Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.47, read 2026-11-03
Ethical passes the values gate
Price117.42 USD
Fair value104.26
Ethical score70.0/100
Value readOvervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-10-02Read Distribution133.42-12.0% to today ✓Markup gives way to Distribution after a 15% rise in 13 weeks
2026-07-02Read Markup116.23+1.0% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Wheaton Precious Metals Corp holds its Distribution at $117.42. The statistical read favours the sellers, held for 160 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 160 days
Price at the screen
$117.42
Valuation
26.04 trailing · 23.90 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.28
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.09%
Below 33%
Interest-bearing debt is just 0.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
4.50%
Below 33%
Cash held in interest-bearing accounts and securities is 4.5% of assets, under the one-third limit.
Pass
Receivables
13.13%
Below 49%
Money owed to the company is 13.1% of assets, under the 49% limit.
Pass
Revenue purity
1.59%
Below 5%
Only 1.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Wheaton Precious Metals clears all five screens. Its business is in a permissible area, its debt is near-nil, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when WPM's ethical verdict changes
Today WPM passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 3 Nov 2026: it trades above our $104.26 fair value estimate, narrow competitive moat, 84.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. The price runs 12.6% above the base estimate.
Third-party analyst targets: 10 covering, consensus Strong Buy. The average target sits +42% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $104.26, with a range of $104.26 to $119.90, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold streams hide the same price swings
Picture a lender who hands cash to miners today and takes a slice of future gold and silver output. That is the model at this Canadian streamer, which posted 92 percent revenue growth, 66 percent profit margins and 22 percent return on equity.
Those figures, together with a narrow moat and a clean ethical screen, explain why the shares sit only 2 percent below our fair value of 106.71. The forward multiple of 19.2 times earnings looks reasonable on paper and the consensus target sits far higher.
Yet this remains a cyclical business where peak metal prices often coincide with peak reported earnings. A low multiple in such conditions is usually a warning rather than a bargain. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
WPM trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Distribution$131.99+0.0%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
2026-10-21Distribution$131.99-4.8%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
2026-10-14Distribution$138.65+3.9%Entry 7
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 3.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 13.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
2026-09-17Markup$154.12+23.0%Entry 5
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 23.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
2026-08-18Markup$125.30+7.8%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 7.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
2026-07-18Markup$116.23+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (9 analysts) rates it strong buy, with a mean price target of $177.
2026-07-03Markup$116.23+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$116.23Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.