EQUINOX GOLD CORP (EQX.CA) Fundamental Analysis & Valuation

TSX:EQX • CA29446Y5020

22.45 CAD
-0.92 (-3.94%)
Last: Mar 5, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This EQX.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

Overall EQX gets a fundamental rating of 6 out of 10. We evaluated EQX against 816 industry peers in the Metals & Mining industry. While EQX has a great profitability rating, there are some minor concerns on its financial health. EQX is growing strongly while it also seems undervalued. This is an interesting combination


Dividend Valuation Growth Profitability Health

8

1. EQX.CA Profitability Analysis

1.1 Basic Checks

  • EQX had positive earnings in the past year.
  • In the past year EQX had a positive cash flow from operations.
  • Of the past 5 years EQX 4 years were profitable.
  • EQX had a positive operating cash flow in each of the past 5 years.
EQX.CA Yearly Net Income VS EBIT VS OCF VS FCFEQX.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M -400M 600M 800M

1.2 Ratios

  • The Return On Assets of EQX (2.10%) is better than 85.54% of its industry peers.
  • EQX's Return On Equity of 3.82% is amongst the best of the industry. EQX outperforms 87.01% of its industry peers.
  • With an excellent Return On Invested Capital value of 3.49%, EQX belongs to the best of the industry, outperforming 90.81% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for EQX is significantly below the industry average of 12.59%.
  • The 3 year average ROIC (2.37%) for EQX is below the current ROIC(3.49%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.1%
ROE 3.82%
ROIC 3.49%
ROA(3y)2.61%
ROA(5y)3.81%
ROE(3y)5%
ROE(5y)6.39%
ROIC(3y)2.37%
ROIC(5y)2.13%
EQX.CA Yearly ROA, ROE, ROICEQX.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

1.3 Margins

  • EQX's Profit Margin of 12.19% is amongst the best of the industry. EQX outperforms 92.28% of its industry peers.
  • In the last couple of years the Profit Margin of EQX has grown nicely.
  • With an excellent Operating Margin value of 24.76%, EQX belongs to the best of the industry, outperforming 93.26% of the companies in the same industry.
  • EQX's Operating Margin has been stable in the last couple of years.
  • Looking at the Gross Margin, with a value of 54.07%, EQX belongs to the top of the industry, outperforming 96.20% of the companies in the same industry.
  • In the last couple of years the Gross Margin of EQX has grown nicely.
Industry RankSector Rank
OM 24.76%
PM (TTM) 12.19%
GM 54.07%
OM growth 3Y179.35%
OM growth 5Y0.42%
PM growth 3YN/A
PM growth 5Y35.83%
GM growth 3Y23.68%
GM growth 5Y1.61%
EQX.CA Yearly Profit, Operating, Gross MarginsEQX.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -100 -200 -300

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4

2. EQX.CA Health Analysis

2.1 Basic Checks

  • EQX has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, EQX has more shares outstanding
  • EQX has more shares outstanding than it did 5 years ago.
  • EQX has a better debt/assets ratio than last year.
EQX.CA Yearly Shares OutstandingEQX.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M
EQX.CA Yearly Total Debt VS Total AssetsEQX.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

2.2 Solvency

  • An Altman-Z score of 2.15 indicates that EQX is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • EQX has a Altman-Z score of 2.15. This is comparable to the rest of the industry: EQX outperforms 44.73% of its industry peers.
  • EQX has a debt to FCF ratio of 12.34. This is a negative value and a sign of low solvency as EQX would need 12.34 years to pay back of all of its debts.
  • EQX has a better Debt to FCF ratio (12.34) than 90.07% of its industry peers.
  • A Debt/Equity ratio of 0.24 indicates that EQX is not too dependend on debt financing.
  • EQX has a Debt to Equity ratio of 0.24. This is in the lower half of the industry: EQX underperforms 67.65% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.24
Debt/FCF 12.34
Altman-Z 2.15
ROIC/WACC0.35
WACC10.12%
EQX.CA Yearly LT Debt VS Equity VS FCFEQX.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B

2.3 Liquidity

  • EQX has a Current Ratio of 1.56. This is a normal value and indicates that EQX is financially healthy and should not expect problems in meeting its short term obligations.
  • With a Current ratio value of 1.56, EQX perfoms like the industry average, outperforming 46.94% of the companies in the same industry.
  • A Quick Ratio of 1.27 indicates that EQX should not have too much problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 1.27, EQX is in line with its industry, outperforming 46.08% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.56
Quick Ratio 1.27
EQX.CA Yearly Current Assets VS Current LiabilitesEQX.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

8

3. EQX.CA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 166.67% over the past year.
  • The Earnings Per Share has been growing by 24.13% on average over the past years. This is a very strong growth
  • Looking at the last year, EQX shows a very strong growth in Revenue. The Revenue has grown by 20.02%.
  • The Revenue has been growing by 16.54% on average over the past years. This is quite good.
EPS 1Y (TTM)166.67%
EPS 3YN/A
EPS 5Y24.13%
EPS Q2Q%100%
Revenue 1Y (TTM)20.02%
Revenue growth 3Y24.04%
Revenue growth 5Y16.54%
Sales Q2Q%71.79%

3.2 Future

  • Based on estimates for the next years, EQX will show a very strong growth in Earnings Per Share. The EPS will grow by 21.20% on average per year.
  • Based on estimates for the next years, EQX will show a quite strong growth in Revenue. The Revenue will grow by 10.90% on average per year.
EPS Next Y68.76%
EPS Next 2Y53.12%
EPS Next 3Y39.34%
EPS Next 5Y21.2%
Revenue Next Year29.78%
Revenue Next 2Y16.68%
Revenue Next 3Y12.82%
Revenue Next 5Y10.9%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
  • Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
EQX.CA Yearly Revenue VS EstimatesEQX.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2016 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B 4B
EQX.CA Yearly EPS VS EstimatesEQX.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 0.5 1 1.5

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8

4. EQX.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 29.54, which means the current valuation is very expensive for EQX.
  • Based on the Price/Earnings ratio, EQX is valued cheaper than 89.95% of the companies in the same industry.
  • EQX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.69, which is the current average of the S&P500 Index.
  • EQX is valuated rather expensively with a Price/Forward Earnings ratio of 17.44.
  • Based on the Price/Forward Earnings ratio, EQX is valued cheaply inside the industry as 90.93% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of EQX to the average of the S&P500 Index (24.79), we can say EQX is valued slightly cheaper.
Industry RankSector Rank
PE 29.54
Fwd PE 17.44
EQX.CA Price Earnings VS Forward Price EarningsEQX.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, EQX is valued cheaply inside the industry as 93.50% of the companies are valued more expensively.
  • EQX's Price/Free Cash Flow ratio is rather cheap when compared to the industry. EQX is cheaper than 91.42% of the companies in the same industry.
Industry RankSector Rank
P/FCF 102.75
EV/EBITDA 14.23
EQX.CA Per share dataEQX.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • EQX has an outstanding profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as EQX's earnings are expected to grow with 39.34% in the coming years.
PEG (NY)0.43
PEG (5Y)1.22
EPS Next 2Y53.12%
EPS Next 3Y39.34%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

2

5. EQX.CA Dividend Analysis

5.1 Amount

  • EQX has a yearly dividend return of 0.24%, which is pretty low.
  • Compared to an average industry Dividend Yield of 0.38, EQX pays a better dividend. On top of this EQX pays more dividend than 94.98% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, EQX's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.24%

5.2 History

  • EQX is new to the dividend game and has less than 3 years of track record.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
EQX.CA Yearly Dividends per shareEQX.CA Yearly Dividends per shareYearly Dividends per share 2026 0.01 0.01 0.02

5.3 Sustainability

DPN/A
EPS Next 2Y53.12%
EPS Next 3Y39.34%
EQX.CA Yearly Income VS Free CF VS DividendEQX.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M -400M

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EQX.CA Fundamentals: All Metrics, Ratios and Statistics

EQUINOX GOLD CORP

TSX:EQX (3/5/2026, 7:00:00 PM)

22.45

-0.92 (-3.94%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-19
Earnings (Next)05-05
Inst Owners60.9%
Inst Owner ChangeN/A
Ins Owners3.82%
Ins Owner ChangeN/A
Market Cap17.64B
Revenue(TTM)1.82B
Net Income(TTM)221.47M
Analysts80
Price Target36.37 (62%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.24%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-Date03-12
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)27.43%
Min EPS beat(2)18.53%
Max EPS beat(2)36.32%
EPS beat(4)3
Avg EPS beat(4)144.3%
Min EPS beat(4)-155.58%
Max EPS beat(4)677.94%
EPS beat(8)5
Avg EPS beat(8)76.3%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-1.15%
Min Revenue beat(2)-1.59%
Max Revenue beat(2)-0.71%
Revenue beat(4)0
Avg Revenue beat(4)-3.27%
Min Revenue beat(4)-7.44%
Max Revenue beat(4)-0.71%
Revenue beat(8)1
Avg Revenue beat(8)-5.34%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-1.52%
PT rev (3m)10.74%
EPS NQ rev (1m)59.59%
EPS NQ rev (3m)-5.95%
EPS NY rev (1m)0%
EPS NY rev (3m)-8.39%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-5.46%
Revenue NY rev (3m)-14.37%
Valuation
Industry RankSector Rank
PE 29.54
Fwd PE 17.44
P/S 7.12
P/FCF 102.75
P/OCF 15.82
P/B 2.23
P/tB 2.23
EV/EBITDA 14.23
EPS(TTM)0.76
EY3.39%
EPS(NY)1.29
Fwd EY5.74%
FCF(TTM)0.22
FCFY0.97%
OCF(TTM)1.42
OCFY6.32%
SpS3.15
BVpS10.05
TBVpS10.05
PEG (NY)0.43
PEG (5Y)1.22
Graham Number13.11
Profitability
Industry RankSector Rank
ROA 2.1%
ROE 3.82%
ROCE 4.85%
ROIC 3.49%
ROICexc 3.72%
ROICexgc 3.72%
OM 24.76%
PM (TTM) 12.19%
GM 54.07%
FCFM 6.93%
ROA(3y)2.61%
ROA(5y)3.81%
ROE(3y)5%
ROE(5y)6.39%
ROIC(3y)2.37%
ROIC(5y)2.13%
ROICexc(3y)2.51%
ROICexc(5y)2.33%
ROICexgc(3y)2.51%
ROICexgc(5y)2.33%
ROCE(3y)3.3%
ROCE(5y)2.95%
ROICexgc growth 3Y151.98%
ROICexgc growth 5Y-11.89%
ROICexc growth 3Y151.98%
ROICexc growth 5Y-11.89%
OM growth 3Y179.35%
OM growth 5Y0.42%
PM growth 3YN/A
PM growth 5Y35.83%
GM growth 3Y23.68%
GM growth 5Y1.61%
F-Score6
Asset Turnover0.17
Health
Industry RankSector Rank
Debt/Equity 0.24
Debt/FCF 12.34
Debt/EBITDA 1.42
Cap/Depr 133.78%
Cap/Sales 38.1%
Interest Coverage 3.39
Cash Conversion 84.59%
Profit Quality 56.89%
Current Ratio 1.56
Quick Ratio 1.27
Altman-Z 2.15
F-Score6
WACC10.12%
ROIC/WACC0.35
Cap/Depr(3y)187.01%
Cap/Depr(5y)205.95%
Cap/Sales(3y)37.8%
Cap/Sales(5y)40.74%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)166.67%
EPS 3YN/A
EPS 5Y24.13%
EPS Q2Q%100%
EPS Next Y68.76%
EPS Next 2Y53.12%
EPS Next 3Y39.34%
EPS Next 5Y21.2%
Revenue 1Y (TTM)20.02%
Revenue growth 3Y24.04%
Revenue growth 5Y16.54%
Sales Q2Q%71.79%
Revenue Next Year29.78%
Revenue Next 2Y16.68%
Revenue Next 3Y12.82%
Revenue Next 5Y10.9%
EBIT growth 1Y89.08%
EBIT growth 3Y246.5%
EBIT growth 5Y17.03%
EBIT Next Year116.99%
EBIT Next 3Y25.37%
EBIT Next 5Y24.46%
FCF growth 1Y415.87%
FCF growth 3YN/A
FCF growth 5Y9.23%
OCF growth 1Y119.88%
OCF growth 3Y143.8%
OCF growth 5Y26.19%

EQUINOX GOLD CORP / EQX.CA FAQ

What is the ChartMill fundamental rating of EQUINOX GOLD CORP (EQX.CA) stock?

ChartMill assigns a fundamental rating of 6 / 10 to EQX.CA.


What is the valuation status for EQX stock?

ChartMill assigns a valuation rating of 8 / 10 to EQUINOX GOLD CORP (EQX.CA). This can be considered as Undervalued.


Can you provide the profitability details for EQUINOX GOLD CORP?

EQUINOX GOLD CORP (EQX.CA) has a profitability rating of 8 / 10.


What are the PE and PB ratios of EQUINOX GOLD CORP (EQX.CA) stock?

The Price/Earnings (PE) ratio for EQUINOX GOLD CORP (EQX.CA) is 29.54 and the Price/Book (PB) ratio is 2.23.


Can you provide the expected EPS growth for EQX stock?

The Earnings per Share (EPS) of EQUINOX GOLD CORP (EQX.CA) is expected to grow by 68.76% in the next year.