(BTG) B2Gold - NYSE MKT
Sector: Basic Materials | Industry: Gold | Exchange: NYSE MKT (USA) | Market Cap: 5.956m USD | Total Return: 18.3% in 12m
Avg Turnover: 95.6M
EPS Trend: 2.5%
Qual. Beats: 1
Rev. Trend: 77.5%
Qual. Beats: 1
Warnings
Volatile Below Avwap Earnings
Tailwinds
No distinct edge detected
B2Gold Corp. is a Vancouver-based intermediate gold producer with a diversified portfolio of operating mines and development projects across four continents. The company currently manages active mining operations in Mali, the Philippines, Namibia, and Canada, while maintaining a 100% interest in the Gramalote project in Colombia and additional exploration assets in Finland.
The business model focuses on geographic diversification to mitigate jurisdictional risk, a common strategy in the gold mining sector where geopolitical stability impacts production costs and permitting. As a primary gold producer, the company’s revenue is highly sensitive to the spot price of gold and the all-in sustaining costs associated with extracting ore from varying geological formations.
Investors can further evaluate these operational risks and asset valuations on ValueRay.
- Operational performance and production volume at flagship Fekola Mine in Mali
- Geopolitical instability and mining code changes impacting West African operations
- Development progress and initial capital expenditure at Goose Project in Canada
- Global gold price fluctuations driving revenue and free cash flow margins
- All-in sustaining costs management amidst inflationary pressures on mining inputs
| Net Income: 541.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 16.77 > 1.0 |
| NWC/Revenue: 5.75% < 20% (prev 8.80%; Δ -3.05% < -1%) |
| CFO/TA 0.21 > 3% & CFO 1.23b > Net Income 541.5m |
| Net Debt (87.5m) to EBITDA (1.90b): 0.05 < 3 |
| Current Ratio: 1.19 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.50b) vs 12m ago 2.18% < -2% |
| Gross Margin: 51.59% > 18% (prev 38.51%; Δ 13.08% > 0.5%) |
| Asset Turnover: 66.26% > 50% (prev 38.69%; Δ 27.57% > 0%) |
| Interest Coverage Ratio: 27.72 > 6 (EBIT TTM 1.39b / Interest Expense TTM 50.1m) |
| A: 0.04 (Total Current Assets 1.31b - Total Current Liabilities 1.10b) / Total Assets 5.98b |
| B: -0.01 (Retained Earnings -84.2m / Total Assets 5.98b) |
| C: 0.25 (EBIT TTM 1.39b / Avg Total Assets 5.54b) |
| D: 1.63 (Book Value of Equity 3.68b / Total Liabilities 2.26b) |
| Altman-Z'' = 3.58 = A |
| DSRI: 0.60 (Receivables 81.6m/72.7m, Revenue 3.67b/1.97b) |
| GMI: 0.75 (GM 38.51% / 51.59%) |
| AQI: 1.12 (AQ_t 0.15 / AQ_t-1 0.14) |
| SGI: 1.86 (Revenue 3.67b / 1.97b) |
| TATA: -0.11 (NI 541.5m - CFO 1.23b) / TA 5.98b) |
| Beneish M = -2.90 (Cap -4..+1) = A |
As of June 20, 2026, the stock is trading at USD 4.30 with a total of 25,540,017 shares traded.
Over the past week, the price has changed by +5.13%,
over one month by -8.05%,
over three months by -6.05% and
over the past year by +18.30%.
B2Gold has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold BTG.
- StrongBuy: 2
- Buy: 5
- Hold: 4
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 6.6 | 52.3% |
P/E Trailing = 11.7632
P/E Forward = 5.7274
P/S = 1.615
P/B = 1.6574
P/EG = 4.71
Revenue TTM = 3.67b USD
EBIT TTM = 1.39b USD
EBITDA TTM = 1.90b USD
Long Term Debt = 460.2m USD (from longTermDebt, last quarter)
Short Term Debt = 28.8m USD (from shortTermDebt, last quarter)
Debt = 571.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 49.5m
Net Debt = 87.5m USD (calculated: Debt 571.1m - CCE 483.6m)
Enterprise Value = 6.04b USD (5.96b + Debt 571.1m - CCE 483.6m)
Interest Coverage Ratio = 27.72 (Ebit TTM 1.39b / Interest Expense TTM 50.1m)
EV/FCF = 14.26x (Enterprise Value 6.04b / FCF TTM 423.9m)
FCF Yield = 7.01% (FCF TTM 423.9m / Enterprise Value 6.04b)
FCF Margin = 11.55% (FCF TTM 423.9m / Revenue TTM 3.67b)
Net Margin = 14.75% (Net Income TTM 541.5m / Revenue TTM 3.67b)
Gross Margin = 51.59% ((Revenue TTM 3.67b - Cost of Revenue TTM 1.78b) / Revenue TTM)
Gross Margin QoQ = 52.63% (prev 52.30%)
Tobins Q-Ratio = 1.01 (Enterprise Value 6.04b / Total Assets 5.98b)
Interest Expense / Debt = 8.78% (Interest Expense 50.1m / Debt 571.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 1.10b (EBIT 1.39b * (1 - 21.00%))
Current Ratio = 1.19 (Total Current Assets 1.31b / Total Current Liabilities 1.10b)
Debt / Equity = 0.16 (Debt 571.1m / totalStockholderEquity, last quarter 3.68b)
Debt / EBITDA = 0.05 (Net Debt 87.5m / EBITDA 1.90b)
Debt / FCF = 0.21 (Net Debt 87.5m / FCF TTM 423.9m)
Total Stockholder Equity = 3.47b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.77% (Net Income 541.5m / Total Assets 5.98b)
RoE = 15.63% (Net Income TTM 541.5m / Total Stockholder Equity 3.47b)
RoCE = 35.39% (EBIT 1.39b / Capital Employed (Equity 3.47b + L.T.Debt 460.2m))
RoIC = 23.21% (NOPAT 1.10b / Invested Capital 4.73b)
WACC = 8.97% (E(5.96b)/V(6.53b) * Re(9.17%) + D(571.1m)/V(6.53b) * Rd(8.78%) * (1-Tc(0.21)))
Discount Rate = 9.17% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.11 | Cagr: 6.58%
[DCF] Terminal Value 73.27% ; FCFF base≈423.9m ; Y1≈425.7m ; Y5≈450.9m
[DCF] Fair Price = 4.69 (EV 6.34b - Net Debt 87.5m = Equity 6.25b / Shares 1.33b; r=8.97% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 2.50 | EPS CAGR: 0.80% | SUE: 1.90 | # QB: 1
Revenue Correlation: 77.45 | Revenue CAGR: 20.46% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.10 | Chg30d=+6.90% | Revisions=-50% | Analysts=8
EPS next Quarter (2026-09-30): EPS=0.22 | Chg30d=+4.27% | Revisions=-43% | Analysts=8
EPS current Year (2026-12-31): EPS=0.69 | Chg30d=+3.37% | Revisions=-23% | GrowthEPS=+50.8% | GrowthRev=+37.0%
EPS next Year (2027-12-31): EPS=1.19 | Chg30d=+1.99% | Revisions=-9% | GrowthEPS=+71.3% | GrowthRev=+27.3%
[Analyst] Revisions Ratio: -50%