Equinox Gold

EQX

Gold · Basic Materials

Also trades as: EQX.TO

Price

$13.53

+0.65 (+5.05%)

Market Cap

$10.68B

Exchange

New York Stock Exchange American

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Exceptional

Dividends

Weak

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Share count rising — dilution

+88.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 333.7M (2021) → 630.3M (2025)

Winston Score History

The full picture

Equinox Gold Corp. is a mining company that digs gold out of the ground and sells it. The company operates open-pit and underground gold mines, producing gold bars and doré (a semi-pure gold alloy) that are sold to refiners, banks, and commodity traders. Equinox is one of the larger mid-tier gold producers in the Americas, with mines spread across Canada, the United States, Mexico, and Brazil.

The company makes money by selling gold at market prices, so its revenue rises and falls with the price of gold. With a gross margin near 38%, Equinox keeps a reasonable share of each dollar earned, though its relatively low return on invested capital of 4.4% reflects the high cost of building and running mines. Equinox has grown largely through acquisitions, including its major merger with Greenstone Gold, and its biggest risk is that falling gold prices or cost overruns at its mines could quickly squeeze profits.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+60.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+508.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

3.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$482M cash & investments at current burn rate

Revenue accelerating

Equinox Gold grew revenue 61% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

39.2%

Modest — 39.2% gross margin

Profit after running costs

Operating Margin

32.1%

Excellent — 32.1% operating margin

Return on the money invested

ROCE

14.1%

Good — 14.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+35.3%

Fast-growing sales (+35.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

118%

Turns 118% of profit into real cash

Spare cash per sale

FCF Margin

2.4%

Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.09

Conservative — low debt load (0.09)

Covers its interest

Interest Cover

7.38x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.9x

Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+7.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.9 → 5.5)

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Dividends

Dividend

Dividend Yield

0.34%

Small dividend — 0.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

—

Data not available

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