B2Gold Corp BTG

5.48 0.16 3.01% as of 25 Sep
Market cap
$7.0B
P/E
9.0×
Growth Flags show if company had growth for consecutive years

Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.63%

Capital & Financial Ratios

Market Cap 7,030.00
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 9.02
P/S ratio 1.93
P/B ratio 1.82
Past 5Y EPS Growth (22.48%)
This Y EPS Growth 28.26%
Next Y EPS Growth 80.37%
Next 5Y EPS Growth 37.39%
in millions of $

Dividends

Payout Ratio 0.59
Annual Dividend Rate 0.16
Annual Dividend Yield 6.34%
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 in italic, special payouts not included in total or ratios

Assets vs Liabilities

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
in millions of $

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

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
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

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
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

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
in millions of $ · 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

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell
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
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
69 69 267 482 1,034 726 531 320 (309) 977
EBT
10.03% 10.79% 25.41% 41.74% 57.82% 41.21% 30.63% 16.56% (16.26%) 31.91%
EBT Margin
39 62 135 309 672 461 287 42 (627) 427
Net Income
172 160 248 256 301 385 384 402 367 441
Depreciation
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
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
1.64 1.91 1.74 1.98 2.20 1.40 1.26 0.98 1.05 1.64
PB Ratio
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
101 (99) 156 264 477 815 802 397 321 68
Working Cap'
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
4.39% 2.36% 9.37% 14.61% 23.97% 18.87% 12.47% 5.39% (4.95%) 22.38%
ROIC
2.83% 3.76% 1.80% 15.84% 26.66% 14.94% 8.33% 0.29% (18.14%) 12.04%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

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.

Source: company filings (standardised) and stockrow calculations.

B2Gold Corp (BTG) Latest News

News by impact score

Fine-tune

21 Sep

4

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.

4

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

3

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.

3

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

3

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

4

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

4 transcript

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

4

B2Gold secures exploitation permit for Fekola Regional in Mali. Permit enables major expansion of gold mining operations in Mali.

9 Aug

4

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.

3 transcript

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.

3

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

4

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

4 transcript

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.

4

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.

4

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

4

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.

3

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

3

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.

3

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

4

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

4

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.

4

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

4

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

3

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

3

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

3

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

4

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

4

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

3

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

3

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.

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