Wheaton Precious Metals (TSX:WPM) is back in focus as investors look ahead to its second quarter 2026 earnings, with expectations tied closely to higher precious metal prices and its streaming based business model.
See our latest analysis for Wheaton Precious Metals.
Over the past year, Wheaton Precious Metals has seen a 1 year total shareholder return of 21.06%, compared with a flat year to date share price return of 0.30%. The recent 90 day share price return declined 11.45%, even after a 6.52% gain in the last session, suggesting strong long term momentum but some short term cooling as investors reassess earnings expectations and valuation ahead of the upcoming results.
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Bulls point to Wheaton Precious Metals’ inflation-shielded streaming cash flows and long-run return record. Bears focus on the recent pullback and a richer P/E profile. Do current valuation signals back the optimism or the caution?
Most Popular Narrative: 33.1% Undervalued
The most followed narrative on Wheaton Precious Metals compares a fair value of CA$242.72 with the last close at CA$162.42. This frames a sizeable valuation gap that rests on specific production and pricing assumptions.
Robust pipeline of new and expanding streaming agreements including the ramp up at Salobo III, commercial production at Blackwater, accelerated Phase 2/3 expansions at Blackwater, and new streams like Goose and Platreef positions Wheaton for approximately 40% organic production growth by 2029, directly supporting higher future revenue and earnings growth.
Want to see what justifies that higher fair value for Wheaton Precious Metals? The narrative leans on a specific blend of revenue growth, margin resilience, and a richer future earnings multiple that investors may want to test for themselves.
Result: Fair Value of CA$242.72 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Wheaton Precious Metals investors also need to weigh risks, including jurisdictional and regulatory issues at key Latin American assets, as well as the impact of global minimum tax rules on future cash flows.
Find out about the key risks to this Wheaton Precious Metals narrative.
Another View on Wheaton Precious Metals’ Valuation
The most popular narrative sees Wheaton Precious Metals as 33.1% undervalued, yet the current P/E of 29.1x tells a different story. It sits well above the Canadian Metals and Mining industry on 14.3x, the peer average on 16.3x, and even its own fair ratio of 18.2x. That gap suggests investors are paying a clear premium, so the key question is whether future growth and streaming quality justify it.
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Given the mix of optimism and caution around Wheaton Precious Metals, this is a good moment to review the underlying data yourself and move quickly if you need to adjust your stance. To see what investors are currently optimistic about, take a closer look at the 4 key rewards.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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