Latest Ratios: P/E Ratio 27.2x · EV/EBITDA 9.2x · ROE 4.9%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.7B | $8.8B | $2.4B | $1.5B | $997M | $2.3B | $2.3B | $862M | $344M | — | — |
| Enterprise Value | $8.9B | $10.0B | $3.5B | $2.3B | $1.6B | $2.5B | $2.5B | $1.1B | $500M | — | — |
| P/E Ratio → | 27.22 | 39.00 | 7.38 | 53.56 | — | 4.05 | 103.40 | — | — | — | — |
| P/S Ratio | 4.18 | 4.79 | 1.57 | 1.42 | 1.05 | 2.08 | 2.67 | 3.06 | 11.42 | — | — |
| P/B Ratio | 1.07 | 1.53 | 0.70 | 0.63 | 0.42 | 0.87 | 1.56 | 2.14 | 0.81 | — | — |
| P/FCF | — | — | — | — | — | — | 27.87 | — | — | — | — |
| P/OCF | 11.07 | 12.68 | 6.39 | 4.31 | 17.66 | 7.03 | 8.83 | 14.44 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.41 | 2.34 | 2.11 | 1.72 | 2.33 | 2.92 | 3.76 | 16.57 | — | — |
| EV / EBITDA | 9.18 | 10.34 | 7.70 | 8.66 | 8.22 | 7.31 | 7.59 | 11.23 | — | — | — |
| EV / EBIT | 20.16 | 22.72 | 4.89 | 30.68 | — | 4.37 | 29.80 | 243.33 | — | — | — |
| EV / FCF | — | — | — | — | — | — | 30.47 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 25.0% | 20.1% | 10.0% | 8.9% | 21.3% | 34.3% | 29.8% | 26.6% | -78.8% | -114.5% |
| Operating Margin | 23.8% | 23.8% | 15.7% | 4.6% | 1.1% | 13.5% | 20.5% | 19.6% | -112.5% | -201.8% | -317.8% |
| Net Profit Margin | 12.2% | 12.2% | 22.4% | 2.7% | -11.1% | 51.3% | 2.6% | -6.5% | -165.3% | -108.1% | -224.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.9% | 4.9% | 11.6% | 1.2% | -4.3% | 27.5% | 2.4% | -4.4% | -12.6% | -7.7% | -7.0% |
| ROA | 2.6% | 2.6% | 6.1% | 0.7% | -2.7% | 16.7% | 1.3% | -2.3% | -8.0% | -5.8% | -5.2% |
| ROIC | 5.7% | 5.7% | 4.6% | 1.2% | 0.3% | 4.9% | 11.5% | 7.0% | -5.5% | -12.7% | -18.6% |
| ROCE | 5.8% | 5.8% | 4.8% | 1.3% | 0.3% | 4.9% | 11.0% | 8.1% | -6.2% | -11.5% | -7.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.27 | 0.41 | 0.39 | 0.36 | 0.22 | 0.38 | 0.66 | 0.51 | 0.12 | — |
| Debt / EBITDA | 1.61 | 1.61 | 3.06 | 3.56 | 4.23 | 1.65 | 1.71 | 2.80 | — | — | — |
| Net Debt / Equity | — | 0.20 | 0.34 | 0.31 | 0.27 | 0.10 | 0.15 | 0.49 | 0.37 | -0.07 | -0.60 |
| Net Debt / EBITDA | 1.18 | 1.18 | 2.54 | 2.83 | 3.22 | 0.76 | 0.65 | 2.08 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | 2.60 | — | — | — | — |
| Interest Coverage | 2.41 | 2.41 | 7.61 | 1.25 | -1.44 | 13.88 | 2.08 | 0.25 | -4.53 | -0.95 | -5.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.56 | 1.56 | 1.14 | 1.74 | 2.41 | 2.89 | 2.90 | 1.13 | 1.28 | 2.83 | 31.89 |
| Quick Ratio | 1.27 | 1.27 | 0.53 | 0.88 | 1.44 | 2.39 | 1.97 | 0.78 | 0.82 | 2.72 | 31.06 |
| Cash Ratio | 0.45 | 0.45 | 0.36 | 0.59 | 0.87 | 1.36 | 1.56 | 0.52 | 0.59 | 2.34 | 28.71 |
| Asset Turnover | — | 0.18 | 0.23 | 0.25 | 0.25 | 0.27 | 0.32 | 0.34 | 0.04 | 0.03 | 0.01 |
| Inventory Turnover | 3.76 | 3.76 | 2.90 | 2.38 | 3.27 | 4.22 | 2.67 | 4.28 | 0.45 | 8.76 | 1.92 |
| Days Sales Outstanding | — | 12.90 | 16.88 | 27.61 | 29.17 | 16.95 | 24.12 | 35.49 | 224.82 | 265.42 | 1086.46 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 2.6% | 13.5% | 1.9% | — | 24.7% | 1.0% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 3.6% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $630M | $474M | $316M | $304M | $334M | $218M | $112M | $92M | $89M | $88M |
Operational volatility at Los Filos
Based on current market data, Equinox Gold trades at a forward P/E of 7.02, which suggests that investors are pricing in a significant earnings expansion following the commissioning of the Greenstone project, despite the historical volatility in its trailing P/E multiple of 26.97.
The divergence between trailing and forward multiples indicates that the market is looking past recent operational friction to a normalized production state. This valuation appears to hinge on the successful execution of the Greenstone ramp-up, as the current PEG ratio of 0.92 implies that the stock may be undervalued relative to its projected growth trajectory.
As reported in financial statements, the company's ROIC has struggled to gain sustained momentum, peaking at only 4.4% in 2026Q1, which indicates that the massive capital deployment into new projects has yet to yield returns that exceed the company's likely cost of capital.
The low ROIC trend reflects the heavy burden of non-performing assets and the long lead times inherent in mining development. Investors should monitor whether the transition to commercial production at Greenstone can drive a structural improvement in capital returns, or if the asset base remains too bloated to generate meaningful compounding.
According to historical data, the cash conversion cycle has been highly erratic, reaching 96 days in 2025Q4, which highlights significant challenges in managing inventory and receivables across a geographically dispersed portfolio of seven distinct mining operations.
The high DIO and fluctuating DPO suggest that the company is frequently tying up liquidity in inventory, which may be a byproduct of the operational complexities at sites like Los Filos. This inefficiency warrants further investigation, as it directly impacts the company's ability to self-fund its ongoing capital requirements.
Based on reported figures, the interest coverage ratio has shown extreme volatility, swinging from a negative 0.96 in 2024Q1 to 10.91 in 2026Q1, which suggests that the company's ability to service its debt is highly sensitive to gold price fluctuations and operational output.
While the 2026Q1 coverage ratio appears more comfortable, the historical trend of low or negative coverage indicates that the balance sheet remains vulnerable to commodity price downturns. The reliance on convertible debt and credit facilities necessitates a cautious view on the company's long-term financial flexibility.
The reported debt-to-equity ratio of 0.10 in 2026Q1 is a commonly misapplied metric for this business model, as it obscures the significant off-balance-sheet obligations and convertible note structures that characterize the company's actual financial risk profile.
Investors should prioritize the Debt/EBITDA ratio over simple leverage metrics, as the latter fails to capture the true burden of the company's financing arrangements. Relying on D/E ratios in this context may lead to an underestimation of the financial risk, particularly given the company's history of aggressive, debt-funded expansion.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying EQX stock.
Equinox Gold Corp.'s current P/E ratio is 27.2x. The historical average is 41.5x. This places it at the 40th percentile of its historical range.
Equinox Gold Corp.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
Equinox Gold Corp.'s return on equity (ROE) is 4.9%. The historical average is -29.2%.
Based on historical data, Equinox Gold Corp. is trading at a P/E of 27.2x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Equinox Gold Corp. has 25.0% gross margin and 23.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Equinox Gold Corp.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.