Equinox Gold (TSE:EQX)
TSX:EQX
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Equinox Gold
(TSX:EQX)
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Rating:62Neutral
Price Target:
C$18.50
▲(10.58% Upside)
Action:DowngradedDate:02/21/26
The score is driven primarily by mixed financial quality (notably persistent negative free cash flow despite improved operating cash flow) and a very demanding valuation (extremely high P/E). These are partially offset by a strong uptrend in the technicals and a constructive earnings call with progress on operations and debt reduction.
Positive Factors
Production scale and successful mine ramp-ups
Sustained higher production from multiple operations (Greenstone improvements and Valentine commissioning) strengthens long-term revenue base and reduces single-mine concentration risk. Consistent ramp-ups support predictable output, better fixed-cost absorption and multi-year cash flow potential assuming steady gold prices.
Negative Factors
Persistent negative free cash flow
Repeated negative free cash flow constrains the company's ability to self-fund growth, sustain dividends, or rapidly pay down debt. Over multiple quarters this forces reliance on asset sales, external financing or equity issuance, increasing dilution risk and limiting strategic optionality during downcycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Production scale and successful mine ramp-ups
Sustained higher production from multiple operations (Greenstone improvements and Valentine commissioning) strengthens long-term revenue base and reduces single-mine concentration risk. Consistent ramp-ups support predictable output, better fixed-cost absorption and multi-year cash flow potential assuming steady gold prices.
Read all positive factors
Equinox Gold (EQX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.19B
Dividend YieldN/A
Average Volume (3M)2.96M
Price to Earnings (P/E)39.3
Beta (1Y)2.08
Revenue Growth90.17%
EPS Growth-91.76%
CountryCA
Employees3,692
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.15
Shares Outstanding788,281,900
10 Day Avg. Volume3,537,193
30 Day Avg. Volume2,958,107
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$27.33Price Target Upside63.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.28
Revenue Forecast (FY)C$3.51B
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 gold at its operating mines and selling that gold into the market. Revenue is recognized based on the quantity of refined gold (or gold-bearing product) delivered to customers and the prevailing gold...
Equinox Gold Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: record 2025 production (922k oz), robust adjusted EBITDA ($579M) and significant deleveraging (net debt down to ~$75M), enabling the inaugural dividend and a 5% NCIB. Ramp-up progress at Greenstone and Valentine, plus exploration discoveries and a pipeline of organic growth, were highlighted. Offsetting items include an audit delay, a localized regulatory claim in Brazil, metallurgical/recovery challenges at Greenstone tied to arsenic and an interim rise in costs at the Nicaragua operations, but management characterized these as manageable and expected to normalize. Overall the positive operational achievements, strengthened balance sheet and capital return initiatives materially outweigh the isolated challenges reported.Positive Updates
Record Annual and Strong Q4 Production
2025 record gold production of 922,000 ounces; Q4 production of 247,024 ounces (sold 242,392 ounces). Q4 Greenstone production >72,000 ounces, 29% higher than Q3 and ~60% higher than Q1.
Negative Updates
Audit Delay Related to Transaction Activity
Audit is taking longer due to the Calibre merger, asset sales and classification of Brazil as discontinued operations; management does not expect changes to the unaudited results but the delay is an administrative overhang.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual and Strong Q4 Production
2025 record gold production of 922,000 ounces; Q4 production of 247,024 ounces (sold 242,392 ounces). Q4 Greenstone production >72,000 ounces, 29% higher than Q3 and ~60% higher than Q1.
Read all positive updates
Company Guidance
Equinox said it finished a transformational 2025 (922,000 oz produced) and is guiding materially higher and more stable output in 2026: Greenstone is guided to 250,000–300,000 oz in 2026 at AISC $1,750–$1,850/oz (plant hit 30 consecutive days at nameplate in Dec, mill capacity ~30,000 tpd, days > nameplate rose from 17% in H1 to 36% in Q4 and ~50% YTD), Valentine is expected to contribute 150,000–200,000 oz in 2026 (Q4 poured 23,207 oz, plant averaged ~90% nameplate in Q4 and should reach steady nameplate by Q2), and management is advancing Valentine Phase 2 (feasibility for 4.5–5.0 Mtpa to lift production >200k oz/yr) while planning 25,000 m of 2026 drilling plus a 20,000 m Minotaur program; financially they exited the year with >$400M cash and reduced net debt from ~$1.4B in June to ~$75M (end-Jan), announced an inaugural quarterly dividend of $0.015/share (expected fixed for ~12–24 months) and an NCIB for up to 5% of shares, and reported Q4 sales of 242,392 oz at a realized $4,060/oz, adjusted EBITDA $579M and adjusted net income $272.9M ($0.35/sh).Equinox Gold Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.85B | 1.51B | 1.09B | 952.20M | 1.08B |
| Gross Profit | 462.16M | 523.95M | 108.98M | 84.97M | 215.32M |
| EBITDA | 966.48M | 948.08M | 291.09M | 130.78M | 338.01M |
| Net Income | 225.35M | 339.29M | 28.88M | -106.03M | 554.89M |
Balance Sheet | |||||
| Total Assets | 10.52B | 6.71B | 4.35B | 3.86B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 569.00M | 245.47M | 284.66M | 237.64M | 546.03M |
| Total Debt | 1.55B | 1.41B | 945.37M | 842.10M | 567.63M |
| Total Liabilities | 4.73B | 3.32B | 1.91B | 1.50B | 1.38B |
| Stockholders Equity | 5.78B | 3.40B | 2.44B | 2.35B | 2.59B |
Cash Flow | |||||
| Free Cash Flow | -6.70M | -39.89M | -164.84M | -500.60M | -23.45M |
| Operating Cash Flow | 697.77M | 372.18M | 358.46M | 56.47M | 320.78M |
| Investing Cash Flow | -466.70M | -1.11B | -462.67M | -419.00M | -347.57M |
| Financing Cash Flow | -40.00M | 792.48M | 92.50M | 254.31M | -1.59M |
Equinox Gold Technical Analysis
Negative
16.73
Price Trends
21.27
Negative
19.99
Negative
15.84
Positive
Market Momentum
-1.41
Positive
33.03
Neutral
22.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EQX, the sentiment is Negative. The current price of 16.73 is below the 20-day moving average (MA) of 20.64, below the 50-day MA of 21.27, and above the 200-day MA of 15.84, indicating a neutral trend. The MACD of -1.41 indicates Positive momentum. The RSI at 33.03 is Neutral, neither overbought nor oversold. The STOCH value of 22.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | C$23.45B | 18.00 | 22.48% | 0.25% | 34.64% | 115.75% | |
75 Outperform | C$13.81B | 14.03 | 18.40% | ― | 56.17% | -51.73% | |
74 Outperform | C$18.30B | 18.05 | 16.65% | 2.31% | 73.23% | ― | |
67 Neutral | C$9.09B | 14.13 | 12.40% | ― | 44.88% | 38.67% | |
62 Neutral | C$13.19B | 39.29 | 4.51% | ― | 90.17% | -91.76% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$7.60B | 14.58 | 12.15% | 1.71% | 34.31% | ― |
* Basic Materials Sector Average
TSE:EQX
Equinox Gold
16.73
6.89
70.02%
TSE:ELD
Eldorado Gold
45.78
21.84
91.23%
TSE:IMG
IAMGOLD
23.45
14.44
160.27%
TSE:BTO
B2Gold
5.66
1.59
38.96%
TSE:AGI
Alamos Gold
55.85
17.90
47.17%
TSE:EDV
Endeavour Mining
75.50
42.54
129.04%
Equinox Gold Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Equinox Gold Posts Record 2025, Slashes Debt and Launches Dividend
Positive
Feb 18, 2026
Equinox Gold reported a transformational 2025, highlighted by its merger with Calibre, record annual gold production of 922,827 ounces and revenue of $2.71 billion, alongside portfolio optimization through asset divestments and major operational i...
Business Operations and StrategyStock BuybackDividends
Equinox Gold Launches First Quarterly Dividend and Share Buyback Plan
Positive
Feb 18, 2026
Equinox Gold has introduced its first regular shareholder return program, declaring an inaugural quarterly cash dividend of US$0.015 per share, equivalent to US$0.06 annually, reflecting management’s confidence in the company’s strengt...
Business Operations and Strategy
Equinox Gold Unveils Major AI-Supported Gold Discovery at Valentine Mine
Positive
Feb 2, 2026
Equinox Gold has reported a significant new gold discovery, dubbed the Minotaur Zone, roughly 8 km northwest of the Valentine mill in Newfoundland and Labrador, alongside additional high-grade gold mineralization in the Frank Zone, which lies sout...
Business Operations and StrategyM&A Transactions
Equinox Gold Sells Brazilian Mines for US$1 Billion and Slashes Debt
Positive
Jan 23, 2026
Equinox Gold has completed the sale of its Aurizona, RDM and Bahia gold operations in Brazil to a subsidiary of CMOC Group for total consideration of up to US$1.015 billion, including US$900 million in cash at closing and up to US$115 million in c...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Equinox Gold Posts Record 2025 Output and Targets Major Production Growth in 2026
Positive
Jan 14, 2026
Equinox Gold reported record 2025 gold production of 922,827 ounces and a record fourth quarter output of 247,024 ounces, driven by strong performance at its Greenstone mine, ahead-of-schedule commercial production at the Valentine mine, and stead...
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.