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Equinox Gold
(NYSE MKT:EQX)
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Rating:72Outperform
Price Target:
C$18.00
▲(37.61% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by improved profitability and a much stronger, lower-leverage balance sheet, tempered by inconsistent free cash flow conversion. Valuation is supportive (low P/E and high dividend yield), while technicals are positive short-term but stretched and still below longer-term trend levels. Earnings call tone is constructive with stronger guidance/liquidity and a dividend raise, but near-term cost and operational execution risks remain meaningful.
Positive Factors
Balance sheet strength & liquidity
A materially stronger balance sheet (net cash position and ~ $1.2B liquidity) and materially lower leverage provide durable financial flexibility. This supports capital allocation for projects, dividend policy and buffers cyclical gold-price swings, reducing refinancing and solvency risk over the medium term.
Negative Factors
Weak free cash flow conversion
Free cash flow remains modest relative to reported earnings and volatile year-to-year, reflecting heavy reinvestment and timing effects. Low FCF conversion constrains the firm's ability to sustainably fund growth, pay dividends or build reserves without depending on good operating performance or favorable gold prices.
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Positive Factors
Negative Factors
Balance sheet strength & liquidity
A materially stronger balance sheet (net cash position and ~ $1.2B liquidity) and materially lower leverage provide durable financial flexibility. This supports capital allocation for projects, dividend policy and buffers cyclical gold-price swings, reducing refinancing and solvency risk over the medium term.
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Equinox Gold (EQX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$18.80B
Dividend Yield0.26%
Average Volume (3M)3.22M
Price to Earnings (P/E)10.7
Beta (1Y)2.60
Revenue Growth62.66%
EPS GrowthN/A
CountryCA
Employees3,692
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.10
Shares Outstanding1,167,459,800
10 Day Avg. Volume2,857,298
30 Day Avg. Volume3,218,404
Financial Highlights & Ratios
PEG Ratio-0.75
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$22.85Price Target Upside74.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.17
Revenue Forecast (FY)C$3.97B
Equinox Gold Business Overview & Revenue Model
Company Description
Equinox Gold Corp. specializes in the exploration, development, acquisition, and management of mineral properties, primarily targeting gold and silver deposits. The company boasts a diverse portfolio of assets, including the Aurizona gold mine in ...
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:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and growth-oriented outlook driven by the transformational Orla combination, strong liquidity, a 50% dividend increase and clear operational improvements at Valentine and Greenstone. At the same time, the company disclosed several near-term operational and cost challenges — selectivity and grade delivery at Valentine, recovery issues at Greenstone (arsenopyrite), higher fuel assumptions (~+50%) and elevated near-term capital spending for restarts and studies. Management emphasized disciplined integration, execution focus and capital prioritization. On balance, the highlights (scale, liquidity, guidance, dividend, and measurable operational gains) outweigh the disclosed near-term execution and cost headwinds, provided the teams deliver on the stated remediation plans.Positive Updates
Transformational Combination and Scale
Completion of business combination with Orla Mining creates a larger senior gold producer with a stronger operating platform, expanded organic growth pipeline and pro forma annualized production of ~1.1 million ounces (combined-company view). The addition of Musselwhite and Camino Rojo contributes five months of production in 2026.
Negative Updates
Selectivity and Grade Delivery Challenges at Valentine
Valentine experienced selectivity/dilution issues versus feasibility expectations earlier in the year, requiring operational changes. Mining rates and selectivity ramp were slower than initial mine plan assumptions, contributing to lower realized grades in the first half and the need for continued improvement into 2027.
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Q2-2026 Updates
Positive
Negative
Transformational Combination and Scale
Completion of business combination with Orla Mining creates a larger senior gold producer with a stronger operating platform, expanded organic growth pipeline and pro forma annualized production of ~1.1 million ounces (combined-company view). The addition of Musselwhite and Camino Rojo contributes five months of production in 2026.
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Company Guidance
Management updated 2026 guidance to consolidated production of 870,000–920,000 ounces (pro forma ~1.1M ounces) reflecting 12 months of legacy Equinox and five months of Musselwhite and Camino Rojo, with stronger second‑half performance expected; total cash costs are guided at $1,600–$1,700/oz and all‑in sustaining costs at $1,900–$2,000/oz. Key operational metrics: Valentine averaged >1.8 g/t mill feed in July (company assuming ~1.8–1.85 g/t and ~93–94% recoveries for the back half), Greenstone averaged ~26,000 tpd in Q2 and was just over ~28,000 tpd in early August (Q2 recoveries ~80%) with a trommel due by year‑end, and management cited a back‑end production profile of roughly 80,000–90,000 ounces. Balance sheet and capital metrics: cash ≈ $650M, net cash ≈ $214M, available liquidity ≈ $1.2B, Board approved a 50% dividend increase to $0.09 per share annually, and 2026 growth CapEx includes Valentine Phase‑2 $50–60M plus additional project spend (Los Filos ~$35–40M, Camino Rojo ~$25–35M) pushing consolidated CapEx toward the ~$180–$200M range; fuel assumptions are modeled ~50% higher than prior plans.Equinox Gold Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.13B | 1.85B | 1.51B | 1.09B | 952.20M | 1.08B |
| Gross Profit | 1.35B | 462.16M | 523.95M | 108.98M | 84.97M | 215.32M |
| EBITDA | 1.64B | 966.48M | 948.08M | 291.09M | 130.78M | 338.01M |
| Net Income | 825.89M | 225.35M | 339.29M | 28.88M | -106.03M | 554.89M |
Balance Sheet | ||||||
| Total Assets | 9.79B | 10.52B | 6.71B | 4.35B | 3.86B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 481.58M | 569.00M | 245.47M | 284.66M | 237.64M | 546.03M |
| Total Debt | 583.00M | 1.83B | 1.41B | 945.37M | 842.10M | 567.63M |
| Total Liabilities | 3.43B | 4.73B | 3.32B | 1.91B | 1.50B | 1.38B |
| Stockholders Equity | 6.37B | 5.78B | 3.40B | 2.44B | 2.35B | 2.59B |
Cash Flow | ||||||
| Free Cash Flow | 110.14M | -6.70M | -39.89M | -164.84M | -500.60M | -23.45M |
| Operating Cash Flow | 1.01B | 697.77M | 372.18M | 358.46M | 56.47M | 320.78M |
| Investing Cash Flow | 76.64M | -466.70M | -1.11B | -462.67M | -419.00M | -347.57M |
| Financing Cash Flow | -1.17B | -40.00M | 792.48M | 92.50M | 254.31M | -1.59M |
Equinox Gold Technical Analysis
Neutral
13.08
Price Trends
14.15
Positive
16.59
Negative
18.24
Negative
Market Momentum
0.53
Negative
60.75
Neutral
83.82
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EQX, the sentiment is Neutral. The current price of 13.08 is below the 20-day moving average (MA) of 13.83, below the 50-day MA of 14.15, and below the 200-day MA of 18.24, indicating a neutral trend. The MACD of 0.53 indicates Negative momentum. The RSI at 60.75 is Neutral, neither overbought nor oversold. The STOCH value of 83.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | C$14.39B | 8.92 | 28.08% | ― | 83.00% | 41.80% | |
72 Outperform | C$18.80B | 10.69 | 10.73% | 0.32% | 62.66% | ― | |
72 Outperform | C$19.57B | 11.90 | 26.09% | 0.43% | 46.49% | 237.61% | |
72 Outperform | C$19.25B | 15.98 | 26.18% | 2.99% | 27.09% | 253.66% | |
69 Neutral | C$14.45B | 13.49 | 12.38% | 0.46% | 27.53% | 41.90% | |
69 Neutral | C$9.58B | 8.69 | 21.87% | 2.04% | 72.47% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:EQX
Equinox Gold
15.64
4.86
45.14%
TSE:ELD
Eldorado Gold
53.56
22.65
73.28%
TSE:IMG
IAMGOLD
24.76
13.73
124.48%
TSE:BTO
B2Gold
7.07
1.85
35.31%
TSE:AGI
Alamos Gold
45.80
10.81
30.91%
TSE:EDV
Endeavour Mining
77.16
33.00
74.75%
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.