Saturday 17 October 2026 Export BTG’s income statement to Excel — free account

B2Gold Corp

B2Gold Corp’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 60.9% from fiscal 2024. In the quarter to June 2026, revenue grew 14.0%, EPS grew 158.3%, free cash flow grew 462.5% and total debt rose 9.12%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.

5.31 0.13 +2.51%

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Market cap: $6.8B
P/E: 8.7×
Fwd P/E: 5.4×
Dividend yield: 1.51%
F-score: 6/9
Altman Z: 2.86
Beneish M: −2.50
Dividend safety: 41/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.63%

Capital & Financial Ratios $m

Market Cap 6,840.00

Revenue 3,784.93

Net Income 828.55

Free Cash Flow 457.13

Net Debt 196.71

Current Ratio 1.58

Debt/Equity 0.12

P/E ratio 8.74

Fwd P/E 5.42

P/S ratio 1.87

P/B ratio 1.77

Past 5Y EPS Growth (13.85%)

This Y EPS Growth 24.86%

Next Y EPS Growth 69.67%

Next Y revenue growth (68.93%)

Next 5Y EPS Growth 37.59%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 14.44%

10-year low 10-year high

P/S against its own 10 years 12.90%

10-year low 10-year high

P/B against its own 10 years 67.71%

10-year low 10-year high

EV/Sales against its own 10 years 24.14%

10-year low 10-year high

EV/FCF against its own 10 years 58.99%

10-year low 10-year high

Dividends

Payout Ratio 0.15

Annual Dividend Rate 0.08

Annual Dividend Yield 1.51%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.02	0.02 0.02 0.02
2025	0.02	0.02 0.02 0.02 0.02
2024	0.16	0.04 0.04 0.04 0.04
2023	0.16	0.04 0.04 0.04 0.04
2022	0.20	0.04 0.04 0.04 0.04 0.04
2021	0.16	0.04 0.04 0.04 0.04
2020	0.11	0.01 0.02 0.04 0.04
2019	0.01	0.01
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	307	337	380	287
Receivables	57	87	122	119
Inventory	346	478	627	697
Other	—	—	—	—
	711	902	1,130	1,102

	2023	2024	2025	Q'26
Payables	167	156	175	189
ST’ Debt	16	16	34	60
Other	9	304	586	131
	313	581	1,061	697

Compound Annual Growth %

	10y	5y	3y
Sales	18.65%	11.34%	20.89%
Cash Flow	17.71%	(1.18%)	14.56%
Earnings	0.00%	(8.54%)	16.70%
Book Value	10.74%	6.48%	5.38%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,159	789	—	—	—
’25	532	692	783	1,054	3,061
’24	461	493	448	500	1,902
’23	474	471	478	512	1,934
’22	366	382	393	592	1,733
’21	362	363	511	526	1,762
’20	380	442	487	480	1,789

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	539	(79)	—	—	—
’25	179	255	171	291	896
’24	711	62	(16)	121	878
’23	204	195	110	205	714
’22	107	125	93	270	596
’21	146	(8)	320	266	724
’20	216	238	300	197	951

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	362	67	—	—	—
’25	(7)	12	(88)	116	33
’24	474	(157)	(233)	(117)	(33)
’23	92	(10)	(115)	(63)	(96)
’22	39	(8)	17	205	254
’21	89	(64)	243	154	422
’20	104	158	228	109	598

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.14	0.29	—	—	—
’25	0.04	0.10	0.01	0.11	0.28
’24	0.03	(0.02)	(0.48)	(0.01)	(0.48)
’23	0.08	0.06	(0.03)	(0.09)	0.01
’22	0.08	0.04	(0.02)	0.15	0.24
’21	0.09	0.06	0.12	0.13	0.40
’20	0.07	0.12	0.25	0.16	0.59

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	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
	High	3.65	3.55	3.30	4.07	7.55	6.04	5.07	4.40	3.50	5.94
People
People	Employees	4,130	5,392	5,242	4,217	6,120	4,689	4,995	6,150	6,478	6,327
	Revenue/emp, $m	0.17	0.12	0.20	0.27	0.29	0.38	0.35	0.31	0.29	0.48
Income, $m
Income, $m	Revenue	683	639	1,051	1,156	1,789	1,762	1,733	1,934	1,902	3,061
	Gross margin, %	30.74	23.53	36.21	38.98	53.57	43.61	34.88	40.33	37.13	50.01
	EBT	69	69	267	482	1,034	726	531	320	(309)	977
	EBT margin, %	10.03	10.79	25.41	41.74	57.82	41.21	30.63	16.56	(16.26)	31.91
	Net income	39	62	135	309	672	461	287	42	(627)	427
	Depreciation	172	160	248	256	301	385	384	402	367	441
Per share, $
Per share, $	Revenue	0.73	0.65	1.07	1.14	1.71	1.67	1.63	1.57	1.45	2.31
	Earnings	0.04	0.06	0.03	0.29	0.60	0.40	0.24	0.01	(0.48)	0.30
	Cash flow	0.44	0.16	0.46	0.49	0.91	0.69	0.56	0.58	0.67	0.68
	Capex	(0.41)	(0.20)	(0.22)	(0.26)	(0.34)	(0.29)	(0.32)	(0.66)	(0.70)	(0.65)
	Free cash flow	0.03	(0.05)	0.23	0.23	0.57	0.40	0.24	(0.08)	(0.03)	0.02
	Book value	1.54	1.60	1.68	2.02	2.55	2.81	2.92	3.17	2.32	2.75
	Shares, m	942	976	987	1,014	1,043	1,054	1,064	1,232	1,309	1,325
Valuation, ×
Valuation, ×	P/E	50.60	55.52	97.33	14.32	9.33	9.59	14.72	156.00	0.00	14.67
	P/S	3.49	4.69	2.74	3.52	3.27	2.35	2.26	1.99	1.68	1.95
	P/B	1.64	1.91	1.74	1.98	2.20	1.40	1.26	0.98	1.05	1.64
	EV/Sales	3.99	5.56	3.10	3.62	3.06	2.01	1.92	1.93	1.73	2.03
	EV/FCF	114.35	(80.27)	14.23	18.14	9.15	8.40	13.09	(38.69)	(98.98)	188.43
Cash, $m
Cash, $m	Operating cash flow	412	155	451	492	951	724	596	714	878	896
	Capex	(388)	(199)	(222)	(261)	(353)	(302)	(342)	(811)	(911)	(863)
	Free cash flow	24	(44)	229	231	598	422	254	(96)	(33)	33
Balance, $m
Balance, $m	Working capital	101	(99)	156	264	477	815	802	397	321	68
	Total debt	487	702	480	262	110	75	57	192	438	598
	Net debt	342	555	377	121	(370)	(598)	(595)	(115)	101	218
	Shareholders’ equity	1,455	1,566	1,653	2,052	2,661	2,961	3,112	3,910	3,036	3,642
Returns, %
Returns, %	ROA	1.79	2.26	1.11	11.22	20.78	12.13	6.98	0.24	(13.00)	7.52
	ROIC	4.39	2.36	9.37	14.61	23.97	18.87	12.47	5.39	(4.95)	22.38
	ROE	2.83	3.76	1.80	15.84	26.66	14.94	8.33	0.29	(18.14)	12.04

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CDE Coeur Mining, Inc.	$15.8B	13.0×	9.8×	+125.86% (above 0%: growing)	+9.09% (above 0%: growing)	+165.48% (above 0%: growing)	49.36%	19.94%	Compare
EQX Equinox Gold Corp.	$13.0B	10.7×	8.0×	+169.33% (above 0%: growing)	+480.00% (above 0%: growing)	−103.64% (below 0%: shrinking)	39.20%	32.14%	Compare
HMY Harmony Gold Mining Company Limited	$10.7B	52.5×	3.6×	−3.10% (below 0%: shrinking)	n/m	+265.24% (above 0%: growing)	26.37%	0.00%	Compare
AUGO Aura Minerals Inc.	$7.2B	24.4×	7.3×	+76.42% (above 0%: growing)	+2,263.64% (above 0%: growing)	+0.29% (above 0%: growing)	56.99%	52.18%	Compare
BTG B2Gold Corp	$6.8B	8.7×	5.4×	+14.03% (above 0%: growing)	+158.33% (above 0%: growing)	+462.54% (above 0%: growing)	39.06%	66.07%
OR OR Royalties Inc.	$6.6B	23.5×	24.0×	+62.05% (above 0%: growing)	+94.12% (above 0%: growing)	+61.89% (above 0%: growing)	84.05%	77.00%	Compare
SSRM Silver Standard Resources Inc.	$6.5B	27.5×	6.4×	+9.46% (above 0%: growing)	+6.82% (above 0%: growing)	−46.58% (below 0%: shrinking)	60.87%	43.19%	Compare
ARIS Aris Mining Corporation	$3.6B	12.5×	—	+62.31% (above 0%: growing)	n/m	−140.02% (below 0%: shrinking)	58.58%	48.02%	Compare
FSM Fortuna Mining Corp.	$3.1B	8.7×	—	+38.19% (above 0%: growing)	+108.33% (above 0%: growing)	+246.98% (above 0%: growing)	57.62%	49.28%	Compare
Median of peers	$6.9B	18.3×	7.6×	+62.18%	+101.22%	+31.09%	57.31%	45.61%

All 37 Gold stocks →

B2Gold Corp (BTG) key facts

Strength: B2Gold Corp’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 60.9% from fiscal 2024.
B2Gold Corp (BTG) is a Gold company in the Basic Materials sector, listed on NYSE American.
As of October 16, 2026, BTG traded at $5.31, a market capitalization of $6.8 billion.
B2Gold Corp pays an annual dividend of $0.08 per share, a yield of 1.51%, with a payout ratio of 14.6%.
Return on equity was 12.0% and debt-to-equity 0.12.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.86 (grey zone) for fiscal 2025.