BTG Stock Analysis: B2Gold | NYSE MKT
Gold | NYSE MKT, USA | Market Cap: 5.156m USD | 12M Return: 15.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 74.4M
EPS Trend: 32.2%
Qual. Beats: 1
Rev. Trend: 77.5%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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. (BTG) is a Canada-based gold producer with operations spanning four countries: the Fekola Mine in Mali, Masbate Mine in the Philippines, Otjikoto Mine in Namibia, and the Goose Mine in Canada. The company also holds a 100% interest in the Gramalote gold project in Colombia, along with a portfolio of evaluation and exploration assets in Mali, Canada, and Finland. Incorporated in 2006 and headquartered in Vancouver, B2Gold is listed on the NYSE MKT as a mid-cap stock within the GICS Materials sectors Gold sub-industry.
The companys business model centers on gold mining and production, generating revenue primarily through the sale of gold bullion. Its geographically diversified asset base across West Africa, the Philippines, southern Africa, and North America is a common strategy among senior gold producers, designed to mitigate single-jurisdiction political and operational risk. As a pure-play gold producer, B2Golds financial performance is closely tied to prevailing gold prices, with production volume and all-in sustaining costs serving as the primary operational drivers.
- Gold price rally lifts Fekola and Otjikoto operating margins
- Mali political instability threatens Fekola Mine production continuity
- Goose Mine ramps up as new low-cost Canadian production driver
| 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 July 28, 2026, the stock is trading at USD 3.87 with a total of 13,198,846 shares traded. Over the past week, the price has changed by +6.03%, over one month by +2.11%, over three months by -14.33% and over the past year by +15.53%.
Current recommended Stop Loss: 3.60 (which is 7% or 1.6 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 | 53.7% |
P/E Trailing = 10.1842
P/E Forward = 5.6338
P/S = 1.5624
P/B = 1.4349
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 = 5.24b USD (5.16b + Debt 571.1m - CCE 483.6m)
Interest Coverage Ratio = 27.72 (Ebit TTM 1.39b / Interest Expense TTM 50.1m)
EV/FCF = 12.37x (Enterprise Value 5.24b / FCF TTM 423.9m)
FCF Yield = 8.08% (FCF TTM 423.9m / Enterprise Value 5.24b)
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 = 0.88 (Enterprise Value 5.24b / 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 = 8.96% (E(5.16b)/V(5.73b) * Re(9.19%) + D(571.1m)/V(5.73b) * Rd(8.78%) * (1-Tc(0.21)))
Discount Rate = 9.19% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 88.74 | Cagr: 6.58%
[DCF] Terminal Value 73.30% ; FCFF base≈423.9m ; Y1≈425.7m ; Y5≈450.9m
[DCF] Fair Price = 4.70 (EV 6.35b - Net Debt 87.5m = Equity 6.26b / Shares 1.33b; r=8.96% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 32.19 | EPS CAGR: 14.38% | SUE: 2.38 | # QB: 1
Revenue Correlation: 77.45 | Revenue CAGR: 20.46% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.08 | Chg30d=-22.06% | Revisions=-57% | Analysts=11
EPS next Quarter (2026-09-30): EPS=0.17 | Chg30d=-22.48% | Revisions=-50% | Analysts=7
EPS current Year (2026-12-31): EPS=0.61 | Chg30d=-11.53% | Revisions=-25% | GrowthEPS=+33.4% | GrowthRev=+28.1%
EPS next Year (2027-12-31): EPS=1.05 | Chg30d=-11.86% | Revisions=-10% | GrowthEPS=+70.7% | GrowthRev=+23.7%
[Analyst] Revisions Ratio: -42% (up=6, down=17)