(BTG) B2Gold - Ratings and Ratios

Exchange: NYSE MKT • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA11777Q2099

Gold, Mining, Production, Exploration, Assets

Stock: Gold
Age 17.6y

MCap 6,120m
Avg Vol 34.1M (155M USD)

Beta 0.491
Volatility 44.31%

EPS (Earnings per Share)

EPS CAGR: 6.64%
EPS Trend: -2.9%

Last SUE: -1.45
Qual. Beats: 0

Revenue

Rev. CAGR: 10.85%
Rev. Trend: 64.3%

Last SUE: -2.53
Qual. Beats: 0

Dividends

Dividend Yield	2.21%
Yield on Cost 5y	1.96%
Yield CAGR 5y	-15.91%
Payout Consistency	90.4%
Payout Ratio	22.2%

Risk via 5d forecast
Volatility	44.3%
Value at Risk 5%th	71.9%
Relative Tail Risk	-1.36%

Reward TTM
Sharpe Ratio	1.71
Alpha	100.98
CAGR/Max DD	0.24

Character TTM
Hurst Exponent	0.614
Beta	0.491
Beta Downside	0.364

Drawdowns 3y
Max DD	44.26%
Mean DD	22.60%
Median DD	24.05%

Description: BTG B2Gold January 09, 2026

B2Gold Corp. (NYSE MKT: BTG) is a Vancouver-based gold producer with operating mines at Fekola (Mali), Masbate (Philippines) and Otjikoto (Namibia), plus 100 % ownership of the Gramalote gold project in Colombia and additional exploration assets in Mali and Finland. The company, incorporated in 2006, reports its primary revenue from gold sales, with 2023 production estimated at roughly 560,000 oz and an all-in sustaining cash cost near $950 per ounce.

Key economic drivers for B2Gold include the global gold price, which has been supported by persistent inflationary pressures and low real interest rates; a 2024 forward-curve average of $2,150/oz would imply a robust margin given the company’s cost structure. The firm’s exposure to multiple jurisdictions diversifies geopolitical risk, yet operational focus remains on extending mine life at Fekola (targeted to 2030) and advancing the Gramalote project toward a 2026 pre-FEED decision.

For a deeper, data-rich analysis of BTG’s valuation metrics and scenario modeling, you may find the research tools on ValueRay useful.

Piotroski VR‑10 (Strict, 0-10) 6.5

Net Income (219.2m TTM) > 0 and > 6% of Revenue (6% = 149.9m TTM)

FCFTA -0.03 (>2.0%) and ΔFCFTA -4.47pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 1.40% (prev 21.86%; Δ -20.47pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.13 (>3.0%) and CFO 711.3m > Net Income 219.2m (YES >=105%, WARN >=100%)

Net Debt (270.1m) to EBITDA (1.14b) ratio: 0.24 <= 3.0 (WARN <= 3.5)

Current Ratio 1.03 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (1.48b) change vs 12m ago 13.07% (target <= -2.0% for YES)

Gross Margin 46.00% (prev 43.14%; Δ 2.85pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 47.73% (prev 40.04%; Δ 7.70pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 29.04 (EBITDA TTM 1.14b / Interest Expense TTM 25.8m) >= 6 (WARN >= 3)

Altman Z'' 2.23

(A) 0.01 = (Total Current Assets 1.07b - Total Current Liabilities 1.03b) / Total Assets 5.69b

(B) -0.06 = Retained Earnings (Balance) -364.1m / Total Assets 5.69b

(D) 1.37 = Book Value of Equity 3.17b / Total Liabilities 2.32b

Total Rating: 2.23 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 68.93

1. Piotroski 6.50pt

2. FCF Yield -2.91%

3. FCF Margin -7.43%

4. Debt/Equity 0.19

5. Debt/Ebitda 0.24

6. ROIC - WACC (= 9.18)%

7. RoE 6.91%

8. Rev. Trend 64.33%

9. EPS Trend -2.92%

What is the price of BTG shares?

As of January 21, 2026, the stock is trading at USD 4.91 with a total of 60,452,566 shares traded.
Over the past week, the price has changed by +6.97%, over one month by +2.29%, over three months by -13.48% and over the past year by +107.38%.

Is BTG a buy, sell or hold?

B2Gold has received a consensus analysts rating of 3.67. Therefor, it is recommend to hold BTG.

Strong Buy: 2
Buy: 5
Hold: 4
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the BTG price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	5.8	17.3%
Analysts Target Price	5.8	17.3%
ValueRay Target Price	5.4	9%

BTG Fundamental Data Overview January 20, 2026

P/E Trailing = 30.5333
P/E Forward = 5.4765
P/S = 2.4409
P/B = 1.8404
P/EG = 4.71
Revenue TTM = 2.50b USD
EBIT TTM = 749.2m USD
EBITDA TTM = 1.14b USD
Long Term Debt = 575.3m USD (from longTermDebt, last quarter)
Short Term Debt = 30.0m USD (from shortTermDebt, last quarter)
Debt = 637.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 270.1m USD (from netDebt column, last quarter)
Enterprise Value = 6.38b USD (6.12b + Debt 637.0m - CCE 375.3m)
Interest Coverage Ratio = 29.04 (Ebit TTM 749.2m / Interest Expense TTM 25.8m)
EV/FCF = -34.38x (Enterprise Value 6.38b / FCF TTM -185.6m)
FCF Yield = -2.91% (FCF TTM -185.6m / Enterprise Value 6.38b)
FCF Margin = -7.43% (FCF TTM -185.6m / Revenue TTM 2.50b)
Net Margin = 8.77% (Net Income TTM 219.2m / Revenue TTM 2.50b)
Gross Margin = 46.00% ((Revenue TTM 2.50b - Cost of Revenue TTM 1.35b) / Revenue TTM)
Gross Margin QoQ = 49.86% (prev 50.77%)
Tobins Q-Ratio = 1.12 (Enterprise Value 6.38b / Total Assets 5.69b)
Interest Expense / Debt = 0.73% (Interest Expense 4.68m / Debt 637.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = 591.8m (EBIT 749.2m * (1 - 21.00%))
Current Ratio = 1.03 (Total Current Assets 1.07b / Total Current Liabilities 1.03b)
Debt / Equity = 0.19 (Debt 637.0m / totalStockholderEquity, last quarter 3.32b)
Debt / EBITDA = 0.24 (Net Debt 270.1m / EBITDA 1.14b)
Debt / FCF = -1.46 (negative FCF - burning cash) (Net Debt 270.1m / FCF TTM -185.6m)
Total Stockholder Equity = 3.17b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.19% (Net Income 219.2m / Total Assets 5.69b)
RoE = 6.91% (Net Income TTM 219.2m / Total Stockholder Equity 3.17b)
RoCE = 19.98% (EBIT 749.2m / Capital Employed (Equity 3.17b + L.T.Debt 575.3m))
RoIC = 16.23% (NOPAT 591.8m / Invested Capital 3.65b)
WACC = 7.05% (E(6.12b)/V(6.76b) * Re(7.72%) + D(637.0m)/V(6.76b) * Rd(0.73%) * (1-Tc(0.21)))
Discount Rate = 7.72% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 6.75%
Fair Price DCF = unknown (Cash Flow -185.6m)
EPS Correlation: -2.92 | EPS CAGR: 6.64% | SUE: -1.45 | # QB: 0
Revenue Correlation: 64.33 | Revenue CAGR: 10.85% | SUE: -2.53 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.17 | Chg30d=-0.010 | Revisions Net=-1 | Analysts=3
EPS next Year (2026-12-31): EPS=0.73 | Chg30d=-0.027 | Revisions Net=+0 | Growth EPS=+40.4% | Growth Revenue=+27.6%

Additional Sources for BTG Stock

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