TSX/HWX (TSX/HWX)

Toronto Stock Exchange: TSX/HWX · CAD

CA$14.8

-0.03 (-0.2%)· Recorded snapshot

Market cap	3.5B
Revenue (ttm)	592M
Net income (ttm)	186.2M
EPS (ttm)	CA$0.78
Shares out	237.8M
P/E (trailing)	18.9x
Dividend	CA$0.48 (3.25%)
Volume	699,556
Beta	1.16

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 592M
Net income (ttm): 186.2M
EPS (ttm): CA$0.78
P/E (trailing): 18.9x
Market cap: 3.5B

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/En/a

P25 n/aP50 n/aP75 n/a

Trailing P/E18.9

P25 n/aP50 n/aP75 n/a

ROE24

P25 n/aP50 n/aP75 n/a

ROIC26

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All TSX/HWX indicators

Market & fundamental data

Available fields

264

Groups with data

Currency

CAD

Showing 264 of 264 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	CAD
Country	Canada
Country code	CA
Earnings date	2026-10-29
Employees	39
Employees change	1
Employees growth	2.63%
Enterprise value	CAD 3.4B
Exchange	Toronto Stock Exchange
Financial currency	CAD
Financial report date	2026-06-30
First seen	2026-05-10
Fiscal year end	December
Founded	1996
Industry	Oil & Gas Exploration & Production
Is primary listing	Yes
ISIN number	CA4220961078
Last earnings date	2025-11-07
Last refreshed	2026-10-28
Market cap	CAD 3.5B
Next earnings date	2026-10-29
Price	CAD 14.75
Price currency	CAD
Sector	Energy
SIC code	1311
Stock price date	2026-10-28
Symbol	tsx/HWX
Website	https://www.headwaterexp.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	18.91x
Average P/E ratio (10Y)	48.69x
Average P/E ratio (3Y)	11.33x
Average P/E ratio (5Y)	12.3x
Earnings yield	5.29%
EV/Earnings	18.42x
EV/EBIT	14.09x
EV/EBITDA	9.42x
EV/FCF	48.88x
EV/Sales	5.79x
FCF / EV yield	2.05%
FCF yield	2%
Graham number	7.75339
Graham upside	-47.54%
Industry forward P/E	13.11x
Industry P/E	20.08x
Lynch fair value	CAD 19.50
Lynch upside	31.93%
P/(FCF - SBC) ratio	114.74x
P/(OCF - SBC) ratio	11.97x
P/B ratio	4.31x
P/E ratio	18.91x
P/FCF ratio	50.11x
P/OCF ratio	10.55x
P/S ratio	5.94x
Price / tangible book value	4.31x
Price/EBITDA ratio	9.66x
Sector forward P/E	13.88x
Sector P/E	21.73x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	41.1%
EBITDA margin	61.46%
Effective tax rate	23.97%
FCF margin	11.85%
Gross margin	75.4%
Operating margin	41.1%
Pretax margin	41.36%
Profit margin	31.45%
Profit per employee	CAD 4.8M
Profitable quarters	21
Profitable years	7
Revenue per employee	CAD 15.2M
ROA	14.62%
ROA (5Y)	15.96%
ROCE	25.74%
ROE	24.03%
ROE (5Y)	25.02%
ROIC	25.96%
ROIC (5Y)	35.54%
SBC / revenue	6.67%
Tax / revenue	9.92%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	0.25%
EPS growth (Q)	124.64%
EPS growth (QoQ)	140.16%
EPS growth 3Y	11.8%
EPS growth 5Y	81.16%
EPS growth quarters	1
EPS growth years	0
FCF growth	-21.6%
FCF growth (Q)	195.03%
Gross profit growth	12.85%
Gross profit growth (Q)	68.65%
Gross profit growth 3Y	18.21%
Gross profit growth 5Y	59.59%
Net income growth	0.86%
Net income growth (Q)	124.64%
Net income growth (QoQ)	140.16%
Net income growth 3Y	12.07%
Net income growth 5Y	92.78%
Net income growth quarters	1
Net income growth years	0
OCF growth	7.51%
OCF growth (Q)	95.95%
OCF growth (QoQ)	235.84%
OCF growth 10Y	57.66%
OCF growth 3Y	7.85%
OCF growth 5Y	57.66%
Operating income growth	2.68%
Operating income growth (Q)	126.91%
Operating income growth 3Y	13.45%
Operating income growth 5Y	50.35%
Revenue growth	12.71%
Revenue growth (Q)	58.21%
Revenue growth (QoQ)	25.71%
Revenue growth 10Y	46.32%
Revenue growth 3Y	17.89%
Revenue growth 5Y	56.1%
Revenue growth quarters	2
Revenue growth years	0

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	CAD -263M
Depreciation and amortization	CAD 120.6M
EBIT	CAD 243.3M
EBITDA	CAD 363.8M
EPS	CAD 0.78
FCF per share	CAD 0.29
Financing cash flow	CAD -117.9M
Free cash flow	CAD 70.1M
Free cash flow minus SBC	CAD 30.6M
Gross profit	CAD 446.4M
Income taxes	CAD 58.7M
Investing cash flow	CAD -253M
Net borrowing	CAD -5.8M
Net cash flow	CAD -37.7M
Net income	CAD 186.2M
Operating cash flow minus SBC	CAD 293.7M
Operating income	CAD 243.3M
Revenue	CAD 592M
Stock-based compensation	CAD 39.5M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	6.66
Book value per share	CAD 3.43
Debt / EBITDA	0
Debt / equity	0
Debt / FCF	0.03
Interest coverage	233.94
Long-term assets	CAD 935M
Long-term liabilities	CAD 130.7M
Net cash (debt)	CAD 85.9M
Net cash / market cap	2.44%
Net cash growth	-30.17%
Net debt / EBITDA	-0.24
Net debt / equity	-0.11
Net debt / FCF	-1.22
Piotroski F-Score	6
Property, plant and equipment	CAD 933.2M
Shareholders' equity	CAD 814.5M
Tangible book value	CAD 814.5M
Tangible book value per share	CAD 3.43
Total assets	CAD 1.1B
Total cash	CAD 87.7M
Total debt	CAD 1.8M
Total liabilities	CAD 283.2M
WACC	10.66%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.57
Current assets	CAD 162.7M
Current liabilities	CAD 152.5M
Current ratio	1.07
Inventory turnover	131.48
Net working capital	CAD -76.5M
Quick ratio	1.01
Working capital	CAD 10.2M
Working capital turnover	15.78

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-1.21%
Dividend growth	6.98%
Dividend growth (3Y)	4.77%
Dividend growth years	1
Dividend payment date	2026-10-15
Dividend payment years	5
Dividend payout frequency	Quarterly
Dividend per share	CAD 0.48
Dividend yield	3.25%
Ex-dividend date	2026-09-29
FCF payout ratio	162.72%
Last dividend	CAD 0.12
Payout ratio	56.26%
Shareholder yield	2.04%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	3,463.86%
10Y return CAGR	46.18%
10Y total return	4,354.15%
150-day SMA	CAD 13.16
15Y price change	501.22%
15Y return CAGR	14.39%
15Y total return	651.41%
1D price change	-0.2%
1M price change	10.21%
1M total return	11.2%
1W price change	0.68%
1W total return	0.68%
1Y price change	102.88%
1Y return CAGR	111.09%
1Y total return	110.98%
20-day SMA	CAD 14.27
200-day SMA	CAD 12.80
20Y price change	127.54%
20Y return CAGR	5.37%
20Y total return	184.38%
3M price change	12.64%
3M total return	13.66%
3Y price change	100.41%
3Y return CAGR	32.99%
3Y total return	135.25%
50-day SMA	CAD 14.07
50-day SMA vs 200-day SMA	50over200
52-week high	CAD 15.26
52-week high date	2026-10-26
52-week low	CAD 7.02
52-week low date	2025-10-30
5Y price change	215.35%
5Y return CAGR	31.57%
5Y total return	294.13%
6M price change	12.13%
6M total return	14.28%
All-time high	CAD 15.26
All-time high date	2026-10-26
All-time low	CAD 0.15
All-time low date	1999-12-23
Average true range (ATR)	CAD 0.44
Average volume	801.7K
Beta (1Y)	-0.3
Beta (2Y)	0.53
Beta (5Y)	1.16
Change from 52-week high	-3.34%
Change from 52-week low	110.11%
Change from all-time high	-3.08%
Change from all-time low	9,760%
Change from open	-1.47%
Day's gap	1.29%
Dollar volume	CAD 10.3M
High price	CAD 15.11
Low price	CAD 14.63
Monthly RSI	71.74
Open price	CAD 14.97
Position in 52-week range	25%
Previous close	CAD 14.78
Price vs 150-day SMA	12.39%
Price vs 20-day SMA	3.61%
Price vs 200-day SMA	15.53%
Price vs 50-day SMA	5.09%
Relative volume	0.87
RSI	59.25
Sharpe ratio	2.27
Sharpe ratio (3Y)	0.95
Sharpe ratio (5Y)	0.8
Sortino ratio	3.68
Sortino ratio (3Y)	1.58
Sortino ratio (5Y)	1.33
Volume	699.6K
Weekly RSI	62.62
YTD price change	57.84%
YTD total return	62.25%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	223M
Shares change (QoQ)	0.29%
Shares change (YoY)	1.21%
Shares held by insiders	6.22%
Shares held by institutions	44.27%
Shares outstanding	237.8M
Short % of float	0.86%
Short % of shares	0.8%

Deeper analysis on TSX/HWX

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

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Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

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Risks

Kill scenarios, soft-pass flags, and downside catalysts.

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Earnings

Next earnings setup and beat / inline / miss thresholds.

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Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

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Peers

Relative valuation and profitability against the cohort.

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Moat

Economic-profit evidence and competitive advantage risk.

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Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Frequently asked questions

About this TSX/HWX report

Is a complete TSX/HWX research report available?

No complete published report is available for tsx/HWX (TSX/HWX) on this page. Market-directory data, when present, is not a substitute for a validated stock analysis.

TSX/HWX (TSX/HWX)

Price

Financial snapshot

Fair-value bridge

Latest news · TSX/HWX

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All TSX/HWX indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on TSX/HWX

Frequently asked questions