EQXNYSEGold and Silver OresFiscal year ends December 31
Equinox Gold Corp.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 31, 2026
$11.09−0.06 (-0.54%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 31.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
35.4%+1.1 pts over 5 years
Operating margin
23.8%+3.3 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +99.1% | +24.0% | +16.5% | – | |
| Gross profit | +211.9% | +96.3% | +17.2% | – | |
| Operating income | +185.0% | +246.5% | +20.1% | – | |
| EPS, diluted | -53.3% | – | +28.5% | – | |
| Free cash flow | – | – | +9.2% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 2.2% | – | |
| Return on assets | – | 1.2% | – | |
| Current ratio | – | 2.90 | – | |
| Debt to equity | – | 0.38 | 0.27 | |
| Net debt to EBITDA | – | 0.62× | 1.18× | |
| Interest coverage | – | 4.4× | 2.4× | |
| Inventory turnover | – | 4.4× | 3.0× | |
| Capex to revenue | – | 20.7% | 38.1% | |
| Diluted shares | – | 218M | 630M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Equinox Gold generated $1.93B from operations and spent $2.53B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.93B
Used
$2.53B
Capital expenditure$2.53B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.5%
×Asset turnover0.48×
×Equity multiplier1.90×
=Return on equity, FY20202.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2020 | 2.5% | 0.48× | 1.90× | 2.2% |
| FY2019 | -6.5% | 0.36× | 1.98× | -4.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$818.35M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$818.35M vs –
- Less leverageLong-term debt to assets fell18.1% → 13.0%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise474M → 630M
- Gross margin improvedGross margin up on the prior year22.58% → 35.38%
- More efficientAsset turnover rose0.21 → 0.27