Equinox Gold (ASE) (TSE:EQX)
XASE:EQX
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Equinox Gold
(NYSE MKT:EQX)
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Rating:72Outperform
Price Target:
C$19.00
▼(-11.09% Downside)
Action:Reiterated
Date:06/02/26
The score is driven primarily by improved financial performance (stronger profitability and much lower leverage) and a constructive earnings call with reaffirmed guidance and significant deleveraging. Offsetting these positives, technicals remain weak with the stock trading below key moving averages and a negative MACD, while valuation is mid-range and the dividend yield is minimal.
Positive Factors
Deleveraging & Liquidity
Material deleveraging and near‑term liquidity provide durable financial flexibility. A sharply reduced net debt burden and ~ $1B available liquidity lower refinancing risk, enable funding of committed project work, and support capital allocation (buybacks/dividend) while preserving options over the coming years.
Negative Factors
Ramp‑up Variability
Operational variability from ramp phases and weather is a persistent structural risk for Canadian assets. Uneven mining rates and seasonal access constraints can depress quarterly production, raise unit costs, and complicate annual guidance conversion into reliable cash flows until ramp‑in and weather mitigation become routine.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging & Liquidity
Material deleveraging and near‑term liquidity provide durable financial flexibility. A sharply reduced net debt burden and ~ $1B available liquidity lower refinancing risk, enable funding of committed project work, and support capital allocation (buybacks/dividend) while preserving options over the coming years.
Read all positive factors
Equinox Gold (EQX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.82B
Dividend YieldN/A
Average Volume (3M)4.92M
Price to Earnings (P/E)17.5
Beta (1Y)2.20
Revenue Growth65.86%
EPS Growth10.18%
CountryCA
Employees3,692
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.86
Shares Outstanding788,281,900
10 Day Avg. Volume9,202,853
30 Day Avg. Volume4,920,495
Financial Highlights & Ratios
PEG Ratio-0.76
Price to Book (P/B)1.53
Price to Sales (P/S)4.79
P/FCF Ratio-1.32K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$30.55Price Target Upside42.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.46
Revenue Forecast (FY)C$3.83B
Equinox Gold Business Overview & Revenue Model
Company Description
Equinox Gold Corp. engages in the operation, acquisition, exploration, and development of mineral properties. The company primarily explores for gold and silver deposits. Its properties include the Aurizona gold mine located in Maranhão State; the...
How the Company Makes Money
Equinox Gold makes money primarily by producing and selling gold from its operating mines. Revenue is recognized when refined gold (e.g., doré bars that are subsequently refined) or gold-bearing product is sold to customers such as refiners, trade...
Equinox Gold Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call was broadly positive: management reported strong production, robust adjusted EBITDA ($527M), solid net income ($310M), substantial deleveraging (repayment of $990M of debt), improved liquidity (nearly $1B available) and meaningful ramp progress at Greenstone and Valentine (throughput up 6% at Greenstone and post‑shutdown mill at Valentine running at 124% of nameplate). Notable operational challenges were weather‑related impacts, early ramp selectivity and grade reconciliation issues (especially at Valentine and localized turnover at Greenstone), and near‑term capital demands (e.g., Greenstone shear key ~ $80M). Overall, the positives — financial strength, cash generation, liquidity and clear project execution plans — materially outweigh the operational ramp and weather headwinds, which management characterized as addressable.Positive Updates
Strong Production and Operational Metrics
Produced 197,000 ounces of gold in Q1 2026; Canadian operations contributed over 87,000 ounces (~44% of quarterly production). Cash costs of $1,633/oz and AISC of $1,950/oz.
Negative Updates
Ramp-up Variability and Winter Impacts
Q1 performance experienced variability typical of ramp-ups and severe winter conditions: Greenstone mining rates were marginally lower than Q4 due to heavy snowfall; Valentine mining was hampered by severe winter that delayed access to planned ore zones and constrained material movement.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Production and Operational Metrics
Produced 197,000 ounces of gold in Q1 2026; Canadian operations contributed over 87,000 ounces (~44% of quarterly production). Cash costs of $1,633/oz and AISC of $1,950/oz.
Read all positive updates
Company Guidance
Management said they remain on track to meet full‑year production and cost guidance and expect steady quarter‑over‑quarter improvements as Greenstone and Valentine ramp to nameplate, underpinning a long‑term outlook of >500,000 oz/year for the next decade; Q1 metrics included 197k oz produced, cash costs ~$1,633/oz and AISC ~$1,950/oz, with >199k oz sold at a realized ~$4,600/oz generating $527M adjusted EBITDA, net income from operations of $310M ($0.39/sh) and adjusted net income of $234M ($0.30/sh); operational highlights were Greenstone >60k oz (mining ~180k tpd, mill 24.6k tpd, 51% of days >nameplate, April mining ~200k tpd), Valentine >27k oz (90% of nameplate for Q1, Feb–Mar >100%, post‑shutdown April average 8,488 tpd or 124% nameplate), and Nicaragua a record 81k oz; the balance sheet was strengthened with $363M cash, net debt ~ $80M (ex‑convertibles), ~$1B available liquidity as of Apr 30, $990M of debt repaid, sale of Brazilian assets, a refinanced RCF on improved terms, a share buyback and a $0.01/sh quarterly dividend, while 2026 CapEx includes ~$80M for the tailings shear‑key and committed spend toward Valentine Phase 2 and other long‑lead items.Equinox Gold Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.84B | 1.85B | 1.51B | 1.09B | 952.20M | 1.08B |
| Gross Profit | 1.21B | 462.16M | 523.95M | 108.98M | 84.97M | 215.32M |
| EBITDA | 1.38B | 966.48M | 948.08M | 291.09M | 130.78M | 338.01M |
| Net Income | 619.12M | 225.35M | 339.29M | 28.88M | -106.03M | 554.89M |
Balance Sheet | ||||||
| Total Assets | 9.66B | 10.52B | 6.71B | 4.35B | 3.86B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 499.62M | 569.00M | 245.47M | 284.66M | 237.64M | 546.03M |
| Total Debt | 614.73M | 1.55B | 1.41B | 945.37M | 842.10M | 567.63M |
| Total Liabilities | 3.53B | 4.73B | 3.32B | 1.91B | 1.50B | 1.38B |
| Stockholders Equity | 6.13B | 5.78B | 3.40B | 2.44B | 2.35B | 2.59B |
Cash Flow | ||||||
| Free Cash Flow | 131.09M | -6.70M | -39.89M | -164.84M | -500.60M | -23.45M |
| Operating Cash Flow | 915.27M | 697.77M | 372.18M | 358.46M | 56.47M | 320.78M |
| Investing Cash Flow | 368.43M | -466.70M | -1.11B | -462.67M | -419.00M | -347.57M |
| Financing Cash Flow | -1.09B | -40.00M | 792.48M | 92.50M | 254.31M | -1.59M |
Equinox Gold Technical Analysis
Positive
21.37
Price Trends
19.02
Negative
20.31
Negative
18.19
Positive
Market Momentum
-0.57
Negative
51.76
Neutral
46.86
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 21.37 is above the 20-day moving average (MA) of 18.46, above the 50-day MA of 19.02, and above the 200-day MA of 18.19, indicating a neutral trend. The MACD of -0.57 indicates Negative momentum. The RSI at 51.76 is Neutral, neither overbought nor oversold. The STOCH value of 46.86 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$14.68B | 10.40 | 26.05% | ― | 87.39% | 21.18% | |
75 Outperform | C$8.87B | 11.80 | 15.70% | 1.71% | 85.46% | ― | |
74 Outperform | C$20.90B | 17.38 | 27.75% | 2.31% | 38.40% | ― | |
72 Outperform | C$14.82B | 17.48 | 10.73% | ― | 65.86% | 10.18% | |
72 Outperform | C$23.75B | 16.12 | 25.24% | 0.25% | 46.83% | 306.46% | |
64 Neutral | C$12.16B | 11.65 | 13.68% | ― | 39.21% | 76.75% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:EQX
Equinox Gold
18.80
9.41
100.23%
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46.58
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TSE:EDV
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Equinox Gold Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Equinox Gold Posts Strong Q1, Slashes Debt and Pays First Dividend
Positive
Apr 9, 2026
Equinox Gold reported a strong first quarter of 2026, producing 197,628 ounces of gold, including 87,402 ounces from its ramping Canadian mines, and highlighting improved throughput and winter mining performance at the Greenstone mine as well as s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.