Air Products vs Wheaton Precious Metals
Basic Materials sector company vs Precious metals streaming company funding mining operations. Which is the better buy for your portfolio in September 2026? Plain-English answer below.
Air Products is an industrial gas giant that's staking its future on multi-billion-dollar green hydrogen megaprojects, while Wheaton Precious Metals streams gold, silver, and other metals from miners without touching a shovel itself. Both carry long-duration assets and appeal to investors who want inflation-resistant cash flows, but Air Products vs Wheaton Precious Metals puts heavy capital-expenditure execution risk against a royalty model with minimal operating costs. This comparison unpacks their cash flow predictability, dividend growth records, and the risk-reward tradeoff each business model offers.
Air Products is an industrial gas giant that's staking its future on multi-billion-dollar green hydrogen megaprojects, while Wheaton Precious Metals streams gold, silver, and other metals from miners ...
Why Itās Moving
APDās hydrogen expansion gains momentum as analysts balance improving fundamentals against steady earnings expectations.
- Air Products signed a long-term agreement with RWE on September 9 to secure up to 75 GWh of renewable electricity annually for its Rotterdam hydrogen operations and planned liquid-hydrogen facility, supporting production that meets European renewable-fuel standards.
- Analyst sentiment was mixed but constructive: Argus maintained its positive rating on September 9, while KeyBanc initiated coverage on September 11 with a sector-weight view, underscoring execution risks despite improving fundamentals.
- KeyCorpās September 14 forecast put fiscal 2026 earnings at $13.47 per share, broadly aligned with Air Productsā guidance range and consensus, suggesting expectations are stable but leaving limited room for a near-term earnings surprise.
WPMās record growth is colliding with a premium valuation and renewed precious-metals volatility.
- Wheaton reported record first-half 2026 revenue of about $1.8 billion, an 88% year-over-year increase, as higher precious-metals prices and stronger production lifted results.
- Second-quarter adjusted earnings reached $1.19 per share, ahead of the $1.15 consensus, while revenue of $878 million was broadly in line with expectationsāsuggesting execution remains strong but the beat was not uniformly large.
- The valuation is driving the downside warning: WPMās forward price-to-earnings multiple was reported at roughly 33.8 times, well above the industry average near 17.2 times, leaving shares sensitive to any pullback in gold or silver prices.
APDās hydrogen expansion gains momentum as analysts balance improving fundamentals against steady earnings expectations.
- Air Products signed a long-term agreement with RWE on September 9 to secure up to 75 GWh of renewable electricity annually for its Rotterdam hydrogen operations and planned liquid-hydrogen facility, supporting production that meets European renewable-fuel standards.
- Analyst sentiment was mixed but constructive: Argus maintained its positive rating on September 9, while KeyBanc initiated coverage on September 11 with a sector-weight view, underscoring execution risks despite improving fundamentals.
- KeyCorpās September 14 forecast put fiscal 2026 earnings at $13.47 per share, broadly aligned with Air Productsā guidance range and consensus, suggesting expectations are stable but leaving limited room for a near-term earnings surprise.
WPMās record growth is colliding with a premium valuation and renewed precious-metals volatility.
- Wheaton reported record first-half 2026 revenue of about $1.8 billion, an 88% year-over-year increase, as higher precious-metals prices and stronger production lifted results.
- Second-quarter adjusted earnings reached $1.19 per share, ahead of the $1.15 consensus, while revenue of $878 million was broadly in line with expectationsāsuggesting execution remains strong but the beat was not uniformly large.
- The valuation is driving the downside warning: WPMās forward price-to-earnings multiple was reported at roughly 33.8 times, well above the industry average near 17.2 times, leaving shares sensitive to any pullback in gold or silver prices.
Investment Analysis
Air Products
APD
Pros
- Air Products reported a 4% increase in GAAP earnings per share in Q3 FY25, demonstrating continued profitability growth.
- The company maintains a strong position with a PE ratio of 36.09, reflecting solid market valuation relative to historical averages.
- Analyst consensus is positive with a 'Buy' rating and an average price target suggesting a potential 24.58% stock price increase.
Considerations
- Air Products' PE ratio is significantly above its 3-year and 5-year averages, potentially indicating overvaluation risk.
- The company operates in a capital-intensive industrial gas sector that can be sensitive to global economic cycles and energy prices.
- High valuation multiples compared to peers could limit upside potential in the near term, given existing market expectations.
Pros
- Wheaton Precious Metals is a leading precious metals streaming company with a strong market capitalisation of around $28.8 billion.
- The company displays a stable return on assets and equity in the mid-single digits, indicating efficient capital utilisation in its niche.
- Wheaton has a strong focus on ESG criteria which could enhance its appeal to sustainability-conscious investors and reduce regulatory risks.
Considerations
- Wheaton Precious Metals is exposed to commodity price volatility, particularly fluctuations in precious metals prices which impact revenues.
- Returns on invested capital and equity are moderate compared to some larger mining peers, indicating potential growth and efficiency limitations.
- Stock price volatility is evident with recent price fluctuations and the company's smaller scale relative to major industry players.
Air Products (APD) Next Earnings Date
Air Products and Chemicals (APD) is expected to report its next earnings on November 5, 2026. The release will cover the companyās fiscal fourth quarter of 2026, ended September 30, 2026. The date is consistent with APDās customary late-July and early-November quarterly reporting schedule.
Wheaton Precious Metals (WPM) Next Earnings Date
Wheaton Precious Metals (WPM) is expected to report its next earnings on November 5, 2026. The report is expected to cover the third quarter of fiscal 2026. The date remains an estimate, as the company may formally confirm the release schedule closer to the reporting period.
Air Products (APD) Next Earnings Date
Air Products and Chemicals (APD) is expected to report its next earnings on November 5, 2026. The release will cover the companyās fiscal fourth quarter of 2026, ended September 30, 2026. The date is consistent with APDās customary late-July and early-November quarterly reporting schedule.
Wheaton Precious Metals (WPM) Next Earnings Date
Wheaton Precious Metals (WPM) is expected to report its next earnings on November 5, 2026. The report is expected to cover the third quarter of fiscal 2026. The date remains an estimate, as the company may formally confirm the release schedule closer to the reporting period.
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