EQUINOX GOLD CORP (EQX) Fundamental Analysis & Valuation

NYSEARCA:EQX • CA29446Y5020

16.63 USD
+0.21 (+1.28%)
At close: Mar 6, 2026
16.55 USD
-0.08 (-0.48%)
After Hours: 3/6/2026, 8:14:22 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This EQX 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 157 industry peers in the Metals & Mining industry. EQX scores excellent on profitability, but there are concerns on its financial health. EQX is not priced too expensively while it is growing strongly. Keep and eye on this one!


Dividend Valuation Growth Profitability Health

7

1. EQX Profitability Analysis

1.1 Basic Checks

  • EQX had positive earnings in the past year.
  • EQX had a positive operating cash flow in the past year.
  • Of the past 5 years EQX 4 years were profitable.
  • In the past 5 years EQX always reported a positive cash flow from operatings.
EQX Yearly Net Income VS EBIT VS OCF VS FCFEQX 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

  • EQX has a better Return On Assets (2.10%) than 63.06% of its industry peers.
  • EQX has a Return On Equity of 3.82%. This is in the better half of the industry: EQX outperforms 62.42% of its industry peers.
  • With a Return On Invested Capital value of 3.83%, EQX perfoms like the industry average, outperforming 58.60% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for EQX is significantly below the industry average of 11.01%.
  • The 3 year average ROIC (2.61%) for EQX is below the current ROIC(3.83%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.1%
ROE 3.82%
ROIC 3.83%
ROA(3y)2.61%
ROA(5y)3.81%
ROE(3y)5%
ROE(5y)6.39%
ROIC(3y)2.61%
ROIC(5y)2.33%
EQX Yearly ROA, ROE, ROICEQX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

1.3 Margins

  • With a decent Profit Margin value of 12.19%, EQX is doing good in the industry, outperforming 75.16% of the companies in the same industry.
  • EQX's Profit Margin has improved in the last couple of years.
  • EQX's Operating Margin of 24.76% is fine compared to the rest of the industry. EQX outperforms 72.61% of its industry peers.
  • EQX's Operating Margin has been stable in the last couple of years.
  • EQX has a Gross Margin of 54.07%. This is amongst the best in the industry. EQX outperforms 88.53% of its industry peers.
  • 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 Yearly Profit, Operating, Gross MarginsEQX 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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3

2. EQX Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), EQX is destroying value.
  • Compared to 1 year ago, EQX has more shares outstanding
  • The number of shares outstanding for EQX has been increased compared to 5 years ago.
  • The debt/assets ratio for EQX has been reduced compared to a year ago.
EQX Yearly Shares OutstandingEQX Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M
EQX Yearly Total Debt VS Total AssetsEQX 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.
  • With a Altman-Z score value of 2.15, EQX is not doing good in the industry: 68.15% of the companies in the same industry are doing better.
  • The Debt to FCF ratio of EQX is 12.34, which is on the high side as it means it would take EQX, 12.34 years of fcf income to pay off all of its debts.
  • EQX has a Debt to FCF ratio of 12.34. This is in the better half of the industry: EQX outperforms 61.78% 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 (0.24) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.24
Debt/FCF 12.34
Altman-Z 2.15
ROIC/WACC0.37
WACC10.25%
EQX Yearly LT Debt VS Equity VS FCFEQX 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

  • A Current Ratio of 1.56 indicates that EQX should not have too much problems paying its short term obligations.
  • EQX has a worse Current ratio (1.56) than 70.70% of its industry peers.
  • EQX has a Quick Ratio of 1.27. This is a normal value and indicates that EQX is financially healthy and should not expect problems in meeting its short term obligations.
  • EQX has a Quick ratio of 1.27. This is in the lower half of the industry: EQX underperforms 60.51% of its industry peers.
Industry RankSector Rank
Current Ratio 1.56
Quick Ratio 1.27
EQX Yearly Current Assets VS Current LiabilitesEQX 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 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
  • EQX shows a strong growth in Revenue. In the last year, the Revenue has grown by 20.02%.
  • Measured over the past years, EQX shows a quite strong growth in Revenue. The Revenue has been growing by 16.54% on average per year.
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

  • EQX is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 21.20% yearly.
  • The Revenue is expected to grow by 10.90% on average over the next years. This is quite good.
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 Yearly Revenue VS EstimatesEQX 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 Yearly EPS VS EstimatesEQX Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 0.5 1 1.5

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6

4. EQX Valuation Analysis

4.1 Price/Earnings Ratio

  • EQX is valuated quite expensively with a Price/Earnings ratio of 29.70.
  • Compared to the rest of the industry, the Price/Earnings ratio of EQX indicates a somewhat cheap valuation: EQX is cheaper than 70.06% of the companies listed in the same industry.
  • EQX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 17.60 indicates a rather expensive valuation of EQX.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of EQX indicates a somewhat cheap valuation: EQX is cheaper than 64.33% of the companies listed in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 24.57. EQX is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 29.7
Fwd PE 17.6
EQX Price Earnings VS Forward Price EarningsEQX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of EQX indicates a somewhat cheap valuation: EQX is cheaper than 69.43% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of EQX indicates a somewhat cheap valuation: EQX is cheaper than 64.33% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 103.69
EV/EBITDA 14.18
EQX Per share dataEQX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6

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.
  • The decent profitability rating of EQX 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)1.23
EPS Next 2Y53.12%
EPS Next 3Y39.34%

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

1

5. EQX Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.24%, EQX is not a good candidate for dividend investing.
  • EQX's Dividend Yield is a higher than the industry average which is at 1.01.
  • 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 Yearly Dividends per shareEQX 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 Yearly Income VS Free CF VS DividendEQX 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 Fundamentals: All Metrics, Ratios and Statistics

EQUINOX GOLD CORP

NYSEARCA:EQX (3/6/2026, 8:14:22 PM)

After market: 16.55 -0.08 (-0.48%)

16.63

+0.21 (+1.28%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-19
Earnings (Next)05-05
Inst Owners60.9%
Inst Owner Change20.26%
Ins Owners3.82%
Ins Owner ChangeN/A
Market Cap13.07B
Revenue(TTM)1.82B
Net Income(TTM)221.47M
Analysts80
Price Target26.52 (59.47%)
Short Float %2.15%
Short Ratio1.57
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)0%
PT rev (3m)13.04%
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 29.7
Fwd PE 17.6
P/S 7.19
P/FCF 103.69
P/OCF 15.97
P/B 2.25
P/tB 2.25
EV/EBITDA 14.18
EPS(TTM)0.56
EY3.37%
EPS(NY)0.95
Fwd EY5.68%
FCF(TTM)0.16
FCFY0.96%
OCF(TTM)1.04
OCFY6.26%
SpS2.31
BVpS7.38
TBVpS7.38
PEG (NY)0.43
PEG (5Y)1.23
Graham Number9.64
Profitability
Industry RankSector Rank
ROA 2.1%
ROE 3.82%
ROCE 4.85%
ROIC 3.83%
ROICexc 4.08%
ROICexgc 4.08%
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)2.61%
ROIC(5y)2.33%
ROICexc(3y)2.76%
ROICexc(5y)2.56%
ROICexgc(3y)2.76%
ROICexgc(5y)2.56%
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
WACC10.25%
ROIC/WACC0.37
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 FAQ

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

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


What is the valuation status for EQX stock?

ChartMill assigns a valuation rating of 6 / 10 to EQUINOX GOLD CORP (EQX). This can be considered as Fairly Valued.


Can you provide the profitability details for EQUINOX GOLD CORP?

EQUINOX GOLD CORP (EQX) has a profitability rating of 7 / 10.


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

The Price/Earnings (PE) ratio for EQUINOX GOLD CORP (EQX) is 29.7 and the Price/Book (PB) ratio is 2.25.


Can you provide the expected EPS growth for EQX stock?

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