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B2Gold (BTG) USD ✓ Analyst-verified data

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.

At a glance: strengths & risks
✓Revenue growing (+14% y/y, Q2 2026)✓Profit growing (+170% y/y, Q2 2026)✓Low leverage (0.8x EBITDA)✗Loss-making last FY✗Margins compressing (57%→52%, Q2 2026)

Sector: Gold mining

Geography: Mali, Namibia, Philippines

COMM_BTG

Price chart

5.14 USDDay -1.53%

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
5.14 USD · -1.53%
Market cap
7.6 bn USD

Growth

Δ revenue y/y
14.0%
Δ EBITDA y/y
-2.8%

Multiples

P/E (LTM)
9.4x
P/B (FY)
2.6x
P/E (ann.)
4.6x
EV/EBITDA (LTM)
3.4x
EV/EBITDA (ann.)
4.7x

Cash return

Dividend yield
1.2%
FCF yield (LTM)
3.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+60.0%
↓ details

Liquidity

Daily turnover (listing)
125.8 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
2026-06-30Q2 2026 (3M)OK789.4
y/y 14.0%
287.1
y/y -9.5%
121.1
y/y 17.9%
408.2
y/y -2.8%
417.3
y/y 170.3%
-78.8—5749.3
y/y 8.3%
3971.9
y/y 21.5%
43.7%120.1Yahoo Finance
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%-9.0Yahoo Finance
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%165.7Yahoo Finance
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%217.6Yahoo Finance
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%72.5Yahoo Finance
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%88.2Yahoo Finance
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%100.9Yahoo Finance
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%≈ -114.8Yahoo Finance
2024-06-30Q2 2024 (3M)OK492.6
y/y 4.6%
30.8
y/y -80.6%
0.0
y/y —
30.8
y/y -80.6%
92.0
y/y 0.2%
62.4-219.25182.9
y/y 5.1%
3844.6
y/y -7.1%
9.5%≈ -114.8stockanalysis.com
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%≈ -114.8stockanalysis.com
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%-114.8Yahoo Finance
2023-09-30Q3 2023 (3M)OK477.9
y/y —
27.5
y/y —
0.0
y/y —
27.5
y/y —
-34.8
y/y —
110.2-225.64851.6
y/y —
4065.9
y/y —
-1.1%—stockanalysis.com
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 —
——stockanalysis.com

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)13
Long-term debt (incl. LT leases)394
− Cash & equivalents287
Net debt120

Net debt / LTM EBITDA: 0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-600-400-20002004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2024 operating cash flow came to 9.63x of reported net profit; after capex, 8.58x. Loss years (2024) are left out of the ratio.
year202220232024
cash flow / profit2.08x17.18x—
accruals, % of assets-8.4%-13.8%-31.2%
Last twelve months (to 2026-06-30): 1.14x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · EBIT covers interest -17.7x · capex 0.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Gold

Current 4 258spot vs LTM +0%

Commodity-player potential

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

Upside: +60.0% ▼ -0.9 pp 1d

Main driver: Gold +0% vs LTM; revenue ×1.00 vs costs ×1.04; EBITDA 2 268→1 821; at 6.6× EV/EBITDA → +60%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+95%4 257.974 242.243 314.89+0%-22%

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

1 · Reported baseline (LTM)
LTM revenue3 785
LTM EBITDA2 268
LTM cash costs (revenue − EBITDA)1 517
2 · Revenue projection
Revenue multiplier — spot×1.004 (+0%)
= Spot revenue3 798
Revenue multiplier — 3y price×0.792 (-21%)
= 3-year-price revenue2 999
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 577
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 577
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 221
= 3-year-price EBITDA1 422
Conservative EBITDA = min(spot, avg)1 821
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct) — capped at 2x current6.6x
Target EV = EV/EBITDA × conservative EBITDA12 099
Net debt120
Target market cap = EV − net debt12 176
Current market cap7 612

Upside = target market cap ÷ current − 1 = +60.0%

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%222-27—
2025 Q1532563-5.5%22836+534.5%
2025 Q2692620+11.6%39494+318.9%
2025 Q3783660+18.7%459175+161.8%
2025 Q41 054838+25.8%666529+25.9%
2026 Q11 1591 062+9.1%734726+1.2%
2026 Q27891 052-24.9%408684-40.3%

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 2.8x · target 75th pct (3y) 11.0x · LTM avg 19.1x

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

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Barrick Mining Corporationglobal72.05.5x5.5x
Kinross Goldglobal33.85.8x5.8x
Harmony GoldSouth Africa12.14.1x6.6x
Coeur Miningglobal12.47.2x7.2x
Northern Star ResourcesAustralia22.47.4x7.6x
Newmont Corporationglobal134.08.1x8.1x
Gold FieldsSouth Africa38.45.4x8.5x
Evolution MiningAustralia19.08.5x8.7x
Agnico Eagle Minesglobal99.89.5x9.5x
Alamos Goldglobal14.99.9x9.9x
AngloGold AshantiSouth Africa50.96.6x10.5x
Hecla Mining Companyglobal12.312.9x12.9x
Group median7.3x8.3x
Group average7.6x8.4x
This companyglobal7.73.4x3.4x

Group median 7.3x as traded, 8.3x adjusted; this company 3.4x — a 59% discount.

Group average 7.6x as traded, 8.4x adjusted; against the average this company is at a 59% discount.

At the adjusted group median the market cap would be +146% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.2x, Russia 3.9x, South Africa 5.3x, Kazakhstan 5.0x, India 18.0x, Indonesia 4.0x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-16; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-100.02 USDEx-dividend: 0.02 USD per sharePaidYahoo Finance (ex-div)
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.

Frequently asked questions

What is B2Gold (BTG)'s P/E ratio?
B2Gold (BTG) trades at a P/E of 9.4x (price to trailing 12-month earnings).
What is B2Gold (BTG)'s EV/EBITDA?
B2Gold (BTG) trades at 3.4x EV/EBITDA.
What is B2Gold (BTG)'s P/B ratio?
B2Gold (BTG) trades at a P/B of 2.6x.
What is B2Gold (BTG)'s dividend yield?
B2Gold (BTG)'s trailing 12-month dividend yield is 1.2%.
What is B2Gold (BTG)'s return on equity (ROE)?
B2Gold (BTG)'s ROE is 43.7%.
What is B2Gold (BTG)'s market capitalization?
B2Gold (BTG)'s market cap is 7.6 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map