<div id="readability-page-1">Money Markets Why Has Wheaton Stock Surged 86%?  ByTrefis Team ,  Contributor.  Forbes contributors publish independent expert analyses and insights. Building a platform to do the job of 1 million analysts for  Great Speculations Follow Author Dec 05, 2025, 09:30am EST Share Save Comment  CHINA - 2025/09/11: In this photo illustration, the Wheaton Precious Metals logo is displayed on the screen of a tablet. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Wheaton Precious Metals stock (NYSE: WPM) has experienced an incredible 86% rise year-to-date in 2025—an increase fueled by an unusual combination of soaring metal prices and record production that surprised the market. This momentum was not unexpected. Wheaton began 2025 with 633,481 gold-equivalent ounces produced in the previous year—a number that exceeded its own guidance and set the groundwork for one of the strongest starts to a year in the company's history. The unexpected outperformance, along with gold and silver prices reaching new highs early in 2025, set up a scenario for a significant revaluation of the stock. Additionally, refer to Why Has Barrick Mining Stock Surged 154%?  If you’re looking for an upside with lower volatility compared to holding an individual stock, consider the High Quality Portfolio . It has significantly outperformed its benchmark—a mix of the S&amp;P 500, Russell, and S&amp;P MidCap indexes—and has delivered returns of over 105% since its inception. Separately, see – Can Shopify Stock Double?  Why Wheaton Is Rising in 2025 A Perfect Storm: Increased Gold &amp; Silver Prices + Fixed Streaming Costs  The primary catalyst for Wheaton’s rally in 2025 is the compelling blend of escalating gold and silver prices alongside its fixed-cost streaming model. With spot gold reaching new heights and silver significantly increasing, WPM’s margins have grown considerably, as it continues to pay low, pre-established prices for metals while benefiting from a stronger market.  Record Production Going Into 2025  The company's performance above expectations in 2024 generated strong momentum as it entered 2025. Wheaton announced 379,742 ounces of gold, 20.66 million ounces of silver, and over 16,000 GEOs from other metals. This strength in volume, combined with rising metal prices, led to significant increases in revenue, net earnings, and operating cash flow in 2025. Investors appreciated that consistency—particularly during a period when many miners faced cost inflation and permitting challenges.  MORE FOR YOU 2025 Production Guidance Indicates Further Growth Ahead  For 2025, Wheaton forecasts production of 600,000–670,000 GEOs, paving the way for another year of growth. The company also reaffirmed its long-term production plans that could boost output by 40% by 2029, driving GEOs toward approximately 870,000 as new streams come online. This visibility of growth—uncommon in the mining sector—contributes to the stock’s outperformance compared to most precious-metal peers this year.  Why Investors Favor WPM Over Traditional Miners in 2025 Lower Risk, Increased Leverage  2025 has been a turbulent year for global markets, prompting investors to lean towards firms with predictable cost structures and strong exposure to safe-haven assets. Wheaton meets both criteria: It does not operate mines, thereby avoiding operational shutdowns, inflation spikes, or political risk at mining sites. It has no net debt, substantial liquidity, and minimal cost inflation. Its margins benefit automatically when gold and silver prices rise. This combination has positioned WPM as a &#34;clean leverage&#34; opportunity in the precious-metals boom of 2025.  What's Next for Wheaton in 2025 and Beyond Potential Upside Catalysts  If gold and silver prices continue to climb, Wheaton's cash flow could set new records. Additional upside could arise from:  New streaming agreements  Higher output from recently acquired projects  Stronger-than-anticipated silver production, which generally increases WPM’s earnings due to lower per-ounce costs  Given its financial flexibility, Wheaton may also return more cash to shareholders or accelerate its acquisition strategy.  Key Risks to Monitor The primary risk remains the volatility in metal prices. A significant decline in gold or silver could quickly compress margins, given the high expectations currently reflected in the share price. WPM is also reliant on partner mines; any delays or interruptions at these sites can affect deliveries, even if Wheaton operates smoothly.  Bottom Line: The 2025 Landscape Favors Wheaton—But Expectations Are Elevated Wheaton’s 86% increase in 2025 has been driven by strong production, high metal prices, and excellent financial execution. As output rises and long-term growth visibility improves, the company remains one of the purest plays on the ongoing precious-metals cycle.  If metal prices maintain their strength, WPM could continue to outperform throughout 2025. However, with the stock already reflecting an almost perfect scenario, investors should monitor gold and silver trends—they will influence Wheaton’s next moves. We value Wheaton stock at $113, approximately 5% higher than the current market price.  Currently, we implement a risk assessment framework in constructing the Trefis High Quality (HQ) Portfolio , which, with a collection of 30 stocks, has a history of comfortably outperforming the S&amp;P 500 over the past 4 years—and has achieved returns exceeding 105% since its launch. Why is this the case? As a group, HQ Portfolio stocks have provided better returns with lower risk compared to the benchmark index; it is less volatile, as shown in HQ Portfolio performance metrics .  Editorial Standards Reprints &amp; Permissions LOADING VIDEO PLAYER... FORBES’ FEATURED Video</div>

<p>Wheaton Precious Metals stock surged 86% in 2025 due to soaring metal prices and record production. The company exceeded its production guidance, benefiting from high gold and silver prices and a fixed-cost streaming model. Wheaton's strong financial performance and growth visibility have made it a favored choice among investors, despite potential risks from metal price volatility and partner mine operations.</p>