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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. 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%
Market cap
$6.8B
P/E
8.7×
Fwd P/E
5.4×
Dividend yield
1.51%
F-score
6/9
Altman Z
2.86
Beneish M
−2.50
Dividend safety
41/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.63%

Capital & Financial Ratios $m

Market Cap 6,840.00
Revenue 3,784.93
Net Income 828.55
Free Cash Flow 457.13
Net Debt 196.71
Current Ratio 1.58 (at or above 1.5: strong)
Debt/Equity 0.12 (at or below 0.5: strong)
P/E ratio 8.74
Fwd P/E 5.42
P/S ratio 1.87
P/B ratio 1.77
Past 5Y EPS Growth (13.85%) (below 0%: weak)
This Y EPS Growth 24.86% (at or above 15%: strong)
Next Y EPS Growth 69.67% (at or above 15%: strong)
Next Y revenue growth (68.93%) (below 0%: weak)
Next 5Y EPS Growth 37.59% (at or above 15%: strong)

Green and red mark values outside typical ranges. 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 14.44%
10-year low 10-year high
P/S against its own 10 years 12.90%
10-year low 10-year high
P/B against its own 10 years 67.71%
10-year low 10-year high
EV/Sales against its own 10 years 24.14%
10-year low 10-year high
EV/FCF against its own 10 years 58.99%
10-year low 10-year high

Dividends

Payout Ratio 0.15
Annual Dividend Rate 0.08
Annual Dividend Yield 1.51%
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 special payouts not included in total or ratios

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%

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.

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

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 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
High 3.65 3.55 3.30 4.07 7.55 6.04 5.07 4.40 3.50 5.94
People
People Employees 4,130 5,392 5,242 4,217 6,120 4,689 4,995 6,150 6,478 6,327
Revenue/emp, $m 0.17 0.12 0.20 0.27 0.29 0.38 0.35 0.31 0.29 0.48
Income, $m
Income, $m Revenue 683 639 1,051 1,156 1,789 1,762 1,733 1,934 1,902 3,061
Gross margin, % 30.74 23.53 36.21 38.98 53.57 43.61 34.88 40.33 37.13 50.01
EBT 69 69 267 482 1,034 726 531 320 (309) 977
EBT margin, % 10.03 10.79 25.41 41.74 57.82 41.21 30.63 16.56 (16.26) 31.91
Net income 39 62 135 309 672 461 287 42 (627) 427
Depreciation 172 160 248 256 301 385 384 402 367 441
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
Earnings 0.04 0.06 0.03 0.29 0.60 0.40 0.24 0.01 (0.48) 0.30
Cash flow 0.44 0.16 0.46 0.49 0.91 0.69 0.56 0.58 0.67 0.68
Capex (0.41) (0.20) (0.22) (0.26) (0.34) (0.29) (0.32) (0.66) (0.70) (0.65)
Free cash flow 0.03 (0.05) 0.23 0.23 0.57 0.40 0.24 (0.08) (0.03) 0.02
Book value 1.54 1.60 1.68 2.02 2.55 2.81 2.92 3.17 2.32 2.75
Shares, m 942 976 987 1,014 1,043 1,054 1,064 1,232 1,309 1,325
Valuation, ×
Valuation, × P/E 50.60 55.52 97.33 14.32 9.33 9.59 14.72 156.00 0.00 14.67
P/S 3.49 4.69 2.74 3.52 3.27 2.35 2.26 1.99 1.68 1.95
P/B 1.64 1.91 1.74 1.98 2.20 1.40 1.26 0.98 1.05 1.64
EV/Sales 3.99 5.56 3.10 3.62 3.06 2.01 1.92 1.93 1.73 2.03
EV/FCF 114.35 (80.27) 14.23 18.14 9.15 8.40 13.09 (38.69) (98.98) 188.43
Cash, $m
Cash, $m Operating cash flow 412 155 451 492 951 724 596 714 878 896
Capex (388) (199) (222) (261) (353) (302) (342) (811) (911) (863)
Free cash flow 24 (44) 229 231 598 422 254 (96) (33) 33
Balance, $m
Balance, $m Working capital 101 (99) 156 264 477 815 802 397 321 68
Total debt 487 702 480 262 110 75 57 192 438 598
Net debt 342 555 377 121 (370) (598) (595) (115) 101 218
Shareholders’ equity 1,455 1,566 1,653 2,052 2,661 2,961 3,112 3,910 3,036 3,642
Returns, %
Returns, % ROA 1.79 2.26 1.11 11.22 20.78 12.13 6.98 0.24 (13.00) 7.52
ROIC 4.39 2.36 9.37 14.61 23.97 18.87 12.47 5.39 (4.95) 22.38
ROE 2.83 3.76 1.80 15.84 26.66 14.94 8.33 0.29 (18.14) 12.04
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $15.8B 13.0× 9.8× +125.86% (above 0%: growing) +9.09% (above 0%: growing) +165.48% (above 0%: growing) 49.36% 19.94% Compare
EQX Equinox Gold Corp. $13.0B 10.7× 8.0× +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 $10.7B 52.5× 3.6× −3.10% (below 0%: shrinking) n/m +265.24% (above 0%: growing) 26.37% 0.00% Compare
AUGO Aura Minerals Inc. $7.2B 24.4× 7.3× +76.42% (above 0%: growing) +2,263.64% (above 0%: growing) +0.29% (above 0%: growing) 56.99% 52.18% Compare
BTG B2Gold Corp $6.8B 8.7× 5.4× +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 23.5× 24.0× +62.05% (above 0%: growing) +94.12% (above 0%: growing) +61.89% (above 0%: growing) 84.05% 77.00% Compare
SSRM Silver Standard Resources Inc. $6.5B 27.5× 6.4× +9.46% (above 0%: growing) +6.82% (above 0%: growing) −46.58% (below 0%: shrinking) 60.87% 43.19% Compare
ARIS Aris Mining Corporation $3.6B 12.5× — +62.31% (above 0%: growing) n/m −140.02% (below 0%: shrinking) 58.58% 48.02% Compare
FSM Fortuna Mining Corp. $3.1B 8.7× — +38.19% (above 0%: growing) +108.33% (above 0%: growing) +246.98% (above 0%: growing) 57.62% 49.28% Compare
Median of peers $6.9B 18.3× 7.6× +62.18% +101.22% +31.09% 57.31% 45.61%

All 37 Gold stocks →

B2Gold Corp (BTG) key facts

  • Strength: B2Gold Corp’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 60.9% from fiscal 2024.
  • B2Gold Corp (BTG) is a Gold company in the Basic Materials sector, listed on NYSE American.
  • As of October 16, 2026, BTG traded at $5.31, a market capitalization of $6.8 billion.
  • B2Gold Corp pays an annual dividend of $0.08 per share, a yield of 1.51%, with a payout ratio of 14.6%.
  • Return on equity was 12.0% and debt-to-equity 0.12.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.86 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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