# Equinox Gold Corp. (EQX.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Basic Materials / Metals & Mining. Price C$17.75, market value C$20.7 billion.

## Valuation
- **P/E (trailing): 19.7×** (5-yr avg 34.7×, 3-yr avg 44.5×). Equinox Gold Corp. trades at 19.7× trailing earnings, well below its own five-year average of 34.7×: cheap by its own standards. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 8.5×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 4.8×**. Each dollar of revenue is priced at 4.8×.
- **Price / book: 1.6×**. The shares trade at 1.6× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 9.9×**. Enterprise value is 9.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 0.7%** (5-yr avg -9.4%). Free cash flow equals 0.7% of the market value, above its five-year average of -9.4%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 5.1%**. The inverse of the P/E: 5.1% of the price is earned each year.

## Profitability
- **Gross margin: 43.1%**. Equinox Gold Corp. keeps 43.1% of revenue after the direct cost of what it sells.
- **Operating margin: 36.3%**. 36.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 12.2%**. 12.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.9%**. 3.9% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 10.2%**. Return on all capital, debt included, is 10.2%.
- **Return on assets: 7.9%**. Each dollar of assets produces 7.9% of profit.

## Growth
- **Revenue growth (1 yr): 22.1%** (3-yr 24.8%/yr, 5-yr 17.0%/yr). Revenue grew 22.1% over the last year, against 17.0% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -52.0%** (5-yr 29.2%/yr). Earnings per share fell 52.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.32**. Debt is 0.32 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.8×**. It would take 0.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 8.5×**. Operating profit covers interest 8.5× over, a safe margin.
- **Current ratio: 1.56** (quick 1.27). Current assets cover the next year's liabilities 1.56 times.
- **Altman Z-score: 3.79**. A Z-score of 3.79 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 0.41%** (C$0.07 per share, trailing). Equinox Gold Corp. yields 0.41%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 0%** (21% of free cash flow). 0% of earnings goes out as dividends, leaving room to keep raising it.

## Price and momentum
- **Total return (1 yr): 43.3%** (YTD -7.8%, 3-mo 17.9%). The shares are up 43.3% over twelve months including dividends.
- **From 52-week high: -31.4%** (49.0% above the low). Trading 31% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 57**. An RSI of 57 is neutral.
- **Beta (1 yr): 3.09** (volatility 62%). Beta of 3.09 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=EQX.TO · Page: https://foliofundamentals.com/stocks/eqx.to

Not investment advice.