Wheaton Precious Metals Corp.
WPM Basic Materials Gold
Wheaton Precious Metals Corp.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 80.2% from fiscal 2024. In the quarter to June 2026, revenue grew 84.7%, EPS grew 87.5% and free cash flow fell 5,848.0%, each against the same quarter a year earlier. Dividend growth for five consecutive years, operating cash flow growth for three.
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Wheaton Precious Metals Corp. (WPM) Beneish M-score
Wheaton Precious Metals Corp.'s Beneish M-score for fiscal 2025 is 0.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 0.60 | 4.09 |
| FY2024 | −3.49 | (3.73) |
| FY2023 | 0.24 | 2.90 |
| FY2022 | −2.66 | (1.24) |
| FY2021 | −1.42 | (5.21) |
| FY2020 | 3.79 | 4.54 |
| FY2019 | −0.74 | 2.08 |
| FY2018 | −2.82 | (0.66) |
| FY2017 | −2.17 | (0.68) |
| FY2016 | −1.48 | 2.15 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 4.17 | — | 3.84 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 2.88 | — | 1.16 | |
| Sales growth index | 1.80 | — | 1.61 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.69 | — | −0.12 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 4.27 | — | −1.39 | |
| Beneish M-score | Flagged by the model | 0.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AU AngloGold Ashanti PLC compare | −2.9× |
| GFI Gold Fields Limited compare | −2.6× |
| EQX Equinox Gold Corp. compare | −2.6× |
| NEM Newmont Corporation compare | −2.6× |
| HMY Harmony Gold Mining Company Limited compare | −2.2× |
| RGLD Royal Gold, Inc. compare | −2.2× |
| FNV Franco-Nevada Corporation compare | −2.0× |
| CDE Coeur Mining, Inc. compare | −1.1× |
| WPM Wheaton Precious Metals Corp. | 0.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI