Equinox Gold Corp. (EQX) 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

-127.3%

-$2.79

vs $10.21 price

Levered DCF

-$7.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.77

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×	6.2×	52.92×	-9.37×	3.5×	94×	-42.78×	-6.91×
P/B	1.53×	0.59×	0.63×	0.42×	0.75×	1.52×	2.14×	0.84×
P/S	4.79×	1.33×	1.41×	1.05×	1.78×	2.6×	3.06×	11.42×
EV / EBITDA	11.86×	3.35×	7.84×	12.53×	2.82×	10.82×	23.85×	-19×
Gross margin	25.0%	20.1%	10.0%	8.9%	21.3%	34.3%	29.8%	26.6%
Operating margin	23.8%	15.7%	4.6%	1.1%	13.5%	20.5%	19.6%	-112.5%
Net margin	12.2%	22.4%	2.7%	-11.1%	51.3%	2.6%	-6.5%	-165.3%
Current ratio	1.56×	1.14×	1.74×	2.41×	2.89×	2.9×	1.13×	1.28×
Debt / equity	0.27×	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×	4.35×	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%	-4.6%	-12.1%
Return on invested capital	-0.7%	2.1%	1.2%	0.3%	4.1%	3.6%	7.2%	-4.8%
Return on assets	2.1%	5.1%	0.7%	-2.7%	14.0%	0.8%	-2.2%	-6.6%
Free cash flow yield	-0.1%	-2.0%	-10.8%	-50.2%	-1.2%	3.7%	-4.4%	-8.2%
Earnings yield	2.5%	16.9%	1.9%	-10.6%	28.8%	1.0%	-2.1%	-14.5%
Enterprise value	$10B	$3.2B	$2.3B	$1.6B	$2.2B	$2.4B	$1.1B	$499.9M
Net debt / EBITDA	1.36×	1.23×	2.59×	4.9×	0.34×	0.95×	4.42×	-5.91×
Cash conversion cycle (days)	31	104	139	89	57	96	38	694