Is EQX or FSM more undervalued in 2026?

CirclFi compares Equinox Gold Corp. (EQX) and Fortuna Mining Corp. (FSM) using 13 institutional-grade valuation models. EQX has a Quality of Company score of 2.0/10 while FSM scores 8.8/10.

Which is a better buy — EQX or FSM?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do EQX and FSM valuations compare?

EQX at $12.58 and FSM at $9.81 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

EQX vs FSM Valuation Comparison 2026 — Intrinsic Value Analysis

EQX

Gold

Equinox Gold Corp.

Quality

2.0

out of 10

Value Trap

SAFE

Price

$12.58

Last close

Models

13/13

Active

FSM

Gold

Fortuna Mining Corp.

Quality

8.8

out of 10

Value Trap

SAFE

Price

$9.81

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	EQX Fair Value	EQX Upside	FSM Fair Value	FSM Upside
Bayesian DCF	Intrinsic	$2.73	-78.3%	$15.78	+60.9%
Earnings Power Value	Intrinsic	$2.36	-83.6%	$10.93	+11.4%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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EQX vs FSM — Which Stock Is More Undervalued?

FSM scores higher with a 8.8/10 quality rating vs EQX's 2.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Equinox Gold Corp. (EQX) and Fortuna Mining Corp. (FSM) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

EQX currently trades at $12.58 with a QOC of 2.0/10, while FSM trades at $9.81 with a QOC of 8.8/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).