Wheaton Precious Metals Corp.

Wheaton Precious Metals is a streaming/royalty company for gold, silver, and platinum-group metals — it buys future production at fixed prices instead of running mines, giving it software-like margins on precious-metals exposure. The stock is up 40% over 12 months and $135 area is a fresh high water mark.

• The Q1 print is the specific catalyst: revenue $889M (+89% YoY), gross margin 78%, operating margin 75%, EPS $1.26, and FCF $692M — this is what a royalty model produces when metal prices rise, and Q2 EPS $1.19 beat the $1.15 estimate (+3.5%).
• The business model is the moat: streaming/royalty structure means no operating cost inflation and near-zero capex, D/E is essentially zero (0.0008x), and consensus models FY26 revenue at $3.81B rising to $4.42B by FY28 — this is the highest-quality precious-metals exposure in the market by any metric.
• The counterweights are honest: 34x trailing P/E and 22x sales are demanding multiples that only work if precious metals stay strong, and the 59% of 52w range position leaves some room for a further rally but also for a re-rate down if silver/gold prices reverse — this is a cycle-plus-quality name where both need to cooperate.

The November 5 Q3 print is the next gate — a continued revenue beat plus a raised full-year outlook is what extends the accelerating tape above $145. A specific silver/gold price reversal, a streaming counterparty operational issue (e.g., a mine issue at one of the streamed assets), or a fresh regulatory-cost surprise is what would take a name in a durable trend off the highs first.