EQX vs. PPG: Equinox Gold vs. PPG Industries Stock Comparison

November 11, 2026

How do Equinox Gold (EQX) and PPG Industries (PPG) 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 PPG Industries (PPG) both fall under the Materials industry group, but EQX is classified in Metals & Mining while PPG is classified in Chemicals.

Company profile comparison for Equinox Gold (EQX) and PPG Industries (PPG)
Profile Item	EQX	PPG
Name	Equinox Gold Corp.	PPG Industries, Inc.
Country/Region	Canada	United States
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Metals & Mining	Chemicals
GICS Sub-Industry	Gold	Specialty Chemicals
Market Capitalization	13.45 billion USD	27.03 billion USD
Currency	USD	USD
Exchange	NYSE American	NYSE
Listing Date	January 2, 2019	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

EQX

PPG

GSPC

Equinox Gold (EQX) vs. PPG Industries (PPG), 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 PPG Industries (PPG). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Equinox Gold (EQX) and PPG Industries (PPG)
Metric	EQX	PPG
Total Return (1Y)	1.87%	33.84%
Total Return (3Y, Annualized)	37.49%	1.70%
Total Return (5Y, Annualized)	8.54%	-2.93%

Risk Profile

Drawdown History

EQX

PPG

GSPC

Equinox Gold (EQX) vs. PPG Industries (PPG), 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 PPG Industries (PPG). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinox Gold (EQX) and PPG Industries (PPG)
Metric	EQX	PPG
Volatility (1Y, Annualized)	63.25%	31.28%
Beta (5Y)	1.25	0.97
Max Drawdown (5Y)	-71.57%	-43.55%
Avg. Volume (3M)	12.60M	1.73M

Risk-Adjusted Performance

Risk-Return Positioning

EQX and PPG 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 PPG Industries (PPG)
Metric	EQX	PPG
Sharpe Ratio (1Y)	-0.04	0.95
Sortino Ratio (1Y)	-0.06	1.45

Profitability

ROE (TTM)

Both Equinox Gold (EQX) at 8.47% and PPG Industries (PPG) at 19.49% 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%

PPG

Materials industry group

19.49%

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

Equinox Gold (EQX) vs. PPG Industries (PPG): 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 PPG Industries (PPG) at 9.41%, 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%

PPG

Materials industry group

9.41%

Max: 38.66%
Q3: 15.98%
PPG: 9.41%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Equinox Gold (EQX) vs. PPG Industries (PPG): 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 PPG Industries (PPG) at 14.66%, 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%

PPG

Materials industry group

14.66%

Max: 66.70%
Q3: 28.92%
PPG: 14.66%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

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

Profitability Metrics

Profitability metrics for Equinox Gold (EQX) and PPG Industries (PPG)
Metric	EQX	PPG
ROE (TTM)	8.47%	19.49%
ROA (TTM)	6.74%	6.22%
Net Margin (TTM)	28.09%	9.41%
Operating Margin (TTM)	32.14%	14.66%
Gross Margin (TTM)	57.60%	41.18%

Growth

Revenue Growth

Equinox Gold (EQX) at 99.07% clears its industry range for revenue growth, far stronger top-line momentum than PPG Industries (PPG) at 0.19%, which is closer to a typical peer reading.

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

EPS Growth

Both Equinox Gold (EQX) at -53.33% and PPG Industries (PPG) at 46.11% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

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

Growth Metrics

Growth metrics for Equinox Gold (EQX) and PPG Industries (PPG)
Metric	EQX	PPG
Revenue Growth (YoY)	99.07%	0.19%
Revenue Growth (3Y CAGR)	24.04%	0.55%
EPS Growth (YoY)	-53.33%	46.11%
EPS Growth (3Y CAGR)	--	17.12%

Financial Strength

Current Ratio (MRQ)

PPG Industries (PPG) at 1.58 keeps current ratio within its industry’s typical mid-range, while Equinox Gold (EQX) at 1.33 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for EQX.

EQX

Materials industry group

1.33

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

PPG

Materials industry group

1.58

Max: 5.96
Q3: 3.30
Median: 2.24
PPG: 1.58
Q1: 1.45
Min: 0.16

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

Debt / Equity (MRQ)

Both Equinox Gold (EQX) at 0.13 and PPG Industries (PPG) at 0.87 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

PPG

Materials industry group

0.87

Max: 1.98
Q3: 0.89
PPG: 0.87
Median: 0.47
Q1: 0.13
Min: 0.00

Equinox Gold (EQX) vs. PPG Industries (PPG): 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 PPG Industries (PPG)
Metric	EQX	PPG
Current Ratio (MRQ)	1.33	1.58
Debt / Equity (MRQ)	0.13	0.87
Net Debt / EBITDA	0.21	2.11

Dividends

Dividend Yield (TTM)

PPG Industries (PPG) at 2.33% delivers top-quartile income for its industry, while Equinox Gold (EQX) at 0.27% pays a more typical yield — both are credible income propositions, PPG the richer one.

EQX

Materials industry group

0.27%

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

PPG

Materials industry group

2.33%

Max: 4.52%
PPG: 2.33%
Q3: 1.85%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Equinox Gold (EQX) at 6.25% and PPG Industries (PPG) at 40.31% 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%

PPG

Materials industry group

40.31%

Max: 83.62%
Q3: 41.37%
PPG: 40.31%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Equinox Gold (EQX) and PPG Industries (PPG)
Metric	EQX	PPG
Dividend Yield (TTM)	0.27%	2.33%
Dividend Payout Ratio (TTM)	6.25%	40.31%

Valuation

P/E Ratio (TTM)

Both Equinox Gold (EQX) at 24.00 and PPG Industries (PPG) at 17.19 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

EQX

Materials industry group

24.00

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

PPG

Materials industry group

17.19

Max: 59.00
Q3: 32.93
Median: 18.82
PPG: 17.19
Q1: 11.96
Min: 3.93

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

P/S Ratio (TTM)

PPG Industries (PPG) at 1.62 is priced about in line with its industry on P/S ratio, while Equinox Gold (EQX) at 4.64 sits in the pricier quartile — EQX costs more per dollar of sales.

EQX

Materials industry group

4.64

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

PPG

Materials industry group

1.62

Max: 9.62
Q3: 4.34
Median: 1.87
PPG: 1.62
Q1: 0.73
Min: 0.00

Equinox Gold (EQX) vs. PPG Industries (PPG): 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 PPG Industries (PPG) at 3.19 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

PPG

Materials industry group

3.19

Max: 6.59
Q3: 3.55
PPG: 3.19
Median: 2.08
Q1: 1.26
Min: -0.17

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

Valuation Metrics

Valuation metrics for Equinox Gold (EQX) and PPG Industries (PPG)
Metric	EQX	PPG
P/E Ratio (TTM)	24.00	17.19
P/S Ratio (TTM)	4.64	1.62
P/B Ratio (MRQ)	1.43	3.19
Free Cash Flow Yield (TTM)	2.15%	4.06%