Equinox Gold Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Equinox Gold Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30.2	282	845	1,082	952	1,088	913	1,817
Cost of revenue			555	852	867	979	707	1,174
Gross profit			290	231	85	109	206	643
Operating income	-35	55.1	173	146	10.4	49.6	152	432
Interest expense	6.7	17.5	39.8	41.6	40.4	60.2	91.3	179
Interest income	4.44	1.95	1.82	2.82	5.61	11.7	7.07	10.9
Pre-tax income	-37.1	-13.2	43.1	535	-98.4	14.8	533	131
Income tax	2.34	7.14	20.8	-19.9	7.62	-14.1	273	150
Income from continuing operations	-39.4	-20.3					260	-18.9
Net income to minority interests	-1.36	-1.96
Net income	-65.5	-18.4	20.7	555	-106	28.9	339	221
EBITDA			305	343	198	265	262	772
EPS, basic	-0.79	-0.18	0.10	1.95	-0.35	0.09	0.85	0.35
EPS, diluted	-0.79	-0.18	0.10	1.69	-0.35	0.09	0.75	0.35

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	60.8	67.7	345	310	201	192	239	430
Receivables		27.4	55.9	50.3	76.1	82.3	70	65.5
Inventory	42.9	46.3	208	202	265	412	418	370
Total current assets	128	149	646
Property, plant and equipment	317	498	1,859	2,498	2,840
Lease right-of-use assets		1.12	17	52.7	49.6	69	122	114
Total assets	742	839	2,673	3,967	3,856	4,350	6,714	10,535
Accounts payable					240	247	258	302
Total current liabilities	110	132	223	403	272	480	689	1,262
Lease liabilities		0.85	9.95	26.9	14.1	20.4	60.5	73.7
Total liabilities	333	436	1,225	1,382	1,505	1,908	3,316	4,740
Total debt	215	264	545	541	828	925	1,348	1,555
Retained earnings	-112	-131	-108	447	326	349	614	820
Shareholders' equity	395	403	1,449	2,585	2,352	2,442	3,398	5,795
Minority interests	14.5
Total equity	409	403	1,449	2,584	2,352	2,442	3,398	5,795
Total liabilities and equity	742	839	2,673	3,967	3,856	4,350	6,714	10,535

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-66.9	-20.3	22.3	555	-106	28.9	339	221
Depreciation and amortization			132	197	187	215	110	340
Cash from operations	-23	59.7	256	321	56.5	358	372	818
Capital expenditures	-103	-97.6	-175	-344	-557	-523	-412	-692
Cash from investing	-241	-111	-131	-348	-419	-463	-1,112	-459
Debt issued	192	190	380	0	300	254	560	85
Debt repaid		-137	-546	-31	-13.3	-293	0	-81.5
Stock issued			42.8	59.5	7.22	40.8	336	0
Cash from financing	268	57	153	-1.6	254	92.5	792	-172
Exchange rate effect	-6.78	1.47	-0.06	-6.47	-1.09	2.94	-5.61	2.9
Net change in cash	-2.14	6.89	277	-34.9	-109	-8.77	47.3	191
Free cash flow	-126	-37.9	81	-23.4	-501	-165	-39.9	126
Income taxes paid		4.87	32.8	24.9	22.1	13.6	19.6	129

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $11.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.4%	Gross profit / revenue.
Operating margin	23.8%	Operating income / revenue.
EBITDA margin	42.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.2%	Pre-tax income / revenue.
Net margin	12.2%	Net income / revenue.
FCF margin	6.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.0%	Cash from operations / revenue.
Effective tax rate	114.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	6.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	38.1%	Capital expenditures / revenue.
D&A / revenue	18.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	99.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	211.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	96.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	185.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	246.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	195.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	57.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-34.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	60.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-53.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	28.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	119.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	143.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	26.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	70.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	35.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	32.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	56.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	39.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	31.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Quick ratio	0.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.34x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.27x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.8%	Total debt / total assets.
Liabilities / assets	45.0%	Total liabilities / total assets.
Net debt	$1.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.41x	Operating income / interest expense.
Tangible book value	$5.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.21x	Revenue / average total assets.
Inventory turnover	2.98x	Cost of revenue / average inventory.
Days inventory	122 days	365 x average inventory / cost of revenue.
Receivables turnover	26.8x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Days payables	87 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	49 days	Days inventory + days sales outstanding - days payables.
FCF conversion	56.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	84.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.35	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$9.42B	Share price x shares outstanding.
Enterprise value	$10.55B	Market cap + total debt - cash - short-term investments.
P/E	42.5x	Market cap / net income. Only when net income is positive.
P/S	5.18x	Market cap / revenue.
P/B	1.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.63x	Market cap / tangible book value, when positive.
P/FCF	74.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	5.80x	Enterprise value / revenue.
EV/EBIT	24.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	83.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).

What was Equinox Gold Corp.'s revenue in fiscal 2025?

Equinox Gold Corp. reported revenue of $1.82B for fiscal 2025, 99.1% higher than the year before.

Was Equinox Gold Corp. profitable in fiscal 2025?

Yes. Net income was $221.5M, a net margin of 12.2%.

How much free cash flow did Equinox Gold Corp. generate in fiscal 2025?

Cash from operations of $818.3M minus capital expenditures of $692.3M left free cash flow of $126.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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