EQX vs. STLD: Equinox Gold vs. Steel Dynamics Stock Comparison

November 11, 2026

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

Company profile comparison for Equinox Gold (EQX) and Steel Dynamics (STLD)
Profile Item	EQX	STLD
Name	Equinox Gold Corp.	Steel Dynamics, Inc.
Country/Region	Canada	United States
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	31.70 billion USD
Currency	USD	USD
Exchange	NYSE American	Nasdaq
Listing Date	January 2, 2019	November 22, 1996
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

EQX

STLD

GSPC

Equinox Gold (EQX) vs. Steel Dynamics (STLD), 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 Steel Dynamics (STLD). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Equinox Gold (EQX) and Steel Dynamics (STLD)
Metric	EQX	STLD
Total Return (1Y)	1.87%	52.02%
Total Return (3Y, Annualized)	37.49%	29.83%
Total Return (5Y, Annualized)	8.54%	30.20%

Risk Profile

Drawdown History

EQX

STLD

GSPC

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

Risk Metrics

Risk profile metrics for Equinox Gold (EQX) and Steel Dynamics (STLD)
Metric	EQX	STLD
Volatility (1Y, Annualized)	63.25%	36.62%
Beta (5Y)	1.25	1.46
Max Drawdown (5Y)	-71.57%	-32.20%
Avg. Volume (3M)	12.60M	1.06M

Risk-Adjusted Performance

Risk-Return Positioning

EQX and STLD 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 Steel Dynamics (STLD)
Metric	EQX	STLD
Sharpe Ratio (1Y)	-0.04	1.30
Sortino Ratio (1Y)	-0.06	1.92

Profitability

ROE (TTM)

Steel Dynamics (STLD) at 20.81% sits in the top ROE quartile, while Equinox Gold (EQX) at 8.47% is closer to the peer norm — stronger capital efficiency for STLD.

EQX

Materials industry group

8.47%

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

STLD

Materials industry group

20.81%

Max: 52.88%
STLD: 20.81%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

Equinox Gold (EQX) vs. Steel Dynamics (STLD): 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 Steel Dynamics (STLD) at 8.82%, 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%

STLD

Materials industry group

8.82%

Max: 38.66%
Q3: 15.98%
STLD: 8.82%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Equinox Gold (EQX) vs. Steel Dynamics (STLD): 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 Steel Dynamics (STLD) at 15.46%, 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%

STLD

Materials industry group

15.46%

Max: 66.70%
Q3: 28.92%
STLD: 15.46%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

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

Profitability Metrics

Profitability metrics for Equinox Gold (EQX) and Steel Dynamics (STLD)
Metric	EQX	STLD
ROE (TTM)	8.47%	20.81%
ROA (TTM)	6.74%	9.45%
Net Margin (TTM)	28.09%	8.82%
Operating Margin (TTM)	32.14%	15.46%
Gross Margin (TTM)	57.60%	15.90%

Growth

Revenue Growth

Equinox Gold (EQX) at 99.07% clears its industry range for revenue growth, far stronger top-line momentum than Steel Dynamics (STLD) at 3.63%, which is closer to a typical peer reading.

Equinox Gold (EQX) vs. Steel Dynamics (STLD): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Equinox Gold (EQX) at -53.33% and Steel Dynamics (STLD) at -18.80% 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. Steel Dynamics (STLD): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Equinox Gold (EQX) and Steel Dynamics (STLD)
Metric	EQX	STLD
Revenue Growth (YoY)	99.07%	3.63%
Revenue Growth (3Y CAGR)	24.04%	-6.53%
EPS Growth (YoY)	-53.33%	-18.80%
EPS Growth (3Y CAGR)	--	-27.45%

Financial Strength

Current Ratio (MRQ)

Steel Dynamics (STLD) at 3.15 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

STLD

Materials industry group

3.15

Max: 5.96
Q3: 3.30
STLD: 3.15
Median: 2.24
Q1: 1.45
Min: 0.16

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

Debt / Equity (MRQ)

Both Equinox Gold (EQX) at 0.13 and Steel Dynamics (STLD) at 0.45 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

STLD

Materials industry group

0.45

Max: 1.98
Q3: 0.89
Median: 0.47
STLD: 0.45
Q1: 0.13
Min: 0.00

Equinox Gold (EQX) vs. Steel Dynamics (STLD): 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 Steel Dynamics (STLD)
Metric	EQX	STLD
Current Ratio (MRQ)	1.33	3.15
Debt / Equity (MRQ)	0.13	0.45
Net Debt / EBITDA	0.21	1.09

Dividends

Dividend Yield (TTM)

Both Equinox Gold (EQX) at 0.27% and Steel Dynamics (STLD) at 0.94% 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%

STLD

Materials industry group

0.94%

Max: 4.52%
Q3: 1.85%
STLD: 0.94%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Equinox Gold (EQX) at 6.25% and Steel Dynamics (STLD) at 15.44% 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%

STLD

Materials industry group

15.44%

Max: 83.62%
Q3: 41.37%
STLD: 15.44%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Equinox Gold (EQX) and Steel Dynamics (STLD)
Metric	EQX	STLD
Dividend Yield (TTM)	0.27%	0.94%
Dividend Payout Ratio (TTM)	6.25%	15.44%

Valuation

P/E Ratio (TTM)

Both Equinox Gold (EQX) at 24.00 and Steel Dynamics (STLD) at 16.46 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

STLD

Materials industry group

16.46

Max: 59.00
Q3: 32.93
Median: 18.82
STLD: 16.46
Q1: 11.96
Min: 3.93

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

P/S Ratio (TTM)

Steel Dynamics (STLD) at 1.43 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

STLD

Materials industry group

1.43

Max: 9.62
Q3: 4.34
Median: 1.87
STLD: 1.43
Q1: 0.73
Min: 0.00

Equinox Gold (EQX) vs. Steel Dynamics (STLD): 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 Steel Dynamics (STLD) at 3.23 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

STLD

Materials industry group

3.23

Max: 6.59
Q3: 3.55
STLD: 3.23
Median: 2.08
Q1: 1.26
Min: -0.17

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

Valuation Metrics

Valuation metrics for Equinox Gold (EQX) and Steel Dynamics (STLD)
Metric	EQX	STLD
P/E Ratio (TTM)	24.00	16.46
P/S Ratio (TTM)	4.64	1.43
P/B Ratio (MRQ)	1.43	3.23
Free Cash Flow Yield (TTM)	2.15%	1.36%