Equinox Gold Corp. EQX

MaterialsMetals & MiningCanada

Last close 9.70 USD on Nov 1, 2026, −30.6% year to date

Quant rating

Quant rating A Rank 25 of 220 in Materials

Growth A 5 of 220
Valuation B 87 of 220
Quality B 37 of 220
Revisions A 12 of 220
Momentum C 104 of 220

Wall Street consensus Buy (2.00)Average target 14.98 USD +54.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.3B
Enterprise value: 11.6B
52-week range: 8.49 – 18.93
3-year range: 3.97 – 18.93
Dividend yield: 0.93%
Beta (5 years): 1.33
Shares outstanding: 1,167M
Next earnings: Nov 9, 2026

About the company

Equinox Gold Corp. is a Canada-based North America's senior gold producer. The Company's operating mines include Greenstone, Valentine, Musselwhite, Mesquite, Camino Rojo and Nicaragua Operations. Its growth projects include Valentine Phase 2, South Railroad, Castle Mountain Phase 2, Los Filos Expansion, and Camino Rojo Underground. Greenstone is a multi-million-ounce gold project located in the mining jurisdiction of Ontario, Canada, approximately 275 kilometers (km) northeast of Thunder Bay in Geraldton, Ontario. Valentine Gold Mine is located in central Newfoundland and Labrador, Canada. Musselwhite Gold Mine is located in the mining jurisdiction of Ontario, Canada, approximately 500 km north of Thunder Bay. Mesquite is located in Imperial County, California, United States. Camino Rojo is located in the jurisdiction of Zacatecas, Mexico. Nicaragua Operations is a series of underground and open-pit mines with ore trucked to one of two mills: Limon and Libertad.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,817	913	1,088	952	1,082	–
Revenue growth	99.1%	−16.1%	14.3%	−12.0%	28.0%	16.5%
EPS (basic, normalized)	0.67	0.24	0.07	−0.30	0.22	–
EPS growth	179.2%	242.9%	–	–	–	–
Gross margin	54.1%	34.6%	29.8%	28.6%	39.5%	37.3%
Net margin	−1.0%	28.5%	2.7%	−11.1%	51.3%	14.1%
ROE	−0.4%	8.9%	1.2%	−4.3%	27.5%	6.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	482
Current ratio	1.33x
Long-term debt (mil)	680
Net debt (mil)	265
Total equity (mil)	6,369
Net debt / equity	0.04x
Net debt / EBITDA	0.20x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,817	+99.1%	6.4x	1,340	+142.9%	8.7x	0.67	+179.2%	14.5x
2026	4,000	+120.1%	2.9x	2,253	+68.2%	5.1x	1.18	+76.6%	8.2x
2027	5,331	+33.3%	2.2x	3,194	+41.8%	3.6x	1.72	+44.9%	5.7x
2028	6,679	+25.3%	1.7x	4,913	+53.8%	2.4x	2.27	+32.2%	4.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,000	+3.1%	+7.3%	+9.6%	1.18	−1.9%	−6.0%	−23.3%
2027	5,331	+5.5%	+16.4%	+26.4%	1.72	+5.2%	+4.1%	−21.0%
2028	6,679	+5.4%	+35.3%	+71.4%	2.27	+10.6%	+30.6%	+56.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	241	269	428	575	424	479	819	988	862	770
Sales mean (mil)	278	306	438	568	434	512	824	985	929	774
Surprise	−13.0%	−12.1%	−2.2%	+1.3%	−2.4%	−6.5%	−0.6%	+0.3%	−7.2%	−0.6%
EPS reported	−0.04	−0.01	0.09	0.17	−0.08	0.11	0.19	0.34	0.28	0.15
EPS mean	−0.07	−0.01	0.12	0.21	0.14	0.01	0.14	0.28	0.28	0.17
Surprise	+44.2%	+33.3%	−23.5%	−20.5%	−156.1%	+685.7%	+37.7%	+19.7%	0.0%	−11.8%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EQX Equinox Gold Corp.	11.3B	0.20x	−1.0%	1.20x	8.2x	5.7x	5.1x	3.6x
WPM Wheaton Precious Metals Corp.	52.8B	1.09x	63.6%	5.45x	25.1x	24.3x	17.9x	16.7x
FNV Franco-Nevada Corporation	43.4B	–	61.0%	5.27x	26.9x	24.7x	18.8x	17.7x
PAAS Pan American Silver Corp.	15.7B	–	27.0%	2.15x	8.0x	6.8x	5.1x	4.5x
LUG Lundin Gold Inc.	14.2B	−0.43x	44.4%	26.15x	14.1x	13.4x	8.5x	7.7x
RGLD Royal Gold, Inc.	19.4B	0.31x	45.2%	2.55x	21.7x	17.6x	12.8x	11.0x
Mean		0.29x	40.0%	7.13x	17.3x	15.4x	11.4x	10.2x
Median		0.25x	44.8%	3.91x	17.9x	15.5x	10.7x	9.4x

Technical analysis

1M−13.6%
3M+6.2%
1Y−9.7%
3Y+111.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Equinox Gold Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,817	913	1,088	952	1,082	845
Cost of revenue	835	597	764	680	655	423
Gross profit	983	316	324	272	427	422
Selling, general & administrative expenses	181	50.9	46.6	55.1	50.0	80.7
Research & development	10.9	1.6	11.7	18.4	16.3	11.8
Depreciation/amortization	341	112	216	188	198	133
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.7	−585	4.3	−5.0	−110	24.0
Other operating expenses	0	0	0	0	0	0
Operating income	445	737	45.3	15.3	273	173
Net interest income (expense)	−264	−187	−3.8	−100	291	−116
Gain (loss) on sale of assets	–	–	−0.3	−13.7	−12.4	−1.7
Other non-operating income (expense)	−49.9	−16.2	−26.4	0.4	−17.1	−12.3
Net income before taxes	131	533	14.8	−98.4	535	43.1
Provision for taxes	150	273	−14.1	7.6	−19.9	20.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−18.9	260	28.9	−106	555	22.3
Extraordinary items	240	79.0	–	–	–	–
Net income	221	339	28.9	−106	555	22.3
EBIT, normalized	517	153	49.6	10.4	163	197
EBITDA, normalized	857	262	337	240	406	375
Basic EPS, normalized	0.67	0.24	0.07	−0.30	0.22	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Equinox Gold Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	570	245	285	238	546	345
Receivables	65.5	70.0	82.3	76.1	50.3	55.9
Total inventory	370	418	412	265	202	208
Prepaid expenses	26.4	44.5	37.3	40.0	33.5	35.7
Other current assets	939	6.5	17.7	36.2	332	1.2
Total current assets	1,971	784	834	655	1,163	646
Property, plant & equipment	7,910	5,565	3,225	2,840	2,498	1,859
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	0	32.4	29.8	151	125	22.3
Note receivable	18.8	37.7	13.4	–	–	–
Other long-term assets	636	295	248	210	181	146
Total assets	10,535	6,714	4,350	3,856	3,967	2,673
Liabilities
Accounts payable	–	128	113	123	137	–
Payable/accrued	302	–	–	–	–	131
Accrued expenses	–	113	118	104	0	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	243	171	165	21.4	44.8	22.3
Other current liabilities	717	277	84.0	24.3	221	69.9
Total current liabilities	1,262	689	480	272	403	223
Long-term debt	1,593	1,359	807	842	541	542
Minority interest	–	–	–	–	–	–
Other liabilities	1,885	1,268	622	389	438	460
Total liabilities	4,740	3,316	1,908	1,503	1,382	1,225
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4,875	2,799	2,086	2,036	2,007	1,518
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	913	688	428	369	494	−69.5
Treasury stock	–	–	–	–	–	–
Other equity	7.5	−89.0	−70.7	−52.1	84.9	0
Total equity	5,795	3,398	2,442	2,353	2,585	1,449
Total liabilities & shareholders' equity	10,535	6,714	4,350	3,856	3,967	2,673

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Equinox Gold Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	221	339	28.9	−106	555	22.3
Depreciation, depletion & amortization	518	223	216	189	198	152
Deferred taxes	–	–	–	–	–	–
Non-cash items	305	−112	296	83.6	−464	129
Changes in working capital	−226	−77.6	−183	−110	31.7	−48.0
Cash from operations	818	372	358	56.5	321	256
Investing activities
Capital expenditures	−692	−412	−523	−557	−344	−175
Other investing cash flows	234	−700	60.6	138	−3.3	43.6
Cash from investing	−459	−1,112	−463	−419	−348	−131
Financing activities
Financing cash flow items	−132	−126	−50.2	−27.0	−23.5	−27.7
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−39.6	919	143	281	21.9	180
Cash from financing	−172	792	92.5	254	−1.6	153
Foreign exchange effects	2.9	−5.6	2.9	−1.1	−6.5	−0.1
Net change in cash	191	47.3	−8.8	−109	−34.9	277
Free cash flow	126	−39.9	−165	−501	−23.4	81.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.