# Equinox Gold Corp. (EQX) — Stock CV

Equinox Gold Corp. is a $13.3B materials company. Revenue grew 99.1% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~2.0 years of free cash flow. It trades at 16.4× earnings.

> Equinox Gold Corp is a mining company engaged in the operation, acquisition, exploration, and development of mineral properties, with a focus on gold. The company operates gold mines and a clear plan to increase production by advancing the pipeline of growth projects.

## Identity

- **Ticker**: EQX
- **Sector**: Basic Materials
- **Industry**: Gold
- **Employees**: 3 317
- **Website**: https://www.equinoxgold.com
- **Market cap**: $13.3B
- **Last price**: $11.42
- **Financial profile**: Mixed

## Vitals (FY2025)

- **Revenue**: $1.82B
- **Net income**: $221M
- **Free cash flow**: $179M
- **Net debt**: $357M
- **P/E**: 16.4
- **Revenue growth (YoY)**: 99.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 42 |
| Growth | 45 |
| Profitability | 62 |
| Health | 53 |
| Quality | 74 |
| Moat | 18 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +99.1% YoY
- [x] Profitable — $221M FY2025
- [x] Profit growing — +28.1% YoY
- [x] Generates cash — $179M FY2025
- [x] Debt under control — ~2.0y of cash flow to repay
- [x] Established company — $13.3B market cap
- [ ] Not printing shares — +156.8% shares over ~5y
- [ ] Proven track record — 4/5 profitable years
- [x] Financially stable — Altman Z 2.2 — grey
- [x] Valuation not extreme — P/E 16.4

## Experience (career milestones)

- **FY2021** — First recorded profitable year: $555M net income
- **FY2021** — Revenue already above $1B: $1.08B in first reported year
- **FY2021** — Best year on record: $555M net income

## Strengths

- High gross margin (62.1%)
- Revenue growing 99.1% year over year
- Could repay net debt from ~2.0 years of free cash flow

## Watch-outs

- Thin interest coverage (1.5×)
- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.08B | $555M | -$501M |
| FY2022 | $952M | -$106M | -$165M |
| FY2023 | $1.09B | $28.9M | -$39.9M |
| FY2024 | $913M | $339M | $126M |
| FY2025 | $1.82B | $221M | $179M |

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Source: https://stockcv.com/EQX — derived from company filings; may be delayed or incomplete. Information, not investment advice.