Wheaton Precious Metals (WPM) Operating Margin (2009 - 2026)
Wheaton Precious Metals (WPM) posted quarterly Operating Margin of 74.85% for Q1 2026, up 1306.0% year-over-year from 5.32% in Q1 2025, and up 50.98% quarter-over-quarter from 49.58% in Q4 2025.
Wheaton Precious Metals (WPM) Operating Margin (2009 - 2026) Analysis & Trends
Wheaton Precious Metals (WPM) has reported Operating Margin for 18 consecutive years, with 74.85% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin rose 1306.0% year-over-year to 74.85%; the TTM figure through Mar 2026 stood at 70.18% (up 1121.0% YoY), while the FY2025 annual figure was 68.33%, up 2001.0% from the prior year.
- Operating Margin rose to 74.85% in Q1 2026 per WPM's latest filing, from 49.58% in the prior quarter.
- Across five years, Operating Margin topped out at 74.85% in Q1 2026 and bottomed at 30.91% in Q4 2024.
- Historically, Operating Margin has averaged 53.21% across 5 years, with a median of 51.03% in 2023.
- Annual changes were most pronounced in 2022 — Operating Margin slumped 6217 bps — and 2025, when it jumped 1867 bps.
- Wheaton Precious Metals' Operating Margin stood at 42.23% in 2022, then climbed by 20 bps to 50.79% in 2023, then tumbled by 39 bps to 30.91% in 2024, then surged by 60 bps to 49.58% in 2025, then soared by 51 bps to 74.85% in 2026.
- Business Quant data shows WPM's Operating Margin at 74.85% in Q1 2026, 49.58% in Q4 2025, and 66.25% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Newmont | 136.03 Bn | 127.02 Bn | 4.03 Bn | 16.48% |
| 2 | Agnico Eagle Mines | 106.09 Bn | 102.63 Bn | 2.43 Bn | 60.65% |
| 3 | Barrick Mining | 77.15 Bn | 71.23 Bn | 2.90 Bn | 51.63% |
| 4 | Wheaton Precious Metals | 68.18 Bn | 68.08 Bn | 687.86 Mn | 71.79% |
| 5 | AngloGold Ashanti | 58.68 Bn | 55.85 Bn | 1.70 Bn | 20.62% |
| 6 | Gold Fields | 40.68 Bn | 38.90 Bn | - | - |
| 7 | Pan American Silver | 21.86 Bn | 20.29 Bn | 457,000.00 | 44.22% |
| 8 | Coeur Mining | 21.72 Bn | 20.67 Bn | 535.85 Mn | 19.94% |
| 9 | Royal Gold | 21.39 Bn | 21.20 Bn | 390.45 Mn | 62.13% |
| 10 | Alamos Gold | 15.41 Bn | 14.78 Bn | - | 60.14% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 71.79% |
| Mar 31, 2026 | 74.85% |
| Dec 31, 2025 | 49.58% |
| Sep 30, 2025 | 66.25% |
| Jun 30, 2025 | 65.52% |
| Mar 31, 2025 | 61.79% |
| Dec 31, 2024 | 30.91% |
| Sep 30, 2024 | 57.08% |
| Jun 30, 2024 | 56.51% |
| Mar 31, 2024 | 53.32% |
| Dec 31, 2023 | 50.79% |
| Sep 30, 2023 | 50.29% |
| Jun 30, 2023 | 51.03% |
| Mar 31, 2023 | 45.99% |
| Dec 31, 2022 | 42.23% |
| Sep 30, 2022 | 46.90% |
| Jun 30, 2022 | 49.47% |
| Mar 31, 2022 | 51.99% |
| Dec 31, 2021 | 104.40% |
| Sep 30, 2021 | 51.26% |