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Equinox Gold (EQX) USD

At a glance: strengths & risks
✓Revenue growing (+169% y/y, Q2 2026)✓Profit growing (+867% y/y, Q2 2026)✓Margins improving (47%→49%, Q2 2026)✓Cheaper than own history (EV/EBITDA 9.5 vs avg 14.5)

Sector: Gold mining

Geography: Brazil, Canada, US, Mexico

COMM_EQX

Price chart

11.2 USDDay -1.93%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
11.2 USD · -1.93%
Market cap
7.1 bn USD

Growth

Δ revenue y/y
169.3%
Δ EBITDA y/y
181.9%

Multiples

P/E (LTM)
31.9x
3y avg: 52.3x
P/B (FY)
1.2x
P/E (ann.)
7.7x
EV/EBITDA (LTM)
9.5x
3y avg: 14.5x
EV/EBITDA (ann.)
4.8x

Cash return

Dividend yield
0.5%
FCF yield (LTM)
15.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+40.8%
↓ details

Liquidity

Daily turnover (listing)
40.6 mln USD

Shares: yahoo_fundamentals_timeseries/EQX

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK769.8
y/y 169.3%
247.4
y/y 545.0%
130.3
y/y 36.2%
377.7
y/y 181.9%
230.6
y/y 867.1%
203.4-204.89794.8
y/y -2.3%
6368.5
y/y 20.3%
14.8%265.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK861.6
y/y —
390.2
y/y —
116.1
y/y —
506.3
y/y —
310.1
y/y —
236.8-184.89656.1
y/y —
6125.2
y/y —
20.8%251.8Yahoo Finance
2025-12-31FY 2025 (12M)PARTIAL—
y/y 99.1%
—
y/y 185.0%
—
y/y 209.4%
—
y/y 195.2%
—
y/y -34.7%
——10535.4
y/y 56.9%
5795.3
y/y 70.6%
3.9%1042.3Yahoo Finance
2025-09-30Q3 2025 (3M)OK819.0
y/y —
205.2
y/y —
172.5
y/y —
377.6
y/y —
85.6
y/y —
240.8-235.510308.3
y/y —
5575.7
y/y —
2.1%1278.2Yahoo Finance
2025-06-30Q2 2025 (3M)OK285.8
y/y —
38.4
y/y —
95.6
y/y —
134.0
y/y —
23.8
y/y —
132.9-96.010020.8
y/y —
5291.7
y/y —
2.2%1373.6Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL912.8
y/y -16.1%
151.7
y/y 205.7%
109.8
y/y -48.9%
261.5
y/y -1.2%
339.3
y/y 1074.7%
372.2-412.16713.6
y/y 54.3%
3397.6
y/y 39.1%
11.6%1053.3Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL1088.2
y/y —
49.6
y/y —
215.0
y/y —
264.6
y/y —
28.9
y/y —
358.5-523.34350.4
y/y —
2442.5
y/y —
—641.1Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)29
Long-term debt (incl. LT leases)554
− Cash & equivalents318
Net debt265

Net debt / LTM EBITDA: 0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0002023 FY2024 FY2025 q22025 q32026 q12026 q2

Year-over-year change

-50%0%50%100%150%200%2023 FY2024 FY2025 q22025 q32026 q12026 q2

Cash flow

FCF ($ mln)

-1 000-50005001 0002023 FY2024 FY2025 q22025 q32026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.40x of reported net profit; after capex, -0.08x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit0.58x—12.41x1.10x3.69x
accruals, % of assets5.9%-4.2%-7.6%-0.5%-5.7%
Last twelve months (to 2025-12-31): 3.69x of profit came back as operating cash flow.
net debt / EBITDA 1.4x · capex 2.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGold production
Moz		AISC (gold)
$/oz		C1 cash cost (gold)
$/oz
Q2 2026-060.18
−19.2%		2 175
+10.9%		1 816
+22.7%
H1 2026-060.37
−6.7%		2 057
+2.2%		1 719
+3.7%
Q1 2026-030.201 9501 633
Q4 2025-12—2 397
+42.3%		—
FY 2025-12—2 188
+12.7%		—
Q3 2025-09—2 056—
Q2 2025-060.221 9611 480
H1 2025-060.402 0131 657
Q4 2024-12—1 684—
FY 2024-12—1 941—

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1756607/000117184326000908/exh_991.htm; https://www.sec.gov/Archives/edgar/data/1756607/000117184326005267/exh_991.htm; https://www.sec.gov/Archives/edgar/data/1756607/000162828026022120/eqxaif2026-final.htm; https://www.sec.gov/Archives/edgar/data/1756607/000175660726000004/eqx-20260630mda.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
18.98 Moz
2025
Reserve life (R/P)
20.6 yrs
reserves ÷ annual output
Annual production
0.92 Moz
2025

Proved reserves

YearReserves, Moz
202518.98

Production

YearProduction, Mozper day, Moz
20250.920.00

Company reports: https://www.sec.gov/Archives/edgar/data/1756607/000117184326000908/exh_991.htm; https://www.sec.gov/Archives/edgar/data/1756607/000117184326005267/exh_991.htm; https://www.sec.gov/Archives/edgar/data/1756607/000162828026022120/eqxaif2026-final.htm; https://www.sec.gov/Archives/edgar/data/1756607/000175660726000004/eqx-20260630mda.htm

Key-commodity price — Gold

Current 4 176spot vs LTM -2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +40.8% ▼ -1.0 pp 1d

Main driver: Gold -2% vs LTM; revenue ×0.98 vs costs ×1.11; EBITDA 1 312→915; at 11.3× EV/EBITDA → +41%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 174.514 242.243 372.58-2%-20%
US Diesel Index (cost) (input cost) (cost)-10%6.204.264.21+45%-1%
Electricity Spot (input cost) (cost)-5%124.3177.9263.16+60%-19%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 736
LTM EBITDA1 312
LTM cash costs (revenue − EBITDA)1 424
2 · Revenue projection
Revenue multiplier — spot×0.984 (-2%)
= Spot revenue2 693
Revenue multiplier — 3y price×0.795 (-21%)
= 3-year-price revenue2 175
3 · Costs projection
Cost multiplier — spot×1.109 (+11%)
= Spot cash costs1 580
Cost multiplier — 3y price×1.023 (+2%)
= 3-year-price cash costs1 458
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 113
= 3-year-price EBITDA718
Conservative EBITDA = min(spot, avg)915
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct) — capped at 2x current11.3x
Target EV = EV/EBITDA × conservative EBITDA10 377
Net debt265
Target market cap = EV − net debt10 138
Current market cap7 198

Upside = target market cap ÷ current − 1 = +40.8%

Life of mine: 21 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY1 082854+26.7%343257+33.3%
2022 FY9521 082-12.0%198246-19.8%
2023 FY1 0881 027+6.0%265279-5.2%
2024 FY9131 338-31.8%262492-46.8%
2025 FY1 8171 314+38.3%772629+22.8%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +99% vs -16% the year before — a +115.2 pp move. 3-year CAGR +24%.
revenue growth by year: 2023 +14% · 2024 -16% · 2025 +99%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.8x · target 75th pct (3y) 37.1x · LTM avg 19.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
IAMGOLDglobal10.84.8x4.8x
Kinross Goldglobal28.54.8x4.8x
Barrick Mining Corporationglobal68.85.3x5.3x
Coeur Miningglobal11.06.8x6.8x
Gold FieldsSouth Africa32.64.6x7.4x
Newmont Corporationglobal128.37.8x7.8x
Northern Star ResourcesAustralia25.18.5x8.2x
Evolution MiningAustralia18.78.6x8.3x
Agnico Eagle Minesglobal94.99.0x9.0x
Alamos Goldglobal13.99.2x9.2x
AngloGold AshantiSouth Africa47.66.2x10.0x
Hecla Mining Companyglobal11.411.9x11.9x
Group median7.3x8.0x
Group average7.3x7.8x
This companyglobal7.29.5x9.5x

Group median 7.3x as traded, 8.0x adjusted; this company 9.5x — a 19% premium.

Group average 7.3x as traded, 7.8x adjusted; against the average this company is at a 22% premium.

At the adjusted group median the market cap would be -18% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.5x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.5x, India 18.6x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-12; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-190.023 USDEx-dividend: 0.023 USD per sharePaidYahoo Finance (ex-div)
2026-05-210.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)
2026-03-120.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Equinox Gold (EQX) — from primary filings.

Frequently asked questions

What is Equinox Gold (EQX)'s P/E ratio?
Equinox Gold (EQX) trades at a P/E of 31.9x (price to trailing 12-month earnings).
What is Equinox Gold (EQX)'s EV/EBITDA?
Equinox Gold (EQX) trades at 9.5x EV/EBITDA.
What is Equinox Gold (EQX)'s P/B ratio?
Equinox Gold (EQX) trades at a P/B of 1.2x.
What is Equinox Gold (EQX)'s dividend yield?
Equinox Gold (EQX)'s trailing 12-month dividend yield is 0.5%.
What is Equinox Gold (EQX)'s return on equity (ROE)?
Equinox Gold (EQX)'s ROE is 14.8%.
What is Equinox Gold (EQX)'s market capitalization?
Equinox Gold (EQX)'s market cap is 7.1 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map