Equinox Gold Corp. (EQX) vs OR Royalties Inc. (OR)

Equinox Gold Corp. and OR Royalties Inc. are both Gold companies. Equinox Gold Corp. is the larger, with a market value of $13.7B against $6.7B — 2.1× the size. Equinox Gold Corp. trades at the lower P/E: 11.5× against 23.7×. Equinox Gold Corp. grew revenue faster over the last twelve months: 203.8% against 69.5%. OR Royalties Inc. has the higher net margin (78.0% vs 28.1%) and the higher return on invested capital (10.8% vs 10.1%). Across the 22 metrics below, Equinox Gold Corp. leads on 11 and OR Royalties Inc. on 11.

Valuation

Metric EQX OR Gold median
P/E 11.48 23.71 23.34
P/S 3.26 18.53 5.02
P/B 1.48 4.53 3.53
Price to free cash flow 35.96 47.20 16.73
EV/EBITDA 6.71 21.12 8.34
EV/Sales 3.29 18.91 4.92
Earnings yield 8.71% 4.22% 1.44%
Free cash flow yield 2.78% 2.12% 0.75%

Profitability

Metric EQX OR Gold median
Gross margin 43.65% 84.85% 50.00%
Operating margin 35.93% 77.18% 26.32%
Net margin 28.09% 78.03% 12.30%
Free cash flow margin 9.05% 83.58% 0.00%
Return on equity 13.96% 20.41% 6.36%
Return on assets 8.21% 17.17% 0.00%
Return on invested capital 10.05% 10.78% 0.52%

Growth

Metric EQX OR Gold median
Revenue growth (TTM) 203.80% 69.51% 68.15%
EPS growth (last fiscal year) (51.39%) 1,111.11% —
Revenue growth, 5-year CAGR 16.54% 11.71% 16.12%
Net income growth, 5-year CAGR 58.29% 74.88% 0.00%

Health

Metric EQX OR Gold median
Debt to equity 0.09 0.14 0.10
Current ratio 1.33 2.28 3.08
Net debt to EBITDA 1.24 (0.61) 0.00

Dividend

Metric EQX OR Gold median
Dividend yield — 1.10% 1.49%
Payout ratio 0.00 0.51 0.00

Size

Metric EQX OR Gold median
Market cap 13.74b 6.66b 1.96b

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