Equinox Gold Corp. (EQX) AI Stock Analysis
EQX AI stock analysis summary
AI ResearchEquinox Gold Corp. (EQX) is a gold and silver mining producer operating projects across the Americas. Over the trailing twelve months, revenue reached $2.90B with an operating margin of 32.1%. However, the stock has dropped 20.3% year-to-date and 12.0% over the past year.
- Market cap
- $13.02B
- Revenue (TTM)
- $2.90B
- P/E
- 23.2x fwd 8.7x
- 1Y return
- -12.0% S&P 500 16.8%
- Avg. target
- $14.00 25.6% vs last close
Bull case
- Quarterly revenue grew 169.3% and quarterly earnings surged 451.7% year-over-year in the quarter ended June 30, 2026.
- Forward P/E of 8.7x trades at a discount to the US-listed Basic Materials peer median of 13.4x.
- Analysts project EPS to grow 50.0% to $1.01 in FY2026 and reach $1.37 in FY2027.
Bear case
- Free cash flow has been negative across all five reported fiscal years, including -$6.7M in FY2025.
- Share count expanded by 219.2% over a 5-year period, significantly diluting existing equity.
- The stock has declined 20.3% year-to-date and trades 13.7% below its 200-day moving average.
What Equinox Gold does
Equinox Gold Corp. operates, acquires, explores, and develops mineral properties with a primary focus on gold and silver deposits. Founded in 2007, the Vancouver-headquartered company holds a mining portfolio across Brazil, the United States, Mexico, and Canada. Key operational properties include the Aurizona, RDM, Fazenda, and Santa Luz gold mines in Brazil, alongside the Mesquite gold mine and Castle Mountain property in California. The company also owns the Los Filos Gold Mine in Guerrero State, Mexico, and maintains a 60% interest in the Greenstone project located in Ontario, Canada.
Growth and profitability
Equinox Gold expanded annual revenue from $1.08B in FY2021 to $1.85B in FY2025, delivering a 5-year revenue CAGR of 16.9%. After reporting a net loss of -$106.0M in FY2022, net income recovered to $28.9M in FY2023, $339.3M in FY2024, and $225.3M in FY2025. Gross margin reached 25.0% and operating margin rose to 23.8% in FY2025. Over the trailing twelve months, revenue reached $2.90B with a profit margin of 28.1%. In the latest quarter ended June 30, 2026, quarterly revenue grew 169.3% year-over-year while quarterly earnings grew 451.7%.
Balance sheet and cash flow
As of June 30, 2026, Equinox Gold held $481.6M in cash and short-term investments against total debt of $583.0M, resulting in net debt of $101.4M. Shareholders' equity stood at $6.37B and the current ratio was 1.33, with a debt-to-equity ratio of 0.09. Operating cash flow increased to $697.8M in FY2025. Due to capital expenditures of $704.5M, free cash flow was -$6.7M in FY2025. The company's share count increased 219.2% over 5 years.
Valuation and performance
Equinox Gold trades at a trailing P/E of 23.2x, which is above the 19.7x median of its US-listed Basic Materials peers. Its forward P/E of 8.7x trades below the peer median of 13.4x, while its enterprise value-to-EBITDA stands at 9.3x compared to the peer median of 10.5x. Over the past year, EQX shares fell 12.0%, underperforming the S&P 500 (SPY) gain of 16.8%. Over a 5-year horizon, the stock gained 41.5% compared to an 83.0% return for the S&P 500.
EQX dividend
Equinox Gold pays a quarterly dividend with an annual forward payout of $0.05 per share, representing a dividend yield of 0.47%. The company's dividend payout ratio is 6.7%, and its most recent ex-dividend date was August 19, 2026.
What analysts expect
Wall Street coverage includes 2 Strong Buy, 1 Buy, and 4 Hold ratings. The mean price target of $14.00 sits 25.6% above the last close of $11.15. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $3.88B and EPS of $1.01, representing 50.0% EPS growth. Equinox Gold has beaten EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 4, 2026.
Key risks and what to watch
- Elevated capital expenditures of $704.5M in FY2025 contributed to ongoing negative free cash flow.
- The stock exhibits high volatility relative to the broader market with a beta of 2.51.
- Earnings reliability has been mixed, with EPS beating analyst expectations in only 1 of the last 4 quarters.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this EQX AI stock analysis
This page is an AI-written research summary of Equinox Gold Corp. (EQX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: EQX income statement, EQX balance sheet, EQX key metrics, EQX analyst forecast, EQX chart. See the EQX stock overview for the latest quote and news.
EQX AI stock analysis FAQ
Does Equinox Gold pay a dividend?
Yes, Equinox Gold pays a quarterly dividend with an annual forward amount of $0.05 per share, yielding 0.47% with a 6.7% payout ratio.
What is Equinox Gold's net debt position?
As of June 30, 2026, Equinox Gold held $481.6M in cash and short-term investments and $583.0M in total debt, resulting in net debt of $101.4M.
What do analysts forecast for Equinox Gold's earnings?
For the fiscal year ending December 31, 2026, analysts forecast revenue of $3.88B and EPS of $1.01. For the following fiscal year, analysts project revenue of $4.99B and EPS of $1.37.
How has EQX stock performed compared to the S&P 500?
Over the past year, EQX declined 12.0% while the S&P 500 gained 16.8%. Over 5 years, EQX gained 41.5% compared to an 83.0% gain for the S&P 500.