Latest Ratios: P/E Ratio 33.5x · EV/EBITDA 11.0x · ROE 4.9%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $8.8B | $2.4B | $1.5B | $997M | $2.3B | $2.3B | $862M | $344M | — | — |
| Enterprise Value | $10.7B | $10.0B | $3.5B | $2.3B | $1.6B | $2.5B | $2.5B | $1.1B | $500M | — | — |
| P/E Ratio → | 33.53 | 39.00 | 7.38 | 53.56 | — | 4.05 | 103.40 | — | — | — | — |
| P/S Ratio | 5.15 | 4.79 | 1.57 | 1.42 | 1.05 | 2.08 | 2.67 | 3.06 | 11.42 | — | — |
| P/B Ratio | 1.32 | 1.53 | 0.70 | 0.63 | 0.42 | 0.87 | 1.56 | 2.14 | 0.81 | — | — |
| P/FCF | — | — | — | — | — | — | 27.87 | — | — | — | — |
| P/OCF | 13.65 | 12.68 | 6.39 | 4.31 | 17.66 | 7.03 | 8.83 | 14.44 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.41 | 2.34 | 2.11 | 1.72 | 2.33 | 2.92 | 3.76 | 16.57 | — | — |
| EV / EBITDA | 11.04 | 10.34 | 7.70 | 8.66 | 8.22 | 7.31 | 7.59 | 11.23 | — | — | — |
| EV / EBIT | 24.26 | 31.62 | 4.89 | 30.68 | — | 4.37 | 29.80 | 243.33 | — | — | — |
| EV / FCF | — | — | — | — | — | — | 30.47 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 25.0% | 20.1% | 10.0% | 8.9% | 21.3% | 34.3% | 29.8% | 26.6% | -78.8% | -114.5% |
| Operating Margin | 23.8% | 23.8% | 15.7% | 4.6% | 1.1% | 13.5% | 20.5% | 19.6% | -112.5% | -201.8% | -317.8% |
| Net Profit Margin | 12.2% | 12.2% | 22.4% | 2.7% | -11.1% | 51.3% | 2.6% | -6.5% | -165.3% | -108.1% | -224.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.9% | 4.9% | 11.6% | 1.2% | -4.3% | 27.5% | 2.4% | -4.4% | -12.6% | -7.7% | -7.0% |
| ROA | 2.6% | 2.6% | 6.1% | 0.7% | -2.7% | 16.7% | 1.3% | -2.3% | -8.0% | -5.8% | -5.2% |
| ROIC | 5.7% | 5.7% | 4.6% | 1.2% | 0.3% | 4.9% | 11.5% | 7.0% | -5.5% | -12.7% | -18.6% |
| ROCE | 5.8% | 5.8% | 4.8% | 1.3% | 0.3% | 4.9% | 11.0% | 8.1% | -6.2% | -11.5% | -7.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.27 | 0.41 | 0.39 | 0.36 | 0.22 | 0.38 | 0.66 | 0.51 | 0.12 | — |
| Debt / EBITDA | 1.61 | 1.61 | 3.06 | 3.56 | 4.23 | 1.65 | 1.71 | 2.80 | — | — | — |
| Net Debt / Equity | — | 0.20 | 0.34 | 0.31 | 0.27 | 0.10 | 0.15 | 0.49 | 0.37 | -0.07 | -0.60 |
| Net Debt / EBITDA | 1.18 | 1.18 | 2.54 | 2.83 | 3.22 | 0.76 | 0.65 | 2.08 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | 2.60 | — | — | — | — |
| Interest Coverage | 1.73 | 1.73 | 7.61 | 1.25 | -1.44 | 13.88 | 2.08 | 0.25 | -4.53 | -0.95 | -5.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.56 | 1.56 | 1.14 | 1.74 | 2.41 | 2.89 | 2.90 | 1.13 | 1.28 | 2.83 | 31.89 |
| Quick Ratio | 1.27 | 1.27 | 0.53 | 0.88 | 1.44 | 2.39 | 1.97 | 0.78 | 0.82 | 2.72 | 31.06 |
| Cash Ratio | 0.45 | 0.45 | 0.36 | 0.59 | 0.87 | 1.36 | 1.56 | 0.52 | 0.59 | 2.34 | 28.71 |
| Asset Turnover | — | 0.18 | 0.23 | 0.25 | 0.25 | 0.27 | 0.32 | 0.34 | 0.04 | 0.03 | 0.01 |
| Inventory Turnover | 3.76 | 3.76 | 2.90 | 2.38 | 3.27 | 4.22 | 2.67 | 4.28 | 0.45 | 8.76 | 1.92 |
| Days Sales Outstanding | — | 12.90 | 16.88 | 27.61 | 29.17 | 16.95 | 24.12 | 35.49 | 224.82 | 265.42 | 1086.46 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 2.6% | 13.5% | 1.9% | — | 24.7% | 1.0% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 3.6% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $630M | $474M | $316M | $304M | $334M | $218M | $112M | $92M | $89M | $88M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying EQX stock.
Equinox Gold Corp.'s current P/E ratio is 33.5x. The historical average is 41.5x. This places it at the 40th percentile of its historical range.
Equinox Gold Corp.'s current EV/EBITDA is 11.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
Equinox Gold Corp.'s return on equity (ROE) is 4.9%. The historical average is -29.2%.
Based on historical data, Equinox Gold Corp. is trading at a P/E of 33.5x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Equinox Gold Corp. has 25.0% gross margin and 23.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Equinox Gold Corp.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Greenstone ramp-up execution risk
Margin Expansion from Greenstone Ramp-Up
Gross margin surged from 4.7% in 2024Q1 to 50.9% in 2026Q1, per income statement data, signaling a structural shift toward lower-cost production as Greenstone ramps up.
The dramatic improvement in gross margin reflects the transition from high-cost legacy operations to the more efficient Greenstone mine. However, the 2026Q2 gross margin of 39.2% indicates some volatility, possibly due to cost inflation or operational hiccups. Net margin of 30.0% in 2026Q2 remains robust, but investors should monitor sustainability given the cyclical nature of gold prices and input costs.
ROIC Inflection Point Reached
ROIC turned positive from -0.1% in 2024Q1 to 4.4% in 2026Q1, as per financial statements, indicating that the massive capital invested in Greenstone is beginning to generate returns.
The return on invested capital has improved steadily from negative territory in early 2024 to 4.4% in 2026Q1, though it dipped to 2.9% in 2026Q2. This suggests that the company is still in the early stages of realizing returns on its heavy capital expenditures. The improvement is driven by margin expansion rather than asset turnover, which remains low at 0.08, reflecting the capital-intensive nature of mining. As Greenstone reaches steady-state production, ROIC should continue to climb, but the pace will depend on cost control and gold prices.
Working Capital Efficiency Improves
Cash conversion cycle improved from 69 days in 2024Q4 to 24 days in 2026Q2, as reported, driven by faster collection and inventory turnover, though DIO remains elevated.
The cash conversion cycle has shortened significantly, from 69 days in 2024Q4 to 24 days in 2026Q2, indicating better working capital management. Days sales outstanding dropped from 11 to 8 days, reflecting prompt payment from gold buyers. However, days inventory outstanding remains high at 80 days, typical for mining operations with large stockpiles. The improvement in CCC suggests that the company is becoming more efficient in converting production into cash, which is crucial for funding ongoing capital expenditures.
Deleveraging Accelerates Post-Greenstone
Debt-to-equity fell from 0.46 in 2024Q2 to 0.09 in 2026Q2, per balance sheet data, while interest coverage improved to 26.19, indicating a significantly stronger balance sheet.
The company has aggressively reduced debt following the Greenstone build-out, with total debt dropping from $1.9B in 2025Q3 to $583M in 2026Q2. This deleveraging is reflected in the D/E ratio of 0.09, which is now in line with senior peers like Kinross. Interest coverage of 26.19 in 2026Q2 is robust, providing ample cushion for debt service. The improved leverage profile reduces financial risk and enhances the company's ability to fund future growth or return capital to shareholders.
Liquidity Buffer Strengthens
Current ratio improved from 0.85 in 2025Q1 to 1.33 in 2026Q2, as per balance sheet data, with cash at $317.8M, indicating a healthier short-term liquidity position.
The current ratio has risen above 1.0, indicating that current assets now exceed current liabilities, a positive shift from the strained liquidity seen in early 2025. However, the quick ratio of 0.77 in 2026Q2 suggests that inventory still plays a significant role in liquidity, which is typical for mining companies. The improved liquidity provides a buffer against operational disruptions or gold price volatility, though the company still relies on cash flow from operations to fund ongoing capital needs.
Misapplied Metric: Net Margin
Net margin is often misapplied to Equinox Gold due to non-cash impairments and one-time gains, as seen in 2025Q4's 140.7% net margin, obscuring true earning power.
Net margin is frequently used to compare profitability across gold miners, but for Equinox Gold, it is distorted by significant non-cash items such as impairments and gains on asset sales. For instance, 2025Q4 reported a net margin of 140.7% on revenue of $136.7M, driven by a $192.4M net income that likely includes non-operating gains. Similarly, 2024Q2's net margin of 131.2% was inflated by a $353.5M gain. Investors should instead focus on operating margin or EBITDA margin, which better reflect the underlying profitability of mining operations. The operating margin of 32.1% in 2026Q2 provides a cleaner view of the company's earning power.