Wheaton Precious Metals Corp. WPM reported record revenues of $2.3 billion for 2025, marking a 80.2% year-over-year surge. This includes record revenues of around $865 million in the fourth quarter of 2025. The impressive performance was driven by higher average realized gold equivalent prices and increased production levels.
Wheaton Precious Metals’ 2025 gold equivalent production came in at 689,864 ounces, marking an 8.6% year-over-year increase and surpassing the company’s guidance of 600,000-670,000 ounces. A major driver of this growth was the solid performance at Salobo due to higher gold grades. Recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia offset the impacts of lower production from Goose and Mineral Park.
WPM expects 2026 production of 860,000-940,000 GEOs, marking a year-over-year increase of 30.5% at the mid-point. Along with higher gold and silver prices, the upside will be driven by 70,000 GEOs at Antamina. Newly operating assets like Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef will also aid growth. This will be somewhat offset by lower production from Constancia post the depletion of the Pampacancha pit in late December 2025.
Wheaton Precious Metals expects production to increase 50% to 1,200,000 GEOs by 2030, driven by growth from operating assets. The company maintains attributable production from 2031 to 2035 at 1,200,000 GEOs annually, incorporating additional incremental production from pre-development assets. Higher production is expected to lead to revenue growth in the upcoming years as well.
Recent Performance of Wheaton Precious Metals’ Peers
SSR Mining Inc. SSRM reported revenues of $1.63 billion for 2025, marking a year-over-year surge of 64%. In 2025, the company produced 447,207 gold equivalent ounces, which came within the company’s guidance. SSR Mining produced 399,267 gold equivalent ounces in 2024.
For 2026, SSR Mining expects gold equivalent production of 450,000-535,000 ounces, indicating a year-over-year increase of 10% at the mid-point.
AngloGold Ashanti PLC AU delivered a 16% year-over-year increase in gold production in 2025. The upside in AngloGold Ashanti’s gold production was attributed to the contributions from the recently acquired Sukari mine and the solid performances of Obuasi, Siguiri, Geita, Cerro Vanguardia and Cuiabá. Gold revenues surged 71.5% to $9.73 billion in 2025.
AngloGold Ashanti’s gold production for 2026 is projected at 2.80-3.17 million ounces. This suggests a year-over-year dip of 3% at mid-point.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have surged 71.7% in a year, outpacing the industry's 41.5% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 39.2% and 24.6%, respectively.
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WPM is currently trading at a forward 12-month price-to-earnings multiple of 30.79X, a premium to the industry average of 13.69X.
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The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.02 billion, indicating a 30.6% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.18 per share, suggesting a year-over-year rally of 37.9%.
The Zacks Consensus Estimate for 2027 sales implies a 5.3% year-over-year rise. The same for earnings suggests a dip of 0.2%.
EPS estimates for 2026 and 2027 have moved north over the past 60 days.
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The WPM stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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