Equinox Gold Corp. (EQX) 10-Year Financial Performance & Capital Metrics

EQX • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersMulti-Mine Operators

AboutEquinox Gold Corp. engages in the operation, acquisition, exploration, and development of mineral properties. The company primarily explores for gold and silver deposits. Its properties include the Aurizona gold mine located in Maranhão State; the RDM gold mine located in Minas Gerais State; and Fazenda gold mine and the Santa Luz gold mine located in Bahia State, Brazil. The company also hold interests in the Mesquite gold mine and the Castle Mountain property situated in California, the United States; and the Los Filos Gold Mine located in Guerrero State, Mexico. In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017. Equinox Gold Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.Show more

Revenue $1.51B +39.1%
EBITDA $461M +73.3%
Net Income $339M +1074.7%
EPS (Diluted) 0.68 +644.8%
Gross Margin 20.08% +100.5%
EBITDA Margin 30.42% +24.6%
Operating Margin 15.72% +244.7%
Net Margin 22.41% +744.2%
ROE 11.62% +864.3%
ROIC 4.6% +282.4%
Debt/Equity 0.41 +7.1%
Interest Coverage 2.49 +202.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 91 (top 9%)
✓Strong 5Y sales CAGR of 40.0%
✓Healthy 5Y average net margin of 13.6%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.8%
✗Negative free cash flow
✗Shares diluted 49.7% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y39.98%

3Y11.84%

TTM84.92%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-15.12%

TTM-58.41%

EPS CAGR

10Y-

5Y-

3Y-25.88%

TTM-77.72%

ROCE

10Y Avg-11.75%

5Y Avg4.45%

3Y Avg2.14%

Latest4.81%

Peer Comparison

Multi-Mine Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLHecla Mining Company	16.9B	25.22	445.58	29.12%	25.23%	12.61%	0.02%	0.27
CDECoeur Mining, Inc.	13.63B	21.22	141.47	28.35%	24.03%	13.21%		0.54
ARMNAris Mining Corporation	3.7B	18.24	130.29	14.06%	6.35%	3.44%		0.48
NGDNew Gold Inc.	8.24B	10.41	74.36	17.55%	20.16%	20%	1.48%	0.38
AGIAlamos Gold Inc.	16.92B	40.30	58.41	31.62%	33.38%	13.27%	1.39%	0.08
CGAUCenterra Gold Inc.	3.24B	16.06	45.89	10.92%	26.35%	17.46%	3.52%	0.01
EGOEldorado Gold Corporation	8.16B	40.61	28.80	30.94%	22.17%	9.08%	0.3%	0.24
EQXEquinox Gold Corp.	11.43B	14.56	21.41	39.14%	5.73%	2.35%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	1.07M	15.47M	30.16M	281.7M	845.39M	1.08B	952.2M	1.09B	1.51B
Revenue Growth %	-	-	13.47%	0.95%	8.34%	2%	0.28%	-0.12%	0.14%	0.39%
Cost of Goods Sold+	4K	2.29M	27.65M	22.13M	197.84M	555.21M	851.7M	867.23M	979.21M	1.21B
COGS % of Revenue	-	2.14%	1.79%	0.73%	0.7%	0.66%	0.79%	0.91%	0.9%	0.8%
Gross Profit+	-4K	-1.22M	-12.19M	8.03M	83.85M	290.18M	230.59M	84.97M	108.98M	304.05M
Gross Margin %	-	-1.14%	-0.79%	0.27%	0.3%	0.34%	0.21%	0.09%	0.1%	0.2%
Gross Profit Growth %	-0.14%	-305%	-8.96%	1.66%	9.44%	2.46%	-0.21%	-0.63%	0.28%	1.79%
Operating Expenses+	5.34M	2.17M	19.03M	28.69M	28.73M	117.23M	84.12M	74.58M	59.36M	66.08M
OpEx % of Revenue	-	2.03%	1.23%	0.95%	0.1%	0.14%	0.08%	0.08%	0.05%	0.04%
Selling, General & Admin	1.15M	1.14M	10.44M	16.38M	19.49M	39.7M	51.35M	45.65M	45.17M	50.91M
SG&A % of Revenue	-	1.06%	0.67%	0.54%	0.07%	0.05%	0.05%	0.05%	0.04%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	45K	185K	-19K	-2.99M	9.24M	77.53M	32.77M	28.93M	14.19M	15.18M
Operating Income+	-5.27M	-3.4M	-31.21M	-33.94M	55.12M	172.96M	146.47M	10.39M	49.62M	237.96M
Operating Margin %	-	-3.18%	-2.02%	-1.13%	0.2%	0.2%	0.14%	0.01%	0.05%	0.16%
Operating Income Growth %	-0.46%	0.36%	-8.19%	-0.09%	2.62%	2.14%	-0.15%	-0.93%	3.77%	3.8%
EBITDA+	-5.26M	-3.25M	-30.89M	-29.88M	94.25M	325.14M	344.61M	199.23M	265.74M	460.58M
EBITDA Margin %	-	-3.04%	-2%	-0.99%	0.33%	0.38%	0.32%	0.21%	0.24%	0.3%
EBITDA Growth %	-0.46%	0.38%	-8.5%	0.03%	4.15%	2.45%	0.06%	-0.42%	0.33%	0.73%
D&A (Non-Cash Add-back)	4K	144.24K	324.26K	4.06M	39.13M	152.19M	198.13M	188.84M	216.12M	222.62M
EBIT	-4.82M	-2.3M	-6.79M	-30.37M	4.35M	82.85M	576.59M	-58.05M	74.97M	725.46M
Net Interest Income+	25K	-409K	-6.4M	-2.26M	-15.59M	-37.93M	-38.73M	-34.74M	-48.51M	-87.32M
Interest Income	31K	0	771K	4.44M	1.95M	1.82M	2.82M	5.61M	11.69M	7.67M
Interest Expense	6K	409K	7.17M	6.7M	17.54M	39.75M	41.55M	40.35M	60.2M	95.38M
Other Income/Expense	107K	686K	18.18M	-5.02M	-68.31M	-129.86M	388.56M	-108.8M	-34.85M	392.12M
Pretax Income+	-5.24M	-2.71M	-17.12M	-21.38M	-13.19M	43.1M	535.03M	-98.41M	14.77M	630.08M
Pretax Margin %	-	-2.54%	-1.11%	-0.71%	-0.05%	0.05%	0.49%	-0.1%	0.01%	0.42%
Income Tax+	85K	0	308K	2.33M	7.14M	20.81M	-19.85M	7.62M	-14.12M	290.79M
Effective Tax Rate %	1.02%	0.89%	0.98%	2.33%	1.39%	0.52%	1.04%	1.08%	1.96%	0.54%
Net Income+	-5.32M	-2.4M	-16.73M	-49.85M	-18.36M	22.29M	554.89M	-106.03M	28.88M	339.29M
Net Margin %	-	-2.25%	-1.08%	-1.65%	-0.07%	0.03%	0.51%	-0.11%	0.03%	0.22%
Net Income Growth %	-0.38%	0.55%	-5.96%	-1.98%	0.63%	2.21%	23.9%	-1.19%	1.27%	10.75%
Net Income (Continuing)	-4.9M	-2.71M	-13.35M	-39.41M	-20.32M	22.29M	554.89M	-106.03M	28.88M	339.29M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	1.16M	8.13M	14.52M	0	0	0	0	0	0
EPS (Diluted)+	-0.06	-0.03	-0.19	-0.54	-0.18	0.10	1.67	-0.35	0.09	0.68
EPS Growth %	-0.4%	0.55%	-5.96%	-1.84%	0.67%	1.56%	15.7%	-1.21%	1.26%	6.45%
EPS (Basic)	-0.06	-0.03	-0.19	-0.54	-0.18	0.11	1.93	-0.35	0.09	0.81
Diluted Shares Outstanding	88.15M	88.15M	89.23M	92.34M	112M	218.41M	333.73M	304M	316.3M	473.55M
Basic Shares Outstanding	88.15M	88.15M	89.23M	92.34M	112M	212.49M	284.93M	304M	312.77M	400.11M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.01M	46.02M	86.27M	136.32M	148.66M	646.02M	1.16B	655.1M	833.96M	784.11M
Cash & Short-Term Investments	974K	41.43M	71.28M	62.6M	68.7M	348.05M	546.03M	237.64M	284.66M	245.47M
Cash Only	974K	40.63M	67.96M	60.82M	67.72M	344.93M	305.5M	200.77M	192M	239.33M
Short-Term Investments	0	797K	3.33M	1.78M	988K	3.12M	240.53M	36.87M	92.67M	6.14M
Accounts Receivable	38K	3.18M	11.25M	18.58M	27.39M	55.87M	50.26M	76.1M	82.31M	70.03M
Days Sales Outstanding	-	1.09K	265.42	224.82	35.49	24.12	16.95	29.17	27.61	16.88
Inventory	-38K	1.19M	3.16M	49.67M	46.26M	208.29M	201.62M	265.11M	412M	417.54M
Days Inventory Outstanding	-	189.9	41.68	819.43	85.35	136.93	86.41	111.58	153.58	125.94
Other Current Assets	38K	0	0	633K	1.91M	0	331.77M	76.25M	19.84M	6.53M
Total Non-Current Assets+	856K	43.91M	400.05M	617.36M	690.69M	2.03B	2.8B	3.2B	3.52B	5.93B
Property, Plant & Equipment	456K	21.21M	345.3M	537.87M	511.69M	1.86B	2.5B	2.84B	3.23B	5.56B
Fixed Asset Turnover	-	0.05x	0.04x	0.06x	0.55x	0.45x	0.43x	0.34x	0.34x	0.27x
Goodwill	0	22.58M	22.58M	18.58M	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	400K	121K	253K	253K	7.16M	22.29M	127.61M	153.13M	29.26M	32.32M
Other Non-Current Assets	0	121K	2.98M	66.47M	171.84M	146.37M	168.03M	207.68M	261.94M	330.12M
Total Assets+	1.87M	89.93M	486.32M	753.68M	839.35M	2.67B	3.97B	3.86B	4.35B	6.71B
Asset Turnover	-	0.01x	0.03x	0.04x	0.34x	0.32x	0.27x	0.25x	0.25x	0.23x
Asset Growth %	-0.74%	47.14%	4.41%	0.55%	0.11%	2.19%	0.48%	-0.03%	0.13%	0.54%
Total Current Liabilities+	190K	1.44M	30.5M	106.28M	131.92M	222.66M	402.57M	271.72M	479.6M	689.09M
Accounts Payable	190K	843K	5.71M	21.23M	45.06M	99.2M	109.3M	122.51M	112.77M	128.46M
Days Payables Outstanding	17.34K	134.19	75.4	350.19	83.13	65.21	46.84	51.56	42.03	38.75
Short-Term Debt	0	0	14.82M	54.7M	61.57M	13.33M	26.67M	0	138.6M	135.59M
Deferred Revenue (Current)	0	600K	529K	0	1000K	0	0	0	1000K	1000K
Other Current Liabilities	0	0	0	396K	3.15M	78.79M	185.78M	31.92M	54.88M	281.36M
Current Ratio	5.33x	31.89x	2.83x	1.28x	1.13x	2.90x	2.89x	2.41x	1.74x	1.14x
Quick Ratio	5.53x	31.06x	2.72x	0.82x	0.78x	1.97x	2.39x	1.44x	0.88x	0.53x
Cash Conversion Cycle	-	1.14K	231.7	694.06	37.71	95.84	56.52	89.19	139.15	104.08
Total Non-Current Liabilities+	190K	21.09M	90.14M	222.41M	304.37M	1B	979.45M	1.23B	1.43B	2.63B
Long-Term Debt	0	0	28.64M	161.56M	202.47M	531.91M	514.01M	828.02M	786.38M	1.21B
Capital Lease Obligations	0	0	0	0	848K	9.95M	26.94M	14.08M	20.39M	60.53M
Deferred Tax Liabilities	0	0	7.68M	13.31M	10.71M	243.1M	323.85M	271.22M	244.7M	799.97M
Other Non-Current Liabilities	0	21.09M	61.5M	55.87M	90.33M	217.25M	114.65M	119.57M	182.31M	287.49M
Total Liabilities	190K	22.53M	120.65M	328.69M	436.29M	1.22B	1.38B	1.5B	1.91B	3.32B
Total Debt+	0	0	43.46M	216.26M	264.05M	555.19M	567.63M	842.1M	945.37M	1.41B
Net Debt	-974K	-40.63M	-24.5M	155.44M	196.33M	210.26M	262.13M	641.33M	753.37M	1.17B
Debt / Equity	-	-	0.12x	0.51x	0.66x	0.38x	0.22x	0.36x	0.39x	0.41x
Debt / EBITDA	-	-	-	-	2.80x	1.71x	1.65x	4.23x	3.56x	3.06x
Net Debt / EBITDA	-	-	-	-	2.08x	0.65x	0.76x	3.22x	2.83x	2.54x
Interest Coverage	-877.83x	-8.31x	-4.35x	-5.07x	3.14x	4.35x	3.53x	0.26x	0.82x	2.49x
Total Equity+	1.68M	67.39M	365.68M	424.99M	403.06M	1.45B	2.59B	2.35B	2.44B	3.4B
Equity Growth %	-0.76%	39.16%	4.43%	0.16%	-0.05%	2.59%	0.78%	-0.09%	0.04%	0.39%
Book Value per Share	0.02	0.76	4.10	4.60	3.60	6.63	7.75	7.74	7.72	7.17
Total Shareholders' Equity	1.68M	66.24M	357.55M	410.47M	403.06M	1.45B	2.59B	2.35B	2.44B	3.4B
Common Stock	15.33M	81.56M	383.3M	491.1M	505.69M	1.52B	2.01B	2.04B	2.09B	2.8B
Retained Earnings	-19.15M	-21.56M	-38.37M	-96.03M	-130.59M	-108.3M	446.59M	326.26M	348.55M	613.66M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	5.5M	6.23M	12.62M	15.4M	27.96M	38.78M	131.98M	-10.46M	8.35M	-14.93M
Minority Interest	0	1.16M	8.13M	14.52M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.7M	-6.99M	-25.63M	-23.01M	59.72M	255.78M	320.78M	56.47M	358.46M	372.18M
Operating CF Margin %	-	-6.54%	-1.66%	-0.76%	0.21%	0.3%	0.3%	0.06%	0.33%	0.25%
Operating CF Growth %	-0.72%	-0.49%	-2.67%	0.1%	3.6%	3.28%	0.25%	-0.82%	5.35%	0.04%
Net Income	-5.32M	-2.71M	-17.43M	-26.53M	-20.32M	22.29M	554.89M	-106.03M	28.88M	339.29M
Depreciation & Amortization	4K	146K	894K	10.64M	0	0	-269.88M	188.84M	220.01M	211.9M
Stock-Based Compensation	413K	182K	1.59M	5.65M	5.63M	8.14M	7.33M	0	0	0
Deferred Taxes	85K	-1.48M	308K	2.33M	7.14M	20.81M	-19.85M	7.62M	-14.12M	243.04M
Other Non-Cash Items	69K	-927K	-13.04M	-8.32M	83.69M	219.73M	-8.37M	53.86M	295.77M	-364.03M
Working Capital Changes	50K	-2.2M	2.05M	-5.57M	-16.42M	-15.19M	56.66M	-87.82M	-172.09M	-58.01M
Change in Receivables	20K	-960K	-3.52M	3.16M	-4.2M	157K	-3.78M	-14.42M	-27.59M	6.96M
Change in Inventory	0	-553K	-1.17M	-5.55M	-36.49M	20.55M	20.22M	-69.61M	-168.74M	-72.37M
Change in Payables	0	-680.71K	6.58M	-3.02M	0	0	37.08M	1.13M	20.45M	18.74M
Cash from Investing+	-1K	2.13M	-530K	-240.67M	-111.29M	-131.17M	-347.57M	-419M	-462.67M	-1.11B
Capital Expenditures	-1K	-53K	-21.48M	-5.14M	-97.58M	-174.75M	-344.22M	-557.07M	-523.3M	-412.07M
CapEx % of Revenue	-	0.05%	1.39%	0.17%	0.35%	0.21%	0.32%	0.59%	0.48%	0.27%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	205K	196K	-91.2M	870K	13.29M	80.16M	56.81M	-6.65M	-3.73M
Cash from Financing+	760K	44.19M	53.46M	268.32M	57M	152.66M	-1.59M	254.31M	92.5M	792.48M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	-2.15M	-9.9M	4.66M	143.85M	-5.8M	-15.53M	-46.72M	-59.82M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-4.7M	-7.05M	-47.11M	-28.14M	-37.85M	81.03M	-23.45M	-500.6M	-164.84M	-39.89M
FCF Margin %	-	-6.59%	-3.05%	-0.93%	-0.13%	0.1%	-0.02%	-0.53%	-0.15%	-0.03%
FCF Growth %	-0.63%	-0.5%	-5.69%	0.4%	-0.35%	3.14%	-1.29%	-20.35%	0.67%	0.76%
FCF per Share	-0.05	-0.08	-0.53	-0.30	-0.34	0.37	-0.07	-1.65	-0.52	-0.08
FCF Conversion (FCF/Net Income)	0.88x	2.91x	1.53x	0.46x	-3.25x	11.48x	0.58x	-0.53x	12.41x	1.10x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-124.02%	-6.96%	-7.73%	-12.61%	-4.43%	2.41%	27.51%	-4.3%	1.2%	11.62%
Return on Invested Capital (ROIC)	-353.84%	-18.55%	-12.72%	-5.52%	7.01%	11.49%	4.88%	0.27%	1.2%	4.6%
Gross Margin	-	-114.5%	-78.78%	26.64%	29.77%	34.33%	21.31%	8.92%	10.02%	20.08%
Net Margin	-	-224.88%	-108.15%	-165.28%	-6.52%	2.64%	51.27%	-11.13%	2.65%	22.41%
Debt / Equity	-	-	0.12x	0.51x	0.66x	0.38x	0.22x	0.36x	0.39x	0.41x
Interest Coverage	-877.83x	-8.31x	-4.35x	-5.07x	3.14x	4.35x	3.53x	0.26x	0.82x	2.49x
FCF Conversion	0.88x	2.91x	1.53x	0.46x	-3.25x	11.48x	0.58x	-0.53x	12.41x	1.10x
Revenue Growth	-	-	1346.96%	94.98%	834.04%	200.11%	28.02%	-12.02%	14.28%	39.14%

Revenue by Segment

	2020	2021
Gold	841.2M	1.08B
Gold Growth	-	28.31%
Silver	1.31M	2.96M
Silver Growth	-	125.99%

Revenue by Geography

	2020	2021
BRAZIL	484.47M	-
BRAZIL Growth	-	-
UNITED STATES	252.17M	-
UNITED STATES Growth	-	-
MEXICO	105.87M	-
MEXICO Growth	-	-

Frequently Asked Questions

Valuation & Price

Equinox Gold Corp. (EQX) has a price-to-earnings (P/E) ratio of 21.4x. This is roughly in line with market averages.

Growth & Financials

Equinox Gold Corp. (EQX) reported $2.29B in revenue for fiscal year 2024.

Equinox Gold Corp. (EQX) grew revenue by 39.1% over the past year. This is strong growth.

Yes, Equinox Gold Corp. (EQX) is profitable, generating $131.0M in net income for fiscal year 2024 (22.4% net margin).

Dividend & Returns

Equinox Gold Corp. (EQX) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Equinox Gold Corp. (EQX) generated $38.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Equinox Gold Corp. (EQX) 10-Year Financial Performance & Capital Metrics

EQX • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersMulti-Mine Operators

Revenue $1.51B +39.1%
EBITDA $461M +73.3%
Net Income $339M +1074.7%
EPS (Diluted) 0.68 +644.8%
Gross Margin 20.08% +100.5%
EBITDA Margin 30.42% +24.6%
Operating Margin 15.72% +244.7%
Net Margin 22.41% +744.2%
ROE 11.62% +864.3%
ROIC 4.6% +282.4%
Debt/Equity 0.41 +7.1%
Interest Coverage 2.49 +202.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 91 (top 9%)
✓Strong 5Y sales CAGR of 40.0%
✓Healthy 5Y average net margin of 13.6%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.8%
✗Negative free cash flow
✗Shares diluted 49.7% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y39.98%

3Y11.84%

TTM84.92%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-15.12%

TTM-58.41%

EPS CAGR

10Y-

5Y-

3Y-25.88%

TTM-77.72%

ROCE

10Y Avg-11.75%

5Y Avg4.45%

3Y Avg2.14%

Latest4.81%

Peer Comparison

Multi-Mine Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLHecla Mining Company	16.9B	25.22	445.58	29.12%	25.23%	12.61%	0.02%	0.27
CDECoeur Mining, Inc.	13.63B	21.22	141.47	28.35%	24.03%	13.21%		0.54
ARMNAris Mining Corporation	3.7B	18.24	130.29	14.06%	6.35%	3.44%		0.48
NGDNew Gold Inc.	8.24B	10.41	74.36	17.55%	20.16%	20%	1.48%	0.38
AGIAlamos Gold Inc.	16.92B	40.30	58.41	31.62%	33.38%	13.27%	1.39%	0.08
CGAUCenterra Gold Inc.	3.24B	16.06	45.89	10.92%	26.35%	17.46%	3.52%	0.01
EGOEldorado Gold Corporation	8.16B	40.61	28.80	30.94%	22.17%	9.08%	0.3%	0.24
EQXEquinox Gold Corp.	11.43B	14.56	21.41	39.14%	5.73%	2.35%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	1.07M	15.47M	30.16M	281.7M	845.39M	1.08B	952.2M	1.09B	1.51B
Revenue Growth %	-	-	13.47%	0.95%	8.34%	2%	0.28%	-0.12%	0.14%	0.39%
Cost of Goods Sold+	4K	2.29M	27.65M	22.13M	197.84M	555.21M	851.7M	867.23M	979.21M	1.21B
COGS % of Revenue	-	2.14%	1.79%	0.73%	0.7%	0.66%	0.79%	0.91%	0.9%	0.8%
Gross Profit+	-4K	-1.22M	-12.19M	8.03M	83.85M	290.18M	230.59M	84.97M	108.98M	304.05M
Gross Margin %	-	-1.14%	-0.79%	0.27%	0.3%	0.34%	0.21%	0.09%	0.1%	0.2%
Gross Profit Growth %	-0.14%	-305%	-8.96%	1.66%	9.44%	2.46%	-0.21%	-0.63%	0.28%	1.79%
Operating Expenses+	5.34M	2.17M	19.03M	28.69M	28.73M	117.23M	84.12M	74.58M	59.36M	66.08M
OpEx % of Revenue	-	2.03%	1.23%	0.95%	0.1%	0.14%	0.08%	0.08%	0.05%	0.04%
Selling, General & Admin	1.15M	1.14M	10.44M	16.38M	19.49M	39.7M	51.35M	45.65M	45.17M	50.91M
SG&A % of Revenue	-	1.06%	0.67%	0.54%	0.07%	0.05%	0.05%	0.05%	0.04%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	45K	185K	-19K	-2.99M	9.24M	77.53M	32.77M	28.93M	14.19M	15.18M
Operating Income+	-5.27M	-3.4M	-31.21M	-33.94M	55.12M	172.96M	146.47M	10.39M	49.62M	237.96M
Operating Margin %	-	-3.18%	-2.02%	-1.13%	0.2%	0.2%	0.14%	0.01%	0.05%	0.16%
Operating Income Growth %	-0.46%	0.36%	-8.19%	-0.09%	2.62%	2.14%	-0.15%	-0.93%	3.77%	3.8%
EBITDA+	-5.26M	-3.25M	-30.89M	-29.88M	94.25M	325.14M	344.61M	199.23M	265.74M	460.58M
EBITDA Margin %	-	-3.04%	-2%	-0.99%	0.33%	0.38%	0.32%	0.21%	0.24%	0.3%
EBITDA Growth %	-0.46%	0.38%	-8.5%	0.03%	4.15%	2.45%	0.06%	-0.42%	0.33%	0.73%
D&A (Non-Cash Add-back)	4K	144.24K	324.26K	4.06M	39.13M	152.19M	198.13M	188.84M	216.12M	222.62M
EBIT	-4.82M	-2.3M	-6.79M	-30.37M	4.35M	82.85M	576.59M	-58.05M	74.97M	725.46M
Net Interest Income+	25K	-409K	-6.4M	-2.26M	-15.59M	-37.93M	-38.73M	-34.74M	-48.51M	-87.32M
Interest Income	31K	0	771K	4.44M	1.95M	1.82M	2.82M	5.61M	11.69M	7.67M
Interest Expense	6K	409K	7.17M	6.7M	17.54M	39.75M	41.55M	40.35M	60.2M	95.38M
Other Income/Expense	107K	686K	18.18M	-5.02M	-68.31M	-129.86M	388.56M	-108.8M	-34.85M	392.12M
Pretax Income+	-5.24M	-2.71M	-17.12M	-21.38M	-13.19M	43.1M	535.03M	-98.41M	14.77M	630.08M
Pretax Margin %	-	-2.54%	-1.11%	-0.71%	-0.05%	0.05%	0.49%	-0.1%	0.01%	0.42%
Income Tax+	85K	0	308K	2.33M	7.14M	20.81M	-19.85M	7.62M	-14.12M	290.79M
Effective Tax Rate %	1.02%	0.89%	0.98%	2.33%	1.39%	0.52%	1.04%	1.08%	1.96%	0.54%
Net Income+	-5.32M	-2.4M	-16.73M	-49.85M	-18.36M	22.29M	554.89M	-106.03M	28.88M	339.29M
Net Margin %	-	-2.25%	-1.08%	-1.65%	-0.07%	0.03%	0.51%	-0.11%	0.03%	0.22%
Net Income Growth %	-0.38%	0.55%	-5.96%	-1.98%	0.63%	2.21%	23.9%	-1.19%	1.27%	10.75%
Net Income (Continuing)	-4.9M	-2.71M	-13.35M	-39.41M	-20.32M	22.29M	554.89M	-106.03M	28.88M	339.29M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	1.16M	8.13M	14.52M	0	0	0	0	0	0
EPS (Diluted)+	-0.06	-0.03	-0.19	-0.54	-0.18	0.10	1.67	-0.35	0.09	0.68
EPS Growth %	-0.4%	0.55%	-5.96%	-1.84%	0.67%	1.56%	15.7%	-1.21%	1.26%	6.45%
EPS (Basic)	-0.06	-0.03	-0.19	-0.54	-0.18	0.11	1.93	-0.35	0.09	0.81
Diluted Shares Outstanding	88.15M	88.15M	89.23M	92.34M	112M	218.41M	333.73M	304M	316.3M	473.55M
Basic Shares Outstanding	88.15M	88.15M	89.23M	92.34M	112M	212.49M	284.93M	304M	312.77M	400.11M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.01M	46.02M	86.27M	136.32M	148.66M	646.02M	1.16B	655.1M	833.96M	784.11M
Cash & Short-Term Investments	974K	41.43M	71.28M	62.6M	68.7M	348.05M	546.03M	237.64M	284.66M	245.47M
Cash Only	974K	40.63M	67.96M	60.82M	67.72M	344.93M	305.5M	200.77M	192M	239.33M
Short-Term Investments	0	797K	3.33M	1.78M	988K	3.12M	240.53M	36.87M	92.67M	6.14M
Accounts Receivable	38K	3.18M	11.25M	18.58M	27.39M	55.87M	50.26M	76.1M	82.31M	70.03M
Days Sales Outstanding	-	1.09K	265.42	224.82	35.49	24.12	16.95	29.17	27.61	16.88
Inventory	-38K	1.19M	3.16M	49.67M	46.26M	208.29M	201.62M	265.11M	412M	417.54M
Days Inventory Outstanding	-	189.9	41.68	819.43	85.35	136.93	86.41	111.58	153.58	125.94
Other Current Assets	38K	0	0	633K	1.91M	0	331.77M	76.25M	19.84M	6.53M
Total Non-Current Assets+	856K	43.91M	400.05M	617.36M	690.69M	2.03B	2.8B	3.2B	3.52B	5.93B
Property, Plant & Equipment	456K	21.21M	345.3M	537.87M	511.69M	1.86B	2.5B	2.84B	3.23B	5.56B
Fixed Asset Turnover	-	0.05x	0.04x	0.06x	0.55x	0.45x	0.43x	0.34x	0.34x	0.27x
Goodwill	0	22.58M	22.58M	18.58M	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	400K	121K	253K	253K	7.16M	22.29M	127.61M	153.13M	29.26M	32.32M
Other Non-Current Assets	0	121K	2.98M	66.47M	171.84M	146.37M	168.03M	207.68M	261.94M	330.12M
Total Assets+	1.87M	89.93M	486.32M	753.68M	839.35M	2.67B	3.97B	3.86B	4.35B	6.71B
Asset Turnover	-	0.01x	0.03x	0.04x	0.34x	0.32x	0.27x	0.25x	0.25x	0.23x
Asset Growth %	-0.74%	47.14%	4.41%	0.55%	0.11%	2.19%	0.48%	-0.03%	0.13%	0.54%
Total Current Liabilities+	190K	1.44M	30.5M	106.28M	131.92M	222.66M	402.57M	271.72M	479.6M	689.09M
Accounts Payable	190K	843K	5.71M	21.23M	45.06M	99.2M	109.3M	122.51M	112.77M	128.46M
Days Payables Outstanding	17.34K	134.19	75.4	350.19	83.13	65.21	46.84	51.56	42.03	38.75
Short-Term Debt	0	0	14.82M	54.7M	61.57M	13.33M	26.67M	0	138.6M	135.59M
Deferred Revenue (Current)	0	600K	529K	0	1000K	0	0	0	1000K	1000K
Other Current Liabilities	0	0	0	396K	3.15M	78.79M	185.78M	31.92M	54.88M	281.36M
Current Ratio	5.33x	31.89x	2.83x	1.28x	1.13x	2.90x	2.89x	2.41x	1.74x	1.14x
Quick Ratio	5.53x	31.06x	2.72x	0.82x	0.78x	1.97x	2.39x	1.44x	0.88x	0.53x
Cash Conversion Cycle	-	1.14K	231.7	694.06	37.71	95.84	56.52	89.19	139.15	104.08
Total Non-Current Liabilities+	190K	21.09M	90.14M	222.41M	304.37M	1B	979.45M	1.23B	1.43B	2.63B
Long-Term Debt	0	0	28.64M	161.56M	202.47M	531.91M	514.01M	828.02M	786.38M	1.21B
Capital Lease Obligations	0	0	0	0	848K	9.95M	26.94M	14.08M	20.39M	60.53M
Deferred Tax Liabilities	0	0	7.68M	13.31M	10.71M	243.1M	323.85M	271.22M	244.7M	799.97M
Other Non-Current Liabilities	0	21.09M	61.5M	55.87M	90.33M	217.25M	114.65M	119.57M	182.31M	287.49M
Total Liabilities	190K	22.53M	120.65M	328.69M	436.29M	1.22B	1.38B	1.5B	1.91B	3.32B
Total Debt+	0	0	43.46M	216.26M	264.05M	555.19M	567.63M	842.1M	945.37M	1.41B
Net Debt	-974K	-40.63M	-24.5M	155.44M	196.33M	210.26M	262.13M	641.33M	753.37M	1.17B
Debt / Equity	-	-	0.12x	0.51x	0.66x	0.38x	0.22x	0.36x	0.39x	0.41x
Debt / EBITDA	-	-	-	-	2.80x	1.71x	1.65x	4.23x	3.56x	3.06x
Net Debt / EBITDA	-	-	-	-	2.08x	0.65x	0.76x	3.22x	2.83x	2.54x
Interest Coverage	-877.83x	-8.31x	-4.35x	-5.07x	3.14x	4.35x	3.53x	0.26x	0.82x	2.49x
Total Equity+	1.68M	67.39M	365.68M	424.99M	403.06M	1.45B	2.59B	2.35B	2.44B	3.4B
Equity Growth %	-0.76%	39.16%	4.43%	0.16%	-0.05%	2.59%	0.78%	-0.09%	0.04%	0.39%
Book Value per Share	0.02	0.76	4.10	4.60	3.60	6.63	7.75	7.74	7.72	7.17
Total Shareholders' Equity	1.68M	66.24M	357.55M	410.47M	403.06M	1.45B	2.59B	2.35B	2.44B	3.4B
Common Stock	15.33M	81.56M	383.3M	491.1M	505.69M	1.52B	2.01B	2.04B	2.09B	2.8B
Retained Earnings	-19.15M	-21.56M	-38.37M	-96.03M	-130.59M	-108.3M	446.59M	326.26M	348.55M	613.66M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	5.5M	6.23M	12.62M	15.4M	27.96M	38.78M	131.98M	-10.46M	8.35M	-14.93M
Minority Interest	0	1.16M	8.13M	14.52M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.7M	-6.99M	-25.63M	-23.01M	59.72M	255.78M	320.78M	56.47M	358.46M	372.18M
Operating CF Margin %	-	-6.54%	-1.66%	-0.76%	0.21%	0.3%	0.3%	0.06%	0.33%	0.25%
Operating CF Growth %	-0.72%	-0.49%	-2.67%	0.1%	3.6%	3.28%	0.25%	-0.82%	5.35%	0.04%
Net Income	-5.32M	-2.71M	-17.43M	-26.53M	-20.32M	22.29M	554.89M	-106.03M	28.88M	339.29M
Depreciation & Amortization	4K	146K	894K	10.64M	0	0	-269.88M	188.84M	220.01M	211.9M
Stock-Based Compensation	413K	182K	1.59M	5.65M	5.63M	8.14M	7.33M	0	0	0
Deferred Taxes	85K	-1.48M	308K	2.33M	7.14M	20.81M	-19.85M	7.62M	-14.12M	243.04M
Other Non-Cash Items	69K	-927K	-13.04M	-8.32M	83.69M	219.73M	-8.37M	53.86M	295.77M	-364.03M
Working Capital Changes	50K	-2.2M	2.05M	-5.57M	-16.42M	-15.19M	56.66M	-87.82M	-172.09M	-58.01M
Change in Receivables	20K	-960K	-3.52M	3.16M	-4.2M	157K	-3.78M	-14.42M	-27.59M	6.96M
Change in Inventory	0	-553K	-1.17M	-5.55M	-36.49M	20.55M	20.22M	-69.61M	-168.74M	-72.37M
Change in Payables	0	-680.71K	6.58M	-3.02M	0	0	37.08M	1.13M	20.45M	18.74M
Cash from Investing+	-1K	2.13M	-530K	-240.67M	-111.29M	-131.17M	-347.57M	-419M	-462.67M	-1.11B
Capital Expenditures	-1K	-53K	-21.48M	-5.14M	-97.58M	-174.75M	-344.22M	-557.07M	-523.3M	-412.07M
CapEx % of Revenue	-	0.05%	1.39%	0.17%	0.35%	0.21%	0.32%	0.59%	0.48%	0.27%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	205K	196K	-91.2M	870K	13.29M	80.16M	56.81M	-6.65M	-3.73M
Cash from Financing+	760K	44.19M	53.46M	268.32M	57M	152.66M	-1.59M	254.31M	92.5M	792.48M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	-2.15M	-9.9M	4.66M	143.85M	-5.8M	-15.53M	-46.72M	-59.82M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-4.7M	-7.05M	-47.11M	-28.14M	-37.85M	81.03M	-23.45M	-500.6M	-164.84M	-39.89M
FCF Margin %	-	-6.59%	-3.05%	-0.93%	-0.13%	0.1%	-0.02%	-0.53%	-0.15%	-0.03%
FCF Growth %	-0.63%	-0.5%	-5.69%	0.4%	-0.35%	3.14%	-1.29%	-20.35%	0.67%	0.76%
FCF per Share	-0.05	-0.08	-0.53	-0.30	-0.34	0.37	-0.07	-1.65	-0.52	-0.08
FCF Conversion (FCF/Net Income)	0.88x	2.91x	1.53x	0.46x	-3.25x	11.48x	0.58x	-0.53x	12.41x	1.10x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-124.02%	-6.96%	-7.73%	-12.61%	-4.43%	2.41%	27.51%	-4.3%	1.2%	11.62%
Return on Invested Capital (ROIC)	-353.84%	-18.55%	-12.72%	-5.52%	7.01%	11.49%	4.88%	0.27%	1.2%	4.6%
Gross Margin	-	-114.5%	-78.78%	26.64%	29.77%	34.33%	21.31%	8.92%	10.02%	20.08%
Net Margin	-	-224.88%	-108.15%	-165.28%	-6.52%	2.64%	51.27%	-11.13%	2.65%	22.41%
Debt / Equity	-	-	0.12x	0.51x	0.66x	0.38x	0.22x	0.36x	0.39x	0.41x
Interest Coverage	-877.83x	-8.31x	-4.35x	-5.07x	3.14x	4.35x	3.53x	0.26x	0.82x	2.49x
FCF Conversion	0.88x	2.91x	1.53x	0.46x	-3.25x	11.48x	0.58x	-0.53x	12.41x	1.10x
Revenue Growth	-	-	1346.96%	94.98%	834.04%	200.11%	28.02%	-12.02%	14.28%	39.14%

Revenue by Segment

	2020	2021
Gold	841.2M	1.08B
Gold Growth	-	28.31%
Silver	1.31M	2.96M
Silver Growth	-	125.99%

Revenue by Geography

	2020	2021
BRAZIL	484.47M	-
BRAZIL Growth	-	-
UNITED STATES	252.17M	-
UNITED STATES Growth	-	-
MEXICO	105.87M	-
MEXICO Growth	-	-

Frequently Asked Questions

Valuation & Price

Equinox Gold Corp. (EQX) has a price-to-earnings (P/E) ratio of 21.4x. This is roughly in line with market averages.

Growth & Financials

Equinox Gold Corp. (EQX) reported $2.29B in revenue for fiscal year 2024.

Equinox Gold Corp. (EQX) grew revenue by 39.1% over the past year. This is strong growth.

Yes, Equinox Gold Corp. (EQX) is profitable, generating $131.0M in net income for fiscal year 2024 (22.4% net margin).

Dividend & Returns

Equinox Gold Corp. (EQX) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Equinox Gold Corp. (EQX) generated $38.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.