BTG Stock Analysis: B2Gold | AMEX
Gold | AMEX, USA | Market Cap: 7.028m USD | 12M Return: 14.9% | CA11777Q2099 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 134M
EPS Trend: 52.0%
Qual. Beats: 0
Rev. Trend: 84.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
B2Gold Corp. is a Canada-based gold producer operating four mines across Mali, the Philippines, Namibia, and Canada, along with the Gramalote gold project in Colombia, where it holds a 100% interest. Incorporated in 2006 and headquartered in Vancouver, the company also maintains a portfolio of evaluation and exploration assets in Mali, Canada, and Finland. As a mid-cap player in the Materials sector, B2Gold operates primarily under a traditional mining business model, generating revenue from gold extraction and sale, while supplementing production with exploration-stage projects that support long-term reserve growth. Geographically diversified production across multiple jurisdictions helps the company manage country-specific operational and political risks common in the gold mining industry.
- Gold price rally lifts all-in sustaining cost margins across mines
- Fekola Mine production growth in Mali offsets security risk premium
- Goose Mine ramp-up in Canada adds new low-cost ounces
| Net Income: 793.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 9.27 > 1.0 |
| NWC/Revenue: 10.79% < 20% (prev -0.88%; Δ 11.67% < -1%) |
| CFO/TA 0.16 > 3% & CFO 897.8m > Net Income 793.8m |
| Net Debt (215.2m) to EBITDA (1.90b): 0.11 < 3 |
| Current Ratio: 1.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.49b) vs 12m ago 0.87% < -2% |
| Gross Margin: 49.17% > 18% (prev 41.34%; Δ 7.83% > 0.5%) |
| Asset Turnover: 67.86% > 50% (prev 40.94%; Δ 26.92% > 0%) |
| Interest Coverage Ratio: 22.75 > 6 (EBIT TTM 1.37b / Interest Expense TTM 60.3m) |
| A: 0.07 (Total Current Assets 1.10b - Total Current Liabilities 696.0m) / Total Assets 5.74b |
| B: 0.05 (Retained Earnings 264.9m / Total Assets 5.74b) |
| C: 0.25 (EBIT TTM 1.37b / Avg Total Assets 5.52b) |
| D: 2.28 (Book Value of Equity 3.97b / Total Liabilities 1.74b) |
| Altman-Z'' = 4.67 = AA |
| DSRI: 0.90 (Receivables 83.8m/54.0m, Revenue 3.75b/2.17b) |
| GMI: 0.84 (GM 41.34% / 49.17%) |
| AQI: 1.06 (AQ_t 0.15 / AQ_t-1 0.14) |
| SGI: 1.73 (Revenue 3.75b / 2.17b) |
| TATA: -0.02 (NI 793.8m - CFO 897.8m) / TA 5.74b) |
| Beneish M = -2.70 (Cap -4..+1) = A |
As of September 27, 2026, the stock is trading at USD 5.48 with a total of 19,075,298 shares traded. Over the past week, the price has changed by -0.18%, over one month by -6.31%, over three months by +38.89% and over the past year by +14.90%.
Current recommended Stop Loss: 4.90 (which is 10.6% or 2.5 ATR below the current price).
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 | 6.5 | 17.7% |
P/E Trailing = 9.5
P/E Forward = 5.4318
P/S = 1.8569
P/B = 1.8559
P/EG = 4.71
Revenue TTM = 3.75b USD
EBIT TTM = 1.37b USD
EBITDA TTM = 1.90b USD
Long Term Debt = 393.6m USD (from longTermDebt, last quarter)
Short Term Debt = 32.6m USD (from shortTermDebt, last quarter)
Debt = 504.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 49.4m
Net Debt = 215.2m USD (calculated: Debt 504.9m - CCE 289.7m)
Enterprise Value = 7.24b USD (7.03b + Debt 504.9m - CCE 289.7m)
Interest Coverage Ratio = 22.75 (Ebit TTM 1.37b / Interest Expense TTM 60.3m)
EV/FCF = 42.73x (Enterprise Value 7.24b / FCF TTM 169.5m)
FCF Yield = 2.34% (FCF TTM 169.5m / Enterprise Value 7.24b)
FCF Margin = 4.52% (FCF TTM 169.5m / Revenue TTM 3.75b)
Net Margin = 21.17% (Net Income TTM 793.8m / Revenue TTM 3.75b)
Gross Margin = 49.17% ((Revenue TTM 3.75b - Cost of Revenue TTM 1.91b) / Revenue TTM)
Gross Margin QoQ = 39.06% (prev 52.63%)
Tobins Q-Ratio = 1.26 (Enterprise Value 7.24b / Total Assets 5.74b)
Interest Expense / Debt = 11.94% (Interest Expense 60.3m / Debt 504.9m)
Taxrate = 33.09% (202.2m / 611.2m)
NOPAT = 917.5m (EBIT 1.37b * (1 - 33.09%))
Current Ratio = 1.58 (Total Current Assets 1.10b / Total Current Liabilities 696.0m)
Debt / Equity = 0.13 (Debt 504.9m / totalStockholderEquity, last quarter 3.97b)
Debt / EBITDA = 0.11 (Net Debt 215.2m / EBITDA 1.90b)
Debt / FCF = 1.27 (Net Debt 215.2m / FCF TTM 169.5m)
Total Stockholder Equity = 3.64b (last 4 quarters mean from totalStockholderEquity)
RoA = 14.37% (Net Income 793.8m / Total Assets 5.74b)
RoE = 21.81% (Net Income TTM 793.8m / Total Stockholder Equity 3.64b)
RoCE = 34.00% (EBIT 1.37b / Capital Employed (Equity 3.64b + L.T.Debt 393.6m))
RoIC = 18.76% (NOPAT 917.5m / Invested Capital 4.89b)
WACC = 9.20% (E(7.03b)/V(7.53b) * Re(9.29%) + D(504.9m)/V(7.53b) * Rd(11.94%) * (1-Tc(0.33)))
Discount Rate = 9.29% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 84.57 | Cagr: 5.97%
[DCF] Terminal Value 72.50% ; FCFF base≈169.5m ; Y1≈170.2m ; Y5≈180.3m
[DCF] Fair Price = 1.69 (EV 2.45b - Net Debt 215.2m = Equity 2.23b / Shares 1.32b; r=9.20% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 51.99 | EPS CAGR: 26.29% | SUE: -0.81 | # QB: 0
Revenue Correlation: 84.67 | Revenue CAGR: 27.81% | SUE: 0.37 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.15 | Chg30d=+8.68% | Revisions=-62% | Analysts=9
EPS current Year (2026-12-31): EPS=0.52 | Chg30d=-3.20% | Revisions=-62% | GrowthEPS=+13.3% | GrowthRev=+23.5%
EPS next Year (2027-12-31): EPS=1.07 | Chg30d=+1.61% | Revisions=-25% | GrowthEPS=+106.0% | GrowthRev=+19.5%
[Analyst] Revisions Ratio: -59% (up=4, down=20)