Equinox Gold Corp. key statistics and ratios

In fiscal 2025, Equinox Gold Corp. had return on equity of 4.8%, an operating margin of 23.8% and debt equal to 26.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Equinox Gold Corp.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	34.3%	21.3%	8.9%	10.0%	22.6%	35.4%
Operating margin	−116.2%	19.6%	20.5%	13.5%	1.1%	4.6%	16.6%	23.8%
Net margin	−217.3%	−6.5%	2.5%	51.3%	−11.1%	2.7%	37.2%	12.2%
Free-cash-flow margin	−417.7%	−13.4%	9.6%	−2.2%	−52.6%	−15.1%	−4.4%	6.9%
Return on equity	−16.6%	−4.6%	2.2%	27.5%	−4.3%	1.2%	11.6%	4.8%
Return on assets	−8.8%	−2.3%	1.2%	16.7%	−2.7%	0.7%	6.1%	2.6%
Asset turnover	0.04	0.36	0.48	0.33	0.24	0.27	0.17	0.21
Current ratio	1.16	1.13	2.90	—	—	—	—	—
Debt to equity	54.3%	65.5%	37.6%	20.9%	35.2%	37.9%	39.7%	26.8%
Interest cover (operating income ÷ interest)	n/m	3.3x	120.2x	69.3x	5.4x	13.0x	31.2x	51.0x
Effective tax rate	—	—	48.3%	−3.7%	—	—	51.2%	—
Capital spending as % of revenue	341.4%	34.6%	20.7%	31.8%	58.5%	48.1%	45.1%	38.1%
Free cash flow ÷ net income	—	—	391.0%	−4.2%	—	−570.7%	−11.8%	56.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 5 checks passed · December 31, 2025

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $430m of cash against $1.6bn of debt.
Debt below 40% of shareholders' equity Debt is 27% of equity.
Debt burden no higher than five years ago Debt to equity moved from 37% to 27% over five years.
A year's operating cash flow covers at least 20% of debt $818m of operating cash flow against $1.6bn of debt.
Operating profit covers interest at least five times over Operating income of $432m against $8m of interest.

From Equinox Gold Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Equinox Gold Corp.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Equinox Gold Corp.