(BTG) B2Gold - Overview

Sector: Basic Materials | Industry: Gold | Exchange: NYSE MKT (USA) | Market Cap: 6.373m USD | Total Return: 71.4% in 12m

Gold, Mining, Exploration
Total Rating 54
Safety 71
Buy Signal -1.20
Gold
Industry Rotation: -0.4
Market Cap: 6.37B
Avg Turnover: 140M USD
ATR: 5.71%
Peers RS (IBD): 10.9
Risk 5d forecast
Volatility55.2%
Rel. Tail Risk0.46%
Reward TTM
Sharpe Ratio1.36
Alpha62.59
Character TTM
Beta0.668
Beta Downside0.973
Drawdowns 3y
Max DD44.26%
CAGR/Max DD0.19
EPS (Earnings per Share) EPS (Earnings per Share) of BTG over the last years for every Quarter: "2021-03": 0.09, "2021-06": 0.05, "2021-09": 0.12, "2021-12": 0.11, "2022-03": 0.06, "2022-06": 0.04, "2022-09": 0.03, "2022-12": 0.11, "2023-03": 0.1, "2023-06": 0.07, "2023-09": 0.05, "2023-12": 0.07, "2024-03": 0.06, "2024-06": 0.06, "2024-09": 0.02, "2024-12": 0.01, "2025-03": 0.09, "2025-06": 0.12, "2025-09": 0.14, "2025-12": 0.11, "2026-03": 0,
EPS CAGR: -40.83%
EPS Trend: 12.4%
Last SUE: -4.00
Qual. Beats: 0
Revenue Revenue of BTG over the last years for every Quarter: 2021-03: 362.302, 2021-06: 362.99, 2021-09: 510.859, 2021-12: 526.113, 2022-03: 365.583, 2022-06: 381.985, 2022-09: 392.554, 2022-12: 592.468, 2023-03: 473.556, 2023-06: 470.854, 2023-09: 477.888, 2023-12: 511.974, 2024-03: 461.444, 2024-06: 492.569, 2024-09: 448.229, 2024-12: 499.788, 2025-03: 532.107, 2025-06: 692.206, 2025-09: 782.948, 2025-12: 1053.977, 2026-03: null,
Rev. CAGR: 32.62%
Rev. Trend: 78.6%
Last SUE: -0.92
Qual. Beats: 0

Warnings

Share dilution 23.0% YoY - potential capital distress

Volatile

Tailwinds

No distinct edge detected

Description: BTG B2Gold

B2Gold Corp. (BTG) is a Canadian gold producer. The company operates multiple mines globally, including active sites in Mali, the Philippines, and Namibia, alongside a new mine in Canada. Gold mining typically involves significant capital expenditure for exploration and development.

BTG also holds a 100% interest in the Gramalote gold project in Colombia, indicating future production potential. Additionally, the company maintains a portfolio of exploration assets across Mali, Canada, and Finland. Gold producers often leverage both operational mines and exploration projects to manage resource depletion and expand reserves.

For further in-depth analysis, consider exploring ValueRays comprehensive reports.

Headlines to Watch Out For
  • Gold price fluctuations impact revenue
  • Production costs affect profitability
  • Geopolitical risks in Mali and Philippines
  • Exploration success drives future growth
  • Regulatory changes influence mining operations
Piotroski VR‑10 (Strict) 7.0
Net Income: 401.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA 1.27 > 1.0
NWC/Revenue: 2.23% < 20% (prev 16.87%; Δ -14.64% < -1%)
CFO/TA 0.15 > 3% & CFO 879.9m > Net Income 401.9m
Net Debt (249.6m) to EBITDA (1.46b): 0.17 < 3
Current Ratio: 1.06 > 1.5 & < 3
Outstanding Shares: last quarter (1.62b) vs 12m ago 23.04% < -2%
Gross Margin: 50.01% > 18% (prev 0.42%; Δ 4.96k% > 0.5%)
Asset Turnover: 57.33% > 50% (prev 39.53%; Δ 17.79% > 0%)
Interest Coverage Ratio: 26.91 > 6 (EBITDA TTM 1.46b / Interest Expense TTM 37.7m)
Altman Z'' 2.85
A: 0.01 (Total Current Assets 1.13b - Total Current Liabilities 1.06b) / Total Assets 5.87b
B: -0.04 (Retained Earnings -220.2m / Total Assets 5.87b)
C: 0.19 (EBIT TTM 1.01b / Avg Total Assets 5.34b)
D: 1.54 (Book Value of Equity 3.44b / Total Liabilities 2.23b)
Altman-Z'' Score: 2.85 = A
Beneish M -2.77
DSRI: 0.84 (Receivables 90.3m/66.5m, Revenue 3.06b/1.90b)
GMI: 0.84 (GM 50.01% / 41.76%)
AQI: 1.30 (AQ_t 0.17 / AQ_t-1 0.13)
SGI: 1.61 (Revenue 3.06b / 1.90b)
TATA: -0.08 (NI 401.9m - CFO 879.9m) / TA 5.87b)
Beneish M-Score: -2.77 (Cap -4..+1) = A
What is the price of BTG shares? As of April 10, 2026, the stock is trading at USD 4.88 with a total of 20,201,543 shares traded.
Over the past week, the price has changed by +3.17%, over one month by -7.40%, over three months by +7.19% and over the past year by +71.40%.
Is BTG a buy, sell or hold? B2Gold has received a consensus analysts rating of 3.67. Therefor, it is recommend to hold BTG.
  • StrongBuy: 2
  • Buy: 5
  • Hold: 4
  • Sell: 1
  • StrongSell: 0
What are the forecasts/targets for the BTG price?
Analysts Target Price 6.8 39.8%
B2Gold (BTG) - Fundamental Data Overview as of 09 April 2026
P/E Trailing = 16.9286
P/E Forward = 5.4171
P/S = 2.0817
P/B = 1.768
P/EG = 4.71
Revenue TTM = 3.06b USD
EBIT TTM = 1.01b USD
EBITDA TTM = 1.46b USD
Long Term Debt = 532.3m USD (from longTermDebt, last quarter)
Short Term Debt = 33.8m USD (from shortTermDebt, last quarter)
Debt = 629.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 249.6m USD (from netDebt column, last quarter)
Enterprise Value = 6.62b USD (6.37b + Debt 629.3m - CCE 384.6m)
Interest Coverage Ratio = 26.91 (Ebit TTM 1.01b / Interest Expense TTM 37.7m)
EV/FCF = 111.3x (Enterprise Value 6.62b / FCF TTM 59.4m)
FCF Yield = 0.90% (FCF TTM 59.4m / Enterprise Value 6.62b)
FCF Margin = 1.94% (FCF TTM 59.4m / Revenue TTM 3.06b)
Net Margin = 13.13% (Net Income TTM 401.9m / Revenue TTM 3.06b)
Gross Margin = 50.01% ((Revenue TTM 3.06b - Cost of Revenue TTM 1.53b) / Revenue TTM)
Gross Margin QoQ = 52.30% (prev 49.86%)
Tobins Q-Ratio = 1.13 (Enterprise Value 6.62b / Total Assets 5.87b)
Interest Expense / Debt = 3.56% (Interest Expense 22.4m / Debt 629.3m)
Taxrate = 49.91% (179.6m / 359.8m)
NOPAT = 508.2m (EBIT 1.01b * (1 - 49.91%))
Current Ratio = 1.06 (Total Current Assets 1.13b / Total Current Liabilities 1.06b)
Debt / Equity = 0.18 (Debt 629.3m / totalStockholderEquity, last quarter 3.59b)
Debt / EBITDA = 0.17 (Net Debt 249.6m / EBITDA 1.46b)
Debt / FCF = 4.20 (Net Debt 249.6m / FCF TTM 59.4m)
Total Stockholder Equity = 3.33b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.53% (Net Income 401.9m / Total Assets 5.87b)
RoE = 12.08% (Net Income TTM 401.9m / Total Stockholder Equity 3.33b)
RoCE = 26.29% (EBIT 1.01b / Capital Employed (Equity 3.33b + L.T.Debt 532.3m))
RoIC = 13.33% (NOPAT 508.2m / Invested Capital 3.81b)
WACC = 7.74% (E(6.37b)/V(7.00b) * Re(8.33%) + D(629.3m)/V(7.00b) * Rd(3.56%) * (1-Tc(0.50)))
Discount Rate = 8.33% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 11.48%
[DCF] Terminal Value 71.90% ; FCFF base≈59.4m ; Y1≈39.0m ; Y5≈17.8m
[DCF] Fair Price = 0.09 (EV 371.4m - Net Debt 249.6m = Equity 121.8m / Shares 1.34b; r=7.74% [WACC]; 5y FCF grow -40.0% → 3.0% )
 [DCF] Fair Price = 0.09 (out of range, set to none)
 EPS Correlation: 12.39 | EPS CAGR: -40.83% | SUE: -4.0 | # QB: 0
Revenue Correlation: 78.59 | Revenue CAGR: 32.62% | SUE: -0.92 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.14 | Chg7d=+0.018 | Chg30d=+0.002 | Revisions Net=-2 | Analysts=3
EPS current Year (2026-12-31): EPS=0.73 | Chg7d=+0.000 | Chg30d=-0.004 | Revisions Net=+1 | Growth EPS=+58.7% | Growth Revenue=+38.5%
EPS next Year (2027-12-31): EPS=1.20 | Chg7d=+0.000 | Chg30d=+0.009 | Revisions Net=+0 | Growth EPS=+64.8% | Growth Revenue=+33.0%
[Analyst] Revisions Ratio: -1.00 (0 Up / 2 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 2.4% (Discount Rate 8.3% - Earnings Yield 5.9%)
[Growth] Growth Spread = -2.4% (Analyst 0.0% - Implied 2.4%)
External Resources
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