What is Equinox Gold's earnings per share (EPS)?

Equinox Gold (EQX) reported diluted earnings per share of $-0.03 for fiscal year 2025. This represents a -105.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Equinox Gold Financials

EQX

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Equinox Gold (EQX) financial statements, including the 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).

Rhea AI EQX FY2025 2026-04-22

Equinox’s rapid scale-up looks like a capital buildout that only in FY2025 began to pay for itself.

The latest year shows better cash conversion even though net income fell to $221M from $339M. Operating cash flow of $818M exceeded capex of $692M, which is important because earlier years still burned cash after investment despite reporting profits or near-breakeven earnings.

The company’s bigger footprint does not look debt-driven: total assets reached $10.5B while long-term debt was only $73.7M in the latest year. With shares outstanding far above FY2023 levels, the expansion appears more like equity-funded scaling than leverage-led growth, which helps explain why debt ratios stay low even as the balance sheet expanded.

Low leverage does not mean abundant short-term flexibility. Cash of $430M sat well below current liabilities of $1.26B, and the sub-1 current ratio suggests the business must keep converting production and working capital into cash rather than relying on a large cash cushion.

Financial Health Signals

Financial Health Score 36/100

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'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.

Growth

Equinox Gold's revenue surged 99.1% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 89/100.

Leverage

Equinox Gold 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 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Equinox Gold's current ratio of 0.74 is below the typical benchmark, resulting in a score of 10/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Equinox Gold's free cash flow margin of 6.9% results in a low score of 27/100. Capital expenditures of $692.3M absorb a large share of operating cash flow.

Piotroski F-Score Partial

5/7

Equinox Gold 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.

Earnings Quality Cash-Backed

3.70x

For every $1 of reported earnings, Equinox Gold 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

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Earnings & Revenue

Revenue

$1.8B

YoY+99.1%

5Y CAGR+16.5%

Equinox Gold generated $1.8B in revenue in fiscal year 2025. This represents an increase of 99.1% from the prior year.

EBITDA

N/A

Net Income

$221.5M

YoY-34.7%

5Y CAGR+58.3%

Equinox Gold reported $221.5M in net income in fiscal year 2025. This represents a decrease of 34.7% from the prior year.

EPS (Diluted)

$-0.03

YoY-105.1%

Equinox Gold earned $-0.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 105.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$126.0M

YoY+415.9%

5Y CAGR+9.2%

Equinox Gold generated $126.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 415.9% from the prior year.

Cash & Debt

$430.0M

YoY+79.7%

5Y CAGR+4.5%

Equinox Gold held $430.0M in cash against $73.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

786M

YoY+72.6%

5Y CAGR+26.5%

Equinox Gold had 786M shares outstanding in fiscal year 2025. This represents an increase of 72.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

12.2%

YoY-25.0pp

5Y CAGR+9.6pp

Equinox Gold's net profit margin was 12.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 25.0 percentage points from the prior year.

Return on Equity

3.8%

YoY-6.2pp

5Y CAGR+2.3pp

Equinox Gold's ROE was 3.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$692.3M

YoY+68.0%

5Y CAGR+31.7%

Equinox Gold invested $692.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 68.0% from the prior year.

EQX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.8B+99.1%	$912.8M-16.1%	$1.1B+14.3%	$952.2M-12.0%	$1.1B+28.0%	$845.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$8.5M+74.3%	$4.9M+27.3%	$3.8M+100.6%	$1.9M-9.8%	$2.1M+47.0%	$1.4M
Income Tax	$150.2M-45.0%	$273.0M+2034.1%	-$14.1M-285.2%	$7.6M+138.4%	-$19.9M-195.4%	$20.8M
Net Income	$221.5M-34.7%	$339.3M+1074.7%	$28.9M+127.2%	-$106.0M-119.1%	$554.9M+2389.6%	$22.3M
EPS (Diluted)	$-0.03-105.1%	$0.59	N/A	N/A	N/A	$0.09

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$10.5B+56.9%	$6.7B+54.3%	$4.4B+12.8%	$3.9B-2.8%	$4.0B+48.4%	$2.7B
Current Assets	$928.3M	$0	N/A	N/A	N/A	$646.0M
Cash & Equivalents	$430.0M+79.7%	$239.3M+24.7%	$192.0M-4.4%	$200.8M-35.3%	$310.1M-10.1%	$344.9M
Inventory	$369.8M-11.4%	$417.5M+1.3%	$412.0M+55.4%	$265.1M+31.5%	$201.6M-3.2%	$208.3M
Accounts Receivable	$65.5M-6.5%	$70.0M-14.9%	$82.3M+8.2%	$76.1M+51.4%	$50.3M-10.0%	$55.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	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
Current Liabilities	$1.3B+83.1%	$689.1M+43.7%	$479.6M+76.5%	$271.7M-32.5%	$402.6M+80.8%	$222.7M
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
Total Equity	$5.8B+70.6%	$3.4B+39.1%	$2.4B+3.9%	$2.4B-9.0%	$2.6B+78.4%	$1.4B
Retained Earnings	$820.0M+33.6%	$613.7M+76.1%	$348.5M+6.8%	$326.3M-26.9%	$446.6M+512.4%	-$108.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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
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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	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
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
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
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

EQX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$818.3M+119.9%	$372.2M+3.8%	$358.5M+534.8%	$56.5M-82.4%	$320.8M+25.4%	$255.8M
Capital Expenditures	$692.3M+68.0%	$412.1M-21.3%	$523.3M-6.1%	$557.1M+61.8%	$344.2M+97.0%	$174.8M
Free Cash Flow	$126.0M+415.9%	-$39.9M+75.8%	-$164.8M+67.1%	-$500.6M-2035.1%	-$23.4M-128.9%	$81.0M
Investing Cash Flow	-$458.7M+58.7%	-$1.1B-140.3%	-$462.7M-10.4%	-$419.0M-20.6%	-$347.6M-165.0%	-$131.2M
Financing Cash Flow	-$171.9M-121.7%	$792.5M+756.7%	$92.5M-63.6%	$254.3M+16044.3%	-$1.6M-101.0%	$152.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.2%-25.0pp	37.2%+34.5pp	2.6%+13.8pp	-11.1%-62.4pp	51.3%+48.6pp	2.6%
Return on Equity	3.8%-6.2pp	10.0%+8.8pp	1.2%+5.7pp	-4.5%-26.0pp	21.5%+19.9pp	1.5%
Return on Assets	2.1%-3.0pp	5.1%+4.4pp	0.7%+3.4pp	-2.8%-16.7pp	14.0%+13.2pp	0.8%
Current Ratio	0.74+0.7	0.00	N/A	N/A	N/A	2.90
Debt-to-Equity	0.010.0	0.020.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	6.9%+11.3pp	-4.4%+10.8pp	-15.2%+37.4pp	-52.6%-50.4pp	-2.2%-11.8pp	9.6%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.74+0.7	0.00	N/A	N/A	N/A	2.90+1.8	1.13-0.0	1.16
Debt-to-Equity	0.010.0	0.020.0	0.010.0	0.010.0	0.010.0	0.010.0	0.00-0.5	0.52
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Equinox Gold's annual revenue?

Equinox Gold (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's revenue growing?

Equinox Gold (EQX) revenue grew by 99.1% year-over-year, from $912.8M to $1.8B in fiscal year 2025.

Is Equinox Gold profitable?

Yes, Equinox Gold (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 have?

As of fiscal year 2025, Equinox Gold (EQX) had $430.0M in cash and equivalents against $73.7M in long-term debt.

What is Equinox Gold's net profit margin?

Equinox Gold (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's return on equity (ROE)?

Equinox Gold (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's free cash flow?

Equinox Gold (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's operating cash flow?

Equinox Gold (EQX) generated $818.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Equinox Gold's total assets?

Equinox Gold (EQX) had $10.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Equinox Gold's capital expenditures?

Equinox Gold (EQX) invested $692.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Equinox Gold have outstanding?

Equinox Gold (EQX) had 786M shares outstanding as of fiscal year 2025.

What is Equinox Gold's current ratio?

Equinox Gold (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's debt-to-equity ratio?

Equinox Gold (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's return on assets (ROA)?

Equinox Gold (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's Piotroski F-Score?

Equinox Gold (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's earnings high quality?

Equinox Gold (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?

Equinox Gold (EQX) scores 36 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.