Equinox Gold (TSE:EQX)
TSX:EQX
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Equinox Gold
(TSX:EQX)
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Rating:74Outperform
Price Target:
C$22.00
▲(2.95% Upside)
Action:UpgradedDate:05/09/26
The score is driven primarily by improved financial performance (strong TTM profitability, much lower leverage, and positive free cash flow) and supportive valuation (low P/E and high dividend yield). This is tempered by weaker near-term technical signals (negative MACD and trading below key short/mid-term moving averages) and execution/cost risks highlighted on the earnings call related to ramp-ups and near-term capital needs.
Positive Factors
Balance-sheet Deleveraging
Substantial debt repayment and large available liquidity materially improve financial flexibility and lower refinancing and liquidity risk. A stronger balance sheet supports continued project funding, dividends/buybacks and shields operations from commodity or cyclical shocks over the next 2–6 months.
Negative Factors
Ramp-up & Weather Sensitivity
Operational performance remains weather-sensitive and ramp-dependent; winter disruptions and early-stage ramp variability can persistently reduce output and raise unit costs. Such seasonality and ramp risk can produce multi-quarter volatility in production, margins and cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet Deleveraging
Substantial debt repayment and large available liquidity materially improve financial flexibility and lower refinancing and liquidity risk. A stronger balance sheet supports continued project funding, dividends/buybacks and shields operations from commodity or cyclical shocks over the next 2–6 months.
Read all positive factors
Equinox Gold (EQX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$15.40B
Dividend YieldN/A
Average Volume (3M)2.67M
Price to Earnings (P/E)9.2
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. Volume2,232,654
30 Day Avg. Volume2,674,988
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$29.07Price Target Upside36.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.38
Revenue Forecast (FY)C$3.76B
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: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
21.02
Positive
20.51
Positive
16.73
Positive
Market Momentum
0.17
Negative
55.67
Neutral
51.80
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 19.53, above the 50-day MA of 21.02, and above the 200-day MA of 16.73, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 55.67 is Neutral, neither overbought nor oversold. The STOCH value of 51.80 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$15.07B | 7.28 | 26.05% | ― | 87.39% | 21.18% | |
74 Outperform | C$15.40B | 9.18 | 10.73% | ― | 65.86% | 10.18% | |
74 Outperform | C$9.74B | 7.74 | 15.70% | 1.71% | 85.46% | ― | |
74 Outperform | C$21.75B | 10.26 | 16.65% | 2.31% | 38.40% | ― | |
72 Outperform | C$24.92B | 24.81 | 22.48% | 0.25% | 46.83% | 306.46% | |
64 Neutral | C$12.29B | 12.45 | 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
19.54
10.95
127.45%
TSE:ELD
Eldorado Gold
46.67
21.72
87.07%
TSE:IMG
IAMGOLD
25.59
16.79
190.80%
TSE:BTO
B2Gold
7.25
3.20
78.84%
TSE:AGI
Alamos Gold
59.34
24.64
71.01%
TSE:EDV
Endeavour Mining
89.87
52.13
138.11%
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...
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...
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.