Wheaton Precious Metals Corp. (WPM.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.8%

CA$80.47

vs CA$166.84 price

Levered DCF

CA$80.75

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

14.74

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.61×	48.06×	40.91×	26.37×	25.54×	36.92×	156.47×	20.34×
P/B	6.15×	3.52×	3.16×	2.62×	3.09×	3.28×	2.49×	1.67×
P/S	22.65×	19.88×	21.72×	16.55×	16.08×	17.08×	15.39×	10.91×
EV / EBITDA	27.03×	27.65×	28.51×	18.74×	18.87×	24.62×	36.5×	13.45×
Gross margin	72.2%	62.5%	56.4%	53.1%	54.8%	53.4%	40.2%	37.3%
Operating margin	68.8%	48.3%	49.7%	48.1%	50.0%	47.4%	33.9%	30.8%
Net margin	63.6%	41.2%	52.9%	62.8%	62.8%	46.3%	10.0%	53.8%
Current ratio	7.78×	28.07×	21.76×	23.44×	8.41×	6.48×	2.39×	2.76×
Debt / equity	0×	0×	0×	0×	0×	0.03×	0.16×	0.24×
Interest coverage	276.45×	111.88×	2,440.92×	5,625.32×	1,707.08×	31.1×	6.49×	6.08×
Dividend yield	0.6%	1.1%	1.2%	1.3%	1.1%	0.9%	1.0%	1.5%
Payout ratio	20.1%	52.7%	49.3%	35.4%	28.9%	32.9%	150.9%	31.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.3%	7.3%	7.7%	10.0%	12.1%	8.9%	1.6%	8.3%
Return on invested capital	15.6%	6.9%	7.2%	7.6%	9.6%	8.8%	4.7%	3.7%
Return on assets	16.4%	7.1%	7.6%	9.9%	12.0%	8.5%	1.4%	6.6%
Free cash flow yield	1.1%	1.4%	0.3%	4.1%	1.7%	4.1%	3.8%	-7.5%
Earnings yield	2.8%	2.1%	2.4%	3.8%	3.9%	2.7%	0.6%	4.9%
Enterprise value	CA$52.2B	CA$24.7B	CA$21.5B	CA$16.9B	CA$19.1B	CA$18.7B	CA$14B	CA$9.8B
Net debt / EBITDA	-0.59×	-0.91×	-0.72×	-0.77×	-0.22×	0.01×	2.01×	1.62×
Cash conversion cycle (days)	-5	-8	-4	2	0	-5	-5	-13