Tearsheet
EQX Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About EQX Interactive Breakdown Better Bets vs. EQX Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Equinox Gold (EQX)

Market Price (3/14/2026): $14.53 | Market Cap: $11.5 Bil
Sector: Materials | Industry: Gold

Equinox Gold (EQX)

Market Price (3/14/2026): $14.53
Market Cap: $11.5 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 99%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/EPrice/Earnings or Price/(Net Income) is 52x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%		 Stock price has recently run up significantly
12M Rtn12 month market price return is 115%
2 Megatrend and thematic drivers
Megatrends include Sustainable Resource Management. Themes include Resource Efficiency Solutions, and Water Treatment Solutions. 		Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 99%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%
2 Megatrend and thematic drivers
Megatrends include Sustainable Resource Management. Themes include Resource Efficiency Solutions, and Water Treatment Solutions.
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/EPrice/Earnings or Price/(Net Income) is 52x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 115%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Equinox Gold (EQX) stock has gained about 5% since 11/30/2025 because of the following key factors:

1. Macroeconomic Tailwinds from Surging Gold Prices. Gold prices experienced a significant rally, reaching an all-time high of $5,608.35 per troy ounce in January 2026. As of March 13, 2026, gold prices were up 68.34% year-over-year, with analysts forecasting further bullish trends, directly benefiting gold producers like Equinox Gold.

2. Strong Operational Performance and Favorable 2026 Production Guidance. Equinox Gold reported record gold production of 247,024 ounces in Q4 2025, contributing to a full-year record of 922,827 ounces for 2025. The company also issued positive 2026 production guidance of 700,000 to 800,000 ounces, supported by the commercial production at its Valentine Gold Mine in November 2025.

Show more

Stock Movement Drivers

Fundamental Drivers

The 5.1% change in EQX stock from 11/30/2025 to 3/13/2026 was primarily driven by a 232.1% change in the company's Net Income Margin (%).
(LTM values as of)113020253132026Change
Stock Price ($)13.8714.575.1%
Change Contribution By: 
Total Revenues ($ Mil)1,6951,8177.2%
Net Income Margin (%)3.7%12.2%232.1%
P/E Multiple171.952.1-69.7%
Shares Outstanding (Mil)771791-2.5%
Cumulative Contribution5.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
EQX5.1% 
Market (SPY)-3.1%15.6%
Sector (XLB)10.0%47.5%

Fundamental Drivers

The 66.5% change in EQX stock from 8/31/2025 to 3/13/2026 was primarily driven by a 89.3% change in the company's P/S Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)8.7514.5766.5%
Change Contribution By: 
Total Revenues ($ Mil)1,3041,81739.3%
P/S Multiple3.46.389.3%
Shares Outstanding (Mil)499791-36.9%
Cumulative Contribution66.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
EQX66.5% 
Market (SPY)3.0%18.1%
Sector (XLB)7.1%40.3%

Fundamental Drivers

The 127.2% change in EQX stock from 2/28/2025 to 3/13/2026 was primarily driven by a 496.4% change in the company's P/E Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)6.4114.57127.2%
Change Contribution By: 
Total Revenues ($ Mil)1,2371,81746.9%
Net Income Margin (%)25.5%12.2%-52.1%
P/E Multiple8.752.1496.4%
Shares Outstanding (Mil)429791-45.8%
Cumulative Contribution127.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
EQX127.2% 
Market (SPY)12.4%15.3%
Sector (XLB)12.5%29.9%

Fundamental Drivers

The 300.6% change in EQX stock from 2/28/2023 to 3/13/2026 was primarily driven by a 444.3% change in the company's P/S Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)3.6414.57300.6%
Change Contribution By: 
Total Revenues ($ Mil)9521,81790.8%
P/S Multiple1.26.3444.3%
Shares Outstanding (Mil)305791-61.4%
Cumulative Contribution300.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
EQX300.6% 
Market (SPY)73.4%16.5%
Sector (XLB)26.8%27.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EQX Return-35%-51%49%3%180%14%55%
Peers Return20%1%16%25%127%28%409%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
EQX Win Rate42%42%42%50%67%67% 
Peers Win Rate50%50%62%53%78%60% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
EQX Max Drawdown-42%-63%0%-19%0%-2% 
Peers Max Drawdown-18%-29%-17%-20%-5%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, GOLD, AEM, KGC, AGI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventEQXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-77.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven341.5%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1,061 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-43.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven75.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven75 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-19.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven23.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven79 days120 days

Compare to NEM, GOLD, AEM, KGC, AGI

In The Past

Equinox Gold's stock fell -77.4% during the 2022 Inflation Shock from a high on 1/5/2021. A -77.4% loss requires a 341.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Equinox Gold (EQX)

Equinox Gold Corp. engages in the operation, acquisition, exploration, and development of mineral properties. The company primarily explores for gold and silver deposits. Its properties include the Aurizona gold mine located in Maranhão State; the RDM gold mine located in Minas Gerais State; and Fazenda gold mine and the Santa Luz gold mine located in Bahia State, Brazil. The company also hold interests in the Mesquite gold mine and the Castle Mountain property situated in California, the United States; and the Los Filos Gold Mine located in Guerrero State, Mexico. In addition, it holds a 60% interest in the Greenstone project located in Ontario, Canada. The company was formerly known as Trek Mining Inc. and changed its name to Equinox Gold Corp. in December 2017. Equinox Gold Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.

AI Analysis | Feedback

Here are 1-3 brief analogies for Equinox Gold (EQX):

  • Equinox Gold is like a developing Barrick Gold, focused on mining gold and silver.
  • Equinox Gold is like Newmont, but as a mid-tier company digging for gold and silver across the Americas.

AI Analysis | Feedback

  • Gold: Equinox Gold mines, processes, and sells gold from its various properties.
  • Silver: The company also explores for and produces silver as a primary or by-product from its mining operations.

AI Analysis | Feedback

Equinox Gold Corp. (EQX) is a gold and silver mining company that produces raw precious metals. As such, its primary products, refined gold and silver, are commodities sold into the global market. Therefore, the company does not typically have "major customers" in the traditional sense, nor does it sell directly to individuals.

Instead, Equinox Gold sells its gold and silver doré bars or refined metal primarily to:

  • Bullion banks and financial institutions: These entities specialize in the trading, storage, and financing of precious metals. They act as intermediaries in the global gold and silver market.
  • Precious metals refiners and traders: Companies that further refine, certify, and distribute gold and silver to various end-users.

Due to the fungible nature of commodities like gold and silver, sales are often transactional, and the specific buyers can vary based on market conditions and specific arrangements. It is not common for a mining company to have a few named, recurring major customers similar to a B2B supplier in other industries.

AI Analysis | Feedback

  • Lycopodium Minerals Canada Ltd. (Lycopodium Limited: ASX: LYL)
  • Northern Resource Trucking Inc.
  • Metso Corporation (HEL: METSO)
  • Caterpillar Inc. (NYSE: CAT)
  • FLSmidth (FLS: CPH: FLS)

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

The increasing adoption of cryptocurrencies, particularly Bitcoin, as an alternative store of value and inflation hedge, presents an emerging threat to the long-term demand for gold. This trend could potentially diminish gold's traditional role as a safe-haven asset and store of wealth, impacting future gold prices and, consequently, the profitability and valuation of gold mining companies like Equinox Gold.

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

Better Bets vs. Equinox Gold (EQX)

Latest Trefis Analyses

Trade Ideas

Select ideas related to EQX.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K01312026IPInternational PaperInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		9.1%9.1%0.0%
B_1302026_Quality_Momentum_RoomToRun_10%01302026BBarrick MiningQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		11.7%11.7%-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K12312025AMRAlpha Metallurgical ResourcesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		-18.6%-18.6%-18.6%
EMN_12262025_Dip_Buyer_ValueBuy12262025EMNEastman ChemicalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		18.9%18.9%0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025AMCRAmcorInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		19.2%19.2%-0.5%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

EQXNEMGOLDAEMKGCAGIMedian
NameEquinox .Newmont Gold.com Agnico E.Kinross .Alamos G. 
Mkt Price14.57109.5847.47207.5430.5745.8546.66
Mkt Cap11.5119.61.2103.936.919.328.1
Rev LTM1,81722,66915,67911,9087,0511,8099,479
Op Inc LTM43211,023546,3063,2288792,053
FCF LTM1267,2993104,2622,5662711,438
FCF 3Y Avg-263,4521162,1081,481211846
CFO LTM81810,3343236,8173,7607952,289
CFO 3Y Avg5166,4871284,4602,6046431,624

Growth & Margins

EQXNEMGOLDAEMKGCAGIMedian
NameEquinox .Newmont Gold.com Agnico E.Kinross .Alamos G. 
Rev Chg LTM99.1%21.3%48.0%43.7%36.9%34.3%40.3%
Rev Chg 3Y Avg32.4%26.2%26.1%28.1%27.0%30.2%27.5%
Rev Chg Q464.4%20.6%136.2%60.3%42.9%53.1%56.7%
QoQ Delta Rev Chg LTM7.2%5.4%31.3%12.7%9.4%12.4%10.9%
Op Mgn LTM23.8%48.6%0.3%53.0%45.8%48.6%47.2%
Op Mgn 3Y Avg14.6%28.8%0.8%38.8%31.0%39.0%29.9%
QoQ Delta Op Mgn LTM1.9%5.1%-0.0%3.6%5.3%4.7%4.2%
CFO/Rev LTM45.0%45.6%2.1%57.2%53.3%44.0%45.3%
CFO/Rev 3Y Avg39.6%34.3%0.9%48.1%46.2%46.4%42.9%
FCF/Rev LTM6.9%32.2%2.0%35.8%36.4%15.0%23.6%
FCF/Rev 3Y Avg-4.2%16.3%0.8%20.2%25.0%14.9%15.6%

Valuation

EQXNEMGOLDAEMKGCAGIMedian
NameEquinox .Newmont Gold.com Agnico E.Kinross .Alamos G. 
Mkt Cap11.5119.61.2103.936.919.328.1
P/S6.35.30.18.75.210.75.8
P/EBIT37.110.316.115.411.318.115.8
P/E52.116.994.423.315.421.822.5
P/CFO14.111.63.715.29.824.212.8
Total Yield1.9%6.9%1.9%5.0%6.9%4.7%4.8%
Dividend Yield0.0%0.9%0.8%0.7%0.4%0.1%0.6%
FCF Yield 3Y Avg-3.8%4.7%14.7%3.4%8.8%2.3%4.0%
D/E0.10.00.70.00.00.00.0
Net D/E0.1-0.00.6-0.0-0.0-0.0-0.0

Returns

EQXNEMGOLDAEMKGCAGIMedian
NameEquinox .Newmont Gold.com Agnico E.Kinross .Alamos G. 
1M Rtn-10.7%-11.9%-24.2%-4.3%-12.1%-0.8%-11.3%
3M Rtn-0.8%11.9%50.2%23.6%9.6%19.2%15.6%
6M Rtn37.5%39.0%77.9%36.0%31.7%39.3%38.2%
12M Rtn115.1%143.2%79.0%104.2%169.8%84.9%109.7%
3Y Rtn248.9%162.9%88.3%361.4%734.9%335.6%292.3%
1M Excs Rtn-8.4%-9.5%-21.9%-1.9%-9.7%1.6%-8.9%
3M Excs Rtn3.0%17.9%53.5%28.3%13.9%25.0%21.5%
6M Excs Rtn30.1%35.4%89.1%32.7%28.9%36.7%34.0%
12M Excs Rtn99.3%133.4%61.0%86.5%155.3%66.8%92.9%
3Y Excs Rtn253.0%110.1%16.6%323.5%752.0%301.0%277.0%

Comparison Analyses

null

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Greenstone3,7741,300815499 
Los Filos1,1621,1711,1191,1091,066
Bahia Complex395    
Aurizona367366336364339
Castle Mountain333329291  
Mesquite320297280333263
Corporate204321461 204
RDM159165146119144
Fazenda 94107138180
Santa Luz 306301234209
Castle Mtn   262 
Corporate and other   703 
Mercedes   208 
Other operating mines    268
Total6,7144,3503,8563,9672,673


Price Behavior

Price Behavior
Market Price$14.57 
Market Cap ($ Bil)11.5 
First Trading Date11/15/2018 
Distance from 52W High-22.3% 
   50 Days200 Days
DMA Price$15.76$11.19
DMA Trendupup
Distance from DMA-7.6%30.2%
 3M1YR
Volatility70.1%56.9%
Downside Capture154.3920.67
Upside Capture178.8594.87
Correlation (SPY)12.9%13.5%
EQX Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta2.200.410.630.760.430.57
Up Beta2.220.761.160.700.470.43
Down Beta3.94-0.57-0.61-0.750.330.46
Up Capture276%231%231%346%108%101%
Bmk +ve Days9203170142431
Stock +ve Days13263573141386
Down Capture88%-53%18%62%-9%75%
Bmk -ve Days12213054109320
Stock -ve Days8152650107345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EQX
EQX121.0%56.8%1.60-
Sector ETF (XLB)17.6%20.6%0.6829.1%
Equity (SPY)19.6%18.9%0.8113.6%
Gold (GLD)71.9%26.3%2.0565.8%
Commodities (DBC)19.3%17.3%0.8933.1%
Real Estate (VNQ)6.2%16.3%0.196.7%
Bitcoin (BTCUSD)-15.0%44.2%-0.2412.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EQX
EQX12.7%56.3%0.43-
Sector ETF (XLB)7.2%18.8%0.2835.9%
Equity (SPY)13.1%17.0%0.6125.0%
Gold (GLD)24.1%17.3%1.1461.9%
Commodities (DBC)11.2%19.0%0.4729.6%
Real Estate (VNQ)4.8%18.8%0.1625.1%
Bitcoin (BTCUSD)6.4%56.7%0.3316.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EQX
EQX13.9%55.8%0.57-
Sector ETF (XLB)10.7%20.6%0.4629.1%
Equity (SPY)14.5%17.9%0.7021.2%
Gold (GLD)14.4%15.6%0.7759.9%
Commodities (DBC)8.6%17.6%0.4026.6%
Real Estate (VNQ)5.6%20.7%0.2319.4%
Bitcoin (BTCUSD)67.5%66.8%1.0719.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity15.9 Mil
Short Interest: % Change Since 2152026-1.6%
Average Daily Volume9.8 Mil
Days-to-Cover Short Interest1.6 days
Basic Shares Quantity791.3 Mil
Short % of Basic Shares2.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/06/20256-K
03/31/202505/08/20256-K
12/31/202403/19/202540-F
09/30/202411/07/20246-K
06/30/202408/08/20246-K
03/31/202405/09/20246-K
12/31/202302/23/202440-F
09/30/202311/01/20236-K
06/30/202308/03/20236-K
03/31/202305/03/20236-K
12/31/202202/24/202340-F
09/30/202211/17/20226-K
06/30/202208/04/20226-K
03/31/202205/04/20226-K
12/31/202103/25/202240-F
09/30/202111/04/20216-K

External Quote Links


Prefer one of these to Trefis? Tell us why.