Total assets expanded to $9.7 billion by 2026Q1, while the company reduced its total debt burden from a peak of $1.9 billion in 2025Q3 to $614.7 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 |
|---|
| Total Current Assets | 988.31M | 1.97B | 784.11M | 833.96M | 655.1M | 1.16B | 646.02M | 148.66M | 136.32M | 86.27M | 46.02M | 1.01M | 5.44M | 8.19M | 55.1K | 197.89K | 280.32K | 112.02K | 225.32K | 105.75K |
| Cash & Short-Term Investments | 499.62M | 569M | 245.47M | 284.66M | 237.64M | 546.03M | 348.05M | 68.7M | 62.6M | 71.28M | 41.43M | 974K | 5.37M | 8.16M | 54.82K | 195.64K | 262.95K | 111.37K | 225K | 105.75K |
| Cash Only | 362.96M | 406.61M | 239.33M | 192M | 200.77M | 305.5M | 344.93M | 67.72M | 60.82M | 67.96M | 40.63M | 974K | 5.37M | 8.16M | 54.82K | 195.64K | 262.95K | 111.37K | 225K | 105.75K |
| Short-Term Investments | 136.65M | 162.39M | 6.14M | 92.67M | 36.87M | 240.53M | 3.12M | 988K | 1.78M | 3.33M | 797K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 61.15M | 65.35M | 70.03M | 82.31M | 76.1M | 50.26M | 55.87M | 27.39M | 18.58M | 11.25M | 3.18M | 38K | 62.3K | 0 | 0 | 281 | 2.25K | 653 | 315 | 0 |
| Days Sales Outstanding | 13.71 | 12.9 | 16.88 | 27.61 | 29.17 | 16.95 | 24.12 | 35.49 | 224.82 | 265.42 | 1.09K | - | - | - | - | - | - | - | - | - |
| Inventory | 392.05M | 369.09M | 417.54M | 412M | 265.11M | 201.62M | 208.29M | 46.26M | 49.67M | 3.16M | 1.19M | -38K | -62K | -34.5K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 111.88 | 97.14 | 125.94 | 153.58 | 111.58 | 86.41 | 136.93 | 85.35 | 819.43 | 41.68 | 189.9 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.02M | 937.23M | 6.53M | 19.84M | 76.25M | 331.77M | 0 | 1.91M | 633K | 0 | 0 | 38K | 62.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 8.67B | 8.55B | 5.93B | 3.52B | 3.2B | 2.8B | 2.03B | 690.69M | 617.36M | 400.05M | 43.91M | 856K | 1.63M | 1.21M | 237.65K | 177.08K | 105.07K | 33.3K | 0 | 0 |
| Property, Plant & Equipment | 7.95B | 7.9B | 5.56B | 3.23B | 2.84B | 2.5B | 1.86B | 511.69M | 537.87M | 345.3M | 21.21M | 456K | 587.2K | 445K | 237.65K | 177.08K | 105.07K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.28x | 0.23x | 0.27x | 0.34x | 0.34x | 0.43x | 0.45x | 0.55x | 0.06x | 0.04x | 0.05x | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.58M | 22.58M | 22.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 19.94M | 7.55M | 32.32M | 29.26M | 153.13M | 127.61M | 22.29M | 7.16M | 253K | 253K | 121K | 400K | 1.05M | 765.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 718.92M | 645.76M | 330.12M | 261.94M | 207.68M | 168.03M | 146.37M | 171.84M | 66.47M | 2.98M | 121K | 0 | 0 | 0 | 0 | 0 | 0 | 33.3K | 0 | 0 |
| Total Assets | 9.66B | 10.52B | 6.71B | 4.35B | 3.86B | 3.97B | 2.67B | 839.35M | 753.68M | 486.32M | 89.93M | 1.87M | 7.07M | 9.4M | 292.75K | 374.97K | 385.39K | 145.32K | 225.32K | 105.75K |
| Asset Turnover | 0.23x | 0.18x | 0.23x | 0.25x | 0.25x | 0.27x | 0.32x | 0.34x | 0.04x | 0.03x | 0.01x | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 201.94% | 56.64% | 54.32% | 12.81% | -2.8% | 48.4% | 218.51% | 11.37% | 54.97% | 440.8% | 4714.08% | -73.57% | -24.83% | 3112.11% | -21.93% | -2.7% | 165.2% | -35.51% | 113.06% | - |
| Total Current Liabilities | 797.82M | 1.26B | 689.09M | 479.6M | 271.72M | 402.57M | 222.66M | 131.92M | 106.28M | 30.5M | 1.44M | 190K | 166.4K | 159.6K | 16.14K | 37.64K | 17.81K | 22.56K | 11.66K | 9.03K |
| Accounts Payable | 335.52M | 301.87M | 128.46M | 112.77M | 122.51M | 109.3M | 99.2M | 45.06M | 21.23M | 5.71M | 843K | 190K | 166K | 159.6K | 160.84K | 16.14K | 37.64K | 0 | 0 | 11.66K |
| Days Payables Outstanding | 74.53 | 79.45 | 38.75 | 42.03 | 51.56 | 46.84 | 65.21 | 83.13 | 350.19 | 75.4 | 134.19 | 17.34K | 17.31K | 29.13K | - | - | - | - | - | - |
| Short-Term Debt | 29.08M | 181M | 135.59M | 138.6M | 0 | 26.67M | 13.33M | 61.57M | 54.7M | 14.82M | 0 | 0 | 0 | 0 | 235.88K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 610.69M | 127.36M | 116.26M | 39.6M | 0 | 0 | 0 | 22.15M | 0 | 529K | 600K | 0 | 0 | 0 | -250.88K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 238.48M | 496.6M | 281.36M | 54.88M | 31.92M | 185.78M | 78.79M | 3.15M | 396K | 0 | 0 | 0 | 400 | 0 | 590 | 21.5K | 0 | 22.56K | 0 | -2.63K |
| Current Ratio | 1.24x | 1.56x | 1.14x | 1.74x | 2.41x | 2.89x | 2.90x | 1.13x | 1.28x | 2.83x | 31.89x | 5.33x | 32.67x | 51.34x | 3.41x | 5.26x | 15.74x | 4.97x | 19.33x | 11.71x |
| Quick Ratio | 0.75x | 1.27x | 0.53x | 0.88x | 1.44x | 2.39x | 1.97x | 0.78x | 0.82x | 2.72x | 31.06x | 5.53x | 33.04x | 51.55x | 3.41x | 5.26x | 15.74x | 4.97x | 19.33x | 11.71x |
| Cash Conversion Cycle | 51.06 | 30.59 | 104.08 | 139.15 | 89.19 | 56.52 | 95.84 | 37.71 | 694.06 | 231.7 | 1.14K | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.73B | 3.47B | 2.63B | 1.43B | 1.23B | 979.45M | 1B | 304.37M | 222.41M | 90.14M | 21.09M | 190K | 166.4K | 159.6K | 16.14K | 0 | 0 | 0 | 11.66K | 9.03K |
| Long-Term Debt | 585.65M | 1.37B | 1.21B | 786.38M | 828.02M | 514.01M | 531.91M | 202.47M | 161.56M | 28.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 234.93M | 0 | 60.53M | 20.39M | 14.08M | 26.94M | 9.95M | 848K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 5.48B | 1.41B | 799.97M | 244.7M | 271.22M | 323.85M | 243.1M | 10.71M | 13.31M | 7.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 533.58M | 526.82M | 287.49M | 182.31M | 119.57M | 114.65M | 217.25M | 90.33M | 55.87M | 61.5M | 21.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.53B | 4.73B | 3.32B | 1.91B | 1.5B | 1.38B | 1.22B | 436.29M | 328.69M | 120.65M | 22.53M | 190K | 166.4K | 159.6K | 16.14K | 37.64K | 17.81K | 22.56K | 11.66K | 9.03K |
| Total Debt | 614.73M | 1.55B | 1.41B | 945.37M | 842.1M | 567.63M | 555.19M | 264.05M | 216.26M | 43.46M | 0 | 0 | 0 | 0 | 235.88K | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 251.76M | 1.15B | 1.17B | 753.37M | 641.33M | 262.13M | 210.26M | 196.33M | 155.44M | -24.5M | -40.63M | -974K | -5.37M | -8.16M | 181.06K | -195.64K | -262.95K | -111.37K | -225K | -105.75K |
| Debt / Equity | 0.10x | 0.27x | 0.41x | 0.39x | 0.36x | 0.22x | 0.38x | 0.66x | 0.51x | 0.12x | - | - | - | - | 0.85x | - | - | - | - | - |
| Debt / EBITDA | 0.45x | 1.61x | 3.06x | 3.56x | 4.23x | 1.65x | 1.71x | 2.80x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.18x | 1.18x | 2.54x | 2.83x | 3.22x | 0.76x | 0.65x | 2.08x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 4.09x | 2.41x | 7.61x | 1.25x | -1.44x | 13.88x | 2.08x | 0.25x | -4.53x | -0.95x | -5.63x | -803.74x | -398.38x | -1431.25x | -7637.82x | -354.61x | -41.87x | -102.92x | - | -1.00x |
| Total Equity | 6.13B | 5.78B | 3.4B | 2.44B | 2.35B | 2.59B | 1.45B | 403.06M | 424.99M | 365.68M | 67.39M | 1.68M | 6.9M | 9.24M | 276.61K | 337.33K | 367.58K | 122.76K | 213.66K | 96.72K |
| Equity Growth % | 290.68% | 70.26% | 39.1% | 3.86% | -9.03% | 78.48% | 259.38% | -5.16% | 16.22% | 442.6% | 3916.27% | -75.69% | -25.33% | 3241.84% | -18% | -8.23% | 199.44% | -42.55% | 120.9% | - |
| Book Value per Share | 7.42 | 9.18 | 7.17 | 7.72 | 7.74 | 7.75 | 6.63 | 3.60 | 4.60 | 4.10 | 0.76 | 0.02 | 0.08 | 0.10 | 0.00 | 2.16 | 3.18 | 1.78 | 3.65 | 2.56 |
| Total Shareholders' Equity | 6.13B | 5.78B | 3.4B | 2.44B | 2.35B | 2.59B | 1.45B | 403.06M | 410.47M | 357.55M | 66.24M | 1.68M | 6.9M | 9.24M | 276.61K | 337.33K | 367.58K | 122.76K | 213.66K | 96.72K |
| Common Stock | 4.9B | 4.87B | 2.8B | 2.09B | 2.04B | 2.01B | 1.52B | 505.69M | 491.1M | 383.3M | 81.56M | 15.33M | 15.33M | 14.62M | 867.12K | 0 | 0 | 203.88K | 0 | 0 |
| Retained Earnings | 1.13B | 818.51M | 613.66M | 348.55M | 326.26M | 446.59M | -108.3M | -130.59M | -96.03M | -38.37M | -21.56M | -19.15M | -13.83M | -9.99M | -705.65K | -493.25K | -379.19K | -95.36K | -53.91K | -9.03K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 95.03M | 100.41M | -14.93M | 8.35M | -10.46M | 131.98M | 38.78M | 27.96M | 15.4M | 12.62M | 6.23M | 5.5M | 5.41M | 4.62M | 226.04K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.52M | 8.13M | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and operational complexity
As reported in recent financial statements, Equinox Gold’s total assets have surged from $4.3 billion in 2024Q1 to $9.7 billion by 2026Q1, reflecting an aggressive growth trajectory that has significantly altered the company's balance sheet composition through rapid project development and capital-intensive expansion.
The rapid growth in total assets appears to be driven by the aggressive commissioning of new mining projects, which has fundamentally shifted the company's scale. However, this expansion has necessitated a corresponding increase in liabilities, suggesting that the company's growth is heavily reliant on external financing rather than organic capital accumulation.
Based on reported figures, the company’s total debt reached $614.7 million in 2026Q1, following a peak of $1.9 billion in 2025Q3, indicating that while management has begun to address its debt burden, the company remains highly sensitive to interest rate fluctuations and gold price volatility.
The reduction in debt from its 2025 peak suggests a strategic pivot toward balance sheet stabilization as major projects come online. Investors should monitor whether this deleveraging trend is sustainable or if it remains contingent on favorable gold prices and the successful operational ramp-up of the Greenstone asset.
According to the balance sheet data, net property, plant, and equipment (PPE) has grown from $3.3 billion in 2024Q1 to $7.9 billion in 2026Q1, confirming that the company’s business model is heavily asset-dependent and requires continuous, significant capital reinvestment to maintain production levels.
The concentration of value in PPE highlights the company's exposure to operational risks, as the recoverability of these assets is tied directly to long-term gold price assumptions and mine life estimates. This asset-heavy profile implies that any impairment in project performance could have a disproportionate impact on the company's book value.
As indicated by the company's financial filings, the current ratio has fluctuated significantly, reaching 1.24 in 2026Q1, which suggests that the company maintains a relatively thin liquidity buffer to manage its ongoing operational requirements and debt service obligations during periods of market stress.
The volatility in the current ratio, which dipped as low as 0.85 in 2025Q1, underscores the potential for liquidity constraints during periods of high capital expenditure. This suggests that the company may have limited flexibility to absorb unexpected operational disruptions without seeking additional financing or delaying non-essential projects.
Based on the provided data, the reported debt-to-equity ratio of 0.10 in 2026Q1 appears to diverge from historical trends, suggesting that investors should exercise caution when interpreting headline leverage figures without accounting for potential off-balance-sheet obligations or specific accounting treatments of convertible debt instruments.
The discrepancy between the reported D/E ratio and the company's known financing history warrants further investigation into how debt is classified and whether current figures fully capture the company's total financial obligations. Relying solely on these metrics may lead to an underestimation of the true financial risk profile facing equity holders.
Quick answers to the most common questions about buying EQX stock.
As of 2025, Equinox Gold Corp. (EQX) had total assets of $10.52B including $1.97B in current assets.
Equinox Gold Corp. (EQX) carries total debt of $1.55B, offset by $569.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Equinox Gold Corp. (EQX) has total shareholders' equity (book value) of $5.78B ($9.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Equinox Gold Corp. (EQX) reported a current ratio of 1.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.