Equinox Gold Corp.

Gold

EQXMixed8 of 10 basics passed

$11.42

+2.70%

Market cap $13.3B

$11.42

+2.70%

Market cap $13.3B

Equinox Gold Corp is a mining company engaged in the operation, acquisition, exploration, and development of mineral properties, with a focus on gold. The company operates gold mines and a clear plan to increase production by advancing the pipeline of growth projects.

It is a $13.3B materials company. Revenue grew 99.1% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~2.0 years of free cash flow. It trades at 16.4× earnings.

Website: equinoxgold.com
Employees: 3 317
Sector: Basic Materials

Share price · 3 years

$4.25 → $11.42+168.7%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $1.82B
Profit: keeps 12¢ of every $1 sold; $221M
Free cash flow: cash left after running the business; $179M
Net debt: debt minus cash on hand; $357M
P/E: years of profit in the price; 16.4
EPS: earnings per share, FY2025; $0.28
Shares: up 157% since 2021 — dilution; 789.3M
Volatility: beta vs the market — under 1 swings less; 1.32

Revenue, last 5 years

52-week range

Low $8.62$11.42High $18.76

Today's price is 28% of the way from the year's low to its high.

Valuation vs own history

P/E

60.2×

26%

P/S

7.3×

EV/EBITDA

27.4×

61%

P/B

2.1×

11%

FCF yield

1.3%

11%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Basic Materials

Size$13.3Btop 66%
Revenue growth+24%top 27%
Net margin32%top 20%
Return on equity14%top 52%
P/E16.4×top 52%

Ranked against 51 Basic Materials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth and Moat lag behind.

Valuation42

P/E vs own history74th pct · 5/25
FCF yield1.3% · 5/25
P/S5.2x · 12/25
EV/EBITDA10.0x · 20/25

Growth45

Revenue CAGR13.8% · 20/25
Net income CAGR-20.5% · 0/25
EPS CAGR ~5Y-37.2% · 0/25
Fwd implied growth94.3% · 25/25

Profitability62

ROIC3.3% · 5/25
ROE13.6% · 12/25
Net margin12.2% · 20/25
Operating margin38.1% · 25/25

Health53

Altman Z2.16 · 18/25
Current ratio1.33 · 12/25
Interest coverage1.5x · 3/25
Net cash / debtD/A 4% · 20/25

Quality74

Piotroski F6/9 · 15/25
Beneish M-2.65 · 25/25
FCF conversion81% · 22/25
Margin stabilityσ 9.4% · 12/25

Moat18

ROIC >12% years0/5 yrs · 0/25
Median gross margin34.5% · 13/25
FCF-positive years2/5 yrs · 5/25
Worst-year net marginworst -11.1% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
First recorded profitable year
$555M net income
FY2021Financial
Revenue already above $1B
$1.08B in first reported year
FY2021Financial
Best year on record
$555M net income

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$16 794 today — price return only

$1.8B revenue in FY2025

Revenue up 99.1% year over year

Profitable 3 years in a row

3 317 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (62.1%)
Revenue growing 99.1% year over year
Could repay net debt from ~2.0 years of free cash flow

Watch-outs

Thin interest coverage (1.5×)
Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+99.1% YoY
Profitable — makes more than it spends$221M FY2025
Profit growing — earnings are higher than last year+28.1% YoY
Generates cash — cash left after running and investing$179M FY2025
Debt under control — could handle its obligations~2.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$13.3B market cap
Not printing shares — share count not ballooning — you keep your slice+156.8% shares over ~5y
Proven track record — years of profitability behind it4/5 profitable years
Financially stable — balance sheet not near distressAltman Z 2.2 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 16.4

Peer comparisonEquinox Gold Corp. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
EQX this company	$13.3B	16.4	+99.1%	12.2%	Mixed
LIN Linde plc Ordinary Share	$223.2B	30.8	+6.6%	20.4%	Solid
SCCO Southern Copper Corporation	$176.8B	31.2	+32.8%	35.9%	Strong
NEM Newmont Corporation	$124.2B	14.4	+25.2%	33.4%	Strong
FCX Freeport-McMoran Inc.	$105.8B	35.9	+0.2%	11.4%	Strong
AEM Agnico Eagle Mines Ltd.	$95.8B	15.9	+43.7%	37.5%	Strong
B Barrick Mining Corporation	$67.5B	10.1	+9.2%	31.6%	Strong

Head-to-head: EQX vs LIN · EQX vs SCCO · EQX vs NEM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 4Hold 1

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.82B · net income $221M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$1.82B

YoY 99.1%

Net income (FY2025)

$221M

Margin 12.2%

Gross margin

62.1%

Operating margin

38.1%

P/E ratio

16.4

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	1.1	1.0	1.1	0.9	1.8
Gross profit	0.4	0.3	0.3	0.3	1.0
Operating income (EBIT)	0.2	0.0	0.0	0.2	0.5
Net income	0.6	-0.1	0.0	0.3	0.2
EPS (diluted)	1.81	-0.33	0.06	0.43	0.28

Cash flowFree cash flow $179M · operating cash flow $1.07B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$179M

Margin 9.9%

Operating cash flow (FY2025)

$1.07B

FY basis

FCF margin

9.9%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.1	0.4	0.4	0.8	1.1
Capital expenditure	-0.6	-0.5	-0.4	-0.7	-0.9
Free cash flow	-0.5	-0.2	-0.0	0.1	0.2
FCF margin	-46.3%	-17.3%	-3.7%	13.8%	9.9%

Balance sheetAssets $9.79B · net debt $357M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $9.79B of assets is financed

35%

65%

Liabilities $3.43B — borrowed moneyEquity $6.37B — owners' stake

Cash vs debt

Total debt $839M − cash $482M = net debt $357M

Cash on hand covers 57% of debt.

Altman Z-Score

2.16

Grey zone

Debt repayment

2.0 yrs

Years of free cash flow to clear net debt

Interest coverage

1.5x

EBIT ÷ interest expense

ROE

13.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.3	0.2	0.6	0.5
Total assets	3.9	4.4	6.7	10.5	9.8
Total liabilities	1.5	1.9	3.3	4.7	3.4
Total debt	0.9	1.0	1.5	1.8	0.8
Equity	2.4	2.4	3.4	5.8	6.4
Net debt	0.6	0.7	1.3	1.3	0.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of EQX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $11.42 · market cap $13.3B.