Headwater Exploration Inc (HWX) - Net Assets
Based on the latest financial reports, Headwater Exploration Inc (HWX) has net assets worth CA$748.15 Million CAD (≈ $541.20 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$995.17 Million ≈ $719.89 Million USD) and total liabilities (CA$247.01 Million ≈ $178.68 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check asset resilience ratio of Headwater Exploration Inc to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$748.15 Million |
| % of Total Assets | 75.18% |
| Annual Growth Rate | 35.9% |
| 5-Year Change | 88.08% |
| 10-Year Change | 697.57% |
| Growth Volatility | 329.86 |
Headwater Exploration Inc - Net Assets Trend (1995–2025)
This chart illustrates how Headwater Exploration Inc's net assets have evolved over time, based on quarterly financial data. Also explore HWX total assets for the complete picture of this company's asset base.
Annual Net Assets for Headwater Exploration Inc (1995–2025)
The table below shows the annual net assets of Headwater Exploration Inc from 1995 to 2025. For live valuation and market cap data, see Headwater Exploration Inc (HWX) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$748.15 Million ≈ $541.20 Million |
+6.96% |
| 2024-12-31 | CA$699.46 Million ≈ $505.98 Million |
+14.57% |
| 2023-12-31 | CA$610.50 Million ≈ $441.62 Million |
+12.36% |
| 2022-12-31 | CA$543.34 Million ≈ $393.04 Million |
+36.59% |
| 2021-12-31 | CA$397.79 Million ≈ $287.76 Million |
+47.86% |
| 2020-12-31 | CA$269.03 Million ≈ $194.61 Million |
+135.35% |
| 2019-12-31 | CA$114.31 Million ≈ $82.69 Million |
+2.34% |
| 2018-12-31 | CA$111.70 Million ≈ $80.80 Million |
-0.04% |
| 2017-12-31 | CA$111.74 Million ≈ $80.83 Million |
+19.12% |
| 2016-12-31 | CA$93.80 Million ≈ $67.86 Million |
-23.62% |
| 2015-12-31 | CA$122.82 Million ≈ $88.84 Million |
-20.39% |
| 2014-12-31 | CA$154.27 Million ≈ $111.60 Million |
-9.99% |
| 2013-12-31 | CA$171.40 Million ≈ $123.99 Million |
+15.19% |
| 2012-12-31 | CA$148.80 Million ≈ $107.64 Million |
-23.74% |
| 2011-12-31 | CA$195.14 Million ≈ $141.16 Million |
-25.96% |
| 2010-12-31 | CA$263.55 Million ≈ $190.65 Million |
-2.40% |
| 2009-12-31 | CA$270.02 Million ≈ $195.33 Million |
-0.61% |
| 2008-12-31 | CA$271.68 Million ≈ $196.53 Million |
+35.55% |
| 2007-12-31 | CA$200.42 Million ≈ $144.98 Million |
+52.45% |
| 2006-12-31 | CA$131.47 Million ≈ $95.10 Million |
+126.54% |
| 2005-12-31 | CA$58.03 Million ≈ $41.98 Million |
+242.70% |
| 2004-12-31 | CA$16.93 Million ≈ $12.25 Million |
+36.34% |
| 2003-12-31 | CA$12.42 Million ≈ $8.98 Million |
-1.20% |
| 2002-12-31 | CA$12.57 Million ≈ $9.09 Million |
-12.95% |
| 2001-12-31 | CA$14.44 Million ≈ $10.45 Million |
+289.30% |
| 2000-12-31 | CA$3.71 Million ≈ $2.68 Million |
-52.53% |
| 1999-12-31 | CA$7.81 Million ≈ $5.65 Million |
+1.17% |
| 1998-12-31 | CA$7.72 Million ≈ $5.59 Million |
+69.28% |
| 1997-12-31 | CA$4.56 Million ≈ $3.30 Million |
+214.69% |
| 1996-12-31 | CA$1.45 Million ≈ $1.05 Million |
+1822.85% |
| 1995-12-31 | CA$75.41K ≈ $54.55K |
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Equity Component Analysis
This analysis shows how different components contribute to Headwater Exploration Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 24998609400.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$249.99 Million | 33.41% |
| Common Stock | CA$487.38 Million | 65.14% |
| Other Components | CA$10.79 Million | 1.44% |
| Total Equity | CA$748.15 Million | 100.00% |
Headwater Exploration Inc Competitors by Market Cap
The table below lists competitors of Headwater Exploration Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Investco Holding AS
IS:INVES
|
$2.31 Billion |
|
Shanghai Haoyuan Chemexpress Co. Ltd. A
SHG:688131
|
$2.31 Billion |
|
Saigon Beer Alcohol Beverage Corp
VN:SAB
|
$2.31 Billion |
|
XiAn Shaangu Power Co Ltd
SHG:601369
|
$2.32 Billion |
|
Teekay Tankers Ltd
NYSE:TNK
|
$2.31 Billion |
|
NBT Bancorp Inc
NASDAQ:NBTB
|
$2.31 Billion |
|
Korea Gas Corporation
KO:036460
|
$2.31 Billion |
|
Foryou Corp
SHE:002906
|
$2.31 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Headwater Exploration Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 699,459,000 to 748,155,000, a change of 48,696,000 (7.0%).
- Net income of 153,207,000 contributed positively to equity growth.
- Dividend payments of 102,350,000 reduced retained earnings.
- Share repurchases of 7,654,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$153.21 Million | +20.48% |
| Dividends Paid | CA$102.35 Million | -13.68% |
| Share Repurchases | CA$7.65 Million | -1.02% |
| Other Changes | CA$5.49 Million | +0.73% |
| Total Change | CA$- | 6.96% |
Book Value vs Market Value Analysis
This analysis compares Headwater Exploration Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 4.31x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 47.65x to 4.31x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1996-12-31 | CA$0.28 | CA$13.45 | x |
| 1997-12-31 | CA$0.32 | CA$13.45 | x |
| 1998-12-31 | CA$0.24 | CA$13.45 | x |
| 1999-12-31 | CA$0.25 | CA$13.45 | x |
| 2000-12-31 | CA$0.17 | CA$13.45 | x |
| 2001-12-31 | CA$0.49 | CA$13.45 | x |
| 2002-12-31 | CA$0.39 | CA$13.45 | x |
| 2003-12-31 | CA$0.36 | CA$13.45 | x |
| 2004-12-31 | CA$0.43 | CA$13.45 | x |
| 2005-12-31 | CA$1.30 | CA$13.45 | x |
| 2006-12-31 | CA$1.80 | CA$13.45 | x |
| 2007-12-31 | CA$2.47 | CA$13.45 | x |
| 2008-12-31 | CA$3.17 | CA$13.45 | x |
| 2009-12-31 | CA$3.08 | CA$13.45 | x |
| 2010-12-31 | CA$2.98 | CA$13.45 | x |
| 2011-12-31 | CA$2.20 | CA$13.45 | x |
| 2012-12-31 | CA$1.68 | CA$13.45 | x |
| 2013-12-31 | CA$1.94 | CA$13.45 | x |
| 2014-12-31 | CA$1.74 | CA$13.45 | x |
| 2015-12-31 | CA$1.39 | CA$13.45 | x |
| 2016-12-31 | CA$1.06 | CA$13.45 | x |
| 2017-12-31 | CA$1.26 | CA$13.45 | x |
| 2018-12-31 | CA$1.25 | CA$13.45 | x |
| 2019-12-31 | CA$1.29 | CA$13.45 | x |
| 2020-12-31 | CA$1.85 | CA$13.45 | x |
| 2021-12-31 | CA$1.84 | CA$13.45 | x |
| 2022-12-31 | CA$2.35 | CA$13.45 | x |
| 2023-12-31 | CA$2.57 | CA$13.45 | x |
| 2024-12-31 | CA$2.96 | CA$13.45 | x |
| 2025-12-31 | CA$3.12 | CA$13.45 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Headwater Exploration Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 20.48%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 29.79%
- • Asset Turnover: 0.52x
- • Equity Multiplier: 1.33x
- Recent ROE (20.48%) is above the historical average (-4.78%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1996 | -10.63% | 0.00% | 0.00x | 1.02x | CA$-299.09K |
| 1997 | -3.11% | 0.00% | 0.00x | 1.16x | CA$-598.29K |
| 1998 | -4.22% | 0.00% | 0.00x | 1.17x | CA$-1.10 Million |
| 1999 | -4.04% | 0.00% | 0.00x | 1.05x | CA$-1.10 Million |
| 2000 | -110.49% | 0.00% | 0.00x | 1.04x | CA$-4.47 Million |
| 2001 | -5.33% | 0.00% | 0.00x | 1.14x | CA$-2.21 Million |
| 2002 | -18.30% | -2590.06% | 0.01x | 1.37x | CA$-3.56 Million |
| 2003 | -8.11% | -127.41% | 0.05x | 1.40x | CA$-2.25 Million |
| 2004 | 4.64% | 25.28% | 0.14x | 1.34x | CA$-907.14K |
| 2005 | 1.93% | 25.35% | 0.07x | 1.15x | CA$-4.68 Million |
| 2006 | -0.20% | -15.83% | 0.01x | 1.15x | CA$-13.41 Million |
| 2007 | 2.02% | 12.14% | 0.14x | 1.20x | CA$-15.99 Million |
| 2008 | 8.15% | 27.18% | 0.25x | 1.18x | CA$-5.02 Million |
| 2009 | 0.62% | 3.40% | 0.16x | 1.11x | CA$-25.33 Million |
| 2010 | -2.62% | -23.38% | 0.10x | 1.10x | CA$-33.27 Million |
| 2011 | -40.78% | -331.70% | 0.12x | 1.05x | CA$-99.10 Million |
| 2012 | -32.18% | -323.68% | 0.09x | 1.06x | CA$-62.77 Million |
| 2013 | 13.10% | 103.84% | 0.12x | 1.06x | CA$5.31 Million |
| 2014 | -11.48% | -76.15% | 0.14x | 1.08x | CA$-33.13 Million |
| 2015 | -25.96% | -200.80% | 0.12x | 1.08x | CA$-44.16 Million |
| 2016 | -31.23% | -216.31% | 0.13x | 1.12x | CA$-38.67 Million |
| 2017 | 15.88% | 231.16% | 0.06x | 1.11x | CA$6.56 Million |
| 2018 | -0.28% | -1.85% | 0.14x | 1.12x | CA$-11.48 Million |
| 2019 | 2.46% | 30.16% | 0.07x | 1.12x | CA$-8.62 Million |
| 2020 | 2.49% | 70.61% | 0.03x | 1.12x | CA$-20.20 Million |
| 2021 | 11.52% | 24.00% | 0.39x | 1.23x | CA$6.05 Million |
| 2022 | 29.84% | 35.37% | 0.62x | 1.35x | CA$107.78 Million |
| 2023 | 25.56% | 36.68% | 0.51x | 1.37x | CA$95.02 Million |
| 2024 | 26.88% | 30.34% | 0.65x | 1.36x | CA$118.08 Million |
| 2025 | 20.48% | 29.79% | 0.52x | 1.33x | CA$78.39 Million |
Industry Comparison
This section compares Headwater Exploration Inc's net assets metrics with peer companies in the Oil & Gas E&P industry.
Industry Context
- Industry: Oil & Gas E&P
- Average net assets among peers: $642,696,496
- Average return on equity (ROE) among peers: -12.81%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Headwater Exploration Inc (HWX) | CA$748.15 Million | -10.63% | 0.33x | $2.31 Billion |
| Advantage Oil & Gas Ltd. (AAV) | $1.27 Billion | -1.67% | 1.21x | $1.22 Billion |
| Africa Energy Corp (AFE) | $189.46K | 0.00% | 0.21x | $71.06 Million |
| Alvopetro Energy (ALV) | $60.57 Million | -7.17% | 0.08x | $230.37 Million |
| Africa Oil Corp (AOI) | $929.85 Million | -5.66% | 0.06x | $820.85 Million |
| Altima Resources Ltd (ARH) | $18.57 Million | -6.97% | 0.60x | $19.37 Million |
| ARC Resources Ltd. (ARX) | $3.16 Billion | 9.08% | 0.68x | $13.26 Billion |
| Athabasca Oil Corp (ATH) | $965.95 Million | -58.97% | 0.89x | $4.13 Billion |
| Altai Resources Inc. (ATI) | $4.45 Million | -2.56% | 0.07x | $1.42 Million |
| Avanti Energy Inc (AVN) | $159.53K | -53.64% | 0.35x | $24.04 Million |
| Arrow Exploration Corp (AXL) | $10.89 Million | -0.55% | 0.12x | $84.78 Million |
About Headwater Exploration Inc
Headwater Exploration Inc. engages in the exploration, development, and production of petroleum and natural gas resources in Canada. It holds interest in the Marten Hills area located in Alberta; and the McCully Field area located in New Brunswick. The company was formerly known as Corridor Resources Inc. and changed its name to Headwater Exploration Inc. in March 2020. The company was incorporat… Read more