Wheaton dividend
Wheaton's dividend began at $0.155 per share and reached $0.195 in 2026. Wheaton's cash coverage is uneven: dividends were paid every year from 2021 through 2025, and dividends exceeded free cash flow in a weaker year.
How much does Wheaton pay per share?
Shareholders now have a more predictable claim on that cash. Wheaton replaced a dividend tied to 30% of trailing average operating cash flow with a progressive quarterly policy. The dividend began at $0.155 per share and reached $0.195 in 2026. That expectation must coexist with taxes, new streams, debt repayment and weaker metal prices.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 3.24 | 1.17 | 1.19 | 1.48 | 1.67 |
| − Dividends paid, per share | 0.65 | 0.61 | 0.58 | 0.52 | 0.48 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| = FCF not paid out, per share | 0.59 | 0.20 | 0.78 | 0.22 |
What this means. Real free cash flow per share is slightly lower because it subtracts the value of shares given to employees as pay.
Does Wheaton cover its dividend with cash?
Dividends were paid every year from 2021 through 2025, while Wheaton made no share buybacks. In a weaker cash-flow year, dividends exceeded the cash generated in that year, so the company relied on its accumulated reserve. That is manageable for a time, but repeated shortfalls would consume the cash needed for stream funding and debt service.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 563,107 | 371,772 | 78,757 | 589,195 | 318,403 |
| − Dividends paid | 296,367 | 279,050 | 265,109 | 237,097 | 218,052 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 266,740 | 92,722 | 352,098 | 100,351 | |
| Paid to shareholders | 296,367 | 279,050 | 265,109 | 237,097 | 218,052 |
| Paid out, % of free cash flow | 52.6% | 75.1% | 336.6% | 40.2% | 68.5% |
What this means. In 2023, the company paid shareholders more than three times the cash it made, using money it had already saved or received from elsewhere.
What could change Wheaton's dividend?
Dividends per share rise from $0.825 in October 2027 to $0.945 in October 2029 in the base case. The bear holds at $0.78 initially before settling at $0.66, while the bull reaches $1.155. The current quarterly rate is $0.195, implying a $0.78 annual run-rate. A progressive policy and the recent 18% increase support measured growth, but the board retains discretion and debt service can force a pause or cut.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 2,850 (2,040 / 3,500) | 3,050 (1,900 / 4,000) | 3,250 (2,050 / 4,500) |
| Shares (millions) | 454 (454 / 454) | 455 (454 / 455) | 455 (455 / 455) |
| Dividends per share | 0.82 (0.78 / 0.85) | 0.89 (0.66 / 0.97) | 0.94 (0.66 / 1.16) |
| Enterprise value to ebitda | 23.00 (18.00 / 27.00) | 22.00 (16.00 / 28.00) | 21.00 (17.00 / 29.00) |
| Net debt | 1,127 (2,122 / 243) | -79.00 (2,091 / -2,119) | -1,547 (1,869 / -4,898) |
What this means. Negative net debt means the company has more cash than borrowed money.
What is Wheaton's dividend yield today?
EV/EBITDA compares enterprise value with earnings before interest, tax, depreciation and depletion. Wheaton’s reported multiple is 22.98x, but adding depletion back does not make the original purchase free. Operating cash can also be committed to new streams: existing contracts generated US$650 million of operating cash flow in the second quarter of 2026, while upfront stream payments reached US$4.5 billion. That helps explain a thin free-cash-flow yield and a dividend yield that leaves the investment case dependent mainly on future growth.