Headwater ExplorationTSX:HWX -0.75%82 EV-to-FCF is 79.50 as of Jun. 30, 2026, which is 1577% above its 10-year median of 4.74. GuruFocus rates TSX:HWX with a GF Score™ of 82/100 and a GF Value™ of C$8.99 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 581 Oil & Gas companies, Headwater Exploration ranks worse than 91.39% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Headwater Exploration's Enterprise Value is C$2,789.8 Mil.
Headwater Exploration's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was C$35.1 Mil. Therefore, Headwater Exploration's EV-to-FCF for today is 79.50.
The historical rank and industry rank for Headwater Exploration's EV-to-FCF or its related term are showing as below:
TSX:HWX'
s EV-to-FCF Range Over the Past 10 Years
Min: -1085.08 Med: 4.74 Max: 323.39
Current: 79.5
During the past 13 years, the highest EV-to-FCF of Headwater Exploration was 323.39. The lowest was -1085.08. And the median was 4.74.
TSX:HWX's EV-to-FCF is ranked worse than 91.39% of 581
companies
in the Oil & Gas industry
Industry Median: 15.4
vs TSX:HWX: 79.50
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Headwater Exploration's PE Ratio (TTM) for today is calculated as:
Headwater Exploration's share price for today is C$11.99.
Headwater Exploration's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$0.580.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas E&P subindustry, Headwater Exploration's EV-to-FCF, along with its competitors' market caps and EV-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Headwater Exploration EV-to-FCF vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Headwater Exploration's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Headwater Exploration's EV-to-FCF falls into.
Headwater Exploration's current Enterprise Value is C$2,789.8 Mil.
Headwater Exploration's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$35.1 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Headwater Exploration (TSX:HWX) has a EV-to-FCF of 79.50 as of Jun. 30, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Headwater Exploration and its competitors. This is 1577% above median its historical median of 4.74. According to the industry distribution chart, Headwater Exploration ranks #531 out of 581 companies in the Oil & Gas industry, placing it in the top 91.4%.
Is Headwater Exploration's EV-to-FCF too high?
Headwater Exploration's current EV-to-FCF of 79.50 is 1577% above median its 10-year median of 4.74. The Oil & Gas industry median EV-to-FCF is 15.40. Headwater Exploration's value of 79.50 is 416.2% above this industry median. Based on the distribution chart, Headwater Exploration ranks #531 out of 581 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Headwater Exploration has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Headwater Exploration's EV-to-FCF compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Headwater Exploration ranks #531 out of 581 companies for EV-to-FCF. This places Headwater Exploration in the lower half of its industry. The industry median EV-to-FCF is 15.40. Headwater Exploration's value of 79.50 is 416.2% above this benchmark. While the company's 10-year median is 4.74 vs. the industry median of 15.40, Headwater Exploration has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for an Oil & Gas company?
The median EV-to-FCF among Oil & Gas companies is 15.40, based on 581 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Headwater Exploration's current EV-to-FCF of 79.50 is 416.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Headwater Exploration and its competitors. For the Oil & Gas industry, the median EV-to-FCF is 15.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Headwater Exploration's current EV-to-FCF is 79.50, which is 1577% above median its own 10-year median of 4.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Headwater Exploration stock overvalued right now?
Based on GuruFocus' analysis, Headwater Exploration (TSX:HWX) is currently considered Significantly Overvalued. The stock's GF Value™ is C$8.99, compared to a current price of C$11.99 — trading 33.4% above its estimated fair value. The current EV-to-FCF is 79.50, which is 1577% above median its 10-year median of 4.74 and 416.2% above the Oil & Gas industry median of 15.40. Headwater Exploration's overall GF Score™ is 82/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Headwater Exploration (TSX:HWX), the current EV-to-FCF is 79.50 as of Jun. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Headwater Exploration (TSX:HWX) Overvalued in 2026?
Based on GuruFocus' analysis, Headwater Exploration stock appears to be overvalued.
The current stock price of C$11.99 is trading 33.4% above its estimated GF Value™ of C$8.99.
GuruFocus considers Headwater Exploration to be Significantly Overvalued.
Key valuation signals for TSX:HWX:
EV-to-FCF: 79.50 (1577% above median its 10-year median of 4.74)
GF Value™: C$8.99 vs. price of C$11.99 (33.4% above fair value)
Industry Position: 416.2% above the Oil & Gas median (#531 of 581)
No single metric tells the full story. See the TSX:HWX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Headwater Exploration Inc is a Canadian resource company engaged in the exploration for and development and production of petroleum and natural gas in Canada. The company has high quality oil production, reserves, and lands in the prolific Clearwater play in the Marten Hills, Greater Peavine and Greater Nipisi areas of Alberta as well as low decline natural gas production and reserves in the McCully Field near Sussex, New Brunswick. Its core operating areas are Clearwater fairway, Alberta and McCully Field, New Brunswick.
82GF Score
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