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.

Last Updated: October 21, 2026

HWX.TO

CA$14.86

+CA$0.17 (+1.16%)

Oct 21, 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 Oct 21, 2026

Trading

Open: CA$14.66
Previous Close: CA$14.69
Day's Range: 14.50–14.92
52-Week Range: 6.96–15.15
Volume: 473.59K
Beta: 1.16

Valuation

Market Cap: CA$3.53B
P/E Ratio: 19.05
Forward P/E: 22.52
P/S ratio: 5.97
EPS (ttm): 0.78

Financials (FY)

Revenue (FY): CA$618.28M−0.25%
Net Income (FY): CA$153.21M−18.52%
Profit margin: 31.45%
Shares Outstanding: 237.76M
1-Year Return: +121.01%

Dividend and dates

Dividend: CA$0.48+3.27%
Ex-Dividend Date: September 29, 2026
Earnings Date: October 29, 2026estimated
Avg Volume: 919.43K

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

Key facts

As of October 21, 2026, HWX.TO closed at CA$14.86, +121.01% over 1 year.

Headwater Exploration Inc. (HWX.TO) has a market capitalization of CA$3.53B.

In fiscal 2025, HWX.TO reported revenue of CA$618.28M.

HWX.TO Stock Return by Calendar Year

Headwater Exploration Inc. (HWX.TO) 10-year return: what CA$10,000 became

1 year: CA$10,000 CA$22,101; +121.01%
5 years: CA$10,000 CA$39,670; +296.70%
10 years: CA$10,000 CA$418,356; +4,083.56%

If you had invested CA$10,000 in Headwater Exploration Inc. (HWX.TO) 10 years ago, at the close on October 21, 2016, it would have been worth CA$418,356 at the close on October 21, 2026: +4,083.56% in total, +45.26% a year, with dividends reinvested. A historical calculation from closing prices adjusted for splits and dividends, before fees and taxes.

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

−9.99%+231.93%+61.56%

2016*2017201820192020202120222023202420252026*

Year	Return
2026 (partial year)	+61.56%
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 October 21, 2026.

HWX.TO Revenue and Earnings by Fiscal Year

FY ends December

RevenueNet income

2022202320242025

Fiscal year	Revenue	Net income	Net margin
2025	CA$618.28M	CA$153.21M	24.8%
2024	CA$619.80M	CA$188.03M	30.3%
2023	CA$511.23M	CA$156.07M	30.5%
2022	CA$458.38M	CA$162.11M	35.4%

Fiscal year	Revenue	Gross profit	Operating income	Net income	Net margin
2025	CA$618.28M	CA$325.91M	CA$206.70M	CA$153.21M	24.8%
2024	CA$619.80M	CA$332.06M	CA$239.56M	CA$188.03M	30.3%
2023	CA$511.23M	CA$258.12M	CA$179.60M	CA$156.07M	30.5%
2022	CA$458.38M	CA$266.00M	CA$207.04M	CA$162.11M	35.4%

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

HWX.TO Dividend History

’22’23’24’25’26*

CA$0.44+10.0% vs 2024

Dividends per share, 2025 · 4 payments

Year	Dividends per share	Payments	Change
2026*	CA$0.23	2	—
2025	CA$0.44	4	+10.0%
2024	CA$0.40	4	+0.0%
2023	CA$0.40	4	+300.0%

Year	Dividends per share	Payments	Change
2026 (partial year)	CA$0.23	2	—
2025	CA$0.44	4	+10.0%
2024	CA$0.40	4	+0.0%
2023	CA$0.40	4	+300.0%
2022	CA$0.10	1	—

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 116 stocks

Metric	HWX.TO	Oil & Gas E&P median	vs median
P/E	19.05	14.65	30% above
P/S ratio	5.97	2.41	148% above
Profit margin	31.45%	12.09%	19.4 pts above

Medians across 116 Oil & Gas E&P stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of October 21, 2026.

Analysis

Data-derived

Company Overview

Headwater Exploration Inc. (HWX.TO) is capitalised at CA$3.53B 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$14.86 on October 21, 2026. That is +CA$0.17 (+1.16%) against the previous close. The 52-week range on file runs from CA$6.96 to CA$15.15. The latest close sits 113.51% 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 19.4 percentage points above the Oil & Gas E&P median of 12.09%. 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 19.05 times earnings. That is 30.03% above the Oil & Gas E&P median of 14.65. On forward earnings the ratio is 22.52. The price-to-sales ratio is 5.97. On price-to-sales that is 147.63% above the Oil & Gas E&P median of 2.41. The medians here are taken across 116 Oil & Gas E&P companies that report the metric.

Over the trailing twelve months the total return is +121.01%. Across 10 years the annualized return works out at +45.26%. The reported beta is 1.16. Annualized volatility over the trailing 10 years is 49.94%.

Growth & Income

The trailing dividend yield is 3.27%. 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 total return is +61.56%. 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$3.53B	19.1
ConocoPhillips	COP	$175.00B	19.3
Canadian Natural Resources Limited	CNQ	$111.69B	13.3
EOG Resources, Inc.	EOG	$82.81B	12.3

Market caps are shown in each company's own trading currency, without conversion, and the peers are listed in order of these unconverted figures.

The Oil & Gas E&P industry average P/E ratio is 14.6x. Headwater Exploration Inc. trades at a P/E of 19.1.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 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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