Equinox Gold Corp. (EQX.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-128.0%

-CA$3.95

vs CA$14.11 price

Levered DCF

-CA$11.19

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.99

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.02×	6.71×	53.95×	-9.34×	3.51×	93.96×	-42.7×	-6.92×
P/B	1.53×	0.67×	0.62×	0.43×	0.75×	1.52×	2.14×	0.84×
P/S	4.79×	1.5×	1.4×	1.05×	1.78×	2.61×	3.06×	11.44×
EV / EBITDA	10.74×	3.63×	7.8×	12.58×	2.83×	10.74×	24×	-19.11×
Gross margin	25.0%	34.6%	10.0%	8.9%	19.9%	26.5%	29.8%	26.6%
Operating margin	23.8%	15.7%	4.6%	1.1%	13.5%	20.3%	19.6%	-112.5%
Net margin	12.2%	22.4%	2.7%	-11.1%	51.3%	2.6%	-7.2%	-165.3%
Current ratio	1.56×	1.14×	1.74×	2.41×	2.89×	2.9×	1.13×	1.28×
Debt / equity	0.32×	0.41×	0.39×	0.36×	0.22×	0.38×	0.66×	0.53×
Interest coverage	2.41×	2.49×	0.82×	0.26×	3.53×	4.31×	3.14×	-5.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	10.0%	1.2%	-4.5%	21.5%	1.5%	-5.0%	-12.1%
Return on invested capital	-0.7%	2.1%	1.2%	0.3%	4.1%	3.5%	7.2%	-4.8%
Return on assets	2.1%	5.1%	0.7%	-2.7%	14.0%	0.8%	-2.4%	-6.6%
Free cash flow yield	-0.1%	-1.8%	-10.9%	-49.8%	-1.2%	2.0%	-4.4%	-8.2%
Earnings yield	2.5%	14.9%	1.9%	-10.6%	28.8%	1.0%	-2.4%	-14.4%
Enterprise value	CA$10.3B	CA$3.4B	CA$2.3B	CA$1.6B	CA$2.2B	CA$2.4B	CA$1.1B	CA$500.5M
Net debt / EBITDA	1.49×	1.23×	2.59×	4.9×	0.34×	0.94×	4.46×	-5.94×
Cash conversion cycle (days)	31	123	139	89	56	89	38	694