EQX vs. HMY: Equinox Gold vs. Harmony Gold Mining Stock Comparison
How do Equinox Gold (EQX) and Harmony Gold Mining (HMY) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
Equinox Gold (EQX) and Harmony Gold Mining (HMY) are both classified in the Gold sub-industry within the broader Metals & Mining industry, placing them in the closest GICS peer bucket.
Equinox Gold (EQX) trades as ordinary local shares, while Harmony Gold Mining (HMY) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.
| Profile Item | EQX | HMY |
|---|---|---|
| Name | Equinox Gold Corp. | Harmony Gold Mining Company Limited - Depositary Receipt (Common Stock) |
| Country/Region | Canada | South Africa |
| GICS Sector | Materials | Materials |
| GICS Industry Group | Materials | Materials |
| GICS Industry | Metals & Mining | Metals & Mining |
| GICS Sub-Industry | Gold | Gold |
| Market Capitalization | 13.45 billion USD | 10.77 billion USD |
| Currency | USD | USD |
| Exchange | NYSE American | NYSE |
| Listing Date | January 2, 2019 | May 17, 1994 |
| Security Type | Common Stock | ADR |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | EQX | HMY |
|---|---|---|
| Total Return (1Y) | 1.87% | 10.98% |
| Total Return (3Y, Annualized) | 37.49% | 60.07% |
| Total Return (5Y, Annualized) | 8.54% | 39.44% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | EQX | HMY |
|---|---|---|
| Volatility (1Y, Annualized) | 63.25% | 63.56% |
| Beta (5Y) | 1.25 | 1.08 |
| Max Drawdown (5Y) | -71.57% | -62.48% |
| Avg. Volume (3M) | 12.60M | 3.68M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | EQX | HMY |
|---|---|---|
| Sharpe Ratio (1Y) | -0.04 | 0.11 |
| Sortino Ratio (1Y) | -0.06 | 0.15 |
Profitability
ROE (TTM)
Harmony Gold Mining (HMY) at 48.05% sits in the top ROE quartile, while Equinox Gold (EQX) at 8.47% is closer to the peer norm — stronger capital efficiency for HMY.
EQX
Materials industry group
8.47%
- Max
- 52.88%
- Q3
- 19.49%
- Median
- 8.76%
- EQX
- 8.47%
- Q1
- -3.41%
- Min
- -32.81%
HMY
Materials industry group
48.05%
- Max
- 52.88%
- HMY
- 48.05%
- Q3
- 19.49%
- Median
- 8.76%
- Q1
- -3.41%
- Min
- -32.81%
Net Margin (TTM)
For every dollar of sales, both Equinox Gold (EQX) at 28.09% and Harmony Gold Mining (HMY) at 29.57% retain more as net profit than most peers, landing in the top net margin quartile of their industries.
EQX
Materials industry group
28.09%
- Max
- 38.66%
- EQX
- 28.09%
- Q3
- 15.98%
- Median
- 5.28%
- Q1
- 0.00%
- Min
- -20.40%
HMY
Materials industry group
29.57%
- Max
- 38.66%
- HMY
- 29.57%
- Q3
- 15.98%
- Median
- 5.28%
- Q1
- 0.00%
- Min
- -20.40%
Operating Margin (TTM)
Both Equinox Gold (EQX) at 32.14% and Harmony Gold Mining (HMY) at 47.18% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.
EQX
Materials industry group
32.14%
- Max
- 66.70%
- EQX
- 32.14%
- Q3
- 28.92%
- Median
- 12.56%
- Q1
- 3.28%
- Min
- -14.07%
HMY
Materials industry group
47.18%
- Max
- 66.70%
- HMY
- 47.18%
- Q3
- 28.92%
- Median
- 12.56%
- Q1
- 3.28%
- Min
- -14.07%
Profitability Metrics
| Metric | EQX | HMY |
|---|---|---|
| ROE (TTM) | 8.47% | 48.05% |
| ROA (TTM) | 6.74% | 25.06% |
| Net Margin (TTM) | 28.09% | 29.57% |
| Operating Margin (TTM) | 32.14% | 47.18% |
| Gross Margin (TTM) | 57.60% | 49.62% |
Growth
Revenue Growth
Only one side can be read here: Equinox Gold (EQX) reports revenue growth of 99.07%, ranked against its industry; Harmony Gold Mining (HMY) has no revenue growth figure this period.
EPS Growth
Only one side can be read here: Equinox Gold (EQX) reports EPS growth of -53.33%, ranked against its industry; Harmony Gold Mining (HMY) has no EPS growth figure this period.
Growth Metrics
| Metric | EQX | HMY |
|---|---|---|
| Revenue Growth (YoY) | 99.07% | -- |
| Revenue Growth (3Y CAGR) | 24.04% | 26.28% |
| EPS Growth (YoY) | -53.33% | -- |
| EPS Growth (3Y CAGR) | -- | 81.32% |
Financial Strength
Current Ratio (MRQ)
Both Equinox Gold (EQX) at 1.33 and Harmony Gold Mining (HMY) at 0.84 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.
EQX
Materials industry group
1.33
- Max
- 5.96
- Q3
- 3.30
- Median
- 2.24
- Q1
- 1.45
- EQX
- 1.33
- Min
- 0.16
HMY
Materials industry group
0.84
- Max
- 5.96
- Q3
- 3.30
- Median
- 2.24
- Q1
- 1.45
- HMY
- 0.84
- Min
- 0.16
Debt / Equity (MRQ)
Harmony Gold Mining (HMY) at 0.13 keeps leverage in the lower industry quartile, while Equinox Gold (EQX) at 0.13 runs a more typical debt-to-equity mix.
EQX
Materials industry group
0.13
- Max
- 1.98
- Q3
- 0.89
- Median
- 0.47
- EQX
- 0.13
- Q1
- 0.13
- Min
- 0.00
HMY
Materials industry group
0.13
- Max
- 1.98
- Q3
- 0.89
- Median
- 0.47
- Q1
- 0.13
- HMY
- 0.13
- Min
- 0.00
Financial Strength Metrics
| Metric | EQX | HMY |
|---|---|---|
| Current Ratio (MRQ) | 1.33 | 0.84 |
| Debt / Equity (MRQ) | 0.13 | 0.13 |
| Net Debt / EBITDA | 0.21 | 0.02 |
Dividends
Dividend Yield (TTM)
Equinox Gold (EQX) at 0.27% pays an industry-typical yield; Harmony Gold Mining (HMY) at 75.74% is above its entire peer range — the higher number, but one that calls for a look at payout sustainability before treating it as an advantage.
EQX
Materials industry group
0.27%
- Max
- 4.52%
- Q3
- 1.85%
- Median
- 0.38%
- EQX
- 0.27%
- Q1
- 0.00%
- Min
- 0.00%
HMY
Materials industry group
75.74%
- HMY
- 75.74%
- Max
- 4.52%
- Q3
- 1.85%
- Median
- 0.38%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
Both Equinox Gold (EQX) at 6.25% and Harmony Gold Mining (HMY) at 15.28% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.
EQX
Materials industry group
6.25%
- Max
- 83.62%
- Q3
- 41.37%
- Median
- 9.54%
- EQX
- 6.25%
- Q1
- 0.00%
- Min
- 0.00%
HMY
Materials industry group
15.28%
- Max
- 83.62%
- Q3
- 41.37%
- HMY
- 15.28%
- Median
- 9.54%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | EQX | HMY |
|---|---|---|
| Dividend Yield (TTM) | 0.27% | 75.74% |
| Dividend Payout Ratio (TTM) | 6.25% | 15.28% |
Valuation
P/E Ratio (TTM)
Harmony Gold Mining (HMY) at 6.27 sits in the cheaper P/E ratio quartile, while Equinox Gold (EQX) at 24.00 is closer to its industry’s usual earnings multiple — a discount for HMY, though growth and earnings durability still matter.
EQX
Materials industry group
24.00
- Max
- 59.00
- Q3
- 32.93
- EQX
- 24.00
- Median
- 18.82
- Q1
- 11.96
- Min
- 3.93
HMY
Materials industry group
6.27
- Max
- 59.00
- Q3
- 32.93
- Median
- 18.82
- Q1
- 11.96
- HMY
- 6.27
- Min
- 3.93
P/S Ratio (TTM)
Harmony Gold Mining (HMY) at 0.11 looks cheap on sales in the lower P/S ratio quartile, while Equinox Gold (EQX) at 4.64 looks rich in the upper quartile — a clear gap in price per dollar of revenue.
EQX
Materials industry group
4.64
- Max
- 9.62
- EQX
- 4.64
- Q3
- 4.34
- Median
- 1.87
- Q1
- 0.73
- Min
- 0.00
HMY
Materials industry group
0.11
- Max
- 9.62
- Q3
- 4.34
- Median
- 1.87
- Q1
- 0.73
- HMY
- 0.11
- Min
- 0.00
P/B Ratio (MRQ)
On P/B ratio, both Equinox Gold (EQX) at 1.43 and Harmony Gold Mining (HMY) at 2.34 are valued close to their industries’ norm against book — neither stands out from peers.
EQX
Materials industry group
1.43
- Max
- 6.59
- Q3
- 3.55
- Median
- 2.08
- EQX
- 1.43
- Q1
- 1.26
- Min
- -0.17
HMY
Materials industry group
2.34
- Max
- 6.59
- Q3
- 3.55
- HMY
- 2.34
- Median
- 2.08
- Q1
- 1.26
- Min
- -0.17
Valuation Metrics
| Metric | EQX | HMY |
|---|---|---|
| P/E Ratio (TTM) | 24.00 | 6.27 |
| P/S Ratio (TTM) | 4.64 | 0.11 |
| P/B Ratio (MRQ) | 1.43 | 2.34 |
| Free Cash Flow Yield (TTM) | 2.15% | 91.49% |