
Wheaton Precious Metals posted a net profit margin of 77.1% in Q3 2025. Most people don't know what that means in context. Here is the comparison: Apple's $AAPL net profit margin: approximately 26%. Google's $GOOG net profit margin: approximately 29%. Microsoft's $MSFT net profit margin: approximately 36%. Wheaton Precious Metals $WPM: 77.1%. A mining company out-margining every major technology company on Earth. Here is why: They do not mine anything. They signed contracts years ago to buy gold at $650/oz and silver at $12.50/oz — fixed forever. When gold hits $4,500 and silver hits $76, every dollar above those fixed costs is pure profit. In Q1 2026 they generated $901 million in revenue and $582 million in net earnings. $WPM














