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Canadian gold mining company operating a portfolio of mines across Brazil, Mexico, the US and Canada, including the Greenstone mine in Ontario.
Canadian gold mining company operating a portfolio of mines across Brazil, Mexico, the US and Canada, including the Greenstone mine in Ontario.
Same company as the US-listed EQX. Sells gold at spot prices from several mines, so results follow the gold price and how steadily each one runs. Greenstone, a large Ontario mine, started production in 2024, and the 2025 merger with Calibre Mining enlarged the group.
In one line: A multi-asset Americas-focused gold growth company.
Moat: narrow (installed base, scale). Rapidly built multi-mine portfolio including a large new Canadian mine (Greenstone), though integration/ramp-up risk remains.
Headquarters: Vancouver, Canada · Founded: 2017
Size Equinox Gold (EQX.TO) is a Canada Materials company (Precious Metals) with a market value of $13.5B, the 61st largest of 420 Canada companies the cockpit tracks. Shares closed at C$16.24 on 6 Nov 2026.
Performance Over six months the shares fell 17.4%, against -7.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 62.7% over the last twelve months (peer median +38.8%); the operating margin is 36.2% (peer median 44.8%).
Valuation It trades at 9.7× forward earnings against a peer median of 11.8× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.2 points below its cost of capital (15.7% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$4.33B | C$2.54B | C$1.25B | C$1.47B | C$1.24B |
| Revenue growth | — | +103% | -15% | +18% | — |
| Gross profit | C$1.84B | C$882M | C$277M | C$130M | C$84.5M |
| EBITDA | C$2.27B | C$1.33B | C$513M | C$340M | C$259M |
| Net income | C$976M | C$309M | C$465M | C$39.0M | -C$138M |
| Free cash flow | C$108M | -C$9.20M | -C$209M | -C$310M | -C$695M |
| Capital expenditure | C$1.24B | C$967M | C$565M | C$706M | C$725M |
| Total debt | C$827M | C$2.52B | C$2.20B | C$1.28B | C$1.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Equinox Gold EQX.TO | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% |
| Alamos Gold AGI.TO | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
| IAMGOLD IMG.TO | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EQX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | -1.3% | 5th highest of 21 |
| 6-month return | -17.4% | -7.6% | 8th lowest of 21 |
| Distance from 52-week high | -37.2% | -33.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +62.7% | +38.8% | 7th highest of 21 |
| Operating margin | 36.2% | 44.8% | 5th lowest of 21 |
| Forward P/E | 9.7× | 11.8× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 21.0% | 5.1% | most demanding of 18 |
| Growth delivered (Del g) | +17.5% | +19.1% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | +3.6 pp | -17.6 pp | most demanding of 18 |
| ROIC minus cost of capital | -3.2 pp | +12.4 pp | lowest of 19 |
| EV / EBITDA | 8.4× | 8.8× | 7th cheapest of 17 |
| Net debt / EBITDA | 0.1× | -0.2× | 4th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Shandong Gold Mining 1787.HK | Hong Kong | $16.4B | -42% | +12% | 13% | 11.1× | n/a | n/a |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |