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Headwater Exploration Valuation Multiples

Discover revenue and EBITDA valuation multiples for Headwater Exploration and similar public comparables like TAQA, Dana Gas, and ADNOC Gas.

Headwater Exploration Overview

About Headwater Exploration

Headwater Exploration Inc is an oil and gas exploration and development company. It is engaged in the exploration for development and production of petroleum and natural gas onshore in McCully Field, New Brunswick and Marten Hills, Alberta. The firm generates substantial revenue from the sale of commodities which include crude oil, natural gas and natural gas liquids.


Founded

1996

HQ

Canada
Employees

41

Financials

LTM Revenue $428M

LTM EBITDA $280M

EV

$982M

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Headwater Exploration Financials

Headwater Exploration has a last 12-month revenue (LTM) of $428M and a last 12-month EBITDA of $280M.

In the most recent fiscal year, Headwater Exploration achieved revenue of $447M and an EBITDA of $269M.

Headwater Exploration expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Headwater Exploration P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $428M XXX $447M XXX XXX XXX
Gross Profit $428M XXX $240M XXX XXX XXX
Gross Margin 100% XXX 54% XXX XXX XXX
EBITDA $280M XXX $269M XXX XXX XXX
EBITDA Margin 65% XXX 60% XXX XXX XXX
EBIT $219M XXX $174M XXX XXX XXX
EBIT Margin 51% XXX 39% XXX XXX XXX
Net Profit $149M XXX $136M XXX XXX XXX
Net Margin 35% XXX 30% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Headwater Exploration Stock Performance

As of May 30, 2025, Headwater Exploration's stock price is CAD 6 (or $5).

Headwater Exploration has current market cap of CAD 1.5B (or $1.1B), and EV of CAD 1.4B (or $982M).

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Headwater Exploration Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$982M $1.1B XXX XXX XXX XXX $0.55

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Headwater Exploration Valuation Multiples

As of May 30, 2025, Headwater Exploration has market cap of $1.1B and EV of $982M.

Headwater Exploration's trades at 2.2x EV/Revenue multiple, and 3.6x EV/EBITDA.

Equity research analysts estimate Headwater Exploration's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Headwater Exploration has a P/E ratio of 7.2x.

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Headwater Exploration Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $1.1B XXX $1.1B XXX XXX XXX
EV (current) $982M XXX $982M XXX XXX XXX
EV/Revenue 2.3x XXX 2.2x XXX XXX XXX
EV/EBITDA 3.5x XXX 3.6x XXX XXX XXX
EV/EBIT 4.5x XXX 5.6x XXX XXX XXX
EV/Gross Profit 2.3x XXX n/a XXX XXX XXX
P/E 7.2x XXX 7.9x XXX XXX XXX
EV/FCF 13.8x XXX 14.5x XXX XXX XXX

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Headwater Exploration Margins & Growth Rates

Headwater Exploration's last 12 month revenue growth is 1%

Headwater Exploration's revenue per employee in the last FY averaged $10.9M, while opex per employee averaged $1.6M for the same period.

Headwater Exploration's rule of 40 is 64% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Headwater Exploration's rule of X is 68% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Headwater Exploration Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 1% XXX -1% XXX XXX XXX
EBITDA Margin 65% XXX 60% XXX XXX XXX
EBITDA Growth -3% XXX 7% XXX XXX XXX
Rule of 40 64% XXX 61% XXX XXX XXX
Bessemer Rule of X XXX XXX 68% XXX XXX XXX
Revenue per Employee XXX XXX $10.9M XXX XXX XXX
Opex per Employee XXX XXX $1.6M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 15% XXX XXX XXX

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Headwater Exploration Public Comps

See public comps and valuation multiples for Energy Exploration & Generation and Fossil Fuels comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNOC Drilling Company XXX XXX XXX XXX XXX XXX
ADNOC Gas XXX XXX XXX XXX XXX XXX
Dana Gas XXX XXX XXX XXX XXX XXX
TAQA XXX XXX XXX XXX XXX XXX
AGL Energy XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Headwater Exploration M&A and Investment Activity

Headwater Exploration acquired  XXX companies to date.

Last acquisition by Headwater Exploration was  XXXXXXXX, XXXXX XXXXX XXXXXX . Headwater Exploration acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Headwater Exploration

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Headwater Exploration

When was Headwater Exploration founded? Headwater Exploration was founded in 1996.
Where is Headwater Exploration headquartered? Headwater Exploration is headquartered in Canada.
How many employees does Headwater Exploration have? As of today, Headwater Exploration has 41 employees.
Who is the CEO of Headwater Exploration? Headwater Exploration's CEO is Mr. Jason Jaskela.
Is Headwater Exploration publicy listed? Yes, Headwater Exploration is a public company listed on TSE.
What is the stock symbol of Headwater Exploration? Headwater Exploration trades under HWX ticker.
When did Headwater Exploration go public? Headwater Exploration went public in 2006.
Who are competitors of Headwater Exploration? Similar companies to Headwater Exploration include e.g. ADNOC Drilling Company, ADNOC Gas, Dana Gas, TAQA.
What is the current market cap of Headwater Exploration? Headwater Exploration's current market cap is $1.1B
What is the current revenue of Headwater Exploration? Headwater Exploration's last 12 months revenue is $428M.
What is the current revenue growth of Headwater Exploration? Headwater Exploration revenue growth (NTM/LTM) is 1%.
What is the current EV/Revenue multiple of Headwater Exploration? Current revenue multiple of Headwater Exploration is 2.3x.
Is Headwater Exploration profitable? Yes, Headwater Exploration is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Headwater Exploration? Headwater Exploration's last 12 months EBITDA is $280M.
What is Headwater Exploration's EBITDA margin? Headwater Exploration's last 12 months EBITDA margin is 65%.
What is the current EV/EBITDA multiple of Headwater Exploration? Current EBITDA multiple of Headwater Exploration is 3.5x.
What is the current FCF of Headwater Exploration? Headwater Exploration's last 12 months FCF is $71.2M.
What is Headwater Exploration's FCF margin? Headwater Exploration's last 12 months FCF margin is 17%.
What is the current EV/FCF multiple of Headwater Exploration? Current FCF multiple of Headwater Exploration is 13.8x.

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