Equinox Gold Corp. (EQX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 40-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EQX SEC filings page.
Equinox Gold Corp. (EQX) reported $1.8B in revenue for fiscal year 2025, up 99.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue nearly doubled in FY2025, but much of the improvement was absorbed by financing costs, dilution, and heavy reinvestment.
FY2025 operating cash flow reached$818M against net income of$221M , a gap that points to substantial non-cash expense in this asset-heavy model. After$692M of capital spending, free cash flow was only$126M , so most operating cash was reinvested rather than retained.
Revenue expanded
Assets increased
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Equinox Gold Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Equinox Gold Corp., and counted as zero in the overall score.
Equinox Gold Corp.'s revenue surged 99.1% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Equinox Gold Corp. carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
Equinox Gold Corp.'s current ratio of 0.74 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Equinox Gold Corp.'s free cash flow margin of 6.9% results in a low score of 24/100. Capital expenditures of $692.3M absorb a large share of operating cash flow.
Not available for Equinox Gold Corp., and counted as zero in the overall score.
Equinox Gold Corp. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Equinox Gold Corp. generates $3.70 in operating cash flow ($818.3M OCF vs $221.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Equinox Gold Corp. held $430.0M in cash against $73.7M in long-term debt as of Q4 2025, with $1.3B of liabilities due within a year.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
EQX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
EQX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2540-F | Q4'2440-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.5B+56.9% | $6.7B+54.3% | $4.4B+12.8% | $3.9B-2.8% | $4.0B+48.4% | $2.7B+218.5% | $839.4M+13.1% | $741.9M |
| Current Assets | $928.3M | $0 | N/A | N/A | N/A | $646.0M+334.6% | $148.7M+16.5% | $127.6M |
| Cash & Equivalents | $430.0M+79.7% | $239.3M+24.7% | $192.0M-4.4% | $200.8M-35.3% | $310.1M-10.1% | $344.9M+409.4% | $67.7M+11.3% | $60.8M-3.4% |
| Inventory | $369.8M-11.4% | $417.5M+1.3% | $412.0M+55.4% | $265.1M+31.5% | $201.6M-3.2% | $208.3M+350.2% | $46.3M+7.7% | $42.9M |
| Accounts Receivable | $65.5M-6.5% | $70.0M-14.9% | $82.3M+8.2% | $76.1M+51.4% | $50.3M-10.0% | $55.9M+104.0% | $27.4M | N/A |
| Total Liabilities | $4.7B+42.9% | $3.3B+73.8% | $1.9B+26.8% | $1.5B+8.9% | $1.4B+12.8% | $1.2B+180.7% | $436.3M+31.2% | $332.6M |
| Current Liabilities | $1.3B+83.1% | $689.1M+43.7% | $479.6M+76.5% | $271.7M-32.5% | $402.6M+80.8% | $222.7M+68.8% | $131.9M+19.8% | $110.2M |
| Non-Current Liabilities | $3.5B+32.4% | $2.6B+83.9% | $1.4B+15.9% | $1.2B+25.9% | $979.5M-2.3% | $1.0B+229.3% | $304.4M+36.8% | $222.4M |
| Long-Term Debt | $73.7M+21.7% | $60.5M+196.9% | $20.4M+44.8% | $14.1M-47.7% | $26.9M+170.8% | $9.9M+1073.2% | $848K-99.6% | $214.6M+393.7% |
| Total Equity | $5.8B+70.6% | $3.4B+39.1% | $2.4B+3.9% | $2.4B-9.0% | $2.6B+78.4% | $1.4B+259.4% | $403.1M-1.5% | $409.3M+12.0% |
| Retained Earnings | $820.0M+33.6% | $613.7M+76.1% | $348.5M+6.8% | $326.3M-26.9% | $446.6M+512.4% | -$108.3M+17.1% | -$130.6M-16.9% | -$111.7M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.
EQX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
EQX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Equinox Gold Corp. EQX | FY2025 | $1.8B | $221.5M | 12.2% | $13.3B | 35/100 |
| Coeur Mining, Inc. CDE | FY2025 | $2.1B | $585.9M | 28.3% | $17.6B | 69/100 |
| IAMGold Corporation IAG | FY2025 | $2.9B | $732.3M | 25.7% | $10.7B | 43/100 |
| OR Royalties Inc. OR | FY2025 | $277.4M | $206.1M | 74.3% | $6.5B | 44/100 |
| B2Gold Corp. BTG | FY2025 | N/A | $426.7M | N/A | $6.9B | — |
| Eldorado Gold Corporation EGO | FY2025 | $1.8B | $504.3M | 27.7% | $9.8B | 39/100 |
Where Equinox Gold Corp. Ranks
Frequently Asked Questions
What is Equinox Gold Corp.'s annual revenue?
Equinox Gold Corp. (EQX) reported $1.8B in total revenue for fiscal year 2025. This represents a 99.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Equinox Gold Corp.'s revenue growing?
Equinox Gold Corp. (EQX) revenue grew by 99.1% year-over-year, from $912.8M to $1.8B in fiscal year 2025.
Is Equinox Gold Corp. profitable?
Yes, Equinox Gold Corp. (EQX) reported a net income of $221.5M in fiscal year 2025, with a net profit margin of 12.2%.
How much debt does Equinox Gold Corp. have?
As of fiscal year 2025, Equinox Gold Corp. (EQX) had $430.0M in cash and equivalents against $73.7M in long-term debt.
What is Equinox Gold Corp.'s net profit margin?
Equinox Gold Corp. (EQX) had a net profit margin of 12.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Equinox Gold Corp.'s return on equity (ROE)?
Equinox Gold Corp. (EQX) has a return on equity of 3.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Equinox Gold Corp.'s free cash flow?
Equinox Gold Corp. (EQX) generated $126.0M in free cash flow during fiscal year 2025. This represents a 415.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Equinox Gold Corp.'s operating cash flow?
Equinox Gold Corp. (EQX) generated $818.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Equinox Gold Corp.'s total assets?
Equinox Gold Corp. (EQX) had $10.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Equinox Gold Corp.'s capital expenditures?
Equinox Gold Corp. (EQX) invested $692.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Equinox Gold Corp.'s current ratio?
Equinox Gold Corp. (EQX) had a current ratio of 0.74 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Equinox Gold Corp.'s debt-to-equity ratio?
Equinox Gold Corp. (EQX) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Equinox Gold Corp.'s return on assets (ROA)?
Equinox Gold Corp. (EQX) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Equinox Gold Corp.'s P/E ratio?
Equinox Gold Corp. (EQX) trades at 60.2x earnings, its market capitalization divided by net income of $221.5M net income, FY2025. The market capitalization is $13.3B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Equinox Gold Corp.'s price-to-sales ratio?
Equinox Gold Corp. (EQX) trades at 7.3x sales, its market capitalization divided by revenue of $1.8B revenue, FY2025. The market capitalization is $13.3B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Equinox Gold Corp.'s Piotroski F-Score?
Equinox Gold Corp. (EQX) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Equinox Gold Corp.'s earnings high quality?
Equinox Gold Corp. (EQX) has an earnings quality ratio of 3.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Equinox Gold Corp.?
Equinox Gold Corp. (EQX) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.