B2Gold Corp BTG
- Market cap
- $7.0B
- P/E
- 9.0×
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Target Price Range
Analyst price targets
Free account| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.60 | 2.15 | 2.10 | 2.40 | 2.16 | 3.30 | 2.81 | 2.77 | 2.34 | 2.20 |
Analyst estimates 2026–2028 Powerpack |
Low Price
|
||
| 3.65 | 3.55 | 3.30 | 4.07 | 7.55 | 6.04 | 5.07 | 4.40 | 3.50 | 5.94 |
High Price
|
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| 4,130 | 5,392 | 5,242 | 4,217 | 6,120 | 4,689 | 4,995 | 6,150 | 6,478 | 6,327 |
Employees
|
|||
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Revenue/Emp
|
|||
| 683 | 639 | 1,051 | 1,156 | 1,789 | 1,762 | 1,733 | 1,934 | 1,902 | 3,061 |
Revenue
|
|||
| 30.74% | 23.53% | 36.21% | 38.98% | 53.57% | 43.61% | 34.88% | 40.33% | 37.13% | 50.01% |
Gross Margin
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|||
| 69 | 69 | 267 | 482 | 1,034 | 726 | 531 | 320 | (309) | 977 |
EBT
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| 10.03% | 10.79% | 25.41% | 41.74% | 57.82% | 41.21% | 30.63% | 16.56% | (16.26%) | 31.91% |
EBT Margin
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| 39 | 62 | 135 | 309 | 672 | 461 | 287 | 42 | (627) | 427 |
Net Income
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|||
| 172 | 160 | 248 | 256 | 301 | 385 | 384 | 402 | 367 | 441 |
Depreciation
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| 0.73 | 0.65 | 1.07 | 1.14 | 1.71 | 1.67 | 1.63 | 1.57 | 1.45 | 2.31 |
Revenue/Sh
|
|||
| 0.04 | 0.06 | 0.03 | 0.29 | 0.60 | 0.40 | 0.24 | 0.01 | (0.48) | 0.30 |
Earnings/Sh
|
|||
| 0.44 | 0.16 | 0.46 | 0.49 | 0.91 | 0.69 | 0.56 | 0.58 | 0.67 | 0.68 |
Cash Flow/Sh
|
|||
| (0.41) | (0.20) | (0.22) | (0.26) | (0.34) | (0.29) | (0.32) | (0.66) | (0.70) | (0.65) |
Capex/Sh
|
|||
| 0.03 | (0.05) | 0.23 | 0.23 | 0.57 | 0.40 | 0.24 | (0.08) | (0.03) | 0.02 |
Free CF/Sh
|
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| 1.54 | 1.60 | 1.68 | 2.02 | 2.55 | 2.81 | 2.92 | 3.17 | 2.32 | 2.75 |
Book Value/Sh
|
|||
| 942 | 976 | 987 | 1,014 | 1,043 | 1,054 | 1,064 | 1,232 | 1,309 | 1,325 |
Shares
|
|||
| 50.60 | 55.52 | 97.33 | 14.32 | 9.33 | 9.59 | 14.72 | 156.00 | 0.00 | 14.67 |
PE Ratio
|
|||
| 3.49 | 4.69 | 2.74 | 3.52 | 3.27 | 2.35 | 2.26 | 1.99 | 1.68 | 1.95 |
PS Ratio
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| 1.64 | 1.91 | 1.74 | 1.98 | 2.20 | 1.40 | 1.26 | 0.98 | 1.05 | 1.64 |
PB Ratio
|
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| 3.99 | 5.56 | 3.10 | 3.62 | 3.06 | 2.01 | 1.92 | 1.93 | 1.73 | 2.03 |
EV/Sales
|
|||
| 114.35 | (80.27) | 14.23 | 18.14 | 9.15 | 8.40 | 13.09 | (38.69) | (98.98) | 188.43 |
EV/FCF
|
|||
| 412 | 155 | 451 | 492 | 951 | 724 | 596 | 714 | 878 | 896 |
Op' Cash Flow
|
|||
| (388) | (199) | (222) | (261) | (353) | (302) | (342) | (811) | (911) | (863) |
Capex
|
|||
| 24 | (44) | 229 | 231 | 598 | 422 | 254 | (96) | (33) | 33 |
FCF
|
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| 101 | (99) | 156 | 264 | 477 | 815 | 802 | 397 | 321 | 68 |
Working Cap'
|
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| 487 | 702 | 480 | 262 | 110 | 75 | 57 | 192 | 438 | 598 |
Total Debt
|
|||
| 342 | 555 | 377 | 121 | (370) | (598) | (595) | (115) | 101 | 218 |
Net Debt
|
|||
| 1,455 | 1,566 | 1,653 | 2,052 | 2,661 | 2,961 | 3,112 | 3,910 | 3,036 | 3,642 |
Sh' Equity
|
|||
| 1.79% | 2.26% | 1.11% | 11.22% | 20.78% | 12.13% | 6.98% | 0.24% | (13.00%) | 7.52% |
ROA
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| 4.39% | 2.36% | 9.37% | 14.61% | 23.97% | 18.87% | 12.47% | 5.39% | (4.95%) | 22.38% |
ROIC
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| 2.83% | 3.76% | 1.80% | 15.84% | 26.66% | 14.94% | 8.33% | 0.29% | (18.14%) | 12.04% |
ROE
|
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B2Gold Corp peers in Gold
| Company | Market cap | P/E | Compare |
|---|---|---|---|
| AUGO Aura Minerals Inc. | $7.0B | 23.3× | Compare |
| SSRM Silver Standard Resources Inc. | $7.3B | 30.8× | Compare |
| OR OR Royalties Inc. | $6.7B | 23.7× | Compare |
| HMY Harmony Gold Mining Company Limited | $11.8B | 58.2× | Compare |
| Company | Market cap | P/E | Compare |
|---|---|---|---|
| ARIS Aris Mining Corporation | $3.9B | 13.6× | Compare |
| EQX Equinox Gold Corp. | $13.7B | 11.5× | Compare |
| FSM Fortuna Mining Corp. | $3.4B | 9.5× | Compare |
| NG Novagold Resources Inc. | $3.2B | 0.0× | Compare |
B2Gold Corp (BTG) key facts
- B2Gold Corp (BTG) is a Gold company in the Basic Materials sector, listed on NYSE American.
- B2Gold Corp’s revenue for fiscal 2025 (year ended December 2025) was CAD 3.1 billion, up 60.9% from fiscal 2024.
- As of September 25, 2026, BTG traded at $5.48, a market capitalization of $7.0 billion.
- B2Gold Corp pays an annual dividend of $0.16 per share, a yield of 6.34%, with a payout ratio of 59.3%.
- Return on equity was 12.0% and debt-to-equity 0.12.
B2Gold Corp (BTG) Latest News
21 Sep
B2Gold's Otjikoto mine in Namibia produced 23,438 ounces in Q2 2026, lifting first-half output to 47,967 ounces. The beat came from a higher average mill feed grade, aided by better-than-expected underground ore volumes. Open-pit mining at Otjikoto completed in Q3 2025; Wolfshag underground operations are expected to continue into 2027. The company approved a development decision on the Antelope underground deposit at Otjikoto, and processing of existing low-grade stockpiles plus Antelope could lift Otjikoto's annual production to about 110,000 ounces from 2029–2032. B2Gold lifted 2026 Otjikoto production guidance to 80,000–100,000 ounces, supporting consolidated production guidance of 820,000–920,000 ounces. All-in sustaining costs at Otjikoto are guided to $1,830–$1,980 per ounce, at or below the lower end. The result strengthens BTG's production base and margins, with Africa operations remaining a focal point. Higher Otjikoto production and Antelope development significantly boost future output and cost efficiency, supporting a stronger growth trajectory.
Franco-Nevada expands its royalty and stream portfolio in 2026 with a $250 million NSR from i-80 Gold, a $100 million gold stream from Orezone Gold, and a $40 million cash purchase of Victoria Gold royalties, plus a 1.0% NSR on Youanmi ($32.9 million), Greenstone royalties ($2 million), and an $8.4 million 2% gross royalty on Comet Vale (plus a $2.1 million contingent). An A$170-million gross royalty on Bullabulling raises total project stake to 3.90% from 2.45%, broadening exposure across producing, development, and exploration-stage assets and diversifying long-term revenue. Franco-Nevada projects 555,000–615,000 gold-equivalent ounces by 2030, up 13% from 2025 at the midpoint, supported by a strong balance sheet and ongoing royalties and streams. BTG sees a Mali permit for Menankoto unlocking Fekola Regional pre-stripping and ramp to >150,000 oz/year from 2028 onward; SSR Mining also pursues Marigold expansion with an updated life-of-mine plan by 2026-end. Mali permit and Fekola Regional expansion could meaningfully lift BTG's near- to mid-term production and cash flow.
10 Sep
B2Gold Corp's all-in sustaining costs rose sharply in Q2, raising questions on future performance and operational outlook. Sharp Q2 cost increase directly pressures B2Gold margins and may shift near-term investor sentiment on operations.
Land access issues, not geology, typically stall mines and may hinder B2Gold Corp project timelines and output. Land access constraints create operational delays for B2Gold mining assets.
3 Sep
Fire at B2Gold Goose Mine cut Q2 output and raises doubts over 2026 production targets. Single-mine operational setback may temporarily affect output and investor views but does not alter overall company trajectory.
26 Aug
Menankoto Permit may accelerate B2Gold's Fekola Regional growth and expansion plans. Menankoto Permit approval would directly expand B2Gold mining output and regional trajectory.
14 Aug
B2Gold (BTG) Q2 2026 earnings call transcript covers financial results, production updates, and management outlook. Earnings call transcripts deliver financial results and forward guidance that can materially shift BTG stock trajectory and investor sentiment.
10 Aug
B2Gold secures exploitation permit for Fekola Regional in Mali. Permit enables major expansion of gold mining operations in Mali.
9 Aug
B2Gold (TSX:BTO) could be 30% undervalued after securing a Mali permit that secures growth. Mali permit secures B2Gold expansion and supports major valuation upside.
B2Gold reported Q2 production volumes, costs and revised guidance alongside cash flow and project updates. Quarterly results and guidance revisions provide financial metrics that influence near-term valuation and outlook.
B2Gold (TSX:BTO) stock may still trade at a discount on Mali permit news. Mali permit news holds scope to shift B2Gold operational outlook and near-term stock valuation.
8 Aug
B2Gold stock rose 33.9% after securing the Menankoto permit, enabling Fekola regional expansion. Permit approval directly supports major mine expansion and higher future production.
7 Aug
B2Gold Corp secured the Fekola Regional Permit. Updated guidance was issued in the Q2 2026 earnings call. Fekola permit approval enables major operational expansion and lifts production outlook.
B2Gold receives Menankoto Exploitation Permit from Mali government, triggering 23% share price increase. Permit enables new mining operations in Mali and drives major share surge indicating strong operational and market impact.
Mali grants B2Gold exploitation permit for Fekola Regional, authorizing expanded mining operations at the site. Fekola Regional permit enables major production expansion for B2Gold flagship asset.
6 Aug
B2Gold achieved higher-than-expected gold production and lower-than-expected all-in sustaining costs in Q2 2026 from strong performance at Fekola, Masbate, and Otjikoto mines. Menankoto exploitation permit expected soon from Mali state. Q2 production and cost beats plus near-term Menankoto permit boost operational outlook and expansion prospects.
B2Gold reported Q2 2026 results with strong performance at Fekola, Masbate, and Otjikoto mines driving higher than expected gold production and lower than expected all-in sustaining costs. Menankoto exploitation permit expected soon from Mali. Stronger production and lower costs improve near-term financials while pending permit supports future operations.
21 May
B2Gold shares pulled back recently while growth expectations stay bullish, leading to a fresh valuation assessment for the miner. Bullish growth outlook after the pullback points to moderate effects on B2Gold investor sentiment and near-term performance.
B2Gold completed the sale of its Fingold asset, strengthening the company's cash position and triggering fresh debate over its overall valuation. Fingold sale improves near-term liquidity and invites valuation reassessment but does not alter B2Gold's core production profile or long-term strategy.
11 May
B2Gold Corp beat Q1 earnings estimates driven by strong gold production. Earnings beat from robust gold production signals strong operations and boosts investor sentiment for future performance.
9 May
B2Gold Corp (BTG) reported strong financial performance and key strategic moves during its Q1 2026 earnings call. Strong Q1 2026 financials paired with strategic moves position BTG for significant positive shifts in performance and investor sentiment.
B2Gold (TSX:BTO) shares surged 10.1% after reporting record Q1 profits and completing a US$325 million asset sale. Record Q1 profit jump and $325 million asset sale provide major financial boost and strategic liquidity.
8 May
B2Gold Corp (BTG) reported strong financial performance in Q1 2026 earnings call highlights amid operational challenges. Strong Q1 2026 financial results signal robust health, likely driving significant positive shifts in investor sentiment and stock trajectory.
7 May
Stifel Canada maintains Buy rating on B2Gold Corp (BTG) after Q1 results, keeping price target at C$10.50. Post-Q1 reaffirmation of Buy rating and C$10.50 target signals moderate confidence in financial performance and supports investor sentiment.
6 May
B2Gold Corp reported Q1 2026 results, detailing financial performance, production updates, and operational highlights from its mining assets. Quarterly results update financial performance and operations with moderately noticeable influence on investor sentiment and stock trajectory.
1 May
B2Gold Corp scheduled to report Q1 earnings, with focus on potential stock price reactions amid analyst expectations for production, costs, and guidance updates. Upcoming Q1 earnings report likely to moderately influence BTG's financial outlook and short-term market sentiment.
28 Apr
B2Gold Corp (BTG) executed a strategic move positioned as highly noteworthy for investors. B2Gold's strategic move qualifies as a major initiative likely to significantly influence its trajectory and market performance.
23 Apr
B2Gold Corp completed the sale of its 70% interest in Fingold. Divestiture of 70% interest in Fingold streamlines B2Gold's portfolio and provides capital but reduces exposure to that asset.
22 Apr
Fire at B2Gold's Goose Mine causes downtime, testing the company's operational resilience narrative. Fire-driven downtime at Goose Mine disrupts production ramp-up and challenges B2Gold's operational reliability claims.
20 Apr
B2Gold Corp lowered its Q2 gold production outlook at the Goose Mine after a fire disrupted operations. Fire-induced reduction in Q2 production at Goose Mine affects short-term financial performance but is limited to one asset amid diversified operations.