Equinox Gold Corp. (EQX) Financial Ratios
19 years of historical data (2007–2025) · Basic Materials · Gold
EV/EBITDA
↑
9.55
+13% vs avg
5yr avg: 8.45
30Y Low7.3·High11.2
P/FCF
N/A
—
5yr avg: N/A
30Y Low27.9·High27.9
P/B Ratio
↑
1.12
↑+34% vs avg
5yr avg: 0.83
30Y Low0.4·High2.1
ROE
↓
4.9%
↑-40% vs avg
5yr avg: 8.2%
30Y Low-124%·High28%
Debt/EBITDA
↓
1.61
↓-43% vs avg
5yr avg: 2.82
30Y Low1.6·High4.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EQX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Equinox Gold Corp. trades at 28.5x earnings, 10% above its 5-year average of 26.0x, sitting at the 40th percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.4x, the stock trades at a premium of 22%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.1B | $8.8B | $2.4B | $1.5B | $997M | $2.3B | $2.3B | $862M | $344M | — | — |
| Enterprise Value | $9.2B | $10.0B | $3.5B | $2.3B | $1.6B | $2.5B | $2.5B | $1.1B | $500M | — | — |
| P/E Ratio → | 28.47 | 39.00 | 7.38 | 53.56 | — | 4.05 | 103.40 | — | — | — | — |
| P/S Ratio | 4.37 | 4.79 | 1.57 | 1.42 | 1.05 | 2.08 | 2.67 | 3.06 | 11.42 | — | — |
| P/B Ratio | 1.12 | 1.53 | 0.70 | 0.63 | 0.42 | 0.87 | 1.56 | 2.14 | 0.81 | — | — |
| P/FCF | — | — | — | — | — | — | 27.87 | — | — | — | — |
| P/OCF | 11.58 | 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
EQX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Equinox Gold Corp.'s enterprise value stands at 9.5x EBITDA, 13% above its 5-year average of 8.4x. The Basic Materials sector median is 11.0x, placing the stock at a 13% discount on an enterprise-value basis.
| 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 | 9.55 | 10.34 | 7.70 | 8.66 | 8.22 | 7.31 | 7.59 | 11.23 | — | — | — |
| EV / EBIT | 20.97 | 22.72 | 4.89 | 30.68 | — | 4.37 | 29.80 | 243.33 | — | — | — |
| EV / FCF | — | — | — | — | — | — | 30.47 | — | — | — | — |
EQX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Equinox Gold Corp. earns an operating margin of 23.8%, above the Basic Materials sector average of 10.3%. Operating margins have expanded from 4.6% to 23.8% over the past 3 years, signaling improving operational efficiency. ROE of 4.9% is modest. ROIC of 5.7% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
EQX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Equinox Gold Corp. carries a Debt/EBITDA ratio of 1.6x, which is manageable (34% below the sector average of 2.4x). Net debt stands at $1.1B ($1.6B total debt minus $407M cash). Interest coverage of just 2.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | 2.41 | 2.41 | 7.61 | 1.25 | -1.44 | 13.88 | 2.08 | 0.25 | -4.53 | -0.95 | -5.63 |
EQX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.56x means Equinox Gold Corp. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.74x to 1.56x over the past 3 years.
| 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 |
EQX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Equinox Gold Corp. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 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 |
Peer Comparison
Compare EQX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EQXYou | $8B | 28.5 | 9.5 | — | 25.0% | 23.8% | 4.9% | 5.7% | 1.6 |
 KGC | $31B | 13.2 | 7.1 | 12.3 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 IAG | $10B | 14.6 | 6.6 | 12.9 | 41.2% | 38.9% | 17.7% | 19.1% | 0.5 |
 CDE | $11B | 19.4 | 10.9 | 17.1 | 39.3% | 36.3% | 26.4% | 23.5% | 0.4 |
 NGD | $7B | 64.9 | 17.7 | 59.1 | 53.2% | 44.4% | 57.9% | 29.5% | 0.4 |
 BTG | $6B | 15.0 | 3.2 | 85.0 | 50.0% | 45.9% | 12.1% | 30.0% | 0.3 |
 EGO | $6B | 12.9 | 6.6 | — | 44.9% | 41.5% | 12.6% | 13.3% | 1.2 |
 NEM | $113B | 15.9 | 8.0 | 15.5 | 49.8% | 46.9% | 22.1% | 24.9% | 0.0 |
 AEM | $84B | 18.8 | 10.2 | 19.6 | 58.1% | 53.1% | 19.6% | 21.9% | 0.0 |
 GFI | $31B | 25.1 | 12.2 | 43.7 | 42.5% | 40.2% | 24.9% | 24.0% | 1.1 |
 AU | $44B | 16.6 | 7.9 | 14.0 | 46.5% | 45.1% | 28.6% | 35.9% | 0.4 |
| Basic Materials Median | — | 23.4 | 11.0 | 28.7 | 30.9% | 10.3% | -0.0% | 4.6% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 19 years · Updated daily
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EQX — Frequently Asked Questions
Quick answers to the most common questions about buying EQX stock.
What is Equinox Gold Corp.'s P/E ratio?
Equinox Gold Corp.'s current P/E ratio is 28.5x. The historical average is 41.5x. This places it at the 40th percentile of its historical range.
What is Equinox Gold Corp.'s EV/EBITDA?
Equinox Gold Corp.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
What is Equinox Gold Corp.'s ROE?
Equinox Gold Corp.'s return on equity (ROE) is 4.9%. The historical average is -29.2%.
Is EQX stock overvalued?
Based on historical data, Equinox Gold Corp. is trading at a P/E of 28.5x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Equinox Gold Corp.'s profit margins?
Equinox Gold Corp. has 25.0% gross margin and 23.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Equinox Gold Corp. have?
Equinox Gold Corp.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.