Headwater Exploration Ratios and Metrics

Market cap in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Feb '26 Feb 26, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Market Capitalization	2,999	1,571	1,477	1,382	1,043	466
Market Cap Growth	84.39%	6.33%	6.93%	32.44%	123.79%	634.50%
Enterprise Value	2,879	1,435	1,349	1,215	960	354
Last Close Price	12.56	6.23	5.56	4.95	4.24	1.97
PE Ratio	17.26	8.36	9.47	8.52	22.76	69.50
Forward PE	22.04	73.68	73.68	73.68	73.68	73.68
PS Ratio	5.75	3.07	3.47	3.70	6.32	52.72
PB Ratio	3.99	2.25	2.42	2.54	2.62	1.73
P/TBV Ratio	3.99	2.25	2.42	2.54	2.62	1.73
P/FCF Ratio	43.10	16.74	23.36	39.47	-	-
P/OCF Ratio	9.98	4.96	4.87	4.87	9.34	2026.77
PEG Ratio	-	7.37	7.37	7.37	7.37	7.37
EV/Sales Ratio	5.52	2.81	3.17	3.26	5.82	39.99
EV/EBITDA Ratio	8.16	3.93	4.25	4.22	8.59	18.15
EV/EBIT Ratio	12.85	5.96	6.84	5.83	11.53	36.11
EV/FCF Ratio	41.38	15.29	21.34	34.72	-	-
Debt / Equity Ratio	0.00	0.00	0.00	0.00	0.00	0.00
Debt / EBITDA Ratio	0.01	0.01	0.00	0.00	0.01	0.02
Debt / FCF Ratio	0.03	0.03	0.01	0.03	-	-
Net Debt / Equity Ratio	-0.16	-0.20	-0.24	-0.32	-0.28	-0.28
Net Debt / EBITDA Ratio	-0.34	-0.38	-0.46	-0.61	-1.01	-3.92
Net Debt / FCF Ratio	-1.72	-1.49	-2.30	-4.99	3.94	37.29
Asset Turnover	0.54	0.57	0.54	0.61	0.42	0.04
Inventory Turnover	132.15	123.79	109.14	74.35	64.28	-
Quick Ratio	1.27	1.56	1.59	1.95	2.51	5.62
Current Ratio	1.32	1.61	1.64	1.98	2.55	5.82
Return on Equity (ROE)	24.05%	28.71%	27.05%	34.45%	13.74%	3.50%
Return on Assets (ROA)	14.39%	16.82%	15.70%	21.31%	13.19%	2.85%
Return on Invested Capital (ROIC)	27.40%	35.99%	36.39%	48.89%	31.43%	7.95%
Return on Capital Employed (ROCE)	25.60%	29.20%	27.60%	33.50%	19.30%	3.40%
Earnings Yield	5.76%	11.97%	10.56%	11.73%	4.39%	1.44%
FCF Yield	2.32%	5.97%	4.28%	2.53%	-2.75%	-0.44%
Dividend Yield	3.61%	6.42%	7.20%	2.02%	-	-
Payout Ratio	57.78%	50.48%	60.33%	-	-	-
Buyback Yield / Dilution	0.32%	0.53%	-3.01%	-6.90%	-48.48%	-63.79%
Total Shareholder Return	3.92%	6.95%	4.18%	-4.88%	-48.48%	-63.79%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.