Saturday 17 October 2026
Export BTG’s income statement to Excel — free account
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. 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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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
14.67 | 0.00 | 156.00 | 14.72 | 9.59 | 9.33 | 14.32 | 97.33 | 55.52 | 50.60 |
Piotroski F-Score |
6 | 2 | 4 | 4 | 5 | 8 | 8 | 6 | 5 | 7 |
P/S ratio |
1.95 | 1.68 | 1.99 | 2.26 | 2.35 | 3.27 | 3.52 | 2.74 | 4.69 | 3.49 |
Altman Z-Score |
2.86 | 1.23 | 3.25 | 5.41 | 5.77 | 6.67 | 4.90 | 2.51 | 1.60 | 1.64 |
Altman Z″-Score (non-manufacturers) |
3.24 | 1.53 | 5.51 | 8.60 | 8.49 | 6.91 | 5.01 | 2.44 | 0.69 | 1.45 |
P/FCF ratio |
181.09 | 0.00 | 0.00 | 15.44 | 9.82 | 9.77 | 17.62 | 12.58 | 0.00 | 100.00 |
Beneish M-Score |
(2.50) | (3.74) | (3.05) | (2.73) | (1.03) | (2.70) | (1.99) | (3.22) | (1.82) | (3.52) |
P/Operating CF |
20.57 | 26.49 | 18.71 | 14.48 | 15.55 | 29.71 | 28.06 | 38.86 | 117.06 | 28.94 |
Dividend Safety Score |
41 | — | — | — | — | — | — | — | — | — |
P/B ratio |
1.64 | 1.05 | 0.98 | 1.26 | 1.40 | 2.20 | 1.98 | 1.74 | 1.91 | 1.64 |
Price to Tangible BV |
1.74 | 1.13 | 1.04 | 1.35 | 1.50 | 2.38 | 2.20 | 1.99 | 2.20 | 1.90 |
EV/Sales |
2.03 | 1.73 | 1.93 | 1.92 | 2.01 | 3.06 | 3.62 | 3.10 | 5.56 | 3.99 |
EV/EBITDA |
3.41 | 27.67 | 5.11 | 3.75 | 3.72 | 4.64 | 6.69 | 5.90 | 14.77 | 12.65 |
EV/Operating CF |
6.94 | 3.75 | 5.22 | 5.58 | 4.89 | 5.76 | 8.51 | 7.23 | 22.92 | 6.62 |
EV/FCF |
188.43 | (98.98) | (38.69) | 13.09 | 8.40 | 9.15 | 18.14 | 14.23 | (80.27) | 114.35 |
Quick Ratio |
0.47 | 0.73 | 1.16 | 3.01 | 3.29 | 1.79 | 1.15 | 0.62 | 0.38 | 0.98 |
Current Ratio |
1.06 | 1.55 | 2.27 | 4.43 | 4.52 | 2.67 | 2.60 | 1.75 | 0.80 | 1.57 |
Net Debt/EBITDA |
0.12 | 0.85 | (0.16) | (0.67) | (0.54) | (0.31) | 0.24 | 0.68 | 2.31 | 1.15 |
Debt/Assets |
10.18% | 9.10% | 3.94% | 1.55% | 2.11% | 3.27% | 9.76% | 18.82% | 26.15% | 20.84% |
Debt/Equity |
0.16 | 0.14 | 0.05 | 0.02 | 0.03 | 0.04 | 0.13 | 0.29 | 0.45 | 0.33 |
Asset Turnover |
0.57 | 0.39 | 0.45 | 0.48 | 0.51 | 0.59 | 0.44 | 0.40 | 0.25 | 0.31 |
Operating CF/Net income |
2.23 | (1.39) | 70.76 | 2.36 | 1.72 | 1.51 | 1.68 | 15.58 | 2.73 | 10.52 |
Capex/Depreciation |
(1.96) | (2.48) | (2.02) | (0.89) | (0.79) | (1.17) | (1.02) | (0.89) | (1.24) | (2.25) |
Interest Coverage |
36.66 | (7.13) | 23.51 | 46.34 | 60.48 | 55.60 | 19.13 | 9.93 | 6.20 | 12.40 |
| 12.04% | (18.14%) | 0.29% | 8.33% | 14.94% | 26.66% | 15.84% | 1.80% | 3.76% | 2.83% | |
| 7.52% | (13.00%) | 0.24% | 6.98% | 12.13% | 20.78% | 11.22% | 1.11% | 2.26% | 1.79% | |
ROIC |
22.38% | (4.95%) | 5.39% | 12.47% | 18.87% | 23.97% | 14.61% | 9.37% | 2.36% | 4.39% |
Return on Tangible Assets |
10.50% | (17.44%) | 0.25% | 8.22% | 13.33% | 21.36% | 12.01% | 1.28% | 2.72% | 1.86% |
Average Days of Receivables |
14.55 | 16.74 | 10.82 | 10.78 | 18.24 | 6.75 | 15.46 | 9.13 | 23.97 | 14.80 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
3.01% | 4.42% | 4.31% | 4.58% | 4.13% | 3.51% | 6.20% | 6.62% | 9.67% | 7.99% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.75% | 1.28% | 0.94% | 1.42% | 1.28% | 0.96% | 1.48% | 1.74% | 2.84% | 2.00% |
Graham Net Nets |
(0.19) | (0.27) | (0.07) | 0.12 | 0.11 | 0.01 | (0.05) | (0.18) | (0.24) | (0.25) |
Graham Number |
4.36 | 0.00 | 1.20 | 4.06 | 5.09 | 5.87 | 3.57 | 1.06 | 1.41 | 1.32 |
Earnings Yield |
6.82% | (19.67%) | 0.64% | 6.79% | 10.43% | 10.71% | 6.98% | 1.03% | 1.80% | 1.98% |
Free Cash Flow Yield |
0.55% | (1.04%) | (2.51%) | 6.48% | 10.18% | 10.24% | 5.68% | 7.95% | (1.48%) | 1.00% |
Revenue per Share |
2.31 | 1.45 | 1.57 | 1.63 | 1.67 | 1.71 | 1.14 | 1.07 | 0.65 | 0.73 |
Operating CF per Share |
0.68 | 0.67 | 0.58 | 0.56 | 0.69 | 0.91 | 0.49 | 0.46 | 0.16 | 0.44 |
Capex per Share |
(0.65) | (0.70) | (0.66) | (0.32) | (0.29) | (0.34) | (0.26) | (0.22) | (0.20) | (0.41) |
Free Cash Flow per Share |
0.02 | (0.03) | (0.08) | 0.24 | 0.40 | 0.57 | 0.23 | 0.23 | (0.05) | 0.03 |
Cash per Share |
0.29 | 0.26 | 0.25 | 0.61 | 0.64 | 0.46 | 0.14 | 0.10 | 0.15 | 0.15 |
Shareholders Equity per Share |
2.75 | 2.32 | 3.17 | 2.92 | 2.81 | 2.55 | 2.02 | 1.68 | 1.60 | 1.54 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
2.75 | 2.32 | 3.17 | 2.92 | 2.81 | 2.55 | 2.02 | 1.68 | 1.60 | 1.54 |
Free Cash Flow |
33.01 | (33.29) | (96.39) | 253.73 | 421.79 | 598.07 | 230.81 | 229.01 | (44.25) | 23.83 |
Working Capital |
68.42 | 321.10 | 397.26 | 801.56 | 814.93 | 476.61 | 264.44 | 155.78 | (98.69) | 101.03 |
Capital Expenditures |
(862.83) | (910.89) | (810.84) | (342.07) | (302.32) | (352.57) | (261.16) | (221.86) | (199.25) | (387.98) |
Net Current Asset Value |
(1,108.13) | (876.51) | (253.91) | 465.73 | 445.83 | 60.91 | (201.92) | (531.92) | (722.91) | (604.50) |
EV/EBIT |
4.50 | 0.00 | 11.39 | 6.61 | 4.97 | 6.23 | 8.24 | 10.71 | 44.37 | 21.58 |
Capex to Sales |
0.28 | 0.48 | 0.42 | 0.20 | 0.17 | 0.20 | 0.23 | 0.21 | 0.31 | 0.57 |
Price to Operating Income |
4.32 | 0.00 | 11.74 | 7.80 | 5.80 | 6.65 | 8.00 | 9.47 | 37.44 | 18.87 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.12 | 0.11 | 0.11 | 0.17 | 0.16 | 0.12 | 0.12 | 0.12 | 0.07 | 0.09 |
Cash ROIC |
0.71% | (0.87%) | (2.19%) | 6.64% | 11.37% | 18.40% | 9.41% | 10.25% | (1.83%) | 1.14% |
Accounts Receivable Turnover |
29.26 | 26.31 | 35.64 | 24.88 | 29.09 | 43.60 | 30.71 | 30.81 | 18.34 | 22.84 |
Accounts Payable Turnover |
9.24 | 7.39 | 8.19 | 9.96 | 9.90 | 9.63 | 8.62 | 7.65 | 5.64 | 6.92 |
Inventory Turnover |
2.77 | 2.90 | 3.40 | 3.73 | 3.89 | 3.64 | 3.12 | 3.05 | 3.14 | 4.95 |
Average Days of Payables |
41.69 | 47.72 | 52.85 | 37.13 | 41.03 | 39.14 | 43.15 | 43.71 | 71.07 | 60.19 |
Days of Inventory on Hand |
149.59 | 145.77 | 109.57 | 107.41 | 100.04 | 104.61 | 112.80 | 127.33 | 154.29 | 80.75 |
Average Receivables |
104.63 | 72.29 | 54.27 | 69.63 | 60.58 | 41.03 | 37.63 | 34.12 | 34.82 | 29.92 |
Average Payables |
165.58 | 161.73 | 140.95 | 113.25 | 100.39 | 86.22 | 81.84 | 87.71 | 86.56 | 68.39 |
Average Inventory |
552.41 | 412.04 | 339.26 | 302.19 | 255.20 | 227.99 | 225.95 | 220.21 | 155.57 | 95.51 |
Average Assets |
5,346.66 | 4,844.31 | 4,277.93 | 3,621.26 | 3,461.84 | 3,022.73 | 2,615.44 | 2,616.48 | 2,510.65 | 2,180.26 |
Average Common Equity |
3,338.61 | 3,472.84 | 3,510.88 | 3,036.40 | 2,810.80 | 2,356.12 | 1,852.25 | 1,609.62 | 1,510.48 | 1,383.55 |
Columns are period end dates