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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 $419M

LTM EBITDA $275M

EV

$805M

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Headwater Exploration Financials

Headwater Exploration has a last 12-month revenue of $419M and a last 12-month EBITDA of $275M.

In the most recent fiscal year, Headwater Exploration achieved revenue of $434M and an EBITDA of $261M.

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

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Headwater Exploration P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $358M $434M XXX XXX XXX
Gross Profit $186M $181M XXX XXX XXX
Gross Margin 52% 42% XXX XXX XXX
EBITDA $227M $261M XXX XXX XXX
EBITDA Margin 64% 60% XXX XXX XXX
Net Profit $113M $109M XXX XXX XXX
Net Margin 32% 25% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Headwater Exploration Stock Performance

As of April 15, 2025, Headwater Exploration's stock price is CAD 5 (or $4).

Headwater Exploration has current market cap of CAD 1.3B (or $903M), and EV of CAD 1.2B (or $805M).

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Headwater Exploration Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$805M $903M XXX XXX XXX XXX $0.60

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Headwater Exploration Valuation Multiples

As of April 15, 2025, Headwater Exploration has market cap of $903M and EV of $805M.

Headwater Exploration's trades at 1.9x LTM EV/Revenue multiple, and 2.9x LTM EBITDA.

Analysts estimate Headwater Exploration's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Headwater Exploration Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $805M XXX XXX XXX
EV/Revenue 1.9x XXX XXX XXX
EV/EBITDA 3.1x XXX XXX XXX
P/E 6.9x XXX XXX XXX
P/E/Growth 0.4x XXX XXX XXX
EV/FCF 12.3x XXX XXX XXX

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Headwater Exploration Valuation Multiples

Headwater Exploration's NTM/LTM revenue growth is 4%

Headwater Exploration's revenue per employee for the last fiscal year averaged $10.6M, while opex per employee averaged $1.6M for the same period.

Over next 12 months, Headwater Exploration's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Headwater Exploration's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Headwater Exploration Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 21% XXX XXX XXX XXX
EBITDA Margin 60% XXX XXX XXX XXX
EBITDA Growth 15% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 64% XXX XXX XXX XXX
Revenue per Employee $10.6M XXX XXX XXX XXX
Opex per Employee $1.6M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 4% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 15% XXX 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 $903M
What is the current revenue of Headwater Exploration? Headwater Exploration's last 12-month revenue is $419M.
What is the current EBITDA of Headwater Exploration? Headwater Exploration's last 12-month EBITDA is $275M.
What is the current EV/Revenue multiple of Headwater Exploration? Current revenue multiple of Headwater Exploration is 1.9x.
What is the current EV/EBITDA multiple of Headwater Exploration? Current EBITDA multiple of Headwater Exploration is 2.9x.
What is the current revenue growth of Headwater Exploration? Headwater Exploration revenue growth between 2023 and 2024 was 21%.
Is Headwater Exploration profitable? Yes, Headwater Exploration is EBITDA-positive (as of the last 12 months).

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