Friday 6 November 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.

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

Quarter to June 2026, against a year earlier

Operating cash flow growth 3 yrs

5.32 0.21 +4.11%

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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

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

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