EQX Basic Materials

Equinox Gold Corp.

$10.00-0.79%

Price as of close on Nov 3, 2026 · Financials updated Nov 4, 2026

Basics

Sector: Basic Materials
Industry: Gold
Country: Canada
Market cap: 11.7B USD
Enterprise value: 14.1B USD

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.53 vs a peer median of 0.69) and less short-term liquidity (current ratio 1.33 vs a peer median of 1.76)higher risk: bigger price swings (beta 2.53 vs peers 0.69) and less liquidity (current ratio 1.33 vs peers 1.76)

Ranks #630 of 1,217 basic materials companies (bottom 49%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 24% in 2025, the best of the last 6 years.
Equinox Gold kept 24% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +91%, operating profit +4060%.Since 2022: revenue +91%, operating profit +4060%.
Since 2022, Equinox Gold's revenue grew 91% while operating profit grew 4060%: each extra dollar of sales is adding more profit.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Wide margins. Operating margin 24% (12 months to Dec 2025) vs a peer median of 7.6%.Operating margin 24% vs peers 7.6%.
Equinox Gold keeps 24% of revenue as operating profit, more than 88% of peers (median 7.6%).

StockQuotient Score

50/ 100

Oct 5 50 → Nov 4 50

Valuation

Is the price right?

35/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score -0.48Sector median: 0.0364 · MAD: 0.0364

EBITDA yield6.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value50% base weight · Z-score -0.49Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield1.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.59Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield49.2%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

87/100

Strong▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 20.0%

Why it changed since the Oct 27, 2026 close: Score 86 → 87

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-62.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -2.17Sector median: 0.0941 · MAD: 0.3300

3-year revenue growth24.0%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 3.32Sector median: -0.0005 · MAD: 0.0725

Revenue growth99.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.97Sector median: 0.0335 · MAD: 0.0952

Profitability

Does it earn well?

66/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 8.1 points to 23.8%
Free cash flow turned positive over the last 12 months

Why

Stronger than most peers on:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin23.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.63Sector median: 0.0757 · MAD: 0.0617

Return on assets2.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.15Sector median: 0.0249 · MAD: 0.0265

Return on invested capital4.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.31Sector median: 0.0675 · MAD: 0.0575

Other data (not scored)

Gross margin35.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202

Return on equity3.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 13 → 12

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.53

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.96Sector median: 0.6950 · MAD: 0.2810

Current ratio1.33×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -0.64Sector median: 1.7610 · MAD: 0.6770

Debt / equity0.27×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.31Sector median: 0.3578 · MAD: 0.2929

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Equinox Gold

Is Equinox Gold getting weaker?: Its latest SEC filing (Mar 31, 2026) got stronger: operating margin rose 8.1 points to 23.8%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 50/100 since Oct 28, 2026.
How is Equinox Gold valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 35/100 against 1,371 basic materials peers. Earnings yield 1.9% vs a peer median of 3.6% (weaker than 62% of peers).Earnings yield 1.9% vs peers 3.6% (weaker than 62% of peers).
Is Equinox Gold growing?: Yes, faster than most of its peers. Growth scores 87/100 against 1,371 basic materials peers. Revenue growth 99.1% vs a peer median of 3.4% (stronger than 95% of peers).Revenue growth 99.1% vs peers 3.4% (stronger than 95% of peers). Earnings per share growth -62.2% vs a peer median of 9.4% (weaker than 93% of peers).Earnings per share growth -62.2% vs peers 9.4% (weaker than 93% of peers).
How profitable is Equinox Gold?: More profitable than most of its peers. Profitability scores 66/100 against 1,371 basic materials peers. Operating margin 23.8% vs a peer median of 7.6% (stronger than 88% of peers).Operating margin 23.8% vs peers 7.6% (stronger than 88% of peers).
How risky is Equinox Gold?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 2.53 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.53 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 31, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 8.1 points to 23.8%
Free cash flow turned positive over the last 12 months

	Previous year	Latest year	Change
Revenue (12 months)	1.5B USD	1.8B USD	+20.0%
Net income (12 months)	339.3M USD	221.5M USD	−34.7%
Operating margin	15.7%	23.8%	+8.1 pts
Free cash flow (12 months)	−39.9M USD	126.0M USD	turned positive
Debt	1.3B USD	1.6B USD	+15.3%
Cash	239.3M USD	430.0M USD	+79.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	21.3%	8.9%	10.0%	22.6%	35.4%	▲ 13 pts
Operating margin	13.5%	1.1%	4.6%	16.6%	23.8%	▲ 7.2 pts
Net margin	51.3%	-11.1%	2.7%	37.2%	12.2%	▼ 25 pts
Return on assets (ROA)	14.0%	-2.7%	0.7%	5.1%	2.1%	▼ 3.0 pts
Return on equity (ROE)	21.5%	-4.5%	1.2%	10.0%	3.8%	▼ 6.2 pts
Free cash flow margin	-2.2%	-52.6%	-15.1%	-4.4%	6.9%	▲ 11 pts
Current ratio	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—
Debt to equity	0.21×	0.35×	0.38×	0.40×	0.27×	▼ 32%
Interest coverage	3.53×	0.26×	0.82×	1.66×	2.41×	▲ 45%

EQX price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.53 vs a peer median of 0.69) and less short-term liquidity (current ratio 1.33 vs a peer median of 1.76)higher risk: bigger price swings (beta 2.53 vs peers 0.69) and less liquidity (current ratio 1.33 vs peers 1.76)

Ranks #630 of 1,217 basic materials companies (bottom 49%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 24% in 2025, the best of the last 6 years.

Equinox Gold kept 24% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +91%, operating profit +4060%.Since 2022: revenue +91%, operating profit +4060%.

Since 2022, Equinox Gold's revenue grew 91% while operating profit grew 4060%: each extra dollar of sales is adding more profit.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Wide margins. Operating margin 24% (12 months to Dec 2025) vs a peer median of 7.6%.Operating margin 24% vs peers 7.6%.

Equinox Gold keeps 24% of revenue as operating profit, more than 88% of peers (median 7.6%).

Questions investors ask about Equinox Gold

Is Equinox Gold getting weaker?

Its latest SEC filing (Mar 31, 2026) got stronger: operating margin rose 8.1 points to 23.8%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 50/100 since Oct 28, 2026.

How is Equinox Gold valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 35/100 against 1,371 basic materials peers. Earnings yield 1.9% vs a peer median of 3.6% (weaker than 62% of peers).Earnings yield 1.9% vs peers 3.6% (weaker than 62% of peers).

Is Equinox Gold growing?

Yes, faster than most of its peers. Growth scores 87/100 against 1,371 basic materials peers. Revenue growth 99.1% vs a peer median of 3.4% (stronger than 95% of peers).Revenue growth 99.1% vs peers 3.4% (stronger than 95% of peers). Earnings per share growth -62.2% vs a peer median of 9.4% (weaker than 93% of peers).Earnings per share growth -62.2% vs peers 9.4% (weaker than 93% of peers).

How profitable is Equinox Gold?

More profitable than most of its peers. Profitability scores 66/100 against 1,371 basic materials peers. Operating margin 23.8% vs a peer median of 7.6% (stronger than 88% of peers).Operating margin 23.8% vs peers 7.6% (stronger than 88% of peers).

How risky is Equinox Gold?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 2.53 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.53 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

1.5B USD

1.8B USD

+20.0%

Net income (12 months)

339.3M USD

221.5M USD

−34.7%

Operating margin

15.7%

23.8%

+8.1 pts

Free cash flow (12 months)

−39.9M USD

126.0M USD

turned positive

Debt

1.3B USD

1.6B USD

+15.3%

Cash

239.3M USD

430.0M USD

+79.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

21.3%

8.9%

10.0%

22.6%

35.4%

▲ 13 pts

Operating margin

13.5%

1.1%

4.6%

16.6%

23.8%

▲ 7.2 pts

Net margin

51.3%

-11.1%

2.7%

37.2%

12.2%

▼ 25 pts

Return on assets (ROA)

14.0%

-2.7%

0.7%

5.1%

2.1%

▼ 3.0 pts

Return on equity (ROE)

21.5%

-4.5%

1.2%

10.0%

3.8%

▼ 6.2 pts

Free cash flow margin

-2.2%

-52.6%

-15.1%

-4.4%

6.9%

▲ 11 pts

Current ratio

—

Quick ratio

—

Debt to equity

0.21×

0.35×

0.38×

0.40×

0.27×

▼ 32%

Interest coverage

3.53×

0.26×

0.82×

1.66×

2.41×

▲ 45%