MeritValue

Wheaton Precious Metals Corp.

WPMdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Wheaton Precious Metals Corp. earns about 12% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $15.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.2B1$1.07B2$1.02B3$1.28B4$2.31B4
Net income$754.9M5$669.1M6$537.6M7$529.1M8$1.47B8
Operating cash flow$845.1M9$743.4M10$750.8M11$1.03B12$1.9B12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$013————
Cash & equivalents$226M14$696.1M15$546.5M16$818.2M16$1.15B16
Diluted shares450.9M452.3M453.1M453.7M454.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$191.41
your share of equity
Profit it earned you last year
$32.41
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $191.41 of net worth that earned you $32.41 last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 13%FY22 11%FY23 8%FY24 8%FY25 20%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$15.27
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$669.1M
  • growthAssumed0.0%
Graham Number
$37.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001193125-23-088220 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001193125-24-080810 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001193125-25-068900 (Revenue)
  4. 40-F · period ending 2024-12-31 · accession 0001193125-26-134908 (Revenue)
  5. 40-F · period ending 2021-12-31 · accession 0001193125-23-088220 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001193125-24-080810 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001193125-25-068900 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001193125-26-134908 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001193125-23-088220 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001193125-24-080810 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001193125-25-068900 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001193125-26-134908 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001193125-22-091967 (Borrowings)
  14. 40-F · period ending 2021-12-31 · accession 0001193125-24-080810 (CashAndCashEquivalents)
  15. 40-F · period ending 2022-12-31 · accession 0001193125-25-068900 (CashAndCashEquivalents)
  16. 40-F · period ending 2023-12-31 · accession 0001193125-26-134908 (CashAndCashEquivalents)