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WPM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Wheaton Precious Metals Corp. Common Stock (WPM) stock moving?
Q3 2026 results were mixed. Adjusted EPS of $0.90 and revenue of $771.7M missed estimates of $0.99 and $821.95M, but the company reported record nine-month revenue of $2.6B, net earnings of $1.5B and operating cash flow of $2.1B. Attributable output rose 13% year over year to 231,000 GEOs, helped by the BHP Antamina PMPA and ramp-ups at Hemlo, Fenix, Platreef and Mineral Park. Net debt is $1.5B after $372M of revolver repayments, and the quarterly dividend was raised 18% to $0.195. Growth catalysts include first gold pour at Montage's Kon project, first Platreef deliveries, and Hudbay's approval of Copper World. Analysts remain constructive: UBS kept a Buy rating but trimmed its target to $155 from $160, and Berenberg also trimmed its target. The price action is strong but has started to cool. Shares fell from $117.42 on Nov 3 to $143.94 on Nov 9 on heavy volume around the results (4.89M shares on Nov 4), then closed at $136.62 on Nov 10, down 5.1% on 2.37M shares. The stock is still well above its October range of roughly $116 to $128.
News behind the analysis
- Berenberg Adjusts Wheaton Precious Metals Price Target Following Q3 ResultsBerenberg revised its price target for Wheaton after the third-quarter 2026 results. The report indicates a trim to the target.
- UBS Adjusts Price Target on Wheaton Precious MetalsUBS cut its price target to $155 from $160 and kept a Buy rating. The target remains about 13% above the Nov 10 close of $136.62.
- Wheaton Precious Metals Announces Third Quarter 2026 Results and Record Year-to-Date Production, Sales Volume, Revenue, Earnings and Cash FlowQ3 revenue was $772M, net earnings $410M and operating cash flow $645M, with 231,000 GEOs produced (up 13% year over year). Nine-month revenue reached a record $2.6B, and net debt stood at $1.5B.
- Wheaton Precious Metals Q3 Adj. EPS $0.90 Misses $0.99 Estimate, Sales $771.734M Miss $821.950M EstimateAdjusted EPS of $0.90 and revenue of $771.7M both came in below analyst estimates of $0.99 and $821.95M. The miss contrasts with the record year-to-date figures.
- Wheaton Precious Metals Declares Fourth-Quarter 2026 DividendThe Board declared a $0.195 per share quarterly dividend, up 18% from the prior year. The ex-dividend date is Nov 19, 2026, with payment on or about Dec 3.
- Wheaton Precious Metals Receives First Deliveries from Platreef ProjectWheaton received its first metal deliveries from the Platreef project in South Africa. The company described this as a milestone in its streaming portfolio.
- Wheaton Precious Metals Q3 2026 Earnings Call TranscriptThe transcript of the Q3 2026 call, held Nov 6, covers the quarter's results and growth pipeline. The company stated it remains well positioned to meet annual production guidance.
- Wheaton Precious Metals Reports Record First-Half 2026 PerformanceRecord production, revenue, earnings and cash flow were reported for the first half of 2026, supported by strong gold and silver prices.
About Wheaton Precious Metals Corp. Common Stock
Wheaton Precious Metals is a Vancouver-based precious metals streaming company. It doesn't run mines itself. Instead, it pays miners cash upfront in exchange for the right to buy part of their future gold, silver and other metal output at a fixed low price. It holds about 43 long-term agreements, including a roughly $4.3 billion silver stream on the Antamina mine closed in 2026, which the company calls the largest streaming deal ever.
How it makes money
Wheaton makes an upfront payment to a mine operator, then pays a small fixed cost per ounce when the metal is delivered. It sells that metal at market prices, mostly gold and silver, with smaller amounts of palladium and cobalt. The difference between the low delivery cost and the market price is its margin. Major sources include the Salobo, Peñasquito and Antamina mines. Revenue over the last twelve months was roughly $3 billion, and the company also pays a quarterly dividend.
What usually moves WPM
- Gold and silver prices
- Production volumes at partner mines like Salobo, Peñasquito and Antamina
- New stream acquisitions and deal terms
- Mine ramp-ups, delays or disruptions at operators
- Interest rates and the US dollar