Equinox Gold Corp (EQX) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Equinox Gold Corp stock $2.79, price $11.28, that is 75.3% below the price, quality 32 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $2.52 – $18.72 · fair‑value band $2.79 – $3.49 · the $11.28 price screens above the $2.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Equinox Gold Corp. engages in the acquisition, exploration, development, and operation of mineral properties in the Americas. It primarily explores gold and silver deposits. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017.
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Equinox Gold Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.
Stock analysis
Equinox Gold Corp (EQX) currently trades at $11.28, while our model-based Fair Value estimate is $2.79, 75% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $6.42 per share, and 1 of the 14 models we run sit above the $11.28 price.
Bear case: the Economic Profit group reads lowest at $1.30, and 13 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $2.79 (bear) to $3.49 (bull), the price of $11.28 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 32/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Equinox Gold Corp reported revenue of $1.8B in FY2025 versus $1.1B in FY2021, a compound +14.3%/yr. Reported net income was $225M in FY2025, compounding −20.2%/yr from FY2021.
Key figures
Market cap $12.9B Large · P/E ratio 23.5 · P/S ratio 2.86 · EPS (TTM) $0.4800 · Dividend yield 0.3% · Net margin 12.2% · Return on equity 8.5% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −12% fair-value upside, at −75%, EQX screens richer than that median.
Fair Value models
Bear$2.79Fair Value $2.79Bull$3.49
Price $11.28 · Downside -75.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.3810 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income$3.29$3.26$3.4076
EPV$1.06$1.30$1.5174
ROIC Compounder$1.06$1.30$1.5172
All 14 models by family
Earnings-Based
Graham-Dodd$1.31$9.15$12.8563
Lynch FV$3.90$5.57$7.2461
PEG = 1.0$3.90$5.57$7.2457
EPV$1.06$1.30$1.5174
Multiples
P/E Multiple$2.46$3.28$4.1063
P/S Multiple$1.78$2.38$2.9758
P/B Multiple$10.89$14.52$18.1555
EV/EBIT$2.98$4.29$5.6165
EV/EBITDA$5.23$7.30$9.3767
EV/Revenue$0.6800$1.39$2.1151
Asset-Based
NCAV (Graham)$2.42$3.24$4.8454
Economic Profit
Residual Income$3.29$3.26$3.4076
ROIC Compounder$1.06$1.30$1.5172
Growth Earnings
Growth-Adj P/E$4.49$6.42$8.3467
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+22.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.9%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+129.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.5%
Dividend (yield on the price)0.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 24%
News mood ⓘNews mood, the average tone of recent news (91 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Scaled Canadian output via merger offers growth potential yet thin moat and negative free cash flow remain the core limitations in this commodity business.
Main risk: US sanctions targeting Nicaragua's gold sector could restrict financing options or increase operational risks for the company's Nicaraguan mines.
Bull case: By prioritising its growing Canadian and US portfolio and securing long-term community agreements in Mexico the company could reduce jurisdictional exposure and deliver steadier output from lower-risk assets.
Bear case: Intensified sanctions, permitting delays or community disputes in Nicaragua or Mexico could force production cuts, higher compliance costs or asset sales and limit the ability to realise growth from the expanded resource base.
Equinox Gold scaled into a senior North American producer through the Orla merger, with Canadian operations now accounting for more than sixty percent of output and drilling extending high-grade zones along the Musselwhite trend. Our models see the stock as overvalued. Will the expanded resource base and production growth from these assets outweigh execution risks at the new projects, or will they fall short?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Gold · 203 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−75.3% · Bottom 25%
Profitability
Return on equity (12 months)8.5% · Below median
Return on assets2.1% · Below median
Net margin (12 months)28.1% · Above median
Operating margin (12 months)32.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)169.3% · Top 25%
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.24× · Highest 25%
Valuation Multiplesvs Gold median · lower = cheaper
P/E (12 months)23.5× · Priciest 25%
P/B2.23× · Cheaper than median
P/S (12 months)4.45× · Pricier than median
EV/EBITDA8.2× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 1
FUTURE (revenue growth)100· sector 100
PAST (return on equity)34· sector 44
HEALTH (low debt)88· sector 98
DIVIDEND (yield)5· sector 25
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Equinox Gold Corp (EQX) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $2.79 versus a price of $11.28, about 75% lower (overvalued).
What is the fair value of EQX?
Our model-based fair value for Equinox Gold Corp is $2.79 (as of Nov 5, 2026), built from audited fundamentals. The current price: $11.28.
What is the quality score of EQX?
Equinox Gold Corp has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Equinox Gold Corp (EQX)?
Our model-based price target is the fair value of $2.79 (as of Nov 5, 2026) from 14 valuation models. Cautious scenario $2.79, optimistic scenario $3.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Equinox Gold Corp stock forecast for 2026?
Our models put fair value at $2.79, about 75% lower versus a price of $11.28 (overvalued). Cautious scenario $2.79, optimistic scenario $3.49. The calculation is refreshed regularly with new filings.
What is the revenue of Equinox Gold Corp (EQX)?
Equinox Gold Corp reported trailing-twelve-month revenue of about $2.9B (latest available figure, as of Nov 5, 2026).
Does Equinox Gold Corp pay a dividend?
Equinox Gold Corp currently shows a dividend yield of 0.27% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Equinox Gold Corp (EQX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Equinox Gold Corp it is $2.79 per share (as of Nov 5, 2026), against a price of $11.28. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Equinox Gold Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, EQX trades above its calculated fair value: price $11.28, fair value $2.79, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EQX?
No. The price is what the market pays today ($11.28); the fair value is what the company's own numbers justify ($2.79). For Equinox Gold Corp the two are $8.49 per share apart. That gap is exactly why we show both numbers side by side.
How much is Equinox Gold Corp worth?
The market values Equinox Gold Corp at about $12.9B (market capitalisation, as of Nov 5, 2026). Per share that is $11.28; our models calculate a fair value of $2.79 per share.
What do the bullish and bearish scenarios say about EQX?
Our models span a range for Equinox Gold Corp: cautious scenario $2.79, base $2.79, optimistic $3.49 per share (as of Nov 5, 2026, price $11.28). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EQX?
Equinox Gold Corp trades at a price-to-earnings ratio of 23.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $2.79 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2020 to 2025), reported earnings: 39.3. Other multiples: P/B 2.2, P/S 4.4, EV/EBITDA 8.2.
How solid is the balance sheet of Equinox Gold Corp (EQX)?
Balance-sheet figures for Equinox Gold Corp (as of Nov 5, 2026): return on equity 8.5%, debt of 0.24 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is EQX from its 52-week high?
Equinox Gold Corp trades at $11.28, about 40% below its 52-week high of $18.72 and 31% above the low of $8.62 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $2.79 is for.
Which stocks are comparable to Equinox Gold Corp?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Equinox Gold Corp stock attractive at the current price?
The data as of Nov 5, 2026: price $11.28, calculated fair value $2.79 (−75%), Quality Score 32/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EQX calculated?
We run Equinox Gold Corp through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.79, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Equinox Gold Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Equinox Gold Corp (EQX)?
The closing price on Nov 4, 2026 was $11.28. Our model-based fair value is $2.79, about 75% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Equinox Gold Corp right now?
The price sits above even our optimistic bull case ($3.49). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Equinox Gold Corp
How large is the market capitalisation of Equinox Gold Corp (EQX)?
The market capitalisation of Equinox Gold Corp is $12.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Equinox Gold Corp (EQX)?
The price-to-sales ratio of Equinox Gold Corp is 2.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Equinox Gold Corp (EQX)?
Earnings per share at Equinox Gold Corp are $0.4800 (price ÷ EPS = P/E 23.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Equinox Gold Corp (EQX)?
The dividend yield of Equinox Gold Corp is 0.3% (payout 6.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Equinox Gold Corp (EQX)?
The net margin of Equinox Gold Corp is 12.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Equinox Gold Corp (EQX)?
The return on equity (ROE) of Equinox Gold Corp is 8.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Equinox Gold Corp (EQX)?
On an EBIT basis the return on assets of Equinox Gold Corp is 2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Equinox Gold Corp (EQX)?
The operating margin of Equinox Gold Corp is 32.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Equinox Gold Corp (EQX)?
Revenue at Equinox Gold Corp is growing +169% versus a year earlier (3y avg +24.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Equinox Gold Corp (EQX)?
Earnings per share at Equinox Gold Corp are growing +452% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Equinox Gold Corp (EQX) generate?
The free cash flow of Equinox Gold Corp is −$6.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Equinox Gold Corp (EQX) carry?
The net debt of Equinox Gold Corp is $1.1B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 5, 2026