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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	May '26 May 20, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Cap	3,234	2,228	1,572	1,479	1,385	1,121
Market Cap Growth	133.26%	41.76%	6.29%	6.78%	23.53%	140.41%
Enterprise Value	3,173	2,130	1,431	1,333	1,210	1,007
Last Close Price	13.23	9.37	6.61	6.25	5.92	5.15
PE Ratio	23.43	14.64	8.26	9.47	8.46	24.52
Forward PE	25.07	73.68	73.68	73.68	73.68	73.68
PEG Ratio	-	7.37	7.37	7.37	7.37	7.37
PS Ratio	6.19	4.33	3.07	3.47	3.71	6.79
PB Ratio	4.27	2.98	2.25	2.42	2.55	2.82
P/TBV Ratio	4.23	3.00	2.23	2.43	2.51	2.80
P/FCF Ratio	92.15	32.36	16.74	23.38	39.56	-
P/OCF Ratio	12.10	7.50	4.96	4.87	4.88	10.04
EV/Sales Ratio	6.07	4.14	2.80	3.13	3.24	6.10
EV/EBITDA Ratio	10.41	9.20	5.56	6.23	6.01	9.65
EV/EBIT Ratio	17.51	20.40	10.78	14.20	9.92	16.79
EV/FCF Ratio	90.41	30.93	15.24	21.08	34.56	-
Debt / Equity Ratio	0.00	0.00	0.00	0.00	0.00	0.00
Debt / EBITDA Ratio	0.01	0.01	0.01	0.00	0.00	0.02
Debt / FCF Ratio	0.03	0.03	0.03	0.01	0.03	-
Net Debt / Equity Ratio	-0.13	-0.13	-0.20	-0.24	-0.32	-0.28
Net Debt / EBITDA Ratio	-0.41	-0.42	-0.54	-0.68	-0.87	-1.08
Net Debt / FCF Ratio	-1.41	-1.41	-1.49	-2.30	-4.99	3.94
Asset Turnover	0.53	0.53	0.57	0.54	0.61	0.42
Inventory Turnover	208.01	208.01	233.14	193.52	157.44	101.93
Quick Ratio	1.19	1.19	1.56	1.58	1.95	2.51
Current Ratio	1.23	1.23	1.61	1.64	1.98	2.55
Return on Equity (ROE)	7.67%	6.57%	11.16%	10.66%	15.32%	6.05%
Return on Assets (ROA)	6.14%	5.29%	8.31%	6.78%	11.81%	12.14%
Return on Invested Capital (ROIC)	7.62%	6.57%	10.96%	9.65%	17.86%	17.72%
Return on Capital Employed (ROCE)	13.33%	12.35%	17.26%	14.05%	23.14%	16.73%
Earnings Yield	4.29%	6.83%	12.10%	10.56%	11.82%	4.08%
FCF Yield	1.09%	3.09%	5.97%	4.28%	2.53%	-
Dividend Yield	3.24%	4.59%	6.07%	6.39%	0.00%	0.00%
Payout Ratio	75.47%	66.81%	50.48%	60.33%	0.00%	0.00%
Buyback Yield / Dilution	-1.43%	-1.45%	0.53%	-3.01%	-6.90%	-48.48%
Total Shareholder Return	1.81%	3.14%	6.60%	3.38%	-6.90%	-48.48%

Updated Mar 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.