EQX
Equinox Gold Corp.
EQX's fundamentals are strong: revenue grew 35% and its operating margin rose 21 points to 38%, though free cash flow fell 27%. At 10x earnings, it's trading below its usual 15x. Analysts expect that strong growth to continue, though they disagree widely on how much.
EQX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Under pressure | |
| Strong |
EQX's revenue, profitability and balance sheet are currently strong, but its cash flow is under pressure.
EQX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.4x | $4.38 | -58% |
| Forward | 7.5x | $10.34 | — |
| Current | 10x | $10.34 | — |
| Fair | 15x | $14.77 | +43% |
| Expensive | 77x | $76.59 | +641% |
Historical ranges are pointers, not guarantees.
EQX's PE is in its cheap range at 10x. If earnings grow as analysts expect, today's price would be 7.5x next year's earnings.
EQX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for EQX, with profitability improving. However, they disagree widely on these estimates.
EQX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.38 | +38% |
| Q2 2026 | $1.00 | +$1.06 |
| Q1 2026 | $0.80 | +63% |
| Q4 2025 | $0.25 | -53% |
| Q3 2025 | $0.05 | -90% |
| Q2 2025 | -$0.06 | -112% |
| Q1 2025 | $0.49 | +$0.58 |
| Q4 2024 | $0.53 | +489% |
| Q3 2024 | $0.48 | +243% |
EQX has returned to profit: it earned $1.00 per share over the past year, after losing money the year before.
EQX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $769.8M | +61% |
| Q1 2026 | $861.6M | +103% |
| Q4 2025 | $136.7M | -76% |
| Q3 2025 | $809.9M | +89% |
| Q2 2025 | $478.6M | +78% |
| Q1 2025 | $423.7M | +76% |
| Q4 2024 | $575M | +93% |
| Q3 2024 | $428.4M | +50% |
EQX's revenue is growing: $770M last quarter, up 61% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 32% | +12 points |
| Q1 2026 | 45% | +44 points |
| Q4 2025 | 101% | +75 points |
| Q3 2025 | 25% | +5.4 points |
| Q2 2025 | 20% | +18 points |
| Q1 2025 | 1% | +3.2 points |
| Q4 2024 | 26% | +17 points |
| Q3 2024 | 20% | +17 points |
EQX's operating margin was 32% last quarter, up 12 points from the same quarter a year ago.
EQX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$1.3M | -127% |
| Q1 2026 | $34.8M | +$74.1M |
| Q4 2025 | $56.9M | -44% |
| Q3 2025 | -$29.4M | -295% |
| Q2 2025 | $5.1M | +$126.5M |
| Q1 2025 | -$39.3M | +$47.5M |
| Q4 2024 | $102.3M | +$130.3M |
| Q3 2024 | $15M | +$111M |
EQX usually generates cash, though not every quarter: the latest was −$1M, but it generated $61M over the past year.
EQX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +4.1M shares |
| 1 year | +64% | +324M shares |
| 3 years | +162% | +513M shares |
| 5 years | +142% | +486M shares |
| Available history | +485% | +688M shares |
EQX has 830M diluted shares, up 64% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $4.6M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
EQX has spent almost nothing on buybacks in the past year.
EQX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.2x | Healthy |
| Q3 2024 | 1.6x | Healthy |
EQX's net debt is less than a year of its operating earnings (EBITDA), down from 2.3 years a year ago.
EQX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.6 | Neutral |
| Stochastic | 29.4 | Neutral |
EQX's weekly RSI is 45 (neutral) and its Stochastic is 29 (neutral).
EQX PE vs Basic Materials Sector
| Metric | EQX | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 19x | 44% below |
| PE % | 28 | 40 | 12 pts below |
EQX is trading at 10x earnings, a 44% discount to the Basic Materials sector's median of 19x.
EQX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.9 | 5.2% below |
| 20 week MA | $11.1 | 6.6% below |
| 50 week MA | $12.8 | 19% below |
| 100 week MA | $10.3 | 0.5% above |
| 200 week MA | $7.67 | 35% above |
EQX has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 35% above its 200-week average.
EQX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.64 | $10.4 | +36% |
| 2021 | $10.4 | $6.67 | -36% |
| 2022 | $6.67 | $3.53 | -47% |
| 2023 | $3.53 | $4.89 | +39% |
| 2024 | $4.89 | $5.13 | +4.9% |
| 2025 | $5.13 | $14.8 | +189% |
| 2026 YTD | $14.8 | $10.3 | -30% |
EQX's yearly returns have swung widely, from +189% in 2025 to −47% in 2022. It's down 30% so far in 2026.