Equinox Gold (EQX) AI Stock Analysis

• Market Cap: $15.35B
• Dividend Yield: N/A
• Average Volume (3M): 2.55M
• Price to Earnings (P/E): 286.4
• Beta (1Y): 1.68
• Revenue Growth: 90.17%
• EPS Growth: -91.76%
• Country: CA
• Employees: 3,692
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.16
• Shares Outstanding: 784,776,370
• 10 Day Avg. Volume: 2,572,819
• 30 Day Avg. Volume: 2,552,149
• 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: 0.93
• Enterprise Value/Revenue: 6.26
• Enterprise Value/Gross Profit: 20.64
• Enterprise Value/Ebitda: 17.47
• 1Y Price Target: $19.39
• Price Target Upside: -0.85% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.77
• Revenue Forecast (FY): $3.73B

• Rating: 71 Outperform
• Price Target: C$21.00 ▲(7.36% Upside)

Equinox Gold's overall stock score is driven primarily by strong technical indicators and positive earnings call highlights, including record production and strategic financial moves. However, the high P/E ratio suggests potential overvaluation, and profitability challenges remain a concern. The company's ability to manage costs and improve cash flow will be crucial for future performance.

Positive Factors

Revenue Growth

The company's strong revenue growth indicates a positive trajectory and expanding market presence, which can lead to increased market share and long-term financial stability.

Debt Reduction

Substantial debt reduction improves the company's financial health and reduces interest expenses, enhancing its ability to invest in growth opportunities and withstand economic downturns.

Operational Performance

Strong operational performance with record production and mine improvements suggests efficient operations and potential for increased profitability, supporting long-term business success.

Negative Factors

High All-In Sustaining Costs

High all-in sustaining costs can pressure profit margins, limiting the company's ability to generate cash and invest in growth, potentially impacting long-term competitiveness.

Deleveraging Challenges

Significant net debt levels pose a risk to financial flexibility and may constrain the company's ability to pursue strategic initiatives or weather economic fluctuations.

Profitability Challenges

Challenges in profitability and cash flow generation can hinder the company's ability to reinvest in its operations, affecting long-term growth and shareholder value.

Equinox Gold Business Overview & Revenue Model

Company Description

Equinox Gold is a Canadian mining company that focuses on the acquisition, exploration, and development of gold properties in North America and South America. Established with a vision to create a sustainable gold mining operation, the company operates several mines, including the Aurizona and Mesquite mines, and is engaged in various stages of gold production. Equinox Gold's portfolio is characterized by a strong emphasis on growth and operational excellence, aimed at delivering value to shareholders while adhering to responsible mining practices.

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: Positive
• Last Price: 19.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 19.56 is above the 20-day moving average (MA) of 17.34, above the 50-day MA of 16.36, and above the 200-day MA of 11.33, indicating a bullish trend. The MACD of 0.83 indicates Negative momentum. The RSI at 68.58 is Neutral, neither overbought nor oversold. The STOCH value of 98.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EQX.

Equinox Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGC	79 Outperform	$6.82B	13.24	21.15%	0.47%	51.00%	532.40%
NGD	77 Outperform	$9.04B	26.28	22.29%	―	48.70%	1718.41%
WDO	76 Outperform	C$3.01B	12.40	42.97%	―	69.33%	253.46%
EQX	71 Outperform	$15.35B	286.38	1.41%	―	90.17%	-91.76%
TXG	71 Outperform	C$6.31B	13.68	17.29%	―	5.33%	143.67%
CXB	69 Neutral	―	―	―	―	20.03%	-46.48%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Equinox Gold Corporate Events

Equinox Gold Reports Record Production and Revenue

Equinox Gold Corp. is a Canadian mining company focused on gold production with operations in Canada and the Americas, known for its high-quality, long-life gold assets and strategic growth initiatives. In its latest earnings report, Equinox Gold announced record production and revenue for the third quarter of 2025, highlighting significant advancements in its Canadian operations and a strong financial performance. The company reported a record production of 236,382 ounces of gold and revenue of $819 million, with notable contributions from its Greenstone and Valentine projects. The company’s strategic focus on operational excellence and financial discipline was evident as it reduced debt by $139 million and generated an adjusted EBITDA of $420 million. Looking ahead, Equinox Gold is optimistic about its growth trajectory, with plans to enhance production capacity and continue its disciplined approach to capital allocation and debt reduction, setting a positive outlook for 2026.

Equinox Gold Shines with Record Production and Strategic Moves

Equinox Gold’s recent earnings call painted a picture of strong operational performance, highlighted by record gold production and notable improvements at its Greenstone and Valentine mines. Financially, the company demonstrated robust results, marked by substantial debt reduction and a strategic asset sale. However, challenges remain with high all-in sustaining costs and ongoing deleveraging efforts.

Equinox Gold Reports Financial Growth in Q3 2025

On November 5, 2025, Equinox Gold Corp. released its condensed consolidated interim financial statements for the three and nine months ended September 30, 2025, and 2024. The financial statements reveal a significant increase in total assets and liabilities compared to the previous year, indicating growth in the company’s operations. This financial update provides stakeholders with insights into the company’s financial health and operational progress, which could impact its market positioning and future investment strategies.

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.

Equinox Gold Achieves Record Q3 Production and Revenue, Strengthens Financial Position

Equinox Gold reported record production and revenue for Q3 2025, with 236,382 ounces of gold produced and revenue of $819 million. The company improved its financial position by reducing debt by $139 million and generating $88 million from the sale of Nevada assets. Operational advancements at the Greenstone and Valentine projects are expected to drive strong performance into 2026, with Valentine reaching significant milestones ahead of schedule. These developments underscore Equinox Gold’s strategic focus on enhancing production capacity and financial stability, benefiting stakeholders and positioning the company for future growth.

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.

Equinox Gold Achieves Record Q3 Production and Strengthens Financial Position

Equinox Gold Corp. announced a record production of 236,470 ounces of gold in Q3 2025, marking a strong performance following a recent merger. The company is on track to meet its annual production guidance despite divesting its Nevada assets. Significant operational improvements were noted at the Greenstone Gold Mine, with increased mining rates and improved mill grades, while the Valentine Gold Mine commenced production ahead of schedule. Equinox also strengthened its financial position by reducing debt and selling non-core assets, positioning itself for continued growth and value creation into 2026.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$12.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves First Gold Pour at Valentine Mine

Equinox Gold announced the first gold pour at its Valentine Gold Mine in Newfoundland and Labrador, Canada, on September 14, 2025. This milestone marks the start of production at Valentine, which is expected to become the largest gold mine in Atlantic Canada and a significant economic contributor to the region. The mine is anticipated to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years of its 14-year reserve life. The successful commissioning of the Valentine process plant positions Equinox Gold to ramp up production capacity, further solidifying its position as a major player in the Canadian gold mining industry.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$12.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Achieves First Gold Pour at Valentine Mine, Boosting Canadian Production

Equinox Gold has announced the successful first gold pour at its Valentine Gold Mine in Newfoundland and Labrador, marking a significant milestone for the company. This achievement positions Valentine to become Equinox Gold’s second-largest mine and the largest gold mine in Atlantic Canada, with expected annual production of 175,000 to 200,000 ounces of gold for the first 12 years. The commencement of production at Valentine, alongside the ramp-up of the Greenstone project, sets Equinox Gold on a path to becoming the second-largest producer of Canadian gold, benefiting employees, communities, and shareholders.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$17.00 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold’s Earnings Call Highlights Operational Gains

Equinox Gold’s recent earnings call conveyed a generally positive sentiment, highlighting significant operational improvements and strategic progress in asset management. However, the company acknowledged ongoing challenges related to grade levels, community agreements, and tax/legal uncertainties, which pose risks to its operations.

Equinox Gold Advances Canadian Operations with Key Milestones and Leadership Enhancements

Equinox Gold has processed its first ore at the Valentine Gold Mine in Newfoundland & Labrador, marking a significant milestone as it aims to produce between 175,000 and 200,000 ounces of gold annually for the next 12 years. The company is also enhancing its leadership at the Greenstone Gold Mine in Ontario, with new appointments to drive performance and stakeholder relations, signaling a pivotal phase of growth and increased production and cash flow.

The most recent analyst rating on (TSE:EQX) stock is a Buy with a C$11.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.

Equinox Gold Reports Strong Q2 2025 Results

Equinox Gold Corp., a Canadian mining company, is focused on high-quality gold operations across the Americas and is guided by a seasoned leadership team aiming for long-term value creation.

Equinox Gold Reports Strong Q2 2025 Results and Anticipates Growth Surge in Q3

Equinox Gold reported strong financial and operational results for the second quarter of 2025, highlighted by increased mining and processing rates at its Greenstone project. The company is poised for significant growth in the third quarter with the integration of Calibre assets, the ramp-up of the Canadian Greenstone Gold Mine, and the startup of the Valentine Gold Mine. This strategic expansion is expected to enhance production and cash flow, positioning Equinox Gold as a leading player in the gold mining industry.

The most recent analyst rating on (TSE:EQX) stock is a Hold with a C$9.50 price target. To see the full list of analyst forecasts on Equinox Gold stock, see the TSE:EQX Stock Forecast page.