Headwater Exploration Inc. (HWX.TO) is a publicly traded company in the Energy — Oil & Gas Exploration & Production industry listed on TSX. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Headwater Exploration Inc. is a smaller-scale resource firm primarily focused on discovering, developing, and extracting petroleum and natural gas. Its activities are concentrated within the Western Canadian Sedimentary Basin and onshore regions of New Brunswick.
Is Headwater Exploration Inc. stock overvalued or undervalued in 2026?
Headwater Exploration Inc. (HWX.TO) trades at 18.8× earnings (P/E), against a median of 17.3× across the 140 energy companies above $2bn in Kaplio's universe. No valuation verdict: it is a cyclical and today's P/E (18.8) does not tell whether it is cheap.
Kaplio overview: Headwater Exploration Inc.
Market cap $3B · 52 weeks $7 – $15 (3 % below the high) · P/E 18.8× · Dividend 3.1 % · 3 years rising · Next earnings October 29, 2026 · expected EPS $0.28 · Closing price, Oct 28 · accounts published Jul 23.
- Valuation: P/E 18.8× (no verdict).
- Business: 5-year ROIC 20.0 % (excellent).
- Balance sheet: Net cash/EBITDA 0.3× (solid).
- Earnings: 3 of 8 (disappointing).
What would it be worth at its usual multiples?
No valuation verdict: it is a cyclical and today's P/E (18.8) does not tell whether it is cheap.
In cyclicals the P/E misleads: today's earnings are not the normal ones.
What matters in energy: 4 of 7 pass
- FCF yield 3.7 %, fails.
- Capex / Revenue 36.4 %, fails.
- Dividend coverage (FCF / div) 1.1×, borderline.
- 5y avg ROIC 20.0 %, passes.
- Positive FCF through the cycle 8 de 10 ejercicios, passes, near the threshold.
- Net debt / EBITDA −0.3×, passes.
- EV/EBITDA vs own 10y 9.3×, passes.
- P/E read in reverse (cyclicals) 18.8×, info.
Against its peers (reference peers) — Headwater Exploration Inc.: P/E 18.8×; EV/EBITDA 9.3×; ROIC 21.0 %; $2.5B. BKV Corporation (P/E 7.4×; EV/EBITDA 5.6×; ROIC 3.8 %; $2.2B), Gulfport Energy Corp (P/E 6.6×; EV/EBITDA 4.2×; ROIC 18.4 %; $2.9B), Vermilion Energy Inc. (P/E —; EV/EBITDA 4.0×; ROIC 8.4 %; $2.1B).
Expensive or cheap against its last ten years?
P/E at each close: today 18.8× · median 9.9× · minimum 2.6× · maximum 61.3× · cheap below 8.7× · expensive above 17.3×. It has been cheaper than today 83% of the time over its last ten years.
Dividend
tight · Yield 3.1 % (0.43 CAD per share in 2025) · Years raising it ≥ 3 · paying since 2022 · Free cash flow coverage 0.9× · With $1,000 invested today you'd collect $31.30 a year ($2.61 a month).
Profitability
| Return on Equity | 24.24% |
| Return on Invested Capital | 21.01% |
| Return on Assets | 16.96% |
| Gross Margin | 53.84% |
| Operating Margin | 39.13% |
| Net Margin | 27.85% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.07 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 7.00 |
Price Performance
| 1 month | +11.47% |
| 3 months | +11.47% |
| Year-to-date | +57.63% |
| 1 year | +101.50% |
| 3 years | +103.72% |
| 5 years | +201.43% |
| 10 years | +3502.44% |
Dividend History
Paid in the last 12 months: 0.4600 CAD per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-29 | 0.1200 CAD |
| 2026-06-30 | 0.1200 CAD |
| 2026-03-31 | 0.1100 CAD |
| 2025-12-31 | 0.1100 CAD |
| 2025-09-29 | 0.1100 CAD |
| 2025-06-30 | 0.1100 CAD |
| 2025-03-31 | 0.1100 CAD |
| 2024-12-31 | 0.1000 CAD |
| 2024-09-27 | 0.1000 CAD |
| 2024-06-28 | 0.1000 CAD |
Amounts adjusted for stock splits.
Related companies: TOU.TO · WCP.TO · TVE.TO · POU.TO · SDE.TO
Explore sector: Energy · Oil & Gas Exploration & Production
More sections of HWX.TO: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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