Equinox Gold (EQX) AI Stock Analysis

• Market Cap: $11.39B
• Dividend Yield: N/A
• Average Volume (3M): 2.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.40
• Revenue Growth: 90.17%
• EPS Growth: -91.76%
• Country: CA
• Employees: 3,692
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.16
• Shares Outstanding: 781,799,400
• 10 Day Avg. Volume: 2,205,498
• 30 Day Avg. Volume: 2,623,316
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $18.51
• Price Target Upside: 14.96% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: C$16.00 ▼(-0.62% Downside)

Equinox Gold's overall stock score reflects strong financial performance and positive earnings call highlights, including record production and strategic debt reduction. However, valuation concerns due to a negative P/E ratio and high all-in sustaining costs weigh on the score. Technical indicators suggest potential short-term weakness.

Positive Factors

Revenue Growth

The company's strong revenue growth indicates effective market penetration and operational success, supporting long-term business expansion and stability.

Debt Reduction

Significant debt reduction improves financial flexibility and reduces interest expenses, enhancing the company's long-term financial health.

Operational Efficiency

Improved operational efficiency at key mines enhances production capacity and cost management, supporting sustainable growth and profitability.

Negative Factors

High All-In Sustaining Costs

High all-in sustaining costs can compress profit margins, potentially limiting the company's ability to generate cash and invest in growth opportunities.

Deleveraging Challenges

High net debt levels present ongoing challenges for financial management, potentially constraining future investment and growth opportunities.

Decline in Net Profit Margin

A declining net profit margin suggests increased costs or reduced pricing power, which could impact future profitability and cash flow generation.

Equinox Gold Business Overview & Revenue Model

Company Description

Equinox Gold is a Canadian mining company engaged in the exploration, development, and production of gold. The company operates several gold mines in North America, particularly in Canada and the United States, and is focused on becoming a leading gold producer while maintaining a commitment to sustainable practices. Equinox Gold's portfolio includes both operating mines and development projects, with a strategy centered on organic growth through exploration and expansion of its existing assets.

How the Company Makes Money

Equinox Gold generates revenue primarily through the sale of gold produced from its mining operations. The company has multiple operating mines, which contribute to its overall gold output, allowing it to capitalize on fluctuating gold prices. Key revenue streams include the direct sale of gold bars and the potential for by-product revenues from other minerals produced during mining. Additionally, Equinox Gold may engage in strategic partnerships and joint ventures to enhance its resource base and operational capabilities, which can further contribute to revenue growth. The company's financial performance is influenced by factors such as gold market prices, production costs, and operational efficiency.

Equinox Gold Financial Statement Overview

Summary

Equinox Gold demonstrates strong revenue growth and operational efficiency, with improved margins and a significant increase in free cash flow. The balance sheet is stable with moderate leverage and a strong equity base. However, the decline in net profit margin and low free cash flow to net income ratio indicate areas for potential improvement.

Income Statement

Equinox Gold has demonstrated strong revenue growth with a 12.34% increase in the TTM period. The gross profit margin improved to 23.25%, indicating better cost management. However, the net profit margin decreased to 18.07% from the previous year's 22.41%, suggesting increased expenses or lower pricing power. The EBIT and EBITDA margins are healthy at 38.60% and 27.87%, respectively, reflecting operational efficiency.

Balance Sheet

The company maintains a moderate debt-to-equity ratio of 0.42, indicating a balanced approach to leverage. The return on equity (ROE) is 9.30%, which is a positive sign of profitability, although it has slightly decreased from the previous year. The equity ratio stands at 52.80%, showing a strong equity base relative to total assets, which enhances financial stability.

Cash Flow

Equinox Gold's free cash flow has seen significant growth, increasing by over 2000% in the TTM period, which is a positive indicator of cash generation capability. However, the free cash flow to net income ratio is low at 1.87%, suggesting limited cash conversion from profits. The operating cash flow to net income ratio is 58.91%, indicating a reasonable conversion of net income to cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.91B	1.51B	1.09B	952.20M	1.08B	842.51M
Gross Profit	588.96M	523.95M	108.98M	84.97M	215.32M	223.62M
EBITDA	606.51M	948.08M	291.09M	183.52M	338.01M	232.51M
Net Income	46.63M	339.29M	28.88M	-106.03M	554.89M	22.29M
Balance Sheet
Total Assets	10.02B	6.71B	4.35B	3.86B	3.97B	2.67B
Cash, Cash Equivalents and Short-Term Investments	430.49M	245.47M	284.66M	237.64M	546.03M	344.93M
Total Debt	1.78B	1.41B	945.37M	842.10M	567.63M	555.19M
Total Liabilities	4.73B	3.32B	1.91B	1.50B	1.38B	1.22B
Stockholders Equity	5.29B	3.40B	2.44B	2.35B	2.59B	1.45B
Cash Flow
Free Cash Flow	166.04M	-39.89M	-164.84M	-500.60M	-23.45M	43.61M
Operating Cash Flow	574.69M	372.18M	358.46M	56.47M	320.78M	216.51M
Investing Cash Flow	-294.10M	-1.11B	-462.67M	-419.00M	-347.57M	-129.32M
Financing Cash Flow	-41.96M	792.48M	92.50M	254.31M	-1.59M	190.08M

Equinox Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EQX, the sentiment is Positive. The current price of 16.1 is above the 20-day moving average (MA) of 15.87, above the 50-day MA of 14.96, and above the 200-day MA of 10.62, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 56.36 is Neutral, neither overbought nor oversold. The STOCH value of 38.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EQX.

Equinox Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGC	79 Outperform	$6.82B	13.24	21.15%	0.31%	51.00%	532.40%
WDO	76 Outperform	C$3.01B	12.40	42.97%	―	69.33%	253.46%
TXG	71 Outperform	$5.48B	12.56	17.29%	―	5.33%	143.67%
CXB	69 Neutral	―	―	―	―	20.03%	-46.48%
NGD	69 Neutral	C$7.59B	22.43	22.29%	―	48.70%	1718.41%
EQX	65 Neutral	$11.39B	―	1.41%	―	90.17%	-91.76%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Equinox Gold Corporate Events

Equinox Gold Reports Financial Growth in Q3 2025

On November 5, 2025, Equinox Gold Corp. released its condensed consolidated interim financial statements for the three and nine months ended September 30, 2025, and 2024. The financial statements reveal a significant increase in total assets and liabilities compared to the previous year, indicating growth in the company’s operations. This financial update provides stakeholders with insights into the company’s financial health and operational progress, which could impact its market positioning and future investment strategies.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$16.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves Record Q3 Production and Revenue, Strengthens Financial Position

Equinox Gold reported record production and revenue for Q3 2025, with 236,382 ounces of gold produced and revenue of $819 million. The company improved its financial position by reducing debt by $139 million and generating $88 million from the sale of Nevada assets. Operational advancements at the Greenstone and Valentine projects are expected to drive strong performance into 2026, with Valentine reaching significant milestones ahead of schedule. These developments underscore Equinox Gold’s strategic focus on enhancing production capacity and financial stability, benefiting stakeholders and positioning the company for future growth.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$16.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves Record Q3 Production and Strengthens Financial Position

Equinox Gold Corp. announced a record production of 236,470 ounces of gold in Q3 2025, marking a strong performance following a recent merger. The company is on track to meet its annual production guidance despite divesting its Nevada assets. Significant operational improvements were noted at the Greenstone Gold Mine, with increased mining rates and improved mill grades, while the Valentine Gold Mine commenced production ahead of schedule. Equinox also strengthened its financial position by reducing debt and selling non-core assets, positioning itself for continued growth and value creation into 2026.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$12.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves First Gold Pour at Valentine Mine

Equinox Gold announced the first gold pour at its Valentine Gold Mine in Newfoundland and Labrador, Canada, on September 14, 2025. This milestone marks the start of production at Valentine, which is expected to become the largest gold mine in Atlantic Canada and a significant economic contributor to the region. The mine is anticipated to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years of its 14-year reserve life. The successful commissioning of the Valentine process plant positions Equinox Gold to ramp up production capacity, further solidifying its position as a major player in the Canadian gold mining industry.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$12.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves First Gold Pour at Valentine Mine, Boosting Canadian Production

Equinox Gold has announced the successful first gold pour at its Valentine Gold Mine in Newfoundland and Labrador, marking a significant milestone for the company. This achievement positions Valentine to become Equinox Gold’s second-largest mine and the largest gold mine in Atlantic Canada, with expected annual production of 175,000 to 200,000 ounces of gold for the first 12 years. The commencement of production at Valentine, alongside the ramp-up of the Greenstone project, sets Equinox Gold on a path to becoming the second-largest producer of Canadian gold, benefiting employees, communities, and shareholders.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$17.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold’s Earnings Call Highlights Operational Gains

Equinox Gold’s recent earnings call conveyed a generally positive sentiment, highlighting significant operational improvements and strategic progress in asset management. However, the company acknowledged ongoing challenges related to grade levels, community agreements, and tax/legal uncertainties, which pose risks to its operations.

Equinox Gold Advances Canadian Operations with Key Milestones and Leadership Enhancements

Equinox Gold has processed its first ore at the Valentine Gold Mine in Newfoundland & Labrador, marking a significant milestone as it aims to produce between 175,000 and 200,000 ounces of gold annually for the next 12 years. The company is also enhancing its leadership at the Greenstone Gold Mine in Ontario, with new appointments to drive performance and stakeholder relations, signaling a pivotal phase of growth and increased production and cash flow.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$11.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Reports Strong Q2 2025 Results

Equinox Gold Corp., a Canadian mining company, is focused on high-quality gold operations across the Americas and is guided by a seasoned leadership team aiming for long-term value creation.

Equinox Gold Reports Strong Q2 2025 Results and Anticipates Growth Surge in Q3

Equinox Gold reported strong financial and operational results for the second quarter of 2025, highlighted by increased mining and processing rates at its Greenstone project. The company is poised for significant growth in the third quarter with the integration of Calibre assets, the ramp-up of the Canadian Greenstone Gold Mine, and the startup of the Valentine Gold Mine. This strategic expansion is expected to enhance production and cash flow, positioning Equinox Gold as a leading player in the gold mining industry.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold’s Castle Mountain Project Joins FAST-41 Program

Equinox Gold’s Castle Mountain Mine Phase Two Project in California has been accepted into the U.S. FAST-41 permitting program, which aims to streamline environmental reviews and improve regulatory certainty. This acceptance is expected to facilitate a more efficient permitting process, potentially reducing timelines and allowing for a timely construction decision. The project is anticipated to produce approximately 200,000 ounces of gold annually over a 14-year mine life, reinforcing Equinox Gold’s strategy of developing long-life, low-cost mines in top-tier jurisdictions.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Divests Non-Core Nevada Assets for $115 Million

Equinox Gold has announced the sale of its non-core Nevada Assets, including the Pan Mine, Gold Rock Project, and Illipah Project, to Minera Alamos Inc. for US$115 million. This strategic divestment aligns with Equinox Gold’s commitment to optimizing its portfolio and focusing on core operations, which is expected to enhance shareholder returns and strengthen the company’s balance sheet. The transaction, anticipated to close in the fourth quarter of 2025, will provide Equinox Gold with significant cash proceeds and equity exposure to Minera Alamos’ portfolio.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold to Release Q2 2025 Financial Results

Equinox Gold Corp. is set to release its unaudited financial and operating results for the second quarter of 2025 on August 13, 2025. This announcement is significant as it provides stakeholders with insights into the company’s recent performance, which could impact investor perceptions and market positioning.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.