Whitecap Resources Inc. (WCP.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+132.2%

CA$42.59

vs CA$18.34 price

Levered DCF

CA$26.34

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.53

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.62×	7.45×	6.03×	3.95×	2.52×	-1.08×	-14.61×	27.19×
P/B	1.04×	1.06×	0.98×	1.31×	1.2×	1.99×	0.78×	0.56×
P/S	2.21×	1.82×	1.66×	1.69×	1.97×	2.45×	1.9×	1.44×
EV / EBITDA	4.96×	3.54×	3.25×	2.73×	1.89×	6.64×	10.35×	4.68×
Gross margin	31.2%	62.2%	62.8%	69.5%	64.8%	53.1%	65.9%	68.5%
Operating margin	23.0%	58.9%	59.7%	67.4%	62.1%	48.3%	62.4%	65.1%
Net margin	19.0%	24.3%	27.5%	42.8%	78.0%	-227.5%	-13.0%	5.2%
Current ratio	0.68×	1.06×	0.9×	1.29×	0.61×	0.91×	0.83×	1.17×
Debt / equity	0.4×	0.2×	0.25×	0.37×	0.29×	1.18×	0.43×	0.39×
Interest coverage	8.42×	21.92×	21.78×	41.97×	32.47×	9×	14.34×	15.53×
Dividend yield	6.4%	7.1%	6.9%	3.6%	2.8%	4.4%	6.1%	7.3%
Payout ratio	74.7%	53.3%	41.9%	14.2%	7.1%	-4.7%	-88.8%	203.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	14.1%	16.2%	33.2%	47.5%	-185.1%	-5.3%	2.0%
Return on invested capital	5.0%	16.3%	16.2%	22.7%	16.7%	9.3%	11.2%	9.9%
Return on assets	5.1%	8.2%	9.3%	17.6%	25.8%	-54.6%	-2.9%	1.1%
Free cash flow yield	5.3%	11.5%	11.5%	22.5%	12.6%	12.5%	10.4%	13.9%
Earnings yield	8.6%	13.4%	16.6%	25.3%	39.6%	-93.0%	-6.8%	3.6%
Enterprise value	CA$15.8B	CA$6.8B	CA$6.7B	CA$8.5B	CA$5.6B	CA$3.2B	CA$3.5B	CA$3.1B
Net debt / EBITDA	1.37×	0.4×	0.67×	0.6×	0.37×	2.47×	3.67×	1.91×
Cash conversion cycle (days)	-77	-175	-109	-123	-133	-65	-111	-114