Loading…
Canadian light oil producer focused on the Marten Hills area of the Clearwater heavy-to-light oil play in Alberta.
Canadian light oil producer focused on the Marten Hills area of the Clearwater heavy-to-light oil play in Alberta.
Pricing is set by Western Canadian benchmarks, which usually trade below US prices, so realised prices depend on both world oil prices and the local discount. Wells in the Clearwater sandstone are drilled in large numbers, and production growth depends on keeping a steady drilling programme going.
In one line: An Alberta Clearwater play light oil producer.
Moat: none. Commodity oil producer; low decline rates help economics but there is no structural cost moat versus other Clearwater peers.
Headquarters: Calgary, Canada · Founded: 2011 · Employees: 35
Size Headwater Exploration (HWX.TO) is a Canada Energy company (Integrated Oil) with a market value of $1.95B, the 188th largest of 420 Canada companies the cockpit tracks. Shares closed at C$11.47 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -10.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +22.9%); the operating margin is 44.2% (peer median 20.2%).
Valuation It trades at 9.9× forward earnings against a peer median of 10.9× (7th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +125%, so the hurdle is -122 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.8 points above its cost of capital (9.4% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$592M | C$514M | C$511M | C$426M | C$373M |
| Revenue growth | — | +1% | +20% | +14% | — |
| Gross profit | C$314M | C$245M | C$263M | C$193M | C$217M |
| EBITDA | C$384M | C$335M | C$366M | C$300M | C$286M |
| Net income | C$186M | C$153M | C$188M | C$156M | C$162M |
| Free cash flow | C$116M | C$112M | C$138M | C$91.8M | C$115M |
| Capital expenditure | C$263M | C$228M | C$223M | C$240M | C$249M |
| Total debt | C$9.25M | C$14.0M | C$15.0M | C$12.2M | C$7.58M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Headwater Exploration HWX.TO | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% |
| Tamarack Valley Energy TVE.TO | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% |
| Baytex Energy BTE.TO | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% |
| Obsidian Energy OBE.TO | $653M | -21% | -22% | 22% | 4.1× | n/a |
| Whitecap Resources WCP.TO | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% |
| Cardinal Energy CJ.TO | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HWX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.2% | -9.7% | 9th lowest of 21 |
| 6-month return | -10.0% | -10.6% | 10th highest of 21 |
| Distance from 52-week high | -24.8% | -27.2% | 10th highest of 21 |
| Revenue growth (TTM) | +12.7% | +22.9% | 10th lowest of 20 |
| Operating margin | 44.2% | 20.2% | 3rd highest of 20 |
| Forward P/E | 9.9× | 10.9× | 7th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 3.0% | -5.6% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +125.4% | +9.9% | highest of 12 |
| Hurdle (Req g minus delivered) | -122.4 pp | -12.9 pp | least demanding of 12 |
| ROIC minus cost of capital | +16.8 pp | +1.5 pp | 3rd highest of 21 |
| EV / EBITDA | 6.9× | 5.0× | 6th most expensive of 16 |
| Net debt / EBITDA | -0.2× | 0.1× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| BKV BKV | United States | $1.92B | -37% | +84% | -1% | 11.1× | n/a | n/a |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Senton Energy 001331.SZ | China | $1.75B | -24% | -24% | -1% | n/a | n/a | n/a |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| Mach Natural Resources LP MNR | United States | $1.50B | -35% | +39% | 22% | 5.9× | -10.0% | +2.9% |
| Kelt Exploration KEL.TO | Canada | $1.45B | +4% | +30% | 17% | 12.4× | n/a | n/a |
| United Energy 0467.HK | Hong Kong | $1.44B | -10% | +28% | 14% | 3.6× | n/a | n/a |
| Greenfire Resources GFR.TO | Canada | $1.36B | +3% | -2% | 17% | n/a | n/a | n/a |
| Geo-Jade Petroleum 600759.SS | China | $1.33B | -54% | +42% | 30% | n/a | -0.7% | +2.8% |
| Birchcliff Energy BIR.TO | Canada | $1.29B | +3% | +10% | 20% | 13.5× | 1.9% | +5.8% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Kosmos Energy KOS | United States | $1.26B | -23% | +23% | 23% | 4.6× | -6.4% | +9.9% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Totalenergies EP Gabon EC.PA | France | $1.14B | -5% | -13% | 25% | n/a | -10.7% | -0.6% |
| Sino Prima Gas Technology 300483.SZ | China | $1.11B | -15% | +40% | 24% | 12.5× | -8.7% | +13.3% |
| Sino Geophysical 300191.SZ | China | $1.10B | -47% | +136% | 14% | n/a | n/a | n/a |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Tamboran Resources TBN | United States | $1.01B | -19% | n/a | n/a | n/a | n/a | n/a |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |