Equinox Gold Corp. (EQX) vs Franco-Nevada Corporation (FNV)

Equinox Gold Corp. and Franco-Nevada Corporation are both Gold companies. Franco-Nevada Corporation is the larger, with a market value of $50.1B against $13.7B — 3.6× the size. Equinox Gold Corp. trades at the lower P/E: 11.5× against 33.6×. Equinox Gold Corp. grew revenue faster over the last twelve months: 203.8% against 73.6%. Franco-Nevada Corporation has the higher net margin (63.8% vs 28.1%) and the higher return on invested capital (15.7% vs 10.1%). Across the 22 metrics below, Equinox Gold Corp. leads on 11 and Franco-Nevada Corporation on 11.

Valuation

Metric EQX FNV Gold median
P/E 11.48 33.62 23.34
P/S 3.26 21.47 5.02
P/B 1.48 6.04 3.53
Price to free cash flow 35.96 49.41 16.73
EV/EBITDA 6.71 22.70 8.34
EV/Sales 3.29 21.11 4.92
Earnings yield 8.71% 2.97% 1.44%
Free cash flow yield 2.78% 2.02% 0.75%

Profitability

Metric EQX FNV Gold median
Gross margin 43.65% 77.32% 50.00%
Operating margin 35.93% 78.46% 26.32%
Net margin 28.09% 63.79% 12.30%
Free cash flow margin 9.05% 43.46% 0.00%
Return on equity 13.96% 19.91% 6.36%
Return on assets 8.21% 18.54% 0.00%
Return on invested capital 10.05% 15.72% 0.52%

Growth

Metric EQX FNV Gold median
Revenue growth (TTM) 203.80% 73.59% 68.15%
EPS growth (last fiscal year) (51.39%) 100.70% —
Revenue growth, 5-year CAGR 16.54% 12.31% 16.12%
Net income growth, 5-year CAGR 58.29% 27.80% 0.00%

Health

Metric EQX FNV Gold median
Debt to equity 0.09 0.00 0.10
Current ratio 1.33 9.38 3.08
Net debt to EBITDA 1.24 (0.41) 0.00

Dividend

Metric EQX FNV Gold median
Dividend yield — 1.28% 1.49%
Payout ratio 0.00 0.38 0.00

Size

Metric EQX FNV Gold median
Market cap 13.74b 50.12b 1.96b

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