B2Gold Corp (BTG) stock analysis
Close on Nov 12, 2026Market cap –P/E 17.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak6 of 30 checks passed
B2Gold passes 6 of the 30 checks behind our score; 19 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 0/6
- Past performance
- 2/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 20.0%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 16.6% of shareholders' equity, under the 40% we consider low.
Interest well covered
Operating income covers interest expense 36.7 times.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 150% of total debt.
What to watch
Return on equity under 15%
Return on equity was 12.2% over the last twelve months and averaged 3.6% over five years; we look for 15% on both.
Earnings shrank over 5 years
Net income shrank 8.5% a year on average over the last five fiscal years.
EPS growing under 10% a year
Diluted EPS grew 5.3% a year over the last three fiscal years.
Debt rising against equity
Debt to equity rose from 4.3% five years ago to 16.6%.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth0/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew 5.3% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance2/6
Return on equity under 15%
Return on equity was 12.2% over the last twelve months and averaged 3.6% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 20.0%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
B2Gold's return on equity of 12.2% is above the Materials median of -8.5%.
Earnings shrank over 5 years
Net income shrank 8.5% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health4/6
Low debt
Debt is 16.6% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 4.3% five years ago to 16.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 150% of total debt.
Interest well covered
Operating income covers interest expense 36.7 times.
Short-term assets cover short-term debts
Current assets are 1.06 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
B2Gold has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for B2Gold. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $117.60M
- Value traded per 1% price move
- $45.79M
Downside
High risk
- Typical loss in a bad month
- 28.6%
- Volatility (annualized)
- 61%
- Sharpe ratio, 1 year
- 0.37
- Beta to the S&P 500 (5Y)
- 0.90
Typical bad-month loss, week by week
Margins need revenue and profit figures
This company does not report the lines needed to calculate margins.
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Gross profit | +116.8% | +36.3% | +9.8% | – | |
| Operating income | – | +40.1% | +5.6% | – | |
| Net income | – | +16.7% | -8.5% | – | |
| EPS, diluted | – | +5.3% | -13.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 27.5% | 12.2% | |
| Return on assets | – | 20.8% | 7.5% | |
| Current ratio | 1.57 | 2.67 | 1.06 | |
| Debt to equity | 0.34 | 0.04 | 0.17 | |
| Net debt to EBITDA | 1.15× | -0.27× | 0.12× | |
| Interest coverage | 12.4× | 66.6× | 36.7× | |
| Diluted shares | 955M | 1.06B | 1.48B |
Cash use needs five years of cash flow figures
B2Gold does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$401.91M
- Cash generatingOperating cash flow above zero$895.84M
- Return on assets improvedROA up on the prior year-12.9% → 8.3%
- Earnings backed by cashOperating cash flow above net income$895.84M vs $401.91M
- Less leverageLong-term debt to assets fell8.8% → 9.6%
- Better liquidityCurrent ratio rose1.55 → 1.06
- No dilutionShare count did not rise1.31B → 1.48B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –
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