WPM
Wheaton Precious Metals Corp
NYSE: WPM · BASIC MATERIALS · GOLD
$116.10
+3.05% today
Updated 2026-06-12
Market cap
$59.18B
P/E ratio
32.91
P/S ratio
21.55x
EPS (TTM)
$3.96
Dividend yield
0.54%
52W range
$85 – $165
Volume
2.1M
Wheaton Precious Metals Corp (WPM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed WPM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$116.10
Today
Analyst consensus
$155.64
+34.06% · 12M
2030 Base
$219.46
+89.03% future
NPV today
$135.65
@ 11% WACC
16 analysts:
13 Buy1 Hold0 Sell
Management guidance
CEO Randy Smallwood has not issued specific multi-year revenue targets in public guidance through 2030. Wheaton operates on a streams-based model where revenue is highly dependent on underlying mine production at partner assets (Salobo, Peñasquito, Antamina, etc.) and precious metals prices. Management has emphasized portfolio diversification and accretive M&A strategy, with recent agreements including $4.3B silver stream on Antamina (BHP partnership) and $300M gold/silver stream on Jervois (KGL Resources). No formal 2030 revenue guidance has been disclosed.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
WPM · Wheaton Precious Metals Corp · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$103.86
NPV today: $64.20
Base case (2030)
$219.46
NPV today: $135.65
Bull case (2030)
$412.14
NPV today: $254.75
WallStSmart.com
WPM financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $2.4B | $4.1B | $5.2B | $6.5B | $7.7B | $8.8B |
| Revenue growth | 83.3% | 78.4% | 27.2% | 24.2% | 18.0% | 13.9% |
| Net margin | — | 57.2% | 55.9% | 54.8% | 53.8% | 53.7% |
| EPS | $3.03 | $5.19 | $6.45 | $7.85 | $9.10 | $10.35 |
| Diluted shares | — | 454M | 454M | 454M | 454M | 454M |
| Net debt | — | $-435.45M | $-989.28M | $-1.68B | $-2.49B | $-3.41B |
| P/S multiple | — | 11.0x | 11.0x | 11.0x | 11.0x | 11.0x |
| Implied price (base) | — | $100.76 | $129.10 | $161.38 | $191.51 | $219.46 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $8.8B | $8.8B | $8.8B |
| P/S multiple | 5.0x | 11.0x | 21.0x |
| Diluted shares | 454M | 454M | 454M |
| Net debt | $-3.41B | $-3.41B | $-3.41B |
| Implied P/E † | 10x | 21x | 40x |
| 2030 Price | $103.86 | $219.46 | $412.14 |
| NPV @ 11% | $64.20 | $135.65 | $254.75 |
† Implied P/E: Multiples remain elevated across all three scenarios because WPM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $219.46 base case
WPM catalysts and risks
Growth catalysts
+ Salobo production ramp-up and higher throughput from BHP partnership (2026-2027)
+ Antamina silver stream contribution ($4.3B financing) driving revenue growth from 2026 onward
+ Jervois gold/silver stream commissioning (2027-2028) adding new high-margin revenue
+ Rising gold and silver prices (macro tailwind) — WPM has 65%+ profit margins with strong leverage to spot price
+ Portfolio optimization through accretive M&A — management has $2B+ dry powder for acquisitions
+ Dividend growth catalyst — 18% dividend increase announced May 2026, signals confidence in cash generation
Key risks
- Commodity price downturn — WPM revenue is highly leveraged to gold/silver spot prices; 20% price decline = ~15-20% revenue impact
- Underlying mine production delays or ramp failures (Salobo ramp-up execution, Jervois commissioning timeline)
- Geopolitical risk — portfolio concentrated in Latin America (Peru, Mexico, Chile) and emerging markets; regulatory/political changes
- Stream contract renewal risk — some streams have fixed pricing that becomes unfavorable in high-price environments; customer optionality
- Macro recession — precious metals demand can weaken in deflationary scenarios despite historical hedging demand
Methodology · Wheaton Precious Metals Corp 2030 stock forecast model
Wheaton Precious Metals Corp 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 16 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (0% cumulative for WPM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-3.41B by 2030) |
| 3. Time value | NPV calculated using 11% WACC (CAPM: beta 1.175) |
| 4. Multiple framework | P/S compresses with scale: bear 5.0x / base 11.0x / bull 21.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
WPM price target FAQ
What is the WPM price target for 2030?
WallStSmart's Wheaton Precious Metals Corp 2030 base case is $219.46 per share, with a bull case of $412.14 and bear case of $103.86. The NPV of the base case discounted to today at 11% WACC is $135.65.
How is the Wheaton Precious Metals Corp 2030 stock forecast calculated?
The WPM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the WPM price target account for dilution?
Wheaton Precious Metals Corp is projected to grow diluted share count from 454M to 454M by 2030 (a 0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 0%.
What is the analyst consensus on WPM stock?
16 analysts cover WPM with an average 12-month price target of $155.64. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.