May. 24 at 4:24 PM
$WPM posted a 77.1% net profit margin in Q3 2025 📊😳
Put in context, it looks almost counterintuitive:
•
$AAPL ~26%
•
$GOOG ~29%
•
$MSFT ~36%
•
$WPM ~77%
A mining-related company out-earning big tech on margins definitely makes you pause 😏
But the business model explains it.
Wheaton Precious Metals doesn’t actually mine metals. Instead, it operates a streaming model—locking in long-term contracts at fixed prices (e.g., ~
$650/oz gold, ~
$12.50/oz silver).
When market prices move far above those levels, the upside spread largely flows through as profit ⚡
In Q1 2026:
• Revenue:
$901M
• Net income:
$582M
So in reality,
$WPM behaves less like a traditional miner and more like a structured cash-flow machine tied to commodity price expansion 📈
