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Rank #22 · NYSE:EQX
Mid-Tier Producer · Primary: Gold
Canada · Jurisdictions: United States, Mexico, Brazil, Canada
Canonical listing price
$11.42
+2.70%(+0.30 USD)
Updated 10/9/2026, 1:30:00 PM
Price data: Twelve Data
Gold · Mid-Tier Producer
vs Gold
1M -2.5 pp·3M +25.7 pp
vs GDX
1M +0.6 pp·3M -0.8 pp
1M vs Gold Miners group: +0.8 pp
Jurisdiction: United States, Mexico, Brazil, Canada · Market cap rank-only (licensing)
Close-based returns and relative performance in percentage points vs mapped metal/ETF. Not a buy/sell signal or price target.
Next report
Reporting calendar →FY2026 · Expected window 2028-03-04 → 2028-04-08
Expected window 2028-03-04 → 2028-04-08 (FY2026).
Valuation
Current market multiples relative to reported TTM financials. Peer context uses the Mining 50 Gold · Mid-Tier Producer group. Not fair value, price targets, or investment advice.
Historical Valuation
Point-in-time multiples at annual filing dates using prices and financials publicly available as of each date. Percentiles and medians use available history only — descriptive context, not fair value or investment advice.
P/FCF
EV/FCF
Historical chart
Each point is a filing-date snapshot — not a continuous daily valuation series.
Filing-date periodic snapshots · 5 observations · price source: Twelve Data
MINING50-HISTORICAL-VALUATION-1.0 · filing-date periodic
Balance Sheet & Capital Allocation
Annual FY trends from certified filing data. Descriptive direction and magnitude only — not a quality score or investment recommendation.
Cash
$430.00M
+$190.68M YoY (+79.7%)
Debt
$1.55B
+$206.85M YoY (+15.3%)
Net Debt
Net Debt: $1.12B
+$16.17M YoY (+1.5%)
Share Count
785.6M
+330.4M shares YoY (+72.6%)
3-year share count change: +155.6% over 3 years
Capex / Revenue
38.1%
Prior year: 45.1%
FCF Conversion
15.4%
Prior year: -10.7%
FCF (FY)
$126.00M
+$165.89M YoY (+415.9%)
Debt Increase
Total debt increased $206.85M (+15.3%) versus the prior year.
2024-12-31 → 2025-12-31
Cash Build
Cash increased $190.68M (+79.7%) versus the prior year.
2024-12-31 → 2025-12-31
Share Count Change
Shares outstanding increased 72.6% year over year.
2024-12-31 → 2025-12-31
Higher Capex
Capital expenditures increased from $412.07M to $692.35M.
2024-12-31 → 2025-12-31
Operating Performance
Annual FY revenue, cash flow, capex, and margins from certified filing data. Descriptive trends only — not a quality score or investment recommendation.
Revenue
$1.82B
+$904.36M YoY (+99.1%)
Operating Cash Flow
$818.35M
+$446.16M YoY (+119.9%)
Free Cash Flow
$126.00M
Free cash flow moved from $-39.89M to $126.00M.
Capex
$692.35M
+$280.27M YoY (+68.0%)
3-year revenue change: +90.8% over 3 years
OCF Margin
45.0%
Prior year: 40.8%
Change: +4.3 pp
FCF Margin
6.9%
Prior year: -4.4%
Change: +11.3 pp
Capex / Revenue
38.1%
Prior year: 45.1%
Revenue Increase
Revenue increased 99.1% versus the prior comparable period.
2024-12-31 → 2025-12-31
Operating Cash Flow Increase
Operating cash flow increased $446.16M (+119.9%) versus the prior comparable period.
2024-12-31 → 2025-12-31
Free Cash Flow Turned Positive
Free cash flow moved from $-39.89M to $126.00M.
2024-12-31 → 2025-12-31
Higher Capital Spending
Capital expenditures increased from $412.07M to $692.35M.
2024-12-31 → 2025-12-31
OCF Margin Increase
Operating cash flow margin moved from 40.8% to 45.0% (+4.3 pp).
2024-12-31 → 2025-12-31
Fundamental Changes
Deterministic changes from certified financial metrics. Descriptive only — not a quality score or investment recommendation.
Latest filing period: 9 material changes · 23 operating · 9 balance-sheet · 7 capital-allocation
FY2025 · Filed Mar 31, 2026
Debt Increase
Total debt increased $206.85M (+15.3%) versus the prior year.
Official filing sourceCash Build
Cash increased $190.68M (+79.7%) versus the prior year.
Official filing sourceShare Count Change
Shares outstanding increased 72.6% year over year.
Official filing sourceRevenue Increase
Revenue increased 99.1% versus the prior comparable period.
Official filing sourceOperating Cash Flow Increase
Operating cash flow increased $446.16M (+119.9%) versus the prior comparable period.
Official filing sourceFree Cash Flow Turned Positive
Free cash flow moved from $-39.89M to $126.00M.
Official filing sourceOCF Margin Increase
Operating cash flow margin moved from 40.8% to 45.0% (+4.3 pp).
Official filing sourceFCF Margin Increase
Free cash flow margin moved from -4.4% to 6.9% (+11.3 pp).
Official filing sourceModules: mtf-trend, momentum, relative-strength · Last calculated: 10/12/2026, 10:41:06 AM
Price data provided by Twelve Data. Charts provided by TradingView. Grey Rabbit Scores and analysis are proprietary to Grey Rabbit Markets.
Gold · Mid-Tier Producer · factual only
| Company | Market Cap | Production | AISC | Net Debt / Cash |
|---|---|---|---|---|
| Equinox Gold Corp.(EQX) | $8.97B | 750.0 koz | $1,925/oz | $1.15B |
| Alamos Gold Inc.(AGI) | — | 610.0 koz | $1,524/oz | $423.00M |
| Aris Mining Corporation(ARIS) | — | 325.0 koz | $1,705/oz | $127.59M |
| B2Gold Corp.(BTG) | — | 895.0 koz | $1,584/oz | $217.90M |
| Centerra Gold Inc.(CGAU) | — | 265.0 koz | $1,614/oz | $529.00M |
| DRDGOLD Limited(DRD) | — | 145.0 koz | $1,716/oz | $72.00M |
| Eldorado Gold Corporation(EGO) | — | 540.0 koz | $1,664/oz | $405.70M |
Sorted by market cap then name — not a ranking. Comparable curated fields only.
Multi-period filing history is available on Pro. Latest TTM P&L above is public.
Derived: eligible price × ADR-aware shares · Equinox Gold Corp. · Derived: Debt − Cash · Through 2026-02-18 · Coverage 7/8 key fields · not live filing scrape · Filing-backed TTM P&L from SEC companyfacts (cached — not live scrape)
Periods: YE 2025 audited FS / Form 40-F period-end common shares · YE 2025 · FY 2026 Guidance · FY 2025 All Operations AISC / oz sold · YE 2025 MRMR (post-Calibre portfolio) · 2025-12-31
MINING50-MARKETCAP-1.0 · MINING50-NETDEBT-1.0 · MINING50-TTM-1.0 · MINING50-FCF-1.0 · MINING50-FCF-MARGIN-1.0
Grey Rabbit Markets provides independent market research and educational content. Nothing on this website constitutes investment, legal, tax, or financial advice. Past performance does not guarantee future results.