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.
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B2Gold Corp (BTG) Altman Z-score
B2Gold Corp's Altman Z-score for fiscal 2025 is 2.86, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.86 | 1.63 |
| FY2024 | 1.23 | (2.02) |
| FY2023 | 3.25 | (2.16) |
| FY2022 | 5.41 | (0.36) |
| FY2021 | 5.77 | (0.90) |
| FY2020 | 6.67 | 1.76 |
| FY2019 | 4.90 | 2.39 |
| FY2018 | 2.51 | 0.91 |
| FY2017 | 1.60 | (0.04) |
| FY2016 | 1.64 | 1.16 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | (0.04) | — | −0.05 | |
| EBIT / total assets | 0.24 | — | 0.78 | |
| Market value of equity / total liabilities | 2.67 | — | 1.60 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Grey zone | 2.86 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.24 | ||
Z and Z″ put B2Gold Corp in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OR OR Royalties Inc. compare | 30.1× |
| CDE Coeur Mining, Inc. compare | 5.0× |
| FSM Fortuna Mining Corp. compare | 4.4× |
| HMY Harmony Gold Mining Company Limited compare | 4.1× |
| BTG B2Gold Corp | 2.9× |
| AUGO Aura Minerals Inc. compare | 2.7× |
| ARIS Aris Mining Corporation compare | 2.6× |
| SSRM Silver Standard Resources Inc. compare | 2.3× |
| EQX Equinox Gold Corp. compare | 1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets