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B2Gold (BTG) USD

At a glance: strengths & risks
✓Low leverage (0.8x EBITDA)✗Profit falling (-1607%)✗Loss-making last FY✗Margins compressing (38%→6%)

Sector: Gold mining

Geography: Mali, Namibia, Philippines

COMM_BTG

Price chart

3.75 USDDay -2.60%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
3.75 USD · -2.60%
Market cap
5.6 bn USD

Growth

Δ revenue y/y
117.7%
Δ EBITDA y/y
256.5%

Multiples

P/E (LTM)
10.2x
P/B (FY)
1.9x
P/E (ann.)
6.9x
EV/EBITDA (LTM)
2.4x
EV/EBITDA (ann.)
1.9x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
5.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+30.2%
↓ details

Liquidity

Daily turnover (listing)
71.7 mln USD

Shares: yahoo_fundamentals_timeseries/BTG

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK1158.7
y/y 117.7%
573.0
y/y 178.2%
161.2
y/y 630.8%
734.3
y/y 222.0%
199.9
y/y 247.2%
539.5-177.75964.6
y/y 17.0%
3670.9
y/y 15.6%
22.0%-9.0Link
2025-12-31Q4 2025 (3M)OK1054.0
y/y —
522.5
y/y —
143.9
y/y —
666.4
y/y —
170.6
y/y —
290.6-174.75879.3
y/y —
3593.6
y/y —
19.7%165.7Link
2025-09-30Q3 2025 (3M)OK782.9
y/y 74.7%
354.7
y/y —
104.7
y/y —
459.4
y/y —
19.3
y/y —
171.4-259.35692.2
y/y 18.9%
3325.1
y/y 4.3%
0.8%217.6Link
2025-06-30Q2 2025 (3M)OK692.2
y/y 40.5%
317.3
y/y 929.8%
102.7
y/y —
420.0
y/y 1263.2%
154.4
y/y 67.9%
255.1-243.15306.4
y/y 2.4%
3269.9
y/y -14.9%
19.2%72.5Link
2025-03-31Q1 2025 (3M)OK532.1
y/y 15.3%
206.0
y/y 33.2%
22.1
y/y —
228.0
y/y 47.5%
57.6
y/y 18.8%
178.8-185.75098.7
y/y -3.7%
3174.8
y/y -19.2%
7.5%88.2Link
2024-12-31Q4 2024 (3M)PARTIAL499.8
y/y -2.4%
128.4
y/y 465.0%
93.9
y/y —
222.3
y/y 731.9%
42.0
y/y 0.0%
120.5-244.94814.0
y/y -1.2%
2983.1
y/y -21.7%
-20.3%100.9Link
2024-09-30Q3 2024 (3M)OK448.2
y/y -6.2%
-562.2
y/y -2142.6%
0.0
y/y —
-562.2
y/y -2142.6%
-631.0
y/y —
-16.1-217.34788.7
y/y -1.3%
3189.1
y/y -21.6%
-23.9%≈ -114.8Link
2024-06-30Q2 2024 (3M)OK492.6
y/y 4.6%
-123.8
y/y -80.6%
0.0
y/y —
-123.8
y/y -80.6%
43.5
y/y 0.2%
-648.3-219.25182.9
y/y 5.1%
3844.6
y/y -7.1%
9.5%≈ -114.8Link
2024-03-31Q1 2024 (3M)OK461.4
y/y —
154.6
y/y —
0.0
y/y —
154.6
y/y —
48.5
y/y —
710.7-237.05296.3
y/y —
3929.9
y/y —
5.0%≈ -114.8Link
2023-12-31Q4 2023 (3M)PARTIAL512.0
y/y —
-35.2
y/y —
0.0
y/y —
-35.2
y/y —
42.0
y/y —
205.4-268.64874.6
y/y —
3810.4
y/y —
1.1%-114.8Link
2023-09-30Q3 2023 (3M)OK477.9
y/y —
27.5
y/y —
0.0
y/y —
27.5
y/y —
-126.6
y/y —
110.2-20.34851.6
y/y —
4065.9
y/y —
-1.1%—Link
2023-06-30Q2 2023 (3M)OK470.9
y/y —
159.1
y/y —
0.0
y/y —
159.1
y/y —
91.8
y/y —
195.0-205.34930.9
y/y —
4139.0
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)10
Long-term debt (incl. LT leases)460
− Cash & equivalents479
Net debt-9

Net debt / LTM EBITDA: -0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005001 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%0%100%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-600-400-20002004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-200-10001002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Gold

Current 4 043spot vs LTM -5%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +30.2% ▲ +0.1 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 1 748→1 158; at 12.0× EV/EBITDA → +30%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+95%4 042.684 246.023 207.45-5%-24%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 688
LTM EBITDA1 748
LTM cash costs (revenue − EBITDA)1 940
2 · Revenue projection
Revenue multiplier — spot×0.955 (-5%)
= Spot revenue3 520
Revenue multiplier — 3y price×0.768 (-23%)
= 3-year-price revenue2 831
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 018
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 018
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 502
= 3-year-price EBITDA813
Conservative EBITDA = min(spot, avg)1 158
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA6 849
Net debt40
Target market cap = EV − net debt7 232
Current market cap5 553

Upside = target market cap ÷ current − 1 = +30.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q2493559-12.0%31145-78.8%
2024 Q3448575-22.0%-562122-561.1%
2024 Q4500569-12.2%128-27—
2025 Q1532563-5.5%22812+1819.7%
2025 Q2692620+11.6%39470+462.8%
2025 Q3783660+18.7%307151+102.9%
2025 Q41 054838+25.8%526466+12.8%
2026 Q11 1591 062+9.1%520651-20.0%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -2% vs +12% the year before — a -13.3 pp move. 3-year CAGR —.
revenue growth by year: 2023 +12% · 2024 -2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.1x · target 75th pct (3y) 10.4x · LTM avg 23.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-100.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2026-03-060.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2025-06-110.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2025-03-070.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
2024-12-020.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2024-09-100.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2024-06-110.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2024-03-060.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2023-12-010.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2023-09-200.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2023-06-150.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2023-03-070.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-12-060.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-09-200.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-06-170.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-03-080.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2021-12-070.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2021-09-210.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of B2Gold (BTG) — from primary filings.

B2Gold Corp. is a gold producer with operating mines in Mali, the Philippines, Namibia, and Canada, and it also holds exploration and evaluation assets in several countries.

Frequently asked questions

What is B2Gold (BTG)'s P/E ratio?
B2Gold (BTG) trades at a P/E of 10.2x (price to trailing 12-month earnings).
What is B2Gold (BTG)'s EV/EBITDA?
B2Gold (BTG) trades at 2.4x EV/EBITDA.
What is B2Gold (BTG)'s P/B ratio?
B2Gold (BTG) trades at a P/B of 1.9x.
What is B2Gold (BTG)'s dividend yield?
B2Gold (BTG)'s trailing 12-month dividend yield is 1.1%.
What is B2Gold (BTG)'s return on equity (ROE)?
B2Gold (BTG)'s ROE is 22.0%.
What is B2Gold (BTG)'s market capitalization?
B2Gold (BTG)'s market cap is 5.6 bn USD.