Whitecap Resources Inc WCRIY

EnergyOil & GasCanada

Last close 13.76 USD on Nov 2, 2026, +14.7% year to date

Quant rating

Quant rating B Rank 25 of 113 in Energy

Growth A 16 of 113
Valuation C 75 of 113
Quality B 40 of 113
Revisions A 7 of 113
Momentum C 58 of 113

Wall Street consensus Buy (1.88)Average target 16.56 USD +20.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 16.0B
Enterprise value: 17.7B
52-week range: 10.56 – 13.76
3-year range: 10.56 – 13.76
Dividend yield: 1.89%
Beta (5 years): –
Shares outstanding: 1,216M
Next earnings: Feb 22, 2027

About the company

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa and Resthaven, all located in Northwest Alberta. The primary reservoir being developed is the Montney resource play, mainly comprised of condensate-rich natural gas. Kaybob is located in the Fox Creek region of Northwest Alberta. The primary reservoir being developed is the Duvernay resource play, mainly comprised of condensate-rich natural gas. The PRA is its original asset area. Its East Division is comprised of four regions: Central AB, West Sask, East Sask and Weyburn. Its Central Alberta region represents the bulk of its Cardium and liquids-rich Mannville assets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,767	2,321	2,439	2,892	1,803	–
Revenue growth	62.3%	−4.8%	−15.7%	60.4%	183.1%	42.7%
EPS (basic, normalized)	0.72	0.96	1.08	1.99	2.32	–
EPS growth	−24.3%	−11.6%	−45.7%	−14.0%	–	–
Gross margin	72.2%	73.8%	75.1%	80.4%	75.6%	75.4%
Net margin	19.0%	24.3%	27.5%	42.8%	78.0%	38.3%
ROE	11.8%	14.5%	16.9%	38.1%	75.0%	31.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	296
Current ratio	0.60x
Long-term debt (mil)	1,764
Net debt (mil)	1,660
Total equity (mil)	8,154
Net debt / equity	0.20x
Net debt / EBITDA	0.72x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,767	+62.3%	4.7x	2,319	+42.7%	7.6x	0.72	−24.3%	19.0x
2026	5,689	+51.0%	3.1x	3,757	+62.0%	4.7x	1.07	+48.0%	12.9x
2027	5,698	+0.2%	3.1x	3,702	−1.5%	4.8x	1.31	+22.3%	10.5x
2028	6,134	+7.6%	2.9x	3,723	+0.6%	4.7x	1.23	−6.3%	11.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,689	+5.2%	+10.5%	+9.0%	1.07	+9.7%	+16.3%	+15.5%
2027	5,698	+8.4%	+14.1%	+15.0%	1.31	+28.3%	+30.2%	+37.8%
2028	6,134	+7.0%	+12.0%	+12.0%	1.23	+30.8%	+14.2%	+14.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	788	886	812	852	855	1,261	1,548	1,506	1,837	2,349
Sales mean (mil)	670	788	749	795	734	1,221	1,550	1,493	1,499	1,790
Surprise	+17.6%	+12.4%	+8.4%	+7.2%	+16.5%	+3.3%	−0.1%	+0.9%	+22.6%	+31.3%
EPS reported	0.10	0.41	0.46	0.40	0.27	0.33	0.17	0.25	0.02	0.73
EPS mean	0.34	0.38	0.37	0.21	0.31	0.17	0.21	0.19	0.25	0.50
Surprise	−70.9%	+7.0%	+24.9%	+92.3%	−13.7%	+96.4%	−19.8%	+30.3%	−92.1%	+46.1%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WCRIY Whitecap Resources Inc	16.0B	0.72x	19.0%	1.92x	12.9x	10.5x	4.7x	4.8x
APA APA Corporation	17.1B	0.79x	16.1%	2.44x	7.5x	9.3x	3.2x	3.7x
VNOM Viper Energy Inc	16.4B	5.26x	−4.9%	3.23x	15.9x	16.7x	10.0x	10.2x
WCP Whitecap Resources Inc	16.0B	0.74x	19.0%	1.92x	12.3x	10.0x	4.7x	4.8x
VARRY Var Energi ASA	15.4B	0.48x	9.7%	8.07x	15.3x	19.3x	1.6x	1.7x
GLPEY Galp Energia SGPS SA	15.4B	1.05x	5.6%	3.14x	3.8x	4.6x	3.4x	3.9x
Mean		1.51x	10.7%	3.45x	11.3x	11.7x	4.6x	4.9x
Median		0.77x	12.9%	2.79x	12.6x	10.3x	4.1x	4.4x

Technical analysis

1M0.0%
3M+15.6%
1Y+14.7%
3Y+14.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Whitecap Resources Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,767	2,321	2,439	2,892	1,803	637
Cost of revenue	1,048	608	608	566	440	237
Gross profit	2,719	1,713	1,831	2,327	1,363	400
Selling, general & administrative expenses	570	346	373	378	242	97.2
Research & development	9.8	11.3	5.0	4.6	3.5	2.0
Depreciation/amortization	1,245	678	653	595	432	281
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	42.8	1.6	0	−479	−1,456	1,932
Other operating expenses	36.7	25.9	25.4	26.8	19.2	9.9
Operating income	815	650	773	1,801	2,121	−1,922
Net interest income (expense)	146	−73.8	51.5	−161	−262	22.2
Gain (loss) on sale of assets	5.5	171	58.9	1.7	18.5	0
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	966	748	884	1,642	1,878	−1,899
Provision for taxes	248	183	213	405	471	−450
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	717	565	671	1,237	1,406	−1,449
Extraordinary items	–	–	–	–	–	–
Net income	717	565	671	1,237	1,406	−1,449
EBIT, normalized	857	652	773	1,322	666	10.2
EBITDA, normalized	2,103	1,330	1,427	1,917	1,098	291
Basic EPS, normalized	0.72	0.96	1.08	1.99	2.32	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Whitecap Resources Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	43.3	252	–	–	–	–
Receivables	615	294	302	354	241	91.1
Total inventory	–	–	–	–	–	–
Prepaid expenses	63.0	15.6	24.8	16.8	8.3	23.8
Other current assets	141	53.8	59.2	347	10.0	3.5
Total current assets	863	615	386	718	260	118
Property, plant & equipment	13,117	6,239	6,768	6,307	5,118	2,142
Goodwill	–	–	–	–	–	0
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	79.2	65.2	95.3	8.9	66.7	396
Total assets	14,059	6,919	7,250	7,034	5,444	2,656
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	970	533	384	405	317	95.9
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	188	10.7	5.9	4.9	2.8	9.2
Other current liabilities	72.0	37.5	38.4	147	107	24.9
Total current liabilities	1,230	582	429	557	427	130
Long-term debt	2,557	784	1,038	1,378	856	912
Minority interest	–	–	–	–	–	–
Other liabilities	2,256	1,557	1,648	1,372	1,201	831
Total liabilities	6,042	2,923	3,115	3,307	2,484	1,873
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7,111	3,283	3,628	3,596	3,927	3,038
Additional paid-in capital	17.6	14.3	12.8	9.0	8.7	10.2
Retained earnings (accumulated deficit)	888	700	495	122	−976	−2,265
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	8,017	3,997	4,135	3,727	2,960	783
Total liabilities & shareholders' equity	14,059	6,919	7,250	7,034	5,444	2,656

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Whitecap Resources Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	717	565	671	1,237	1,406	−1,449
Depreciation, depletion & amortization	1,245	678	653	595	432	281
Deferred taxes	175	5.4	164	405	471	−450
Non-cash items	39.1	−76.2	−104	−508	−1,431	1,964
Changes in working capital	−220	103	−68.7	−118	10.3	8.3
Cash from operations	1,957	1,275	1,316	1,611	890	354
Investing activities
Capital expenditures	−1,513	−790	−849	−513	−443	−158
Other investing cash flows	528	398	271	−1,330	136	−46.9
Cash from investing	−985	−392	−578	−1,843	−307	−205
Financing activities
Financing cash flow items	27.5	−0.5	10.6	6.1	5.7	−4.6
Cash dividends paid	−536	−301	−281	−175	−99.8	−68.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−684	−329	−467	400	−489	−75.4
Cash from financing	−1,192	−631	−738	231	−583	−149
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−221	252	0	0	0	0
Free cash flow	444	484	466	1,099	447	196

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.