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TSX · Oil & Gas E&P · CAD

Headwater Exploration Inc. (HWX.TO) Stock Analysis

Headwater Exploration Inc. (HWX.TO) is a Oil & Gas E&P stock listed on TSX and quoted in Canadian Dollar.

HWX.TO

CA$14.22

−CA$0.05 (−0.35%)

Sep 4, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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HWX.TO Key Statistics

As of Sep 4, 2026
Trading
Open
CA$14.25
Previous Close
CA$14.27
Day's Range
13.96–14.29
52-Week Range
6.59–14.70
Volume
785.40K
BetaHow much the share price moves relative to the wider market. 1.0 moves in line with it; above 1.0 swings more, below 1.0 less.
1.04
Valuation
Market Cap
CA$3.38B
P/E Ratio
18.23
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
21.55
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
5.71
EPS (ttm)Profit attributable to each share over the last twelve months.
0.78
Financials (FY)
Revenue (FY)
CA$618.28M−0.25%
Net Income (FY)
CA$153.21M−18.52%
Profit marginThe share of revenue left as profit after all costs and taxes.
31.45%
Shares OutstandingThe total number of shares held by all investors. Market value is this figure multiplied by the share price.
237.76M
1-Year Return
+119.24%
Dividend and dates
Dividend
CA$0.48+3.36%
Ex-Dividend Date
September 29, 2026
Earnings Date
October 29, 2026estimated
Avg Volume
617.09K

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

HWX.TO Stock Return by Calendar Year

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

YearReturn
2026 (partial year)+54.60%
2025+50.40%
2024+12.08%
2023+12.22%
2022+16.95%
2021+115.48%
2020+231.93%
2019−9.99%
2018+31.13%
2017+8.94%
2016 (partial year)+47.36%

As of September 4, 2026.

HWX.TO Revenue and Earnings by Fiscal Year

FY ends December
Fiscal yearRevenueNet incomeNet margin
2025CA$618.28MCA$153.21M24.8%
2024CA$619.80MCA$188.03M30.3%
2023CA$511.23MCA$156.07M30.5%
2022CA$458.38MCA$162.11M35.4%
Fiscal yearRevenueGross profitOperating incomeNet incomeNet margin
2025CA$618.28MCA$325.91MCA$206.70MCA$153.21M24.8%
2024CA$619.80MCA$332.06MCA$239.56MCA$188.03M30.3%
2023CA$511.23MCA$258.12MCA$179.60MCA$156.07M30.5%
2022CA$458.38MCA$266.00MCA$207.04MCA$162.11M35.4%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

HWX.TO Dividend History

CA$0.44+10.0% vs 2024

Dividends per share, 2025 · 4 payments

YearDividends per sharePaymentsChange
2026*CA$0.232—
2025CA$0.444+10.0%
2024CA$0.404+0.0%
2023CA$0.404+300.0%
YearDividends per sharePaymentsChange
2026 (partial year)CA$0.232—
2025CA$0.444+10.0%
2024CA$0.404+0.0%
2023CA$0.404+300.0%
2022CA$0.101—

Most recent payment: CA$0.12 per share, ex-dividend June 30, 2026. Per-share amounts summed by calendar year from ex-dividend dates. Partial years are shown muted and marked with an asterisk.

HWX.TO Valuation vs Oil & Gas E&P Median

Median of 122 stocks
MetricHWX.TOOil & Gas E&P medianvs median
P/E18.2315.0022% above
P/S ratio5.712.33145% above
Profit margin31.45%11.54%19.9 pts above

Medians across 122 Oil & Gas E&P stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of September 4, 2026.

Analysis

Data-derived

Company Overview

Headwater Exploration Inc. (HWX.TO) is capitalised at CA$3.38B on the latest close. It is classified in the Oil & Gas E&P industry, within the Energy sector. The company reports 39 employees.

HWX.TO last closed at CA$14.22 on September 4, 2026. That is −CA$0.05 (−0.35%) against the previous close. The 52-week range on file runs from CA$6.59 to CA$14.70. The latest close sits 115.78% above that 52-week low.

Financial Health

Fiscal 2025 revenue came to CA$618.28M. Against the prior fiscal year total of CA$619.80M, that is a change of −0.25%. The same year closed with net income of CA$153.21M. That is −18.52% against the prior fiscal year. The reported profit margin is 31.45%. That is 19.9 percentage points above the Oil & Gas E&P median of 11.54%. Trailing earnings per share are 0.78.

Across the 4 fiscal years on file, revenue moves from CA$458.38M in 2022 to CA$618.28M in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

On trailing earnings, the shares are priced at 18.23 times earnings. That is 21.53% above the Oil & Gas E&P median of 15. On forward earnings the ratio is 21.55. The price-to-sales ratio is 5.71. On price-to-sales that is 145.18% above the Oil & Gas E&P median of 2.33. The medians here are taken across 122 Oil & Gas E&P companies that report the metric.

Over the trailing twelve months the price has returned +119.24%. Across 10 years the annualized return works out at +46.01%. The reported beta is 1.05. Annualized volatility over the trailing 10 years is 50.39%.

Growth & Income

The trailing dividend yield is 3.36%. That is 0.1 percentage points below the Oil & Gas E&P median yield of 3.49%. At the indicated rate that is CA$0.48 a share a year. The ex-dividend date on file is September 29, 2026. Dividends are recorded for 5 calendar years; 2026 shows 2 payments totalling CA$0.23 a share. The year before, 2025, totalled CA$0.44 a share.

So far in 2026 the price is +54.60%. Across the complete calendar years on file, 2020 returned +231.93% and 2019 returned −9.99%. Of the 9 complete calendar years on file, 8 finished higher.

Peer Comparison

Headwater Exploration Inc. (HWX.TO) operates in the Oil & Gas E&P industry. Here is how it compares to its closest peers by market capitalization:

Company Ticker Market Cap P/E Ratio
Headwater Exploration Inc. HWX.TO CA$3.38B 18.2
ConocoPhillips COP CA$161.29B 17.9
Canadian Natural Resources Limited CNQ CA$104.02B 12.5
EOG Resources, Inc. EOG CA$76.16B 11.4

The Oil & Gas E&P industry average P/E ratio is 15.0x. Headwater Exploration Inc. trades at a P/E of 18.2.

Every figure above is read from this page's own data on each nightly rebuild. Informational only, not financial advice. As of September 4, 2026.

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About Headwater Exploration Inc.

Headwater Exploration Inc. engages in the exploration, development, and production of petroleum and natural gas resources in Canada. It holds interest in the Marten Hills area located in Alberta; and the McCully Field area located in New Brunswick. The company was formerly known as Corridor Resources Inc. and changed its name to Headwater Exploration Inc. in March 2020. The company was incorporated in 1996 and is based in Calgary, Canada.

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