Wheaton Precious Metals (WPM) Gross Margin (2009 - 2026)
Wheaton Precious Metals (WPM) reported Gross Margin of 77.58% for Q1 2026, up 975.0% year-over-year from 7.22% in Q1 2025, and up 31.75% quarter-over-quarter from 58.89% in Q4 2025.
Wheaton Precious Metals (WPM) Gross Margin (2009 - 2026) Analysis & Trends
Wheaton Precious Metals (WPM) has 18 years of Gross Margin data on file, last reported at 77.58% in Q1 2026.
- Gross Margin for Q1 2026 came in at 77.58%, up 975.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 73.82% (up 862.0% YoY), and the FY2025 annual result was 72.22%, up 975.0% from the prior year.
- Gross Margin rose to 77.58% in Q1 2026 per WPM's latest filing, from 58.89% in the prior quarter.
- Over five years, Gross Margin peaked at 77.58% in Q1 2026 and troughed at 17.44% in Q4 2023.
- A 5-year average of 58.27% and a median of 58.54% in 2022 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2023 and 2024: Gross Margin plunged 3390 bps in 2023, then soared 4758 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 51.34% in 2022, then sank by 66 bps to 17.44% in 2023, then jumped by 273 bps to 65.02% in 2024, then decreased by 9 bps to 58.89% in 2025, then surged by 32 bps to 77.58% in 2026.
- Business Quant data shows WPM's Gross Margin at 77.58% in Q1 2026, 58.89% in Q4 2025, and 70.55% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Seabridge Gold | 2,186.27 Bn | 2,186.17 Bn | - | - |
| 2 | Barrick Mining | 1,048.41 Bn | 1,051.14 Bn | 3.12 Bn | 59.77% |
| 3 | Wheaton Precious Metals | 429.35 Bn | 428.20 Bn | 699.37 Mn | 77.58% |
| 4 | Alamos Gold | 144.86 Bn | 144.19 Bn | 442.20 Mn | 74.11% |
| 5 | Gold Fields | 136.49 Bn | 134.71 Bn | - | - |
| 6 | Kinross Gold | 110.14 Bn | 107.96 Bn | 1.44 Bn | 59.87% |
| 7 | Newmont | 106.92 Bn | 98.31 Bn | 7.29 Bn | 99.74% |
| 8 | Equinox Gold | 51.34 Bn | 50.84 Bn | - | - |
| 9 | AngloGold Ashanti | 47.89 Bn | 44.92 Bn | 1.94 Bn | 60.04% |
| 10 | Aura Minerals | 47.46 Bn | 47.17 Bn | 19.58 Mn | 54.68% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 77.58% |
| Dec 31, 2025 | 58.89% |
| Sep 30, 2025 | 70.55% |
| Jun 30, 2025 | 70.16% |
| Mar 31, 2025 | 67.83% |
| Dec 31, 2024 | 65.02% |
| Sep 30, 2024 | 64.04% |
| Jun 30, 2024 | 62.26% |
| Mar 31, 2024 | 57.81% |
| Dec 31, 2023 | 17.44% |
| Sep 30, 2023 | 56.87% |
| Jun 30, 2023 | 57.31% |
| Mar 31, 2023 | 54.79% |
| Dec 31, 2022 | 51.34% |
| Sep 30, 2022 | 46.68% |
| Jun 30, 2022 | 53.58% |
| Mar 31, 2022 | 58.54% |
| Dec 31, 2021 | 54.16% |
| Sep 30, 2021 | 56.31% |
| Dec 31, 2020 | 56.57% |