Buffett Brain · Research note
Score updated 23 Oct 2026 · analysis from 21 Sept 2026
WPM· Materials
Wheaton Precious Metals
Wheaton Precious Metals' high margins indicate a strong moat, but a P/E of 32.9 suggests valuation concerns.
Buffett fit
Partial fit
Owner
62
Durability
90
Management
63
Price
9
Score updated 23 Oct 2026 · analysis from 21 Sept 2026
Buffett's checklist
Each number against Buffett's bar, and where it ranks among Materials stocks in our database.
How much profit the business makes on each dollar invested in it. Higher is better.
What is left of each sale after the cost of making the product. A high number often means pricing power.
The cash the business earns for its owners, compared with the price of the whole company.
How fast sales grew each year over the last five years.
How many years of today's profit you pay for at today's price. Lower means cheaper.
How much the company owes compared with what it owns outright. Lower is safer.
The four pillars
How the business measures up on each of Buffett's four tests.
Owning 100% of Wheaton Precious Metals, we'd focus on maintaining and expanding our portfolio of streaming agreements.
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The company has shown consistent profitability over the past 5 years, with a 5-year EPS CAGR of 18.74%.
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The share count has remained stable with a 5-year CAGR of 0.21%, and the company does not engage in .
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At a of 32.9 and yield of 0.97%, the stock is priced for high growth, which may not align with its historical EPS growth of 18.74%.
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For and against
The strongest points on each side, with the numbers behind them.
In its favor
8- 177.1% indicates strong and cost management.
- 2 of 71.81% is top-quintile in the Basic Materials sector.
- 3Consistent profitability with a 5-year EPS CAGR of 18.74%.
- 4Debt-free balance sheet with a net debt/EBITDA of -0.91.
Concerns
8- 1 of 32.9 indicates high growth expectations that may not be sustainable.
- 2 yield of 0.97% suggests limited immediate return potential.
- 3EV/ of 35.2 is significantly above comfort zones for valuation.
- 4/Net Income ratio of 0.38 indicates weaker cash conversion.
Price history
$124+205.7%· 5-year return
Weekly closing prices. Touch or hover the line for a date.
The business
How the business works
Wheaton Precious Metals operates as a streaming company, selling gold, silver, palladium, and cobalt. It has interests in 23 operating mines and 13 development projects. The company generates revenue by purchasing a portion of a mine's production at a fixed price and selling it at market prices. With a net margin of 65.55%, the business model benefits from high profitability.
How this analysis has moved
The call has held across 5 reviews.
Sep 27, 2026 → Oct 23, 2026
What other investors would say
The same company, judged by three other documented playbooks.
Keep researching
Similar companies in Materials
Questions about Wheaton Precious Metals
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