57 | 24.85 | 29.80 | 23.78 | 22.92 | 24.54 | 26.51 | 18.16 | 18.17 | 14.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 22.20 | 19.25 | 21.49 | 15.95 | 15.93 | 17.14 | 16.34 | 12.41 | 12.41 | 10.54 |
| EV / EBITDA | 25.72 | 27.08 | 28.45 | 30.27 | 22.78 | 18.93 | 24.54 | 36.62 | 19.81 | 31.04 | 15.56 |
| EV / EBIT | 30.65 | 32.27 | 38.36 | 40.49 | 25.36 | 25.36 | 36.30 | 115.32 | 20.59 | 127.89 | 43.09 |
| EV / FCF | — | 91.17 | 66.96 | 291.36 | 28.79 | 59.98 | 24.61 | 28.23 | — | 19.48 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.2% | 72.2% | 62.5% | 56.4% | 53.1% | 54.8% | 53.4% | 70.0% | 37.3% | 40.0% | 36.8% |
| Operating Margin | 68.8% | 68.8% | 48.3% | 49.7% | 48.1% | 62.8% | 47.4% | 14.6% | 30.8% | 8.7% | 33.0% |
| Net Profit Margin | 63.6% | 63.6% | 41.2% | 52.9% | 62.8% | 62.8% | 46.3% | 10.0% | 53.8% | 6.8% | 21.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.8% | 18.8% | 7.4% | 7.8% | 10.3% | 12.6% | 9.2% | 1.6% | 8.5% | 1.2% | 4.3% |
| ROA | 18.1% | 18.1% | 7.3% | 7.8% | 10.3% | 12.3% | 8.3% | 1.4% | 7.0% | 1.0% | 3.3% |
| ROIC | 17.4% | 17.4% | 7.2% | 6.1% | 6.4% | 9.6% | 6.6% | 1.5% | 3.1% | 1.0% | 3.8% |
| ROCE | 19.8% | 19.8% | 8.6% | 7.4% | 7.9% | 12.4% | 8.6% | 2.0% | 4.0% | 1.2% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.16 | 0.24 | 0.16 | 0.24 |
| Debt / EBITDA | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.26 | 2.29 | 2.54 | 2.28 | 1.98 |
| Net Debt / Equity | — | -0.13 | -0.11 | -0.08 | -0.10 | -0.04 | 0.00 | 0.15 | 0.23 | 0.14 | 0.22 |
| Net Debt / EBITDA | -0.59 | -0.59 | -0.94 | -0.75 | -0.93 | -0.22 | 0.01 | 2.02 | 2.39 | 1.99 | 1.77 |
| Debt / FCF | — | -1.99 | -2.20 | -7.21 | -1.18 | -0.70 | 0.01 | 1.55 | — | 1.25 | — |
| Interest Coverage | 276.45 | 276.45 | 116.17 | 97.87 | 124.84 | 130.94 | 30.97 | 2.45 | 12.25 | 2.60 | 7.66 |
Net cash position: cash ($1.2B) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.78 | 7.78 | 28.07 | 21.76 | 23.44 | 8.41 | 6.48 | 2.39 | 2.76 | 8.52 | 6.72 |
| Quick Ratio | 7.78 | 7.78 | 28.07 | 21.71 | 23.10 | 8.12 | 6.48 | 2.39 | 2.76 | 8.52 | 6.72 |
| Cash Ratio | 7.46 | 7.46 | 27.73 | 20.96 | 22.66 | 7.61 | 6.18 | 1.61 | 2.63 | 8.11 | 6.52 |
| Asset Turnover | — | 0.26 | 0.17 | 0.14 | 0.16 | 0.19 | 0.18 | 0.14 | 0.12 | 0.15 | 0.14 |
| Inventory Turnover | — | — | — | 322.60 | 47.44 | 62.30 | — | — | — | — | — |
| Days Sales Outstanding | — | 7.23 | 1.77 | 3.35 | 3.14 | 3.40 | 1.81 | 1.84 | 0.61 | 0.61 | 0.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 1.1% | 1.2% | 1.3% | 1.1% | 0.9% | 1.0% | 1.5% | 1.2% | 0.9% |
| Payout Ratio | 20.1% | 20.1% | 52.7% | 49.3% | 35.4% | 28.9% | 32.9% | 150.9% | 31.1% | 211.3% | 40.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.8% | 2.1% | 2.4% | 3.6% | 3.9% | 2.9% | 0.7% | 4.9% | 0.6% | 2.3% |
| FCF Yield | 1.1% | 1.1% | 1.4% | 0.3% | 3.3% | 1.6% | 4.1% | 3.7% | — | 5.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% |
| Total Shareholder Yield | 0.6% | 0.6% | 1.1% | 1.2% | 1.3% | 1.1% | 0.9% | 1.0% | 1.5% | 1.2% | 1.3% |
| Shares Outstanding | — | $455M | $454M | $453M | $452M | $451M | $450M | $447M | $444M | $442M | $431M |
Geographic Asset Concentration Risk
Based on current market data, WPM trades at a P/E of 34.44, which appears to price in significant future production growth from its development-stage portfolio, a premium that warrants careful comparison against the more diversified, yet slower-growing, valuation profiles of peers like Franco-Nevada and Royal Gold.
The forward P/E of 21.04 suggests that investors are anticipating a meaningful earnings expansion as new streams reach full production capacity. While the P/S ratio of 21.85 is elevated, it reflects the high-margin nature of the streaming model compared to traditional mining operators who carry higher operational risk.
According to recent financial statements, WPM's ROIC has trended upward to 6.8% in 2026Q1, signaling that the company is successfully deploying its substantial capital base into accretive streaming agreements that generate superior returns compared to the lower efficiency levels observed during the 2024 fiscal period.
The improvement in ROIC suggests that management's focus on Tier 1 assets is beginning to yield better capital productivity. Investors should monitor whether this trend continues as the company integrates larger, more complex streaming deals into its existing portfolio.
As reported in quarterly filings, WPM maintains an exceptionally lean working capital profile with a DSO of 3 days, illustrating the inherent efficiency of the streaming model where the company avoids the inventory and supply chain complexities that typically burden traditional mining and manufacturing firms.
The lack of significant inventory or complex accounts receivable cycles allows WPM to operate with minimal administrative friction. This efficiency is a structural advantage that enables the company to convert revenue into cash flow with almost no delay, distinguishing it from capital-intensive peers.
Based on the provided balance sheet data, WPM maintains a debt-to-equity ratio of 0.00, providing a significant competitive advantage that allows the firm to pursue large-scale acquisitions without the interest rate sensitivity or covenant constraints that currently limit the strategic flexibility of many leveraged mining industry participants.
The interest coverage ratio of 481.35 confirms that the company faces virtually no debt service risk, positioning it as a potential consolidator in the sector. This financial strength provides a critical buffer against the inherent volatility of commodity price cycles and localized operational disruptions.
Investors frequently misapply the P/E ratio to WPM, failing to account for the significant non-cash depletion charges that artificially depress reported net income and obscure the company's true underlying cash-generating capacity, which is better captured by evaluating free cash flow margins and operating cash flow per share.
Because WPM's primary asset is the depletion of mineral interests, GAAP earnings do not reflect the actual cash economics of the streaming model. Analysts should prioritize cash flow metrics to avoid underestimating the company's ability to fund dividends and future growth through its high-margin revenue streams.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying WPM stock.
Wheaton Precious Metals Corp.'s current P/E ratio is 34.0x. The historical average is 49.2x. This places it at the 35th percentile of its historical range.
Wheaton Precious Metals Corp.'s current EV/EBITDA is 25.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.6x.
Wheaton Precious Metals Corp.'s return on equity (ROE) is 18.8%. The historical average is 8.1%.
Based on historical data, Wheaton Precious Metals Corp. is trading at a P/E of 34.0x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wheaton Precious Metals Corp.'s current dividend yield is 0.59% with a payout ratio of 20.1%.
Wheaton Precious Metals Corp. has 72.2% gross margin and 68.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wheaton Precious Metals Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.