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EQX, Equinox Gold Corp.

Gold & Precious Metals capital-intensive Cyclical

Revenue is led by Greenstone (43%) and Nicaragua (27%), with 5 more segments behind.

Latest annual: FY2025 40-F · US listing is the ordinary share

EQX · Equinox Gold Corp.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.8B

+99.1% YoY · 17% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.8B 5-yr avg $1.2B

Gross margin 35% 5-yr avg 20%

Operating margin 23.8% 5-yr avg 11.9%

ROIC 3% 5-yr avg 3%

Owner-earnings margin 26% 5-yr avg 13%

Free cash flow margin 7% 5-yr avg −13%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A metals and mining business, a price-taker on a global commodity.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 21% and operating margin about 14% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −116% and 24% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 38% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on debt terms & refinancing, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 2%, above 15% in 0 of 5 years). By owner earnings: roughly 12% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

The biggest segment, Greenstone, is also where the profit is made: 43% of revenue and 47% of the profitable segments' operating profit. Los Filos ran a $114M operating loss; Other ran a $88M operating loss.

Revenue by reportable segment, FY2025

Operating profit profitable segments only

Greenstone43%$778M47% of profit
Nicaragua27%$492M30% of profit
Mesquite16%$287M19% of profit
Los Filos6%$109Mloss of $114M
Valentine4%$81M2% of profit
Pan2%$42M2% of profit
Other2%$30Mloss of $88M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of the profitable segments' operating profit (a loss-making segment carries its loss in dollars in the legend, not a share of the bar), before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2018–2025

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
									Income statement
$30M	$282M	$845M	$1.1B	$952M	$1.1B	$913M	$1.8B	$1.8B	RevenueRevenue
—	—	34%	21%	9%	10%	23%	35%	35%	Gross marginGross mgn
($35M)	$55M	$173M	$146M	$10M	$50M	$152M	$432M	$432M	Operating incomeOp. inc.
−116.2%	19.6%	20.5%	13.5%	1.1%	4.6%	16.6%	23.8%	23.8%	Operating marginOp. mgn
($66M)	($18M)	$21M	$555M	($106M)	$29M	$339M	$221M	$21M	Net incomeNet inc.
—	—	50%	-4%	—	—	45%	40%	—	Effective tax rateTax rate
									Cash flow & returns
($23M)	$60M	$256M	$321M	$56M	$358M	$372M	$818M	$818M	Operating cash flowOp. cash
$5M	$39M	$132M	$197M	$187M	$215M	$110M	$340M	$340M	DepreciationDeprec.
$38M	$39M	$103M	($431M)	($25M)	$115M	($77M)	$257M	$458M	Working capital & otherWC & other
$103M	$98M	$175M	$344M	$557M	$523M	$412M	$692M	$692M	CapexCapex
341.4%	34.6%	20.7%	31.8%	58.5%	48.1%	45.1%	38.1%	38.1%	Capex / revenueCapex/rev
($28M)	$21M	$124M	$124M	($131M)	$143M	$262M	$479M	$479M	Owner earningsOwner earn.
−92.1%	7.3%	14.7%	11.4%	−13.7%	13.2%	28.7%	26.3%	26.3%	Owner earnings marginOE mgn
($126M)	($38M)	$81M	($23M)	($501M)	($165M)	($40M)	$126M	$126M	Free cash flowFCF
−417.7%	−13.4%	9.6%	−2.2%	−52.6%	−15.1%	−4.4%	6.9%	6.9%	Free cash flow marginFCF mgn
-6%	—	—	5%	—	2%	2%	4%	3%	ROICROIC
-17%	-5%	1%	21%	-5%	1%	10%	4%	0%	Return on equityROE
−17%	−5%	1%	21%	−5%	1%	10%	4%	0%	Retained to equityRetained/eq
									Balance sheet
$61M	$68M	$345M	$310M	$201M	$192M	$239M	$430M	$430M	Cash & investmentsCash+inv
—	$27M	$56M	$50M	$76M	$82M	$70M	$65M	$65M	ReceivablesReceiv.
$43M	$46M	$208M	$202M	$265M	$412M	$418M	$370M	$370M	InventoryInvent.
—	—	—	—	$240M	$247M	$258M	$302M	$302M	Accounts payablePayables
$43M	$74M	$264M	$252M	$101M	$248M	$229M	$133M	$133M	Operating working capitalOper. WC
$128M	$149M	$646M	—	—	—	—	—	$646M	Current assetsCur. assets
$110M	$132M	$223M	$403M	$272M	$480M	$689M	$1.3B	$1.3B	Current liabilitiesCur. liab.
1.2×	1.1×	2.9×	—	—	—	—	—	0.5×	Current ratioCurr. ratio
$742M	$839M	$2.7B	$4.0B	$3.9B	$4.4B	$6.7B	$10.5B	$10.5B	Total assetsAssets
$160M	$202M	$532M	$514M	$828M	$786M	$1.2B	$1.4B	$1.4B	Total debtDebt
$99M	$135M	$187M	$204M	$627M	$594M	$973M	$943M	$943M	Net debt / (cash)Net debt
-5.2×	3.1×	4.4×	3.5×	0.3×	0.8×	1.7×	2.4×	2.4×	Interest coverageInt. cov.
$395M	$403M	$1.4B	$2.6B	$2.4B	$2.4B	$3.4B	$5.8B	$5.8B	Shareholders’ equityEquity
									Per share
92.3M	112M	212M	285M	304M	313M	400M	630M	630M	Shares out (diluted)Shares
$0.33	$2.52	$3.98	$3.80	$3.13	$3.48	$2.28	$2.88	$2.88	Revenue / shareRev/sh
$-0.71	$-0.16	$0.10	$1.95	$-0.35	$0.09	$0.85	$0.35	$0.03	EPS (diluted)EPS
$-0.30	$0.18	$0.58	$0.43	$-0.43	$0.46	$0.66	$0.76	$0.76	Owner earnings / shareOE/sh
$-1.36	$-0.34	$0.38	$-0.08	$-1.65	$-0.53	$-0.10	$0.20	$0.20	Free cash flow / shareFCF/sh
$1.12	$0.87	$0.82	$1.21	$1.83	$1.67	$1.03	$1.10	$1.10	Cap. spending / shareCapex/sh
$4.28	$3.60	$6.82	$9.07	$7.74	$7.81	$8.49	$9.19	$9.19	Book value / shareBVPS

The diluted share count moved ×1.9 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.58 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	7-yr	5-yr
Revenue / share	+36.5%/yr	−6.2%/yr
Owner earnings / share	—	+5.4%/yr
EPS	—	+29.2%/yr
Capital spending / share	−0.2%/yr	+6.0%/yr
Book value / share	+11.6%/yr	+6.2%/yr

The record, charted

FY2018–2025

Each measure over its full record; the current point and the worst year marked.

Share count

630Mpeak FY2025

ROIC

4%low FY2018

Gross margin

35%low FY2022

Net debt ÷ owner earnings

2.0×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$479Mowner earningsvs.$221Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $479M of owner earnings, the operating cash left after the $340M it takes just to hold its position. It put $353M more into growth; free cash flow, after that spending, was $126M.

Reported net income$221M

Owner earnings$479M · 26% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$221M	$339M	$29M	($106M)	$555M
Depreciation & amortizationnon-cash charge added back	+$340M	+$110M	+$215M	+$187M	+$197M
Working capital & othertiming of cash in and out, other non-cash items	+$257M	−$77M	+$115M	−$25M	−$431M
Cash from operations	$818M	$372M	$358M	$56M	$321M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$340M	−$110M	−$215M	−$187M	−$197M
Owner earnings	$479M	$262M	$143M	($131M)	$124M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$353M	−$302M	−$308M	−$370M	−$147M
Free cash flow	$126M	($40M)	($165M)	($501M)	($23M)
Owner-earnings marginowner earnings ÷ revenue	26%	29%	13%	-14%	11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $340M, roughly its depreciation, the rate its assets wear out). The other $353M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 40-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 2.4×

Adequate

Operating income $432M ÷ interest expense $179M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $943M · 2.2× operating profit

Meaningful net debt

Cash $430M − debt $1.4B

What this means
Netting $430M of cash and short-term investments against $1.4B of debt leaves $943M owed, about 2.2× a year's operating profit (3.2× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 34d

Tight

DSO 13 + DIO 115 − DPO 94 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 2%

Below average through the cycle

5-yr median, range -6%–5%; 3% latest = NOPAT $216M ÷ invested capital $6.7B

Industry peers: median -4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 11%

Solid through the cycle

8-yr median margin, range -92%–29%; latest $479M = operating cash $818M − maintenance capex $340M

Industry peers: median -3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 26% of revenue this year, a 11% median across 8 years. It chose to put $353M more into growth, so free cash flow this year was $126M — the gap is investment, not weakness.
Are earnings backed by cash? 39.50×

Cash-backed

Cash from ops $818M ÷ net income $21M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 2.04×

Expanding

Capex $692M ÷ depreciation $340M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.8B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.51×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.4B vs ($616M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (8-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.25/share (latest year $0.03), the averaged base the calculator's gate runs on, and book value is $7.38/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2018–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 8

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −25% → 15% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −25% early to 15% lately, median 14% — pricing power intact or improving.
Reinvestment, incremental ROIC 3%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2018 · −116.2% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2020

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$646M

Cash & short-term investments$430M
Receivables$65M
Inventory$370M

Current liabilities$1.3B

Accounts payable$302M
Other current liabilities$960M

Current ratio0.51×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.22×stricter: inventory excluded

Cash ratio0.34×strictest: cash alone against what's due

Working capital($616M)the cushion left after near-term bills

Deeper floors

Tangible book value$5.8Bequity stripped of goodwill & intangibles

Net current asset value($4.1B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.5B$99M of it operating leases

Deferred revenue$128Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2018–2025

Over the record, the business generated $2.2B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$2.9B · 131%

Source of funding−$686M
Reinvestment and shareholder returns ran $686M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $160M to $1.4B.
Net change in share count582.6%
The diluted count rose from 92M to 630M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained26%
Of the earnings it kept rather than paid out ($975M over the span), annual owner earnings (first three years vs last three) grew $256M, so each retained $1 added about 0.26 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Equinox Gold Corp. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2018–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?582.6%
Diluted shares grew 582.6% over 2018–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Gold & Precious Metals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
NEMNewmont Corporation	$22.7B	—	12.0%	4%	19%
SCCOSouthern Copper Corporation	$13.4B	52%	41.5%	18%	24%
CDECoeur Mining Inc.	$2.1B	79%	4.3%	2%	2%
EQXEquinox Gold Corp.	$1.8B	22%	15.1%	2%	12%
MPMP Materials	$224M	—	-10.4%	-4%	-3%
MUXMcEwen Inc.	$198M	77%	-43.0%	-9%	-7%
IAUXi-80 Gold Corp.	$95M	—	-177.0%	-15%	-157%
IDRIdaho Strategic Resources Inc.	$42M	6%	-2.6%	-9%	-8%
Group median	—	52%	0.9%	-1%	-0%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Equinox Gold Corp.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Equinox Gold Corp. has delivered.

Equinox Gold Corp.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Equinox Gold Corp. earns about $224M on its 12.3% median owner-earnings margin. This year’s 26.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($224M) Net of stock comp Steady-state · maintenance capex ($479M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $126M on 786M shares outstanding, per the 40-F cover, as of 2025-12-31; net debt $943M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($692M) runs well above depreciation ($340M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $479M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EQX against another business →

Cite: Owner Scorecard, "Equinox Gold Corp. (EQX), the owner's record," https://ownerscorecard.com/c/EQX, data as of 2026-07-09.

Manual order: ← EQNR its page in the Manual ERIC →

Industry order: ← ELE the Gold & Precious Metals chapter EXK →