Wheaton Precious Financials

WPM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wheaton Precious (WPM) financial statements, including the 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 2026-04-22

Cash-rich, minimally levered operations turned the FY2025 surge into outsized profit and liquidity rather than balance-sheet strain.

Across FY2023-FY2025, operating cash flow outpaced net income in two of three years, culminating in FY2025 cash generation of $1.90B against profit of $1.47B. With long-term debt at just $7.3M, the business appears financed mainly by internally generated cash rather than by lenders or a heavy working-capital build.

The FY2025 jump in return on assets from 7.1% to 16.1% says the earnings rebound was much stronger than the growth in the asset base. That points to better earnings extraction from existing assets, not just a larger balance sheet carrying the same economics.

Liquidity is overwhelmingly cash-based: FY2025 cash of $1.15B covered current liabilities of $154.7M many times over. With accounts receivable at only $46.7M against revenue of $2.31B, the model does not appear to leave much cash stranded in customer balances, which helps explain why cash generation can run ahead of accounting profit.

Financial Health Signals

Financial Profile 56/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Wheaton Precious's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

Wheaton Precious's revenue surged 80.2% year-over-year to $2.3B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Wheaton Precious carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 7.78, Wheaton Precious holds $7.78 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Wheaton Precious's ROE of 16.9% shows moderate profitability relative to equity, earning a score of 38/100. This is up from 7.3% the prior year.

Piotroski F-Score Neutral

5/9

Wheaton Precious passes 5 of 9 financial strength tests. 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 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

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Earnings & Revenue

Revenue

$2.3B

YoY+80.2%

5Y CAGR+16.1%

Wheaton Precious generated $2.3B in revenue in fiscal year 2025. This represents an increase of 80.2% from the prior year.

EBITDA

N/A

Net Income

$1.5B

YoY+178.1%

5Y CAGR+58.1%

Wheaton Precious reported $1.5B in net income in fiscal year 2025. This represents an increase of 178.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.2B

YoY+41.0%

5Y CAGR+43.0%

Wheaton Precious held $1.2B in cash against $7.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

454M

YoY+0.1%

5Y CAGR+0.2%

Wheaton Precious had 454M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

63.6%

YoY+22.4pp

5Y CAGR+50.0pp

Wheaton Precious's net profit margin was 63.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.4 percentage points from the prior year.

Return on Equity

16.9%

YoY+9.6pp

5Y CAGR+14.3pp

Wheaton Precious's ROE was 16.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

WPM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.3B+80.2%	$1.3B+26.4%	$1.0B-4.6%	$1.1B-11.4%	$1.2B+9.6%	$1.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$429K+51.1%	$284K+37.2%	$207K+127.5%	$91K-26.0%	$123K-12.1%	$140K
Income Tax	$226.3M+96.5%	$115.2M+8047.4%	$1.4M+177.8%	$509K+289.2%	-$269K+89.1%	-$2.5M
Net Income	$1.5B+178.1%	$529.1M-1.6%	$537.6M-19.6%	$669.1M-11.4%	$754.9M+406.4%	$149.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Revenue	N/A	$503.2M	N/A	$299.1M	N/A	N/A	$265.0M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$110K	N/A	$72K	N/A	N/A	$36K	N/A
Income Tax	N/A	$45.7M	N/A	$50.5M	N/A	N/A	$6.1M	N/A
Net Income	N/A	$292.3M	N/A	$122.3M-25.4%	$164.0M	N/A	$141.4M+27.0%	$111.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WPM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.1B+22.9%	$7.4B+5.6%	$7.0B+4.0%	$6.8B+7.4%	$6.3B+5.7%	$6.0B
Current Assets	$1.2B+45.4%	$828.1M+45.9%	$567.4M-21.2%	$720.1M+188.4%	$249.7M+23.7%	$201.8M
Cash & Equivalents	$1.2B+41.0%	$818.2M+49.7%	$546.5M-21.5%	$696.1M+207.9%	$226.0M+17.3%	$192.7M
Inventory	N/A	$0-100.0%	$1.4M-87.0%	$10.5M+20.9%	$8.7M	$0
Accounts Receivable	$46.7M+651.5%	$6.2M-38.3%	$10.1M-1.1%	$10.2M-12.0%	$11.6M+96.8%	$5.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$435.3M+163.7%	$165.1M+261.5%	$45.7M+8.1%	$42.2M-8.3%	$46.0M-81.0%	$242.7M
Current Liabilities	$154.7M+424.3%	$29.5M+13.2%	$26.1M-15.1%	$30.7M+3.5%	$29.7M-4.7%	$31.2M
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
Total Equity	$8.7B+19.7%	$7.3B+3.9%	$7.0B+4.0%	$6.7B+7.5%	$6.3B+9.4%	$5.7B
Retained Earnings	$4.7B+33.3%	$3.5B+8.5%	$3.2B+12.1%	$2.9B+15.7%	$2.5B+29.0%	$1.9B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Total Assets	$9.1B+14.3%	$8.0B+7.5%	$7.4B+2.4%	$7.2B	N/A	$7.0B+2.2%	$6.9B	N/A
Current Assets	$1.2B+17.3%	$1.0B+23.9%	$828.1M+48.2%	$558.8M	N/A	$567.4M-33.2%	$849.4M	N/A
Cash & Equivalents	$1.2B+14.7%	$1.0B+22.9%	$818.2M+51.5%	$540.2M+76.5%	$306.1M-44.0%	$546.5M-34.1%	$828.8M+3.6%	$799.7M
Inventory	N/A	N/A	$0	$0	N/A	$1.4M-72.3%	$5.0M	N/A
Accounts Receivable	$46.7M+199.8%	$15.6M+150.7%	$6.2M-35.6%	$9.7M	N/A	$10.1M+44.6%	$7.0M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$435.3M+69.6%	$256.7M+55.5%	$165.1M+88.9%	$87.4M	N/A	$45.7M+36.4%	$33.5M	N/A
Current Liabilities	$154.7M+11.2%	$139.1M+371.6%	$29.5M+41.8%	$20.8M	N/A	$26.1M+38.1%	$18.9M	N/A
Long-Term Debt	$7.3M-4.6%	$7.7M+56.5%	$4.9M-7.4%	$5.3M	N/A	$5.6M-5.1%	$5.9M	N/A
Total Equity	$8.7B+12.5%	$7.7B+6.4%	$7.3B+1.4%	$7.2B+1.1%	$7.1B+1.3%	$7.0B+2.0%	$6.8B+0.5%	$6.8B
Retained Earnings	$4.7B+19.8%	$3.9B+11.2%	$3.5B+2.9%	$3.4B	N/A	$3.2B+4.8%	$3.1B	N/A

WPM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
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
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
Dividends Paid	$296.4M+6.2%	$279.1M+5.3%	$265.1M+11.8%	$237.1M+8.7%	$218.1M+30.4%	$167.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Operating Cash Flow	N/A	$415.0M	N/A	$234.4M	N/A	N/A	$202.4M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	-$347.9M	N/A	$131.7M	N/A	N/A	-$42.4M	N/A
Financing Cash Flow	N/A	-$146.9M	N/A	-$131.8M	N/A	N/A	-$131.0M	N/A
Dividends Paid	N/A	$147.9M	N/A	$139.1M	N/A	N/A	$131.1M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WPM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	63.6%+22.4pp	41.2%-11.7pp	52.9%-9.9pp	62.8%0.0pp	62.8%+49.2pp	13.6%
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%
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%
Current Ratio	7.78-20.3	28.07+6.3	21.76-1.7	23.44+15.0	8.41+1.9	6.48
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23	Q1'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	58.1%	N/A	40.9%	N/A	N/A	53.4%	N/A
Return on Equity	N/A	3.8%	N/A	1.7%-0.6pp	2.3%	N/A	2.1%+0.4pp	1.6%
Return on Assets	N/A	3.7%	N/A	1.7%	N/A	N/A	2.1%	N/A
Current Ratio	7.78+0.4	7.38-20.7	28.07+1.2	26.86	N/A	21.76-23.2	44.99	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.00	N/A	0.000.0	0.00	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Wheaton Precious's annual revenue?

Wheaton Precious (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's revenue growing?

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

Is Wheaton Precious profitable?

Yes, Wheaton Precious (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 have?

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

What is Wheaton Precious's net profit margin?

Wheaton Precious (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's return on equity (ROE)?

Wheaton Precious (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's operating cash flow?

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

What are Wheaton Precious's total assets?

Wheaton Precious (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 have outstanding?

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

What is Wheaton Precious's current ratio?

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

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

Wheaton Precious (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's return on assets (ROA)?

Wheaton Precious (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's Piotroski F-Score?

Wheaton Precious (WPM) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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's earnings high quality?

Wheaton Precious (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.

How financially healthy is Wheaton Precious?

Wheaton Precious (WPM) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.