Wheaton Precious Metals (TSX:WPM) Stock After Record Q1 2026 Revenue And Higher Dividend Is It Undervalued

Why Wheaton Precious Metals Stock Is Back on Investors’ Radar

Wheaton Precious Metals (TSX:WPM) recently reported record Q1 2026 revenue, supported by a sharp rise in realized gold equivalent prices, and announced an 18% increase to its quarterly dividend.

At the same time, management outlined long term guidance that targets about 50% production growth by 2030, backed by a pipeline of streaming contracts that could influence how investors evaluate the stock’s income and growth profile.

See our latest analysis for Wheaton Precious Metals.

That backdrop of record results and higher dividends comes after a choppy year for the stock, with the share price down 16.7% over 30 days and 15.5% over 90 days, yet delivering a 31.1% total shareholder return over 12 months and very large total shareholder returns over three and five years. This suggests long term momentum remains intact despite recent volatility.

If you are weighing precious metals exposure alongside Wheaton Precious Metals, it can be useful to see how other producers are trading right now using the 33 elite gold producer stocks

With Wheaton Precious Metals posting record Q1 2026 revenue, an 18% dividend lift and guidance for sizable production growth by 2030, the key question is whether recent share weakness signals value or if the market already reflects that future.

Most Popular Narrative: 37.4% Undervalued

The most followed valuation narrative puts Wheaton Precious Metals’ fair value at CA$259.31 a share, well above the recent close at CA$162.32, and ties that gap to a specific growth and margin roadmap.

Robust pipeline of new and expanding streaming agreements, including the ramp up at Salobo III, commercial production at Blackwater, accelerated Phase 2/3 expansions at Blackwater, and new streams like Goose and Platreef, positions Wheaton for approximately 40% organic production growth by 2029, directly supporting higher future revenue and earnings growth.

Read the complete narrative.

Curious what earnings trajectory and margin profile sit behind that fair value gap? The narrative leans on compound revenue growth, fatter margins, and a premium future earnings multiple. The exact mix of those three levers may surprise you.

Result: Fair Value of CA$259.31 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, remember this hinges on execution and external conditions, with competition for streaming deals and potential tax changes both capable of challenging those upbeat assumptions.

Find out about the key risks to this Wheaton Precious Metals narrative.

Another View: Rich Multiples Raise the Bar

The fair value narrative paints Wheaton Precious Metals as 37.4% undervalued, but its current P/E of 29.3x tells a tougher story. That is roughly double the Canadian Metals and Mining industry at 14.1x, above peers at 16.8x, and well ahead of the 19.9x fair ratio the market could move toward.

In practice, that means the stock already prices in stronger growth and quality than both the sector and similar companies. This leaves less room for disappointment if earnings or metal prices soften. The question for you is whether that premium feels earned or stretched.

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

If this mix of optimism and caution feels familiar, it may be a good time to act promptly, review the numbers yourself, and test every assumption against your own risk tolerance by checking the 3 key rewards

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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.

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