Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing EQX more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
Equinox Gold Corp. (EQX) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
1
analysts
1 bullish · 0 bearish · 1 covering EQX
Strong Buy
0
Buy
1
Hold
0
Sell
0
Strong Sell
0
Consensus Target
—
— vs today
Scenario Range
$286 – —
Model bear to bull value window
Coverage
1
Published analyst ratings
Valuation Context
10.4x
Forward P/E · Market cap $11.3B
EQX price targets
Three scenarios for where EQX stock could go
Current
~$14
Confidence
29 / 100
Updated
May 1, 2026
Where we are now
Current · $14
Bear
$286
Base
$17
Market caseClosest to today
Base case
$17+20.2%
At 12x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$286+1887.3%
The bear case assumes sentiment or fundamentals disappoint enough to push EQX down roughly 1887% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Equinox Gold Corp.
EQX · AMEXBasic MaterialsGoldDecember year-end
Equinox Gold is a gold mining company that operates and develops gold mines across the Americas. It generates revenue primarily from gold sales — with production coming from its portfolio of operating mines in Brazil, Mexico, and the United States — and secondarily from silver byproduct sales. The company's competitive advantage lies in its diversified, multi-asset portfolio across stable jurisdictions, which provides operational flexibility and reduces single-mine risk.
Market Cap
$11.3B
Revenue TTM
$1.8B
Net Income TTM
$225M
Net Margin
12.2%
EQX Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
67%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
+83.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$-0.08/$0.14
Revenue
$424M/$404M
Q3 2025
EPS
$0.11/$0.03
Revenue
$479M/$487M
Q4 2025
EPS
$0.19/$0.11
Revenue
$810M/$819M
Q1 2026
EPS
$0.34/$0.21
Revenue
$988M/$951M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $-0.08/$0.14 | -157.1% | $424M/$404M | +4.9% |
| Q3 2025 | $0.11/$0.03 | +280.9% | $479M/$487M | -1.6% |
| Q4 2025 | $0.19/$0.11 | +72.7% | $810M/$819M | -1.1% |
| Q1 2026 | $0.34/$0.21 | +58.9% | $988M/$951M | +3.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.1B
+36.1% YoY
FY2
$4.0B
+27.4% YoY
EPS Outlook
FY1
$0.60
+259.9% YoY
FY2
$0.82
+35.5% YoY
Trailing FCF (TTM)-$7M
FCF Margin: -0.4%
Next Earnings
May 6, 2026
Expected EPS
$0.26
Expected Revenue
$833M
EQX beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
EQX Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2021
Total disclosed revenue $1.1B
Product Mix
Latest annual revenue by segment or product family
Gold
99.7%
+28.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Gold is the largest disclosed segment at 99.7% of FY 2021 revenue, up 28.3% YoY.
EQX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $15 — implies +5.4% from today's price.
Upside to Fair Value
5.4%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
EQX
39.9x
vs
S&P 500
25.2x
+58% premium
vs Basic Materials Trailing P/E
EQX
39.9x
vs
Basic Materials
22.9x
+74% premium
vs EQX 5Y Avg P/E
Today
39.9x
vs
5Y Average
26.0x
+54% premium
Forward PE
10.4x
S&P 500
19.1x
-45%
Basic Materials
15.4x
-33%
5Y Avg
—
—
Trailing PE
39.9x
S&P 500
25.2x
+58%
Basic Materials
22.9x
+74%
5Y Avg
26.0x
+54%
PEG Ratio
1.37x
S&P 500
1.75x
-22%
Basic Materials
1.22x
+12%
5Y Avg
—
—
EV/EBITDA
12.9x
S&P 500
15.3x
-15%
Basic Materials
11.4x
+13%
5Y Avg
8.4x
+53%
Price/FCF
—
S&P 500
21.3x
—
Basic Materials
27.5x
—
5Y Avg
—
—
Price/Sales
6.1x
S&P 500
3.1x
+96%
Basic Materials
2.0x
+212%
5Y Avg
2.2x
+181%
Dividend Yield
—
S&P 500
1.88%
—
Basic Materials
1.37%
—
5Y Avg
—
—
| Metric | EQX | S&P 500 | Basic Materials | 5Y Avg EQX |
|---|---|---|---|---|
| Forward PE | 10.4x | 19.1x-45% | 15.4x-33% | — |
| Trailing PE | 39.9x | 25.2x+58% | 22.9x+74% | 26.0x+54% |
| PEG Ratio | 1.37x | 1.75x-22% | 1.22x+12% | — |
| EV/EBITDA | 12.9x | 15.3x-15% | 11.4x+13% | 8.4x+53% |
| Price/FCF | — | 21.3x | 27.5x | — |
| Price/Sales | 6.1x | 3.1x+96% | 2.0x+212% | 2.2x+181% |
| Dividend Yield | — | 1.88% | 1.37% | — |
EQX trades above S&P 500 benchmarks on 2 of 5 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolEQX Financial Health
Verdict
Adequate
Key financial metrics for EQX are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$1.8B
Revenue Growth
TTM vs prior year
+22.1%
Gross Margin
Gross profit as a share of revenue
25.0%
Operating Margin
Operating income divided by revenue
23.8%
Net Margin
Net income divided by revenue
12.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$0.36
Free Cash Flow (TTM)
Cash generation after capex
-$7M
FCF Margin
FCF as share of revenue — the primary cash quality signal
-0.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.7%
ROA
Return on assets, trailing twelve months
2.4%
Cash & Equivalents
Liquid assets on the balance sheet
$407M
Net Debt
Total debt minus cash
$1.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
—
ROE
Return on equity, trailing twelve months
4.5%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
788M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageEQX Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Operational Risks
Equinix faces significant operational risks, including increased costs for power procurement and vulnerability to security breaches. The high operating costs associated with data centers, driven by power consumption and security, are compounded by the rising demand for power from AI applications.
High Risk
Financial and Corporate Risks
The market price of Equinix stock is highly volatile, influenced by general economic conditions and market sentiment towards technology and REIT stocks. The company's elevated debt levels and significantly overvalued P/E ratio of 49.4x compared to its 5-year median of 8.6x pose serious financial stability concerns.
Medium
Legal and Regulatory Risks
Equinix may face legal risks related to failing to secure favorable operational terms. Additionally, provisions in its corporate documents and Delaware law could discourage potential takeover attempts, impacting shareholder value.
Medium
Technology and Innovation Risks
Cybersecurity risks are a critical concern for Equinix, given its reliance on digital infrastructure. A significant breach could lead to operational disruptions and financial losses.
Lower
Macro and Political Risks
Equinix's commitment to climate targets and sustainability initiatives presents risks if these goals are not met. Failure to adhere to these targets could result in regulatory penalties and reputational damage.
High Risk
Commodity Price Risk
Equinox Gold is significantly exposed to gold price fluctuations, with a beta of approximately 2.3, amplifying movements in gold prices. A drop in gold prices could lead to substantial margin compression and impact profitability.
Medium
Operational Risks
Equinox Gold faces operational challenges in ramping up production at its Greenstone and Valentine mines, with costs above peer averages. These challenges could hinder planned production increases and overall operational effectiveness.
Medium
Valuation Risks
Equinox Gold's stock is considered significantly overvalued, with its current price well above its GF Value™ estimate. The high P/E ratio compared to its historical average raises concerns about future price corrections.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why EQX Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Record Gold Production Achieved
Equinox Gold achieved record gold production in Q4 and for the full year 2025, surpassing company guidance. This operational success was notably driven by strong performance at the Greenstone mine.
Strategic Growth Pipeline
The company has a clear strategic plan for growth through high-return expansion projects at its key mines. Projects like Greenstone and Valentine are ramping up towards full production capacity, with Valentine already exceeding its nameplate capacity.
Significant Debt Reduction
Equinox Gold has made significant progress in reducing its debt through asset sales, including its Brazilian operations, and strong operating cash flow. This deleveraging has fundamentally changed the firm's risk profile, leading to reduced interest expenses.
Increased Free Cash Flow Generation
Equinox Gold is anticipated to experience a substantial increase in free cash flow generation, projected to rise significantly from 2025 to 2026, driven by operational advancements.
Shareholder Returns Initiatives
Management has initiated a quarterly cash dividend and announced a share buyback program, signaling a shift towards disciplined capital returns and enhanced shareholder value. The company expects to generate enough free cash flow in 2026 to support these initiatives.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
EQX Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$14.37
52W Range Position
66%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$5.61
+156.1% from the low
52-Week High
$18.96
-24.2% from the high
1 Month
-1.51%
3 Month
-1.30%
YTD
+4.9%
1 Year
+108.3%
3Y CAGR
+35.9%
5Y CAGR
+11.2%
10Y CAGR
+12.9%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
EQX vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
10.4x
vs 7.8x median
+34% above peer median
Revenue Growth
+36.1%
vs +37.7% median
-4% below peer median
Net Margin
12.2%
vs 31.1% median
-61% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
EQX EQX Equinox Gold Corp. | $11.3B | 10.4x | +36.1% | 12.2% | Buy | — |
KGC KGC Kinross Gold Corporation | $36.9B | 9.8x | +29.7% | 36.0% | Buy | +37.3% |
IAG IAG IAMGOLD Corporation | $10.9B | 7.8x | +37.7% | 23.4% | Buy | +59.5% |
CDE CDE Coeur Mining, Inc. | $12.0B | 9.4x | +66.3% | 31.1% | Buy | +54.7% |
NGD NGD New Gold Inc. | $7.2B | 6.6x | +27.8% | 58.6% | Buy | +36.3% |
BTG BTG B2Gold Corp. | $6.0B | 5.9x | +39.1% | 13.1% | Buy | +39.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
EQX Dividend and Capital Return
EQX does not currently return meaningful capital to shareholders.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.0%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.01
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Annual
1 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
788M
| Year | Div / Share | YoY Grw |
|---|---|---|
| 2026 | $0.01 | — |
FAQ
6 questionsEQX Investor Questions
Common questions answered from live analyst data and company financials.
01Is Equinox Gold Corp. (EQX) stock a buy or sell in 2026?
Equinox Gold Corp. (EQX) is rated Buy by Wall Street analysts as of 2026. Of 1 analysts covering the stock, 1 rate it Buy or Strong Buy, 0 rate it Hold, and 0 rate it Sell or Strong Sell.
02Is Equinox Gold Corp. (EQX) stock overvalued in 2026?
EQX trades at 10.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
03What are the main risks for Equinox Gold Corp. (EQX) stock in 2026?
The primary risks for EQX in 2026 are: (1) Operational Risks — Equinix faces significant operational risks, including increased costs for power procurement and vulnerability to security breaches. (2) Financial and Corporate Risks — The market price of Equinix stock is highly volatile, influenced by general economic conditions and market sentiment towards technology and REIT stocks. (3) Commodity Price Risk — Equinox Gold is significantly exposed to gold price fluctuations, with a beta of approximately 2. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
04What is Equinox Gold Corp.'s revenue and earnings forecast?
Analyst consensus estimates EQX will report consensus revenue of $3.1B (+36.1% year-over-year) and EPS of $0.60 (+259.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.0B in revenue.
05When does Equinox Gold Corp. (EQX) report its next earnings?
Equinox Gold Corp. is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $0.26 and revenue of $833M. Over recent quarters, EQX has beaten EPS estimates 67% of the time.
06How much free cash flow does Equinox Gold Corp. generate?
Equinox Gold Corp. (EQX) had a free cash outflow of $7M in free cash flow over the trailing twelve months — a free cash flow margin of 0.4%. EQX returns capital to shareholders through and share repurchases ($0 TTM).