Equinox Gold (EQX) Stock Analysis

November 11, 2026

This is a peer-relative look at Equinox Gold (EQX): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Materials peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Equinox Gold (EQX)
Profile Item	EQX
Name	Equinox Gold Corp.
Country/Region	Canada
GICS Sector	Materials
GICS Industry Group	Materials
GICS Industry	Metals & Mining
GICS Sub-Industry	Gold
Market Capitalization	13.45 billion USD
Currency	USD
Exchange	NYSE American
Listing Date	January 2, 2019
Security Type	Common Stock

Price Performance

Cumulative Growth

EQX

GSPC

Equinox Gold (EQX) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Equinox Gold (EQX) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinox Gold (EQX) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
Total Return (1Y)	1.87%	19.59%
Total Return (3Y, Annualized)	37.49%	18.91%
Total Return (5Y, Annualized)	8.54%	5.70%

Risk Profile

Drawdown History

EQX

GSPC

Equinox Gold (EQX) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Equinox Gold (EQX) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
Volatility (1Y, Annualized)	63.25%	52.82%
Beta (5Y)	1.25	0.97
Max Drawdown (5Y)	-71.57%	-58.44%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. EQX is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
Sharpe Ratio (1Y)	-0.04	0.32
Sortino Ratio (1Y)	-0.06	0.47

Profitability

ROE (TTM)

Equinox Gold (EQX) posts ROE of 8.47%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

EQX

Materials industry group

8.47%

Group distribution

Max: 52.88%
Q3: 19.49%
Median: 8.76%
EQX: 8.47%
Q1: -3.41%
Min: -32.81%

Largest peers

SCCO: 52.88%
NEM: 27.26%
BHP: 24.00%
AEM: 23.24%
RIO: 19.31%
LIN: 17.72%
EQX: 8.47%

Where Equinox Gold (EQX) stands on ROE within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Equinox Gold (EQX) keeps 28.09% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

EQX

Materials industry group

28.09%

Group distribution

Max: 38.66%
EQX: 28.09%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Largest peers

AEM: 41.01%
SCCO: 37.16%
NEM: 34.73%
EQX: 28.09%
RIO: 19.59%
LIN: 19.34%
BHP: 16.73%

Where Equinox Gold (EQX) stands on net margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Equinox Gold (EQX) turns 32.14% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

EQX

Materials industry group

32.14%

Group distribution

Max: 66.70%
EQX: 32.14%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

Largest peers

SCCO: 59.94%
AEM: 55.49%
NEM: 49.99%
BHP: 43.34%
EQX: 32.14%
RIO: 28.05%
LIN: 27.97%

Where Equinox Gold (EQX) stands on operating margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
ROE (TTM)	8.47%	8.76%
ROA (TTM)	6.74%	4.42%
Net Margin (TTM)	28.09%	5.28%
Operating Margin (TTM)	32.14%	12.56%
Gross Margin (TTM)	57.60%	27.57%

Growth

Revenue Growth

Equinox Gold (EQX) grew revenue 99.07%, above the industry benchmark range. Demand is expanding faster than at any typical peer, though growth that far ahead of the group is worth checking for acquisitions or other one-off contributions.

Equinox Gold (EQX): Revenue Growth across different time periods, set against Materials industry-group medians.

EPS Growth

Equinox Gold (EQX) grew earnings per share -53.33%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Equinox Gold (EQX): EPS Growth across different time periods, set against Materials industry-group medians.

Growth Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
Revenue Growth (YoY)	99.07%	8.36%
Revenue Growth (3Y CAGR)	24.04%	0.59%
EPS Growth (YoY)	-53.33%	-1.73%
EPS Growth (3Y CAGR)	--	2.12%

Financial Strength

Current Ratio (MRQ)

Equinox Gold (EQX) has current ratio of 1.33, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

EQX

Materials industry group

1.33

Group distribution

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
EQX: 1.33
Min: 0.16

Largest peers

SCCO: 4.31
AEM: 2.75
NEM: 2.45
BHP: 1.89
RIO: 1.42
EQX: 1.33
LIN: 0.86

Where Equinox Gold (EQX) stands on current ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Equinox Gold (EQX) has debt-to-equity ratio of 0.13, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

EQX

Materials industry group

0.13

Group distribution

Max: 1.98
Q3: 0.89
Median: 0.47
EQX: 0.13
Q1: 0.13
Min: 0.00

Largest peers

LIN: 0.65
SCCO: 0.63
BHP: 0.50
RIO: 0.32
NEM: 0.16
EQX: 0.13
AEM: 0.01

Where Equinox Gold (EQX) stands on debt-to-equity ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
Current Ratio (MRQ)	1.33	2.24
Debt / Equity (MRQ)	0.13	0.47
Net Debt / EBITDA	0.21	1.37

Dividends

Dividend Yield (TTM)

Equinox Gold (EQX) has dividend yield of 0.27%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

EQX

Materials industry group

0.27%

Group distribution

Max: 4.52%
Q3: 1.85%
Median: 0.38%
EQX: 0.27%
Q1: 0.00%
Min: 0.00%

Largest peers

RIO: 5.59%
SCCO: 2.30%
BHP: 2.19%
LIN: 1.21%
AEM: 0.93%
NEM: 0.87%
EQX: 0.27%

Where Equinox Gold (EQX) stands on dividend yield within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Equinox Gold (EQX) has payout ratio of 6.25%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

EQX

Materials industry group

6.25%

Group distribution

Max: 83.62%
Q3: 41.37%
Median: 9.54%
EQX: 6.25%
Q1: 0.00%
Min: 0.00%

Largest peers

BHP: 68.84%
RIO: 54.46%
SCCO: 52.43%
LIN: 41.83%
AEM: 14.26%
NEM: 11.95%
EQX: 6.25%

Where Equinox Gold (EQX) stands on payout ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
Dividend Yield (TTM)	0.27%	0.38%
Dividend Payout Ratio (TTM)	6.25%	9.54%

Valuation

P/E Ratio (TTM)

Equinox Gold (EQX) trades at P/E ratio of 24.00, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

EQX

Materials industry group

24.00

Group distribution

Max: 59.00
Q3: 32.93
EQX: 24.00
Median: 18.82
Q1: 11.96
Min: 3.93

Largest peers

LIN: 34.21
EQX: 24.00
SCCO: 22.27
BHP: 20.70
AEM: 15.61
NEM: 14.03
RIO: 11.35

Where Equinox Gold (EQX) stands on P/E ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Equinox Gold (EQX) trades at 4.64 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

EQX

Materials industry group

4.64

Group distribution

Max: 9.62
EQX: 4.64
Q3: 4.34
Median: 1.87
Q1: 0.73
Min: 0.00

Largest peers

SCCO: 8.34
LIN: 6.53
AEM: 6.44
NEM: 4.72
EQX: 4.64
BHP: 3.46
RIO: 2.20

Where Equinox Gold (EQX) stands on P/S ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Equinox Gold (EQX) trades at 1.43 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

EQX

Materials industry group

1.43

Group distribution

Max: 6.59
Q3: 3.55
Median: 2.08
EQX: 1.43
Q1: 1.26
Min: -0.17

Largest peers

SCCO: 10.89
LIN: 6.00
BHP: 3.98
NEM: 3.53
AEM: 3.27
RIO: 2.08
EQX: 1.43

Where Equinox Gold (EQX) stands on P/B ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Equinox Gold (EQX) metric values compared with Materials industry-group medians
Metric	Current stock: EQX	Industry group median
P/E Ratio (TTM)	24.00	18.82
P/S Ratio (TTM)	4.64	1.87
P/B Ratio (MRQ)	1.43	2.08
Free Cash Flow Yield (TTM)	2.15%	3.08%