Netflix is perhaps the most well-known streaming stock. It was one of the first companies to start streaming content on a monthly subscription model.
But what if I told you the streaming stock you should be looking at had nothing to do with television at all?
It's called Wheaton Precious Metals (WPM 2.17%), and it's an entirely different type of streaming company -- one that takes advantage of a natural process to deliver a regularly growing dividend and a solid share price return to its investors.
Image source: Getty Images.
Wheaton makes a natural alloy for your portfolio
The natural process that Vancouver-based Wheaton capitalizes on is that the ore we pull out of the ground is rarely purely one metal. In nature, metals often combine with chemically compatible materials in ore.
For instance, gold is often found with copper. And silver can show up with copper, nickel, lead, and zinc. That's interesting, but how is it profitable?
It's simple: A copper mine will usually end up with some gold from refining the copper ore it extracts from the ground. That copper mine can't necessarily maximize its return on an entirely different mineral supply chain than the one it normally operates in.
Enter Wheaton, which offers cash up front to mines, along with an additional fee paid upon delivery of the metal in exchange for the minerals they have no use for. It creates a stream of metals coming Wheaton's way, which it can then sell or sit on and let appreciate.
It's a win-win for the mine and Wheaton.
Wheaton's upfront payment in exchange for a percentage of its future production gives the mine access to capital while getting rid of the by-product metal that the mine isn't focused on. It also produces a long-term revenue stream for the mine from the delivery payments for those metals. Meanwhile, Wheaton gets loads of precious metals without having to invest in creating a mine.
I like gold as an investment, but with the price hitting $4,300 per ounce, up 184% over the past five years, buying physical gold is a very expensive endeavor. Silver is a bit more affordable at around $65 per ounce, but it has more than tripled in value over the past five years, up 256%.
Clearly, getting some exposure to silver and gold is a good idea. And Wheaton, at less than $120 per share, represents a much easier, more affordable way to get exposure to the precious metals.
Now, let's take a look at Wheaton's latest results to see what the growth in gold and silver prices has done for the company.
NYSE: WPM
Key Data Points
Everyone wishes for silver and gold
For the third quarter of 2025, Wheaton recorded $476 million in revenue, up 54% year over year. Net earnings for the quarter broke a record for Wheaton at $367.2 million, up 137.5% over the same period. And operating cash flow topped $382.9 million, up 50.6% over Q3 2024.
Wheaton managed that despite only producing 15.3% more gold and 32.2% more silver than it did in Q3 2024. The price surge in gold and silver is driving serious growth for Wheaton.
The company also holds $1.2 billion in cash, which it can use to develop more streaming contracts around the world. In Q3 2025 alone, it was able to pay out $250 million to set up three new contracts. Wheaton also has just $326.7 million in total liabilities, which the company has enough cash to pay off right now, three times over.
Now, Wheaton's quarterly dividend sits at $0.17 per share, which yields 0.56% at current prices. That doesn't sound like much up front, but the company does grow its dividend regularly, and it has increased at a compound annual growth rate (CAGR) of 9.46% over the past five years.
That sort of dividend growth makes Wheaton look like one of those stocks you buy, reinvest your dividends, and let it sit forever. But the share price appreciation is nothing to sneeze at, either. Wheaton is up more than 100% over the past year, compared to the S&P 500's (^GSPC 1.22%) 15% return. Over the past five years, Wheaton is up 180% to the S&P 500's 85%.
Coincidentally, Wheaton has also dramatically outpaced Netflix's growth. Netflix is only up 5% over the past year and up 78% over the past five, which makes a compelling case for Wheaton being the streaming stock you should look at.
How do you measure its worth?
Wheaton Precious Metals has everything I like to see in a stock: growing revenue and earnings, low debt, and loads of cash on hand to pay its dividends and expand its business. It represents a more affordable way to get exposure to gold and silver without the headache of buying physical coins or bars.
This isn't the first company that likely pops into your head when someone mentions a "streaming company," but perhaps it should be. Wheaton has consistently outperformed the S&P 500 for several years and regularly increases its dividend in substantial increments.
If you're in the market for a set-it-and-forget-it stock, Wheaton is worth a look. So, make like Yukon Cornelius and consider striking a rich vein this holiday season.
