Equinox Gold Financials
Equinox Gold (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).
After years of capex-heavy expansion, stronger operating cash flow finally began translating into positive free cash flow.
The more revealing change is in earnings quality: operating cash flow rose from$372M to$818M even as reported profit moved lower, the opposite of what the earnings line alone would suggest about operating momentum. Free cash flow also flipped from-$39.9M to$126M , suggesting the latest year's profit is more cash-backed and less reliant on accounting noise than the prior year's unusually high margin implied.
Capital intensity still defines the model, because capital spending consumed
Leverage is not the main balance-sheet constraint: long-term debt was just
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'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, and counted as zero in the overall score.
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.
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 87/100, indicating a strong balance sheet with room for future borrowing.
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.
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.
Not available for Equinox Gold, and counted as zero in the overall score.
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.
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
Earnings & Revenue
Equinox Gold generated $1.8B in revenue in fiscal year 2025. This represents an increase of 99.1% from the prior year.
Equinox Gold reported $221.5M in net income in fiscal year 2025. This represents a decrease of 34.7% from the prior year.
Equinox Gold earned -$0.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 105.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Equinox Gold held $430.0M in cash against $73.7M in long-term debt as of fiscal year 2025, with $1.3B of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+99.1% | $912.8M-16.1% | $1.1B+14.3% | $952.2M-12.0% | $1.1B+28.0% | $845.4M+200.1% | $281.7M+834.0% | $30.2M |
| Interest Expense | $8.5M+74.3% | $4.9M+27.3% | $3.8M+100.6% | $1.9M-9.8% | $2.1M+47.0% | $1.4M | N/A | N/A |
| Income Tax | $150.2M-45.0% | $273.0M+2034.1% | -$14.1M-285.2% | $7.6M+138.4% | -$19.9M-195.4% | $20.8M+191.6% | $7.1M+205.7% | $2.3M |
| Net Income | $221.5M-34.7% | $339.3M+1074.7% | $28.9M+127.2% | -$106.0M-119.1% | $554.9M+2389.6% | $22.3M+209.7% | -$20.3M+69.6% | -$66.9M |
| EPS (Diluted) | -$0.03-105.1% | $0.59 | N/A | N/A | N/A | $0.09 | -$0.16 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income.
EQX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: 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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| 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+328.3% | $59.7M+359.6% | -$23.0M |
| Capital Expenditures | $692.3M+68.0% | $412.1M-21.3% | $523.3M-6.1% | $557.1M+61.8% | $344.2M+97.0% | $174.8M+79.1% | $97.6M-5.2% | $103.0M |
| 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+314.0% | -$37.9M+70.0% | -$126.0M |
| 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-17.9% | -$111.3M+53.8% | -$240.7M |
| 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+167.9% | $57.0M-78.8% | $268.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
EQX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 12.2%-25.0pp | 37.2%+34.5pp | 2.6%+13.8pp | -11.1%-62.4pp | 51.3%+48.6pp | 2.6%+9.8pp | -7.2% | -221.8% |
| 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%+6.6pp | -5.0%+11.3pp | -16.3% |
| 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%+3.3pp | -2.4%+6.6pp | -9.0% |
| Current Ratio | 0.74+0.7x | 0.00 | N/A | N/A | N/A | 2.90+1.8x | 1.130.0x | 1.16 |
| Debt-to-Equity | 0.010.0x | 0.020.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.00-0.5x | 0.52 |
| FCF Margin | 6.9%+11.3pp | -4.4%+10.8pp | -15.2%+37.4pp | -52.6%-50.4pp | -2.2%-11.8pp | 9.6%+23.0pp | -13.4% | -417.7% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, 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.
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Where Equinox Gold Ranks
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.
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.