Sector: Gold mining
COMM_EQX
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.
Shares: yahoo_fundamentals_timeseries/EQX
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 769.8 y/y — | 247.4 y/y — | 130.3 y/y — | 377.7 y/y — | 230.6 y/y — | 203.4 | -206.5 | 9794.8 y/y — | 6368.5 y/y — | 14.8% | 265.2 | Yahoo Finance |
| 2026-03-31 | Q1 2026 (3M) | OK | 861.6 y/y — | 390.2 y/y — | 116.1 y/y — | 506.3 y/y — | 310.1 y/y — | 236.8 | — | 9656.1 y/y — | 6125.2 y/y — | 20.8% | 251.8 | Yahoo Finance |
| 2025-12-31 | FY 2025 (12M) | PARTIAL | 1817.2 y/y 99.1% | 432.3 y/y 185.0% | 339.7 y/y 209.4% | 772.0 y/y 195.2% | 221.5 y/y -34.7% | 818.3 | — | 10535.4 y/y 56.9% | 5795.3 y/y 70.6% | 4.8% | — | Yahoo Finance |
| 2024-12-31 | FY 2024 (12M) | PARTIAL | 912.8 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 | — | 6713.6 y/y 54.3% | 3397.6 y/y 39.1% | 11.6% | — | Yahoo Finance |
| 2023-12-31 | FY 2023 (12M) | PARTIAL | 1088.2 y/y — | 49.6 y/y — | 215.0 y/y — | 264.6 y/y — | 28.9 y/y — | 358.5 | — | 4350.4 y/y — | 2442.5 y/y — | — | — | Yahoo Finance |
| Short-term debt (incl. ST leases) | 29 |
| Long-term debt (incl. LT leases) | 554 |
| − Cash & equivalents | 318 |
| Net debt | 265 |
|---|
Net debt / LTM EBITDA: 0.3x
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Physical operating metrics — supplementary, not part of the financial statements
| Year | Reserves, Moz |
|---|---|
| 2025 | 18.98 |
| Year | Production, Moz | per day, Moz |
|---|---|---|
| 2025 | 0.92 | 0.00 |
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
Current 4 156spot vs LTM -2%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: +41.7% ▲ +0.1 pp 1d
Main driver: Gold +21% vs LTM; revenue ×1.21 vs costs ×1.16; EBITDA 772→827; at 12.0× EV/EBITDA → +42%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Gold (rev) | +100% | 4 155.66 | 3 443.92 | 3 346.11 | +21% | -3% |
| US Diesel Index (cost) (input cost) (cost) | -10% | 6.38 | 3.66 | 4.19 | +74% | +15% |
| Electricity Spot (input cost) (cost) | -5% | 117.40 | 60.67 | 62.56 | +94% | +3% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 1 817 |
| LTM EBITDA | 772 |
| LTM cash costs (revenue − EBITDA) | 1 045 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.207 (+21%) |
| = Spot revenue | 2 193 |
| Revenue multiplier — 3y price | ×0.972 (-3%) |
| = 3-year-price revenue | 1 766 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.155 (+16%) |
| = Spot cash costs | 1 207 |
| Cost multiplier — 3y price | ×1.050 (+5%) |
| = 3-year-price cash costs | 1 098 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 985 |
| = 3-year-price EBITDA | 668 |
| Conservative EBITDA = min(spot, avg) | 827 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 12.0x |
| Target EV = EV/EBITDA × conservative EBITDA | 9 922 |
| Net debt | 0 |
| Target market cap = EV − net debt | 9 922 |
| Current market cap | 7 003 |
Upside = target market cap ÷ current − 1 = +41.7%
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2021 FY | 1 082 | 854 | +26.7% | 343 | 257 | +33.3% |
| 2022 FY | 952 | 1 082 | -12.0% | 198 | 246 | -19.8% |
| 2023 FY | 1 088 | 1 027 | +6.0% | 265 | 279 | -5.2% |
| 2024 FY | 913 | 1 338 | -31.8% | 262 | 492 | -46.8% |
| 2025 FY | 1 817 | 1 314 | +38.3% | 772 | 629 | +22.8% |
Projected EV/EBITDA 11.2x · target 75th pct (3y) 14.0x · LTM avg 15.6x
No dividend rows found for this issuer (checked: Yahoo Finance (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.
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