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B2Gold Corp

BTG Basic Materials Gold

B2Gold Corp’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 60.9% from fiscal 2024.

Revenue
+14.0%
EPS
+158.3%
Free cash flow
+462.5%
Total debt
+9.12%

Quarter to June 2026, against a year earlier

5.32 0.21 +4.11%
Market cap
$7.0B
P/E
8.8×
Fwd P/E
6.0×
Dividend yield
1.50%
F-score
6/9
Altman Z
2.86
Beneish M
−2.50
Dividend safety
41/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.63%

Capital & Financial Ratios $m

Size
Market Cap 6,960.00
Revenue ttm 3,784.93
Net income ttm 828.55
Free cash flow ttm 457.13
Net debt Q 196.71
Valuation
P/E 8.76
Forward P/E 5.96
Price / sales 1.87
Forward P/S Powerpack
Price / FCF 15.50
Price / book 1.77
Financial health
Current ratio Q 1.58 (at or above 1.5: strong)
Debt / equity Q 0.12 (at or below 0.5: strong)
Interest coverage Q 33.89
Growth
Revenue growth Q +14.03% (above 0%: growing)
Operating income growth Q +58.26% (above 0%: growing)
EPS, this year +24.58% (at or above 15%: strong)
EPS, next year A +55.18% (at or above 15%: strong)
Revenue, next year A −69.41% (below 0%: weak)
EPS, past 5 yrs −13.85% (below 0%: weak)
EPS, next 5 yrs A +34.94% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.5×; over the ten years it ranged from 1.4× in 2026 to 5.6× in 2017.
P/E against its own 10 years 15.32%
10-year low 10-year high
P/S against its own 10 years 13.57%
10-year low 10-year high
P/B against its own 10 years 68.35%
10-year low 10-year high
EV/Sales against its own 10 years 24.72%
10-year low 10-year high
EV/FCF against its own 10 years 59.53%
10-year low 10-year high

Dividends

Yield
1.50%
Annual rate
0.08
Payout ratio
14.6%
Growth, 2019–25
+48.4%/yr
  1. 0.01 ’19
  2. 0.11 ’20 +1367
  3. 0.16 ’21 +45
  4. 0.20 ’22 +25
  5. 0.16 ’23 −20
  6. 0.16 ’24 +0
  7. 0.08 ’25 −50
  8. 0.02 ’26e −75
paid forecast change on the year, % Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.09 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.20 0.11 Miss by 0.09
Mar 2026 0.11 0.19 Beat by 0.08
Jun 2026 0.07 0.03 Miss by 0.04
Sep 2026 0.09 0.14 Beat by 0.05
Dec 2026 0.14 — Reports 17 February 2027

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 683 639 1,051 1,156 1,789 1,762 1,733 1,934 1,902 3,061 3,785 +18.1% 936 1,057 1,380 (23.3%)
Gross margin, % 30.74 23.53 36.21 38.98 53.57 43.61 34.88 40.33 37.13 50.01 49.13 +19.3 pt
EBT 69 69 267 482 1,034 726 531 320 (309) 977 1,687 +34.3%
EBT margin, % 10.03 10.79 25.41 41.74 57.82 41.21 30.63 16.56 (16.26) 31.91 44.56 +21.9 pt
Net income 39 62 135 309 672 461 287 42 (627) 427 829 +30.6%
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 2.84 +13.7%
Earnings 0.04 0.06 0.03 0.29 0.60 0.40 0.24 0.01 (0.48) 0.30 0.61 +25.1%
Cash flow 0.44 0.16 0.46 0.49 0.91 0.69 0.56 0.58 0.67 0.68 0.69 +5.0%
Capex (0.41) (0.20) (0.22) (0.26) (0.34) (0.29) (0.32) (0.66) (0.70) (0.65) (0.35) +5.2%
Free cash flow 0.03 (0.05) 0.23 0.23 0.57 0.40 0.24 (0.08) (0.03) 0.02 0.34 (0.2%)
Book value 1.54 1.60 1.68 2.02 2.55 2.81 2.92 3.17 2.32 2.75 3.01 +6.6%
Shares, m 942 976 987 1,014 1,043 1,054 1,064 1,232 1,309 1,325 1,331 +3.9%
Valuation, ×
Valuation, × P/E 50.60 55.52 97.33 14.32 9.33 9.59 14.72 156.00 0.00 14.67 8.76 42.2
P/S 3.49 4.69 2.74 3.52 3.27 2.35 2.26 1.99 1.68 1.95 1.87 2.8
P/B 1.64 1.91 1.74 1.98 2.20 1.40 1.26 0.98 1.05 1.64 1.77 1.6
EV/Sales 3.99 5.56 3.10 3.62 3.06 2.01 1.92 1.93 1.73 2.03 1.92 2.9
EV/FCF 114.35 (80.27) 14.23 18.14 9.15 8.40 13.09 (38.69) (98.98) 188.43 15.93 14.8
Cash, $m
Cash, $m Operating cash flow 412 155 451 492 951 724 596 714 878 896 923 +9.0%
Capex (388) (199) (222) (261) (353) (302) (342) (811) (911) (863) (466) +9.3%
Free cash flow 24 (44) 229 231 598 422 254 (96) (33) 33 457 +3.7%
Balance, $m
Balance, $m Working capital 101 (99) 156 264 477 815 802 397 321 68 405 (4.2%)
Net debt 342 555 377 121 (370) (598) (595) (115) 101 218 197 (4.9%)
Shareholders’ equity 1,455 1,566 1,653 2,052 2,661 2,961 3,112 3,910 3,036 3,642 4,005 +10.7%
Returns, %
Returns, % ROA 1.79 2.26 1.11 11.22 20.78 12.13 6.98 0.24 (13.00) 7.52 14.60 +5.7 pt
ROIC 4.39 2.36 9.37 14.61 23.97 18.87 12.47 5.39 (4.95) 22.38 28.76 +18.0 pt
ROE 2.83 3.76 1.80 15.84 26.66 14.94 8.33 0.29 (18.14) 12.04 22.05 +9.2 pt
People
People Employees 4,130 5,392 5,242 4,217 6,120 4,689 4,995 6,150 6,478 6,327 — +4.9%
Revenue/emp, $m 0.17 0.12 0.20 0.27 0.29 0.38 0.35 0.31 0.29 0.48 — +12.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

B2Gold Corp vs peers in Gold (Q) = latest quarter vs a year earlier

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. $15.0B 15.8× 11.5× +77.37% (above 0%: growing) −73.81% (below 0%: shrinking) +104.47% (above 0%: growing) 0.00% 17.74% Compare
EQX Equinox Gold Corp. $13.2B 10.9× 9.3× +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 $10.6B 52.0× 4.8× −3.10% (below 0%: shrinking) n/m +265.24% (above 0%: growing) 26.37% 0.00% Compare
BTG B2Gold Corp $7.0B 8.8× 6.0× +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 23.4× 21.9× +62.05% (above 0%: growing) +94.12% (above 0%: growing) +61.89% (above 0%: growing) 84.05% 77.00% Compare
OGC Oceanagold Corp. $6.1B 7.1× — +49.70% (above 0%: growing) +95.30% (above 0%: growing) +8.33% (above 0%: growing) 66.77% 48.52% Compare
AUGO Aura Minerals Inc. $6.0B 20.1× 9.4× +76.42% (above 0%: growing) +2,263.64% (above 0%: growing) +0.29% (above 0%: growing) 56.99% 52.18% Compare
SSRM Silver Standard Resources Inc. $5.6B 22.8× 10.1× +16.02% (above 0%: growing) +23.00% (above 0%: growing) −152.32% (below 0%: shrinking) 58.21% 27.29% Compare
ARIS Aris Mining Corporation $3.2B 11.1× — +62.31% (above 0%: growing) n/m −140.02% (below 0%: shrinking) 58.58% 48.02% Compare
Median of peers $6.3B 18.0× 9.8× +62.18% +94.71% +4.31% 57.60% 40.08%

All 46 Gold stocks →

B2Gold Corp (BTG) Latest News

5 Nov

Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript

4 Nov

Impact 3 · · GlobeNewswire

21 Oct

Impact 4 · · The Motley Fool

7 Oct

Impact 4 · · Simply Wall St.

4 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · Zacks

30 Sep

Impact 4 · · MarketBeat

28 Sep

Impact 4 · · GlobeNewswire

21 Sep

Impact 4 · · Zacks
Impact 4 · · Zacks

10 Sep

Impact 3 ·
Impact 3 ·

3 Sep

Impact 3 ·

26 Aug

Impact 4 ·

14 Aug

Impact 4 · · The Motley Fool transcript

10 Aug

Impact 4 · · mining-technology.com

9 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

8 Aug

Impact 4 ·

7 Aug

Impact 4 · transcript
Impact 4 ·
Impact 4 ·

6 Aug

Impact 4 ·
Impact 3 ·

21 May

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

11 May

Impact 4 · · Zacks

9 May

Impact 4 · · GuruFocus.com

BTG metrics, ten years each

stockrow.com/BTG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com