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Whitecap Resources (WCP) USD

At a glance: strengths & risks
✓Revenue growing (+86% y/y, Q2 2026)✓Profit growing (+185% y/y, Q2 2026)✓Margins improving (59%→66%, Q2 2026)✓Low leverage (1.0x EBITDA)

Sector: Oil & gas

COMM_WCP

Price chart

17.59 CADDay 0.46%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
17.59 CAD · 0.46%
Market cap
15.1 bn USD

Growth

Δ revenue y/y
85.5%
Δ EBITDA y/y
141.3%

Multiples

P/E (LTM)
13.5x
3y avg: 13.4x
P/B (FY)
1.9x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
6.0x
3y avg: 6.2x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
4.2%
FCF yield (LTM)
-10.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+69.1%
↓ details

Liquidity

Daily turnover (listing)
69.1 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1940.9
y/y 85.5%
808.4
y/y 286.4%
395.4
y/y 36.5%
1203.7
y/y 141.3%
639.8
y/y 184.8%
1100.9-412.113496.8
y/y -3.4%
8070.6
y/y -0.7%
32.3%1449.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK1513.1
y/y 114.9%
440.5
y/y 155.1%
399.1
y/y 133.8%
839.7
y/y 144.5%
16.2
y/y -85.7%
825.3-491.014115.9
y/y 107.1%
7760.3
y/y 91.8%
0.8%1997.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK1220.5
y/y —
224.8
y/y —
389.9
y/y —
614.8
y/y —
220.7
y/y —
592.5-472.914092.0
y/y 103.8%
8035.5
y/y 101.2%
8.7%2196.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK1046.2
y/y —
209.2
y/y —
289.6
y/y —
498.8
y/y —
224.6
y/y —
483.5—13974.8
y/y —
8124.5
y/y —
14.8%2111.7Yahoo Finance
2025-03-31Q1 2025 (3M)OK704.2
y/y —
172.7
y/y —
170.7
y/y —
343.4
y/y —
113.0
y/y —
205.1-242.46815.1
y/y —
4046.5
y/y —
11.2%575.3Yahoo Finance
2024-12-31FY 2024 (12M)OK2866.5
y/y 0.5%
682.3
y/y -10.1%
709.9
y/y 10.7%
1392.1
y/y -0.6%
591.3
y/y -10.2%
1334.6-410.46915.6
y/y -4.6%
3994.5
y/y -3.4%
14.5%459.8Yahoo Finance
2023-12-31FY 2023 (12M)OK2852.2
y/y —
759.2
y/y —
641.1
y/y —
1400.3
y/y —
658.8
y/y —
1291.3-567.37246.4
y/y —
4133.3
y/y —
—1023.4Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)137
Long-term debt (incl. LT leases)1 315
− Cash & equivalents3
Net debt1 449

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-20002004006008001 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Realized price
CAD $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe
Q2 2026-06388 894
+32.8%		61
−4.7%		74.41
+45.2%		43.84
+48.4%		11.88
−12.5%
H1 2026-06390 148
+65.2%		62
−3.1%		66.21
+22.7%		39.53
+26.3%		11.95
−12.0%
Q4 2025-12379 606
+114.8%		61
−7.6%		47.70
−16.3%		28.25
−14.3%		12.24
−10.7%
FY 2025-12307 245
+76.3%		62
−4.6%		50.24
−12.6%		29.34
−11.5%		12.83
−6.4%
Q3 2025-09374 623—48.1726.1716.11
Q2 2025-06292 7546451.2529.5413.58
H1 2025-06236 2186453.9731.3013.58
Q1 2025-03179 051—58.4732.4716.21
Q4 2024-12176 7306656.9632.9613.70
FY 2024-12174 2556557.4833.1413.71

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.wcap.ca/download_file/view/44ede4c6-9cc7-4529-ae00-b883aafacd68/217; https://www.wcap.ca/download_file/view/9a3d8241-7dfd-4e20-a1f2-1f5f6b0d6f1c/217; https://www.wcap.ca/download_file/view/a8a7acba-ac11-4d05-bff3-451a02a2c2ea/217; https://www.wcap.ca/download_file/view/ce6a1d92-1497-498b-b838-b20b3ab5c853/217; https://www.wcap.ca/download_file/view/de8a48f5-7bdc-4b0b-a1eb-89215ae12871/217

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
2 225 mln boe (2P)
2025
Reserve life (R/P)
19.8 yrs
reserves ÷ annual output
Annual production
112.14 mln boe
2025

Production, mln boe

63.602024112.142025

Proved reserves

YearReserves, mln boe (2P)
20252 225

Production

YearProduction, mln boeper day, mln boe
2025112.14
+76.3%		0.31
202463.600.17

Company reports: https://www.wcap.ca/download_file/view/44ede4c6-9cc7-4529-ae00-b883aafacd68/217; https://www.wcap.ca/download_file/view/9a3d8241-7dfd-4e20-a1f2-1f5f6b0d6f1c/217; https://www.wcap.ca/download_file/view/a8a7acba-ac11-4d05-bff3-451a02a2c2ea/217; https://www.wcap.ca/download_file/view/ce6a1d92-1497-498b-b838-b20b3ab5c853/217; https://www.wcap.ca/download_file/view/de8a48f5-7bdc-4b0b-a1eb-89215ae12871/217

Key-commodity price — WTI Crude Oil

Current 94spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +69.1% ▼ -0.2 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.23 vs costs ×1.04; EBITDA 3 452→4 172; at 5.3× EV/EBITDA → +69%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+70%93.9371.9676.52+31%+6%
Henry Hub Gas (rev)+15%3.013.383.12-11%-8%
Propane (NGL) (rev)+10%0.890.690.77+29%+11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 721
LTM EBITDA3 452
LTM cash costs (revenue − EBITDA)2 268
2 · Revenue projection
Revenue multiplier — spot×1.234 (+23%)
= Spot revenue7 059
Revenue multiplier — 3y price×1.049 (+5%)
= 3-year-price revenue6 003
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 359
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 359
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 700
= 3-year-price EBITDA3 644
Conservative EBITDA = min(spot, avg)4 172
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)5.3x
Target EV = EV/EBITDA × conservative EBITDA22 322
Net debt1 449
Target market cap = EV − net debt21 222
Current market cap12 549

Upside = target market cap ÷ current − 1 = +69.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY2 8522 879-0.9%1 5741 534+2.7%
2024 FY2 8662 803+2.3%1 5581 474+5.7%
2025 FY4 2252 671+58.2%2 2711 310+73.4%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 8.2x · target 75th pct (3y) 6.5x · LTM avg 5.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-08-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-07-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-06-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-05-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-04-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-03-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-02-270.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2026-01-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-12-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-11-280.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-10-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-09-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-08-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-07-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-06-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-05-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-04-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-03-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-02-280.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2025-01-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-12-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-10-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-09-270.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-07-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-06-280.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-05-310.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-04-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-03-270.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-02-280.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2024-01-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2023-12-280.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2023-11-290.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2023-10-300.061 CADEx-dividend: 0.061 CAD per sharePaidYahoo Finance (ex-div)
2023-09-280.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-08-300.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-07-280.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-06-290.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-05-300.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-04-270.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-03-300.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-02-270.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2023-01-300.048 CADEx-dividend: 0.048 CAD per sharePaidYahoo Finance (ex-div)
2022-12-290.037 CADEx-dividend: 0.037 CAD per sharePaidYahoo Finance (ex-div)
2022-11-290.037 CADEx-dividend: 0.037 CAD per sharePaidYahoo Finance (ex-div)
2022-10-280.037 CADEx-dividend: 0.037 CAD per sharePaidYahoo Finance (ex-div)
2022-09-280.037 CADEx-dividend: 0.037 CAD per sharePaidYahoo Finance (ex-div)
2022-08-300.037 CADEx-dividend: 0.037 CAD per sharePaidYahoo Finance (ex-div)
2022-07-280.037 CADEx-dividend: 0.037 CAD per sharePaidYahoo Finance (ex-div)
2022-06-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-05-300.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-04-280.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-03-300.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-02-250.023 CADEx-dividend: 0.023 CAD per sharePaidYahoo Finance (ex-div)
2022-01-280.023 CADEx-dividend: 0.023 CAD per sharePaidYahoo Finance (ex-div)
2021-12-300.023 CADEx-dividend: 0.023 CAD per sharePaidYahoo Finance (ex-div)
2021-11-290.023 CADEx-dividend: 0.023 CAD per sharePaidYahoo Finance (ex-div)
2021-10-280.023 CADEx-dividend: 0.023 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Whitecap Resources (WCP) — from primary filings.

Frequently asked questions

What is Whitecap Resources (WCP)'s P/E ratio?
Whitecap Resources (WCP) trades at a P/E of 13.5x (price to trailing 12-month earnings).
What is Whitecap Resources (WCP)'s EV/EBITDA?
Whitecap Resources (WCP) trades at 6.0x EV/EBITDA.
What is Whitecap Resources (WCP)'s P/B ratio?
Whitecap Resources (WCP) trades at a P/B of 1.9x.
What is Whitecap Resources (WCP)'s dividend yield?
Whitecap Resources (WCP)'s trailing 12-month dividend yield is 4.2%.
What is Whitecap Resources (WCP)'s return on equity (ROE)?
Whitecap Resources (WCP)'s ROE is 32.3%.
What is Whitecap Resources (WCP)'s market capitalization?
Whitecap Resources (WCP)'s market cap is 15.1 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map