Equinox Gold

EQX

Gold · Basic Materials

Price

$8.62

-0.13 (-1.49%)

Market Cap

$6.80B

Exchange

New York Stock Exchange American

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

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.

Winston Score History

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

+103.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+329.4% 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

Relatively low insider ownership

Cash Position

Cash flow positive

$500M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Equinox Gold grew revenue 103% 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.

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Quality

Gross Margin

50.9%

Healthy — 50.9% gross margin

Operating Margin

45.3%

Excellent — 45.3% operating margin

ROCE

5.8%

Weak — 5.8% 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 YoY

+34.8%

Fast-growing sales (34.8% YoY)

EPS YoY

+32.1%

Earnings growing fast (32.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

141%

Turns 141% of profit into real cash

FCF Margin

2.9%

Thin free cash flow (2.9%)

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

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

4.98x

Adequate interest coverage (5.0x)

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

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Valuation

P/E Ratio (TTM)

10.7x

Attractive valuation — P/E 10.7

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

P/E vs Forward

+4.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.7 → 6.5)

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Dividends

Dividend Yield

0.30%

Small dividend — 0.30% yield

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

Dividend Growth

N/A

no trend

Data not available

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