Equinox Gold vs Royal Gold
Equinox Gold is the larger business, with $1.82bn of revenue in fiscal 2025 against $1.03bn for Royal Gold (1.8 times as much). Equinox Gold grew faster (99.1% against 43.2%). Royal Gold kept more of each dollar of sales as profit: a net margin of 45.2% against 12.2%. Royal Gold carries less debt relative to equity (12.6% against 26.8%).
| Latest fiscal year | Equinox GoldEQX, 2025 | Royal GoldRGLD, 2025 |
|---|---|---|
| Revenue | $1.82bn | $1.03bn |
| Revenue growth | 99.1% | 43.2% |
| Net income | $221m | $466m |
| Operating margin | 23.8% | 61.9% |
| Net margin | 12.2% | 45.2% |
| Return on equity | 4.8% | 9.1% |
| Free cash flow | $126m | — |
| Cash | $430m | $234m |
| Total debt | $1.55bn | $900m |
| Debt to equity | 26.8% | 12.6% |
| Dividend per share | — | $1.82 |
| Dividend yield | — | 0.7% |
| Share buybacks | — | — |
| Employees | — | 39 |
| Market value | $6.27bn | $19.61bn |
| Price vs our value range | — | Within our value range |
| Moat score | — | 62 (Moderate) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 27 sales |