Is Wheaton’s Record Earnings and Spring Valley Deal Reshaping the Investment Case for TSX:WPM?

Wheaton Precious Metals reported record third-quarter 2025 results, with revenue reaching US$476.26 million and net income climbing to US$367.22 million, alongside announcing a gold streaming deal for the Spring Valley Project in Nevada and an increased quarterly dividend of US$0.165 per share. The combination of strong operational performance, new growth investments, and a dividend boost highlights the company's focus on both immediate results and future value creation. We'll examine how Wheaton's record earnings and new Spring Valley gold stream reshape its investment narrative and long-term outlook.

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Wheaton Precious Metals Investment Narrative Recap

Owning Wheaton Precious Metals means believing in the long-term value of streaming deals and the ability to secure high-quality assets that support both earnings and dividend growth, even as competition increases in the sector. The company’s strong third-quarter results and newly announced Spring Valley gold stream reinforce a robust growth pipeline, directly supporting near-term production and revenue expansion; however, these events do not alter the biggest risk, which remains the diminishing pool of large, high-margin streams for future deals. The increased dividend announcement adds immediate value, while Spring Valley marks a step forward in filling the future project pipeline, yet whether Wheaton can continue to access high-quality streaming opportunities amid intensifying competition is likely to be a critical issue for the years ahead. But even with recent momentum, investors should be aware of the growing risk that competition for streaming deals...

Read the full narrative on Wheaton Precious Metals (it's free!)

Wheaton Precious Metals is expected to reach $2.2 billion in revenue and $1.1 billion in earnings by 2028. This outlook assumes a 9.2% annual revenue growth with a $311 million increase in earnings from the current $789.0 million.

Uncover how Wheaton Precious Metals' forecasts yield a CA$174.71 fair value, a 26% upside to its current price.

Exploring Other PerspectivesTSX:WPM Community Fair Values as at Nov 2025

Seven investor fair value estimates from the Simply Wall St Community put Wheaton Precious Metals’ worth between US$111.58 and US$186.39 per share. With production growth expectations a central catalyst, these diverse opinions show how future deal flow could sway the outlook for profitability and returns.

Explore 7 other fair value estimates on Wheaton Precious Metals - why the stock might be worth as much as 34% more than the current price!

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Build Your Own Wheaton Precious Metals Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

A great starting point for your Wheaton Precious Metals research is our analysis highlighting 4 key rewards that could impact your investment decision. Our free Wheaton Precious Metals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Wheaton Precious Metals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include WPM.TO.

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