Detailed financial statements for Equinox Gold Corp. (EQX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Equinox Gold Corp. is a mining enterprise that covers the entire spectrum of mineral property management, from acquisition and exploration to development and active operation. The company primarily targets gold and silver deposits in its exploration efforts. Its asset portfolio is geographically diverse, featuring several significant gold mines in Brazil, such as Aurizona in Maranhão State, RDM in Minas Gerais State, and both Fazenda and Santa Luz in Bahia State.
Analysis Summary
Equinox Gold Corp. reported revenue of $1.85B in the most recent fiscal year, growing at a 5-year CAGR of 16.9%. Net income reached $225.3M, with a 58.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 39.1%, operating margin 37.9%, net margin 31.7%.
At the current price of $11.23, EQX trades at a P/E of 10.58 and an ROE of 13.71%. Market capitalisation stands at $8.9B.
Balance sheet quality for EQX: current ratio of 1.6, net debt of $982.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$6.7M represents -3% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $15.5M | $30.2M | $281.7M | $845.4M | $1.08B | $952.2M | $1.09B | $1.51B | $1.85B |
| Cost of Revenue | $2.3M | $27.7M | $22.1M | $197.8M | $555.2M | $851.7M | $867.2M | $979.2M | $1.21B | $1.39B |
| Gross Profit | -$1.2M | -$12.2M | $8.0M | $83.9M | $290.2M | $230.6M | $85.0M | $109.0M | $304.0M | $462.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.1M | $10.4M | $16.4M | $19.5M | $39.7M | $51.3M | $45.6M | $45.2M | $50.9M | $16.1M |
| Operating Expenses | $2.2M | $19.0M | $28.7M | $28.7M | $117.2M | $84.1M | $74.6M | $59.4M | $66.1M | $22.2M |
| Operating Income | -$3.4M | -$31.2M | -$33.9M | $55.1M | $173.0M | $146.5M | $10.4M | $49.6M | $238.0M | $439.9M |
| EBITDA | -$2.1M | -$6.5M | -$24.8M | $43.5M | $235.0M | $774.7M | $130.8M | $291.1M | $948.1M | $842.7M |
| Interest Expense | $409,000 | $7.2M | $6.7M | $17.5M | $39.8M | $41.6M | $40.4M | $60.2M | $95.4M | $182.4M |
| Pre-tax Income | -$2.7M | -$17.1M | -$21.4M | -$13.2M | $43.1M | $535.0M | -$98.4M | $14.8M | $630.1M | $133.7M |
| Income Tax | 0 | $308,000 | $2.3M | $7.1M | $20.8M | -$19.9M | $7.6M | -$14.1M | $290.8M | $152.9M |
| Net Income | -$2.4M | -$16.7M | -$49.8M | -$18.4M | $22.3M | $554.9M | -$106.0M | $28.9M | $339.3M | $225.3M |
| EPS | $-0.03 | $-0.19 | $-0.54 | $-0.18 | $0.11 | $1.93 | $-0.35 | $0.09 | $0.81 | $0.36 |
| EPS (Diluted) | $-0.03 | $-0.19 | $-0.54 | $-0.18 | $0.10 | $1.67 | $-0.35 | $0.09 | $0.68 | $0.36 |
| Shares Outstanding (Diluted) | $88.1M | $89.2M | $92.3M | $112.0M | $218.4M | $333.7M | $304.0M | $316.3M | $473.5M | $630.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $809.9M | $136.7M | $861.6M | $769.8M |
| Gross Profit | $265.3M | $3.5M | $438.5M | $301.5M |
| Operating Income | $202.9M | $137.6M | $390.2M | $247.4M |
| EBITDA | $329.4M | $242.0M | $461.8M | $448.0M |
| Net Income | $84.6M | $192.4M | $310.1M | $230.6M |
| EPS | $0.11 | $0.26 | $0.39 | $0.29 |
| EPS (Diluted) | $0.11 | $0.26 | $0.38 | $0.25 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.6M | $68.0M | $60.8M | $67.7M | $344.9M | $305.5M | $200.8M | $192.0M | $239.3M | $406.6M |
| Short-term Investments | $797,000 | $3.3M | $1.8M | $988,000 | $3.1M | $240.5M | $36.9M | $92.7M | $6.1M | $162.4M |
| Receivables | $3.2M | $11.2M | $18.6M | $27.4M | $55.9M | $50.3M | $76.1M | $82.3M | $70.0M | $65.3M |
| Inventory | $1.2M | $3.2M | $49.7M | $46.3M | $208.3M | $201.6M | $265.1M | $412.0M | $417.5M | $369.1M |
| Total Current Assets | $46.0M | $86.3M | $136.3M | $148.7M | $646.0M | $1.16B | $655.1M | $834.0M | $784.1M | $1.97B |
| Property, Plant & Equipment | $21.2M | $345.3M | $537.9M | $511.7M | $1.86B | $2.50B | $2.84B | $3.23B | $5.56B | $7.90B |
| Goodwill | $22.6M | $22.6M | $18.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $89.9M | $486.3M | $753.7M | $839.4M | $2.67B | $3.97B | $3.86B | $4.35B | $6.71B | $10.52B |
| Accounts Payable | $843,000 | $5.7M | $21.2M | $45.1M | $99.2M | $109.3M | $122.5M | $112.8M | $128.5M | $301.9M |
| Short-term Debt | 0 | $14.8M | $54.7M | $61.6M | $13.3M | $26.7M | 0 | $138.6M | $135.6M | $181.0M |
| Total Current Liabilities | $1.4M | $30.5M | $106.3M | $131.9M | $222.7M | $402.6M | $271.7M | $479.6M | $689.1M | $1.26B |
| Long-term Debt | 0 | $28.6M | $161.6M | $202.5M | $531.9M | $514.0M | $828.0M | $786.4M | $1.21B | $1.37B |
| Total Liabilities | $22.5M | $120.6M | $328.7M | $436.3M | $1.22B | $1.38B | $1.50B | $1.91B | $3.32B | $4.73B |
| Retained Earnings | -$21.6M | -$38.4M | -$96.0M | -$130.6M | -$108.3M | $446.6M | $326.3M | $348.5M | $613.7M | $818.5M |
| Total Equity | $66.2M | $357.5M | $410.5M | $403.1M | $1.45B | $2.59B | $2.35B | $2.44B | $3.40B | $5.78B |
| Total Debt | 0 | $43.5M | $216.3M | $264.0M | $555.2M | $567.6M | $842.1M | $945.4M | $1.41B | $1.55B |
| Net Debt | -$41.4M | -$27.8M | $153.7M | $195.3M | $207.1M | $21.6M | $604.5M | $660.7M | $1.16B | $982.9M |
| Working Capital | $44.6M | $55.8M | $30.0M | $16.7M | $423.4M | $760.7M | $383.4M | $354.4M | $95.0M | $707.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $348.1M | $406.6M | $363.0M | $317.8M |
| Total Assets | $10.30B | $10.52B | $9.66B | $9.79B |
| Total Liabilities | $4.73B | $4.73B | $3.53B | $3.43B |
| Total Equity | $5.57B | $5.78B | $6.13B | $6.37B |
| Total Debt | $1.94B | $1.55B | $614.7M | $583.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$2.7M | -$17.4M | -$26.5M | -$20.3M | $22.3M | $554.9M | -$106.0M | $28.9M | $339.3M | -$19.2M |
| Depreciation & Amortization | $146,000 | $894,000 | $10.6M | 0 | 0 | -$269.9M | $188.8M | $220.0M | $211.9M | $526.6M |
| Stock-based Compensation | $182,000 | $1.6M | $5.6M | $5.6M | $8.1M | $7.3M | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$2.2M | $2.0M | -$5.6M | -$16.4M | -$15.2M | $56.7M | -$87.8M | -$172.1M | -$58.0M | -$98.5M |
| Operating Cash Flow | -$7.0M | -$25.6M | -$23.0M | $59.7M | $255.8M | $320.8M | $56.5M | $358.5M | $372.2M | $697.8M |
| Capital Expenditure | -$53,000 | -$21.5M | -$5.1M | -$97.6M | -$174.8M | -$344.2M | -$557.1M | -$523.3M | -$412.1M | -$704.5M |
| Acquisitions | $2.2M | $19.2M | -$144.3M | -$14.6M | $42.8M | -$83.5M | -$3.3M | $22.8M | -$744.1M | $240.5M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.0M | -$47.1M | -$28.1M | -$37.9M | $81.0M | -$23.4M | -$500.6M | -$164.8M | -$39.9M | -$6.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $205.6M | $335.1M | $217.1M | $203.4M |
| Capital Expenditure | -$234.9M | -$278.2M | -$182.3M | -$204.8M |
| Free Cash Flow | -$29.4M | $56.9M | $34.8M | -$1.3M |
| Dividends Paid | 0 | 0 | -$11.7M | -$11.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1,347.0% | +95.0% | +834.0% | +200.1% | +28.0% | -12.0% | +14.3% | +39.1% | +22.1% | |
| Net Income Growth (YoY) | -595.8% | -198.0% | +63.2% | +221.4% | +2,389.6% | -119.1% | +127.2% | +1,074.7% | -33.6% | |
| EPS Growth (YoY) | -596.0% | -184.2% | +66.7% | +161.1% | +1,654.5% | -118.1% | +126.4% | +776.6% | -55.6% | |
| Shares Change (YoY) | +1.2% | +3.5% | +21.3% | +95.0% | +52.8% | -8.9% | +4.0% | +49.7% | +33.1% | |
| FCF Growth (YoY) | -568.6% | +40.3% | -34.5% | +314.0% | -128.9% | -2,035.1% | +67.1% | +75.8% | +83.2% | |
| Gross Margin | -114.5% | -78.8% | 26.6% | 29.8% | 34.3% | 21.3% | 8.9% | 10.0% | 20.1% | 25.0% |
| Operating Margin | -317.8% | -201.8% | -112.5% | 19.6% | 20.5% | 13.5% | 1.1% | 4.6% | 15.7% | 23.8% |
| EBITDA Margin | -199.3% | -41.8% | -82.1% | 15.4% | 27.8% | 71.6% | 13.7% | 26.7% | 62.6% | 45.6% |
| Net Margin | -224.9% | -108.1% | -165.3% | -6.5% | 2.6% | 51.3% | -11.1% | 2.7% | 22.4% | 12.2% |
| FCF Margin | -659.1% | -304.6% | -93.3% | -13.4% | 9.6% | -2.2% | -52.6% | -15.1% | -2.6% | -0.4% |
| Effective Tax Rate | -0.0% | -1.8% | -10.9% | -54.1% | 48.3% | -3.7% | -7.7% | -95.6% | 46.2% | 114.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.08 | $-0.53 | $-0.30 | $-0.34 | $0.37 | $-0.07 | $-1.65 | $-0.52 | $-0.08 | $-0.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $88.1M | $89.2M | $92.3M | $112.0M | $212.5M | $284.9M | $304.0M | $312.8M | $400.1M | $630.3M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 13.71% |
| Return on Invested Capital | 6.16% |
| Return on Assets | 8.35% |
| Gross Margin | 39.13% |
| Operating Margin | 37.94% |
| Net Margin | 31.72% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 1.33 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -156.59 | -22.50 | -6.91 | -42.78 | 94.00 | 3.50 | -9.37 | 52.92 | 6.20 | 39.00 |
| P/B | 5.69 | 1.07 | 0.84 | 2.14 | 1.52 | 0.75 | 0.42 | 0.63 | 0.59 | 1.53 |
| P/S | 352.50 | 24.66 | 11.42 | 3.06 | 2.60 | 1.78 | 1.05 | 1.41 | 1.33 | 4.79 |
| Gross Margin | -114.5% | -78.8% | 26.6% | 29.8% | 34.3% | 21.3% | 8.9% | 10.0% | 20.1% | 25.0% |
| Operating Margin | -317.8% | -201.8% | -112.5% | 19.6% | 20.5% | 13.5% | 1.1% | 4.6% | 15.7% | 23.8% |
| Net Margin | -224.9% | -108.1% | -165.3% | -6.5% | 2.6% | 51.3% | -11.1% | 2.7% | 22.4% | 12.2% |
Related companies: BTG · CDE · HL · HMY · IAG · ICL · MOS
Explore sector: Basic Materials · Gold
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