AG vs WPM: How AG and Wheaton Precious Metals Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AG is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AG and WPM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AG and WPM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

First Majestic Silver Corp. (NYSE: AG) is a precious-metals producer that operates four underground mines in Mexico: San Dimas in Durango, Santa Elena in Sonora, La Encantada in Coahuila, and Cerro Los Gatos in Chihuahua. The company mines silver and gold as its primary products, along with byproduct zinc, lead, and copper. In January 2025 First Majestic completed its roughly $1.05 billion all-stock acquisition of Gatos Silver, adding a 70% interest in the Los Gatos joint venture and lifting 2025 silver production to a record 15.4 million ounces, up about 84% from the prior year.

Full AG guide

Wheaton Precious Metals is a Vancouver-based precious-metals streaming company. Rather than digging mines itself, it provides upfront capital to mining companies and in return receives the right to purchase a set percentage of a mine's gold, silver, or other metal output for the life of the mine at a low fixed price, often a small fraction of the market price. Wheaton then sells that metal at prevailing market prices, capturing the difference as a high, predictable margin. Because Wheaton does not fund a mine's ongoing operating or sustaining capital costs beyond its contracted per-ounce payment, it is largely insulated from cost inflation, labor disputes, and capital overruns that squeeze traditional miners, while still benefiting fully when metal prices rise. As of 2025 its portfolio included streaming and royalty interests across roughly 23 operating mines and about 25 development and other projects worldwide.

Full WPM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AG drivers: Silver and gold price leverage; Los Gatos integration and scale.
• WPM drivers: High-margin, capital-light exposure to gold and silver prices; A large, diversified, long-life portfolio with embedded growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The single largest risk is the silver price itself: a sustained decline would compress margins far faster than the metal falls because mining costs are largely fixed. For WPM, wheaton's results are driven primarily by gold and silver prices, which are volatile and can fall sharply, compressing revenue and cash flow even though its per-ounce costs are fixed.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AG if you believe its drivers more; WPM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AG and WPM guides.

AG. First Majestic posted record Q1 2026 revenue of about $476.7 million, up roughly 95% year over year, with net earnings near $128 million and EPS around $0.26 as silver and gold prices surged. The stock trades at a trailing P/E in the low 30s and a forward P/E near 18, reflecting expectations that elevated metal prices continue. The dividend yield is negligible (well under 1%), so the return case rests almost entirely on the metal price and production.

WPM. Streaming and royalty companies like Wheaton typically trade at a premium to traditional miners, often valued on price-to-net-asset-value and price-to-cash-flow rather than a simple P/E, because their high margins, lack of operating-cost exposure, and long-life diversified portfolios command a higher multiple. On earnings, Wheaton's trailing P/E has been elevated, reflecting both the premium sector valuation and strong metal prices lifting the shares. Much of the valuation case rests on an investor's view of future gold and silver prices and on the embedded production growth from streams already funded, including the large Antamina silver stream closed in 2026.

Headline figures (approximate, Q1 2026): AG shows q1 2026 revenue ~$477M, q1 2026 net earnings ~$128M, q1 2026 eps ~$0.26, q1 2026 free cash flow ~$224M; WPM shows revenue (fy 2025, record) ~$2.3 billion, net earnings (fy 2025, record) ~$1.5 billion, operating cash flow (fy 2025) ~$1.9 billion, production (fy 2025) ~665,000 gold-equivalent ounces.

AG and WPM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AG and WPM exposure against your real portfolio. It is not an investment adviser.