EQX vs. MT: Equinox Gold vs. ArcelorMittal Stock Comparison

November 11, 2026

How do Equinox Gold (EQX) and ArcelorMittal (MT) 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 ArcelorMittal (MT) both belong to the Metals & Mining industry, though EQX is classified under Gold while MT falls under Steel.

Equinox Gold (EQX) trades as ordinary local shares, while ArcelorMittal (MT) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Equinox Gold (EQX) and ArcelorMittal (MT)
Profile Item	EQX	MT
Name	Equinox Gold Corp.	ArcelorMittal NY Registry Shares
Country/Region	Canada	Luxembourg
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Metals & Mining	Metals & Mining
GICS Sub-Industry	Gold	Steel
Market Capitalization	13.45 billion USD	45.85 billion USD
Currency	USD	USD
Exchange	NYSE American	NYSE
Listing Date	January 2, 2019	August 7, 1997
Security Type	Common Stock	ADR

Price Performance

Cumulative Growth

EQX

GSPC

Equinox Gold (EQX) vs. ArcelorMittal (MT), with S&P 500 (GSPC) for reference: 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 ArcelorMittal (MT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinox Gold (EQX) and ArcelorMittal (MT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
Total Return (1Y)	1.87%	65.49%
Total Return (3Y, Annualized)	37.49%	45.03%
Total Return (5Y, Annualized)	8.54%	16.55%

Risk Profile

Drawdown History

EQX

GSPC

Equinox Gold (EQX) vs. ArcelorMittal (MT), with S&P 500 (GSPC) for reference: 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 ArcelorMittal (MT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
Volatility (1Y, Annualized)	63.25%	44.08%
Beta (5Y)	1.25	1.49
Max Drawdown (5Y)	-71.57%	-45.99%
Avg. Volume (3M)	12.60M	1.35M

Risk-Adjusted Performance

Risk-Return Positioning

EQX and MT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
Sharpe Ratio (1Y)	-0.04	1.39
Sortino Ratio (1Y)	-0.06	2.23

Profitability

ROE (TTM)

Both Equinox Gold (EQX) at 8.47% and ArcelorMittal (MT) at 1.83% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

EQX

Materials industry group

8.47%

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

MT

Materials industry group

1.83%

Max: 52.88%
Q3: 19.49%
Median: 8.76%
MT: 1.83%
Q1: -3.41%
Min: -32.81%

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their ROE against the Materials industry group benchmark.

Net Margin (TTM)

Equinox Gold (EQX) at 28.09% retains a top-quartile share of revenue as profit, ahead of ArcelorMittal (MT) at 1.64%, which keeps about the industry-typical share.

EQX

Materials industry group

28.09%

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

MT

Materials industry group

1.64%

Max: 38.66%
Q3: 15.98%
Median: 5.28%
MT: 1.64%
Q1: 0.00%
Min: -20.40%

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their net margin against the Materials industry group benchmark.

Operating Margin (TTM)

Equinox Gold (EQX) at 32.14% operates in the top operating margin quartile, ahead of ArcelorMittal (MT) at 6.16%, which runs around its industry’s norm.

EQX

Materials industry group

32.14%

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

MT

Materials industry group

6.16%

Max: 66.70%
Q3: 28.92%
Median: 12.56%
MT: 6.16%
Q1: 3.28%
Min: -14.07%

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their operating margin against the Materials industry group benchmark.

Profitability Metrics

Profitability metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
ROE (TTM)	8.47%	1.83%
ROA (TTM)	6.74%	1.31%
Net Margin (TTM)	28.09%	1.64%
Operating Margin (TTM)	32.14%	6.16%
Gross Margin (TTM)	57.60%	8.16%

Growth

Revenue Growth

Equinox Gold (EQX) at 99.07% delivers above-range revenue growth, while ArcelorMittal (MT) at -1.74% falls into the bottom quartile — a wide split in revenue momentum.

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their Revenue Growth across different time periods.

EPS Growth

ArcelorMittal (MT) at 143.20% sits in the top EPS growth quartile, while Equinox Gold (EQX) at -53.33% is closer to the peer norm — faster per-share earnings growth for MT.

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
Revenue Growth (YoY)	99.07%	-1.74%
Revenue Growth (3Y CAGR)	24.04%	-8.41%
EPS Growth (YoY)	-53.33%	143.20%
EPS Growth (3Y CAGR)	--	-26.09%

Financial Strength

Current Ratio (MRQ)

Both Equinox Gold (EQX) at 1.33 and ArcelorMittal (MT) at 1.41 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

MT

Materials industry group

1.41

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
MT: 1.41
Min: 0.16

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their current ratio against the Materials industry group benchmark.

Debt / Equity (MRQ)

Both Equinox Gold (EQX) at 0.13 and ArcelorMittal (MT) at 0.24 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

EQX

Materials industry group

0.13

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

MT

Materials industry group

0.24

Max: 1.98
Q3: 0.89
Median: 0.47
MT: 0.24
Q1: 0.13
Min: 0.00

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their debt-to-equity ratio against the Materials industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
Current Ratio (MRQ)	1.33	1.41
Debt / Equity (MRQ)	0.13	0.24
Net Debt / EBITDA	0.21	2.08

Dividends

Dividend Yield (TTM)

Both Equinox Gold (EQX) at 0.27% and ArcelorMittal (MT) at 0.99% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

EQX

Materials industry group

0.27%

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

MT

Materials industry group

0.99%

Max: 4.52%
Q3: 1.85%
MT: 0.99%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their dividend yield against the Materials industry group benchmark.

Dividend Payout Ratio (TTM)

Equinox Gold (EQX) at 6.25% pays out a band-typical share of earnings, while ArcelorMittal (MT) at 52.92% distributes more than its industry norm — less retained, thinner cover.

EQX

Materials industry group

6.25%

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

MT

Materials industry group

52.92%

Max: 83.62%
MT: 52.92%
Q3: 41.37%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their payout ratio against the Materials industry group benchmark.

Dividend Metrics

Dividend metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
Dividend Yield (TTM)	0.27%	0.99%
Dividend Payout Ratio (TTM)	6.25%	52.92%

Valuation

P/E Ratio (TTM)

Equinox Gold (EQX) at 24.00 is near its industry’s usual P/E ratio, while ArcelorMittal (MT) at 44.51 sits in the richer quartile — MT needs stronger growth or earnings quality to justify the premium.

EQX

Materials industry group

24.00

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

MT

Materials industry group

44.51

Max: 59.00
MT: 44.51
Q3: 32.93
Median: 18.82
Q1: 11.96
Min: 3.93

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their P/E ratio against the Materials industry group benchmark.

P/S Ratio (TTM)

ArcelorMittal (MT) at 0.72 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

MT

Materials industry group

0.72

Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
MT: 0.72
Min: 0.00

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their P/S ratio against the Materials industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Equinox Gold (EQX) at 1.43 and ArcelorMittal (MT) at 1.70 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

MT

Materials industry group

1.70

Max: 6.59
Q3: 3.55
Median: 2.08
MT: 1.70
Q1: 1.26
Min: -0.17

Equinox Gold (EQX) vs. ArcelorMittal (MT): A comparison of their P/B ratio against the Materials industry group benchmark.

Valuation Metrics

Valuation metrics for Equinox Gold (EQX) and ArcelorMittal (MT)
Metric	EQX	MT
P/E Ratio (TTM)	24.00	44.51
P/S Ratio (TTM)	4.64	0.72
P/B Ratio (MRQ)	1.43	1.70
Free Cash Flow Yield (TTM)	2.15%	-1.75%