Equinox Gold (EQX) AI Stock Analysis

• Market Cap: $15.29B
• Dividend Yield: N/A
• Average Volume (3M): 2.42M
• Price to Earnings (P/E): 285.2
• Beta (1Y): 1.71
• Revenue Growth: 90.17%
• EPS Growth: -91.76%
• Country: CA
• Employees: 3,692
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.15
• Shares Outstanding: 784,776,370
• 10 Day Avg. Volume: 3,211,157
• 30 Day Avg. Volume: 2,421,538
• PEG Ratio: <0.01
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 1.50
• P/FCF Ratio: -57.06
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 5.60
• Enterprise Value/Gross Profit: 18.45
• Enterprise Value/Ebitda: 15.62
• 1Y Price Target: $24.50
• Price Target Upside: 25.75% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: C$24.00 ▲(23.20% Upside)

Equinox Gold's overall stock score is driven by strong technical indicators and positive corporate events, indicating a promising growth trajectory. However, the high P/E ratio suggests potential overvaluation, and profitability metrics need improvement. The company's robust operational performance and strategic initiatives, such as debt reduction and asset sales, contribute positively to its outlook.

Positive Factors

Record production scale

Sustained quarter-on-quarter production of this magnitude increases operational scale and revenue base, improving long-term cash generation potential. Bigger output dilutes fixed costs, supports predictable supply to buyers, and strengthens the company’s ability to fund growth and service obligations over multiple years.

Greenstone operational improvement

Rising mining rates and higher mill grades indicate durable operational optimization, boosting recoverable ounces per tonne and reducing unit costs over time. These sustained efficiency gains can materially enhance margins and free cash flow, underpinning longer-term competitiveness and project scalability.

Valentine mine ramp-up

A commissioning performance above nameplate and high recoveries de-risks future production guidance and adds durable production capacity. Reliable incremental ounces and strong metallurgical performance support sustained revenue growth and improve medium-term cash flow visibility for reinvestment and deleveraging.

Negative Factors

High all-in sustaining costs

Persistently high AISC compresses margin resilience and reduces the cushion against lower gold prices, directly limiting long-term free cash flow. Elevated unit costs make it harder to convert production gains into durable profitability, constraining ability to fund growth or accelerate debt reduction without structural cost improvements.

Weak free cash flow conversion

A meaningful decline in free cash flow growth and low conversion means earnings are not translating efficiently into cash. Over months this limits capital allocation flexibility, heightens reliance on asset sales or external financing, and can slow sustained investment in operations and exploration.

Substantial net debt burden

A high net debt load constrains financial flexibility and forces management to prioritize deleveraging over growth spending. Servicing and reducing this level of debt can absorb cash flows for many quarters, increasing balance-sheet risk and limiting the company’s capacity to fund projects or withstand prolonged commodity price weakness.

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 RDM gold mine located in Minas Gerais State; and Fazenda gold mine and the Santa Luz gold mine located in Bahia State, Brazil. The company also hold interests in the Mesquite gold mine and the Castle Mountain property situated in California, the United States; and the Los Filos Gold Mine located in Guerrero State, Mexico. In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017. Equinox Gold Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Equinox Gold generates revenue primarily through the sale of gold produced from its mining operations. The company's revenue model is built on the extraction and processing of gold ore, which is then sold in the form of gold bullion or gold concentrate to various buyers, including refiners and trading companies. Key revenue streams include direct sales of gold, as well as potential revenue from by-products such as silver or copper, depending on the specific mines' outputs. The company benefits from strategic partnerships and joint ventures that enhance its operational capabilities and market reach. Additionally, favorable gold prices significantly impact revenue, as higher market values for gold can lead to increased earnings. Overall, Equinox Gold's financial performance is closely tied to its production efficiency, cost management, and the prevailing dynamics of the gold market.

Equinox Gold Financial Statement Overview

Summary

Equinox Gold shows strong revenue growth and a solid balance sheet with low leverage, which is positive for long-term stability. However, profitability metrics indicate room for improvement, and declining free cash flow growth poses a potential risk. The company should focus on enhancing profitability and cash flow generation to strengthen its financial position further.

Income Statement

Equinox Gold has demonstrated strong revenue growth of 20.02% in the TTM, indicating a positive trajectory. The gross profit margin of 27.83% and net profit margin of 2.45% reflect moderate profitability, with room for improvement in net profitability. The EBIT margin of 16.22% and EBITDA margin of 33.28% suggest efficient operations, although the decline from previous years indicates potential challenges in maintaining margins.

Balance Sheet

The company's debt-to-equity ratio of 0.34 indicates a conservative leverage position, which is favorable for stability. Return on equity (ROE) at 1.22% is relatively low, suggesting limited efficiency in generating returns from equity. The equity ratio of 54.10% reflects a strong equity base, providing a solid foundation for financial stability.

Cash Flow

The cash flow analysis reveals a decline in free cash flow growth by 26.75%, highlighting potential liquidity challenges. The operating cash flow to net income ratio of 0.53 indicates moderate cash generation relative to net income. The free cash flow to net income ratio of 0.29 suggests that a portion of earnings is being converted into free cash flow, but there is room for improvement.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.29B	1.51B	1.09B	952.20M	1.08B	842.51M
Gross Profit	694.19M	523.95M	108.98M	84.97M	215.32M	223.62M
EBITDA	820.14M	948.08M	291.09M	130.78M	338.01M	232.51M
Net Income	130.96M	339.29M	28.88M	-106.03M	554.89M	22.29M
Balance Sheet
Total Assets	10.30B	6.71B	4.35B	3.86B	3.97B	2.67B
Cash, Cash Equivalents and Short-Term Investments	402.83M	245.47M	284.66M	237.64M	546.03M	344.93M
Total Debt	1.94B	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	5.57B	3.40B	2.44B	2.35B	2.59B	1.45B
Cash Flow
Free Cash Flow	121.63M	-39.89M	-164.84M	-500.60M	-23.45M	43.61M
Operating Cash Flow	640.77M	372.18M	358.46M	56.47M	320.78M	216.51M
Investing Cash Flow	-403.41M	-1.11B	-462.67M	-419.00M	-347.57M	-129.32M
Financing Cash Flow	-46.77M	792.48M	92.50M	254.31M	-1.59M	190.08M

Equinox Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.48
• 50DMA: Negative
• 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 Negative. The current price of 19.48 is below the 20-day moving average (MA) of 20.86, below the 50-day MA of 19.84, and above the 200-day MA of 13.57, indicating a neutral trend. The MACD of 0.60 indicates Positive momentum. The RSI at 43.34 is Neutral, neither overbought nor oversold. The STOCH value of 49.50 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGI	77 Outperform	C$21.18B	32.01	14.27%	0.25%	34.64%	115.75%
EQX	73 Outperform	$15.29B	285.21	1.41%	―	90.17%	-91.76%
ELD	72 Outperform	C$11.71B	23.03	9.54%	―	44.88%	38.67%
EDV	70 Outperform	C$17.93B	28.80	16.65%	2.31%	73.23%	―
IMG	69 Neutral	$14.68B	29.01	10.09%	―	56.17%	-51.73%
BTO	67 Neutral	C$8.86B	32.38	6.90%	1.71%	34.31%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Equinox Gold Corporate Events

Equinox Gold Sells Brazilian Mines for US$1 Billion and Slashes Debt

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 contingent production-linked payments due in 2027. The company is using the proceeds to fully repay a US$500 million term loan, extinguish a US$300 million Sprott loan and reduce its revolving credit facility, cutting senior debt to roughly US$580 million and net debt to about US$150 million, which is expected to materially lower interest costs and strengthen its balance sheet. Management says exiting Brazil streamlines the portfolio and consolidates Equinox Gold’s positioning as a North America-focused producer with greater financial flexibility to self-fund near-term growth projects that could add 450,000 to 550,000 ounces of annual gold output, supporting 2026 production guidance of 700,000 to 800,000 ounces and underpinning its strategy to enhance per-share value for shareholders.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$23.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Posts Record 2025 Output and Targets Major Production Growth in 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 steady contributions from Nicaragua, Brazil, Mesquite and Castle Mountain. The company ended 2025 with $430 million in cash, repaid $214 million of debt from late Q3, and expects 2025 all-in sustaining costs to land toward the upper end of guidance, while looking ahead to 2026 with continued production growth, an 80% increase anticipated in Canadian output, a planned sale of its Brazil operations to further de-lever the balance sheet, and expansion studies at Valentine, Castle Mountain and Los Filos that could add up to 550,000 ounces of incremental annual production, reinforcing its growth profile and operational scale in the gold sector.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$24.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Sells Brazilian Operations to Focus on North American Growth

Equinox Gold has announced the sale of its Brazilian operations for $1.015 billion to focus on North American growth. This strategic move is expected to strengthen the company’s financial position by repaying significant debt and reducing interest expenses, allowing for self-funded organic growth and potential capital returns. The transaction will enable Equinox Gold to concentrate on high-return projects in Canada and the United States, positioning the company to deliver stronger margins and sustainable returns.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$25.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves Commercial Production at Valentine Gold Mine

Equinox Gold has announced the achievement of commercial production at its Valentine Gold Mine in Newfoundland & Labrador, Canada, marking a significant milestone in its Canadian operations. The mine is expected to reach its full production capacity by Q2 2026, with plans to potentially double its mill throughput in the future, enhancing the company’s production capabilities and market position.

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.