Stock fact sheet · data as of
Equinox Gold Corp. (EQX): fair value, margin of safety and Wheel Score
Ticker symbol EQX · Basic Materials · Gold · Canada · Blend
Is EQX undervalued?
At 11.28 (close of 5 Nov 2026), EQX trades 43% below the GLS average fair value of 19.95. That average comes from 8 models run on the latest filings, and 6 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Equinox Gold Corp. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The 8 models disagree widely: DDM gives 0.7725 while GLS Growth gives 63.37. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for EQX, so the nightly engine files it under Blend (value score 66, growth score 83, out of 100).
Nine valuation models for EQX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 13.70 | +21% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 31.48 | +179% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.70 | +4% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 63.37 | +462% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 24.00 | +113% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 3.06 | -73% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 0.7725 | -93% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 11.50 | +2% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -2.37 | -121% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 13.00 | +15% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health EQX scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 3.3 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 3.1%, ROE 3.9%, ROA 2.1% - with debt at 0.27 times equity and a free-cash-flow yield of 0.5%.
The dividend yield is 0.47% with a payout ratio of 3% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Gold 100%, Silver 0% (fiscal year FY2021).
Institutional ownership scores 7/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 3.1% |
|---|---|---|---|
| GLS Moat | 3.3 / 10 | ROE | 3.9% |
| Debt / equity | 0.27 | ROA | 2.1% |
| Free-cash-flow yield | 0.5% | Payout ratio | 3% |
| Institutions | 7 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 80: Good
EQX scores 80 out of 100 on the Wheel Score (Good band, 70-84): it passes all 9 Wheel Trade Filters. How it ranks: value strong, premium strong, moat weak, health good, red flags good, option trading good, stability weak; Stability (weak) holds it back.
Implied volatility is 55% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. The option chain is deep: 92,436 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 28.4M shares a day on a market cap of $13.2B, with a beta of 2.49 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 43% below fair value | |
| Premium | Strong | implied volatility 55% | |
| Moat | Weak | moat 3.3/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Good | 3,169 contracts a day, 92,436 open interest | |
| Stability | Weak | beta 2.49, $13.2B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Equinox Gold Corp. reports earnings on 9 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Gold
The 12 companies below are the closest to Equinox Gold Corp. by market cap within the Gold industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| AGI Alamos Gold Inc. | 30.00 | 55.98 | +46% | 83Good | $12.6B |
| CDE Coeur Mining, Inc. | 14.58 | 29.40 | +50% | 48Weak | $15.1B |
| HMY Harmony Gold Mining Company Limited | 16.41 | 46.62 | +65% | 85Prime | $10.3B |
| PAAS Pan American Silver Corp. | 41.49 | 64.66 | +36% | 82Good | $17.2B |
| IAG Iamgold Corporation | 17.47 | 54.47 | +68% | 82Good | $10.0B |
| EGO Eldorado Gold Corporation | 33.54 | 66.63 | +50% | 52Fair | $8.8B |
| RGLD Royal Gold, Inc. | 246.08 | 246.80 | +0% | 37Weak | $20.9B |
| KGC Kinross Gold Corporation | 21.42 | 50.99 | +58% | 87Prime | $25.4B |
| BTG B2Gold Corp. | 5.11 | 7.24 | +29% | 83Good | $6.8B |
| OR OR Royalties Inc. | 34.50 | 33.79 | -2% | 39Weak | $6.5B |
| AUGO Aura Minerals | 72.39 | 72.58 | +0% | 31Weak | $6.1B |
| SSRM SSR Mining Inc. | 28.15 | 26.66 | -6% | 39Weak | $5.7B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about EQX
Is EQX undervalued right now?
By the GLS models, yes: at 11.28 the stock is 43% below the average fair value of 19.95 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of EQX and what does it mean?
EQX scores 80 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for EQX?
19.95 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Equinox Gold Corp. report earnings next?
The next earnings report is due on 9 Nov 2026 (after the close), 4 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does EQX have listed options, and how liquid are they?
Yes. The nightly snapshot found 48 listed contracts with 92,436 open interest across all expiries and implied volatility of 55% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.