B2Gold
BTG
5.00
-0.21
-4.03%
B2Gold
US · BTG
#1802 by market cap
Listed 1970
5.00
-0.21
-4.03%
Live - 5344 symbols - heartbeat 79s ago
· 2026-10-08 08:35
Pre-market
5.05
+1.00%
After-hours
5.00
0.00%
Overnight
5.00
0.00%
- Market cap
- 6.61B
- P/E (TTM)i
- 8.93
- P/Bi
- 1.68
- EPSi
- 0.28
- Div yieldi
- 1.60%
- 52W posi
- 54%
Reader sentiment
Are you bullish or bearish on BTG?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 3.04, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +60.95% YoY
Margins
- Gross margin
- 50.01%
- Operating margin
- 45.88%
- Net margin
- 13.13%
Key ratios & quality
- Enterprise valuei
- 6.82B
- PEG ratioi
- 0.53
- Altman Z-Scorei
- 3.04
PEG uses trailing P/E against the 3-year net income growth rate (16.70%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.05B | 1.16B | 1.79B | 1.76B | 1.73B | 1.93B | 1.90B | 3.06B |
| Gross profit | 380.72M | 450.46M | 958.29M | 768.55M | 604.24M | 780.00M | 706.20M | 1.53B |
| Selling & admin expenses | 73.82M | 74.92M | 69.22M | 72.76M | 79.32M | 83.29M | 84.16M | 92.04M |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | 304.77M | 371.93M | 883.11M | 686.44M | 516.53M | 674.64M | 594.80M | 1.40B |
| Pretax profit | 267.13M | 482.39M | 1.03B | 726.23M | 530.62M | 320.33M | -309.22M | 976.80M |
| Tax | 132.36M | 173.53M | 362.02M | 265.40M | 243.89M | 278.75M | 317.43M | 550.10M |
| Net profit | 45.12M | 315.84M | 672.41M | 460.83M | 286.72M | 41.59M | -626.65M | 426.70M |
| Basic EPS | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Diluted EPS | 0.02 | 0.29 | 0.59 | 0.40 | 0.24 | 0.01 | -0.48 | 0.28 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 532.11M | 692.21M | 782.95M | 1.05B | 1.16B | 789.35M |
| Gross profit | 237.75M | 351.44M | 390.35M | 551.25M | 609.77M | 308.29M |
| Selling & admin expenses | 17.67M | 23.92M | 22.22M | 28.24M | 25.26M | 24.44M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 205.98M | 317.31M | 354.71M | 522.47M | 573.03M | 287.15M |
| Pretax profit | 132.77M | 286.40M | 197.79M | 359.85M | 501.97M | 627.14M |
| Tax | 70.20M | 125.64M | 174.66M | 179.59M | 296.42M | 207.52M |
| Net profit | 62.56M | 160.75M | 23.12M | 180.26M | 205.55M | 419.62M |
| Basic EPS | 0 | 0 | 0 | 0 | 0 | 0 |
| Diluted EPS | 0.04 | 0.10 | 0.01 | 0.11 | 0.14 | 0.29 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 363.03M | 429.50M | 762.70M | 1.05B | 1.04B | 710.73M | 901.79M | 1.13B |
| Cash & ST investments | 102.75M | 140.60M | 479.69M | 673.00M | 651.95M | 306.90M | 348.54M | 385.29M |
| Inventory | 233.97M | 217.92M | 238.06M | 272.35M | 332.03M | 346.50M | 477.59M | 627.23M |
| Total assets | 2.55B | 2.68B | 3.36B | 3.56B | 3.68B | 4.87B | 4.81B | 5.88B |
| Total current liabilities | 207.25M | 165.06M | 286.09M | 231.19M | 233.62M | 313.47M | 580.69M | 1.06B |
| Short-term debt | 25.01M | 26.03M | 34.11M | 25.41M | 15.52M | 16.26M | 16.42M | 33.87M |
| Long-term debt | 454.53M | 235.82M | 75.91M | 49.73M | 41.71M | 175.87M | 421.46M | 564.44M |
| Total liabilities | 894,951,000.00 | 631,419,000.00 | 701,789,000.00 | 600,286,000.00 | 569,444,000.00 | 964,644,000.00 | 1,778,301,000.00 | 2,237,800,000.00 |
| Total equity | 1.65B | 2.05B | 2.66B | 2.96B | 3.11B | 3.91B | 3.04B | 3.64B |
| Retained earnings | -547.84M | -261.25M | 254.34M | 507.38M | 588.14M | 395.85M | -515.62M | -220.61M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 967.21M | 949.94M | 1.07B | 1.13B | 1.31B | 1.10B |
| Cash & ST investments | 347.76M | 310.31M | 375.65M | 385.29M | 482.06M | 290.03M |
| Inventory | 535.64M | 561.12M | 598.54M | 627.23M | 663.37M | 696.87M |
| Total assets | 5.10B | 5.31B | 5.69B | 5.88B | 5.96B | 5.75B |
| Total current liabilities | 793.56M | 969.05M | 1.04B | 1.06B | 1.10B | 696.87M |
| Short-term debt | 27.22M | 31.41M | 30.07M | 33.87M | 28.75M | 32.61M |
| Long-term debt | 369.07M | 375.65M | 575.34M | 564.44M | 460.24M | 393.64M |
| Total liabilities | 1,923,920,000.00 | 1,989,825,000.00 | 2,321,433,000.00 | 2,237,800,000.00 | 2,251,159,000.00 | 1,744,657,000.00 |
| Total equity | 3.17B | 3.32B | 3.37B | 3.64B | 3.71B | 4.00B |
| Retained earnings | -484.64M | -356.94M | -364.46M | -220.61M | -83.94M | 265.25M |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 450.87M | 491.97M | 950.65M | 724.11M | 595.80M | 714.45M | 877.60M | 895.84M |
| Depreciation & amortization | 248.20M | 251.31M | 301.49M | 378.89M | 383.85M | 402.37M | 367.41M | 440.83M |
| Free cash flow | 450.87M | 491.97M | 950.65M | 724.11M | 521.23M | 638.09M | 877.60M | 895.84M |
| Dividends paid | 0 | -10.27M | -115.27M | -168.37M | -170.64M | -186.72M | -184.63M | -103.44M |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | 0 | 10.07M | 4.07M |
| Ending cash balance | 102.75M | 140.60M | 479.69M | 673.00M | 651.95M | 306.90M | 336.97M | 380.42M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 178.79M | 255.08M | 171.39M | 290.58M | 539.48M | -78.76M |
| Depreciation & amortization | 89.56M | 102.71M | 104.67M | 143.90M | 161.24M | 121.09M |
| Free cash flow | 178.79M | 255.08M | 171.39M | 290.58M | 539.48M | -78.76M |
| Dividends paid | -25.55M | -25.96M | -25.92M | -26.01M | -26.31M | -25.95M |
| Stock buybacks / issuance | 0 | 0 | -9.85M | 13.92M | -79.56M | -92.34M |
| Ending cash balance | 330.12M | 308.49M | 367.23M | 380.42M | 479.39M | 286.58M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 1.83 | 16.29 | 27.53 | 15.47 | 8.62 | 0.30 | -18.54 | 12.22 |
| ROA %i | 1.11 | 11.22 | 20.78 | 12.13 | 6.98 | 0.24 | -13.00 | 7.52 |
| ROIC %i | 2.41 | 14.29 | 25.87 | 15.22 | 8.40 | 0.19 | -16.69 | 11.05 |
| 5-year avg ROE %i | -8.96 | 2.79 | 10.46 | 12.98 | 13.95 | 13.64 | 6.67 | 3.61 |
| EBIT margin %i | 18.32 | 44.04 | 58.71 | 41.88 | 31.25 | 17.28 | -14.43 | 33.14 |
| FCF / sales %i | 36.31 | 42.57 | 53.14 | 41.09 | 31.60 | 32.99 | 45.25 | 29.26 |
| Current ratioi | 1.75 | 2.60 | 2.67 | 4.52 | 4.43 | 2.27 | 1.55 | 1.06 |
| Quick ratioi | 0.62 | 1.05 | 1.75 | 3.19 | 2.92 | 1.10 | 0.69 | 0.44 |
| Debt / assetsi | 18.82 | 9.76 | 3.27 | 2.11 | 1.55 | 3.94 | 9.10 | 10.18 |
| LT debt / equityi | 28.21 | 11.85 | 2.95 | 1.74 | 1.39 | 4.62 | 14.13 | 15.71 |
| Interest coveragei | 7.07 | 19.17 | 66.46 | 62.56 | 49.94 | 24.00 | -7.87 | 26.91 |
| Revenue CAGR (3Y) %i | 23.84 | 19.14 | 40.96 | 18.79 | 14.45 | 2.64 | 2.58 | 20.89 |
| Net income CAGR (3Y) %i | -- | 95.72 | 122.72 | 143.94 | -4.83 | -74.76 | -- | 16.70 |
| FCF CAGR (3Y) %i | 41.02 | 7.14 | 88.02 | 17.11 | 1.94 | -12.44 | 6.62 | 19.78 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -17.61 | -12.34 | 6.90 | 12.22 | 16.02 | 22.29 |
| ROA %i | -11.78 | -8.27 | 4.19 | 7.52 | 9.84 | 14.60 |
| ROIC %i | -16.24 | -11.26 | 6.34 | 11.05 | 14.65 | 20.54 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -13.97 | -0.73 | 29.97 | 33.14 | 37.87 | 46.17 |
| FCF / sales %i | 16.67 | 24.00 | 28.28 | 29.26 | 34.07 | 24.38 |
| Current ratioi | 1.22 | 0.98 | 1.03 | 1.06 | 1.19 | 1.58 |
| Quick ratioi | 0.52 | 0.37 | 0.42 | 0.44 | 0.49 | 0.50 |
| Debt / assetsi | 8.34 | 8.35 | 11.20 | 10.18 | 8.72 | 7.93 |
| LT debt / equityi | 12.73 | 12.58 | 18.27 | 15.71 | 13.38 | 10.66 |
| Interest coveragei | -8.89 | -0.56 | 28.73 | 26.91 | 27.72 | 28.69 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Fekola Mine is the largest reported line at 65.63% of revenue, across 5 reported segments.
- Masbate Mine follows at 31.01%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Fekola Mine65.63%
Masbate Mine31.01%
Otjikoto Mine12.25%
Goose Mine9.84%
Quote time 2026-10-08 08:35:53 · For reference only, not investment advice and not tailored to your situation.