B2Gold Corp. (BTG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.07	$0.03	-57.1%	—	$789.4M	—
Q1 26	$0.11	$0.19	+72.7%	—	$1.2B	—
Q4 25	$0.18	$0.11	-38.9%	—	$1.1B	—
Q3 25	$0.13	$0.14	+7.7%	—	$782.9M	—
Q2 25	$0.13	$0.12	-7.7%	—	$692.2M	—
Q1 25	$0.08	$0.09	+12.5%	—	$532.1M	—
Q4 24	$0.06	$0.01	-83.3%	—	$499.8M	—
Q3 24	$0.05	$0.02	-60.0%	—	$448.2M	—
Q2 24	$0.07	$0.06	-14.3%	—	$492.6M	—
Q1 24	$0.05	$0.06	+20.0%	—	$461.4M	—
Q4 23	$0.08	$0.07	-12.5%	—	$512M	—
Q3 23	$0.07	$0.05	-28.6%	—	$477.9M	—
Q2 23	$0.07	$0.07	0.0%	—	$470.9M	—
Q1 23	$0.07	$0.1	+42.9%	—	$473.6M	—
Q4 22	$0.13	$0.11	-15.4%	—	$592.5M	—
Q3 22	$0.05	$0.03	-40.0%	—	$392.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.3	—	—	$3.1B	—
FY24	—	-$0.48	—	—	$1.9B	—
FY23	—	$0.01	—	—	$1.9B	—
FY22	—	$0.24	—	—	$1.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$683.3M	$638.7M	$1.1B	$1.2B	$1.8B	$1.8B	$1.7B	$1.9B	$1.9B	$3.1B
YoY change	+23.4%	-6.53%	+64.6%	+9.91%	+54.8%	-1.49%	-1.68%	+11.6%	-1.67%	+60.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	683.3M	638.7M	1.1B	1.2B	1.8B	1.8B	1.7B	1.9B	1.9B	3.1B
Cost of revenue	473.2M	488.4M	670.7M	705.2M	830.6M	993.7M	1.1B	1.2B	1.2B	1.5B
Gross profit	210.1M	150.3M	380.7M	450.5M	958.3M	768.6M	604.2M	780M	706.2M	1.5B
Gross margin	30.7%	23.5%	36.2%	39%	53.6%	43.6%	34.9%	40.3%	37.1%	50%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	59.6M	67.3M	73.8M	74.9M	69.2M	72.8M	79.3M	83.3M	84.2M	92M
Operating expenses	71.2M	70.6M	76.8M	78.5M	75.2M	82.1M	87.7M	102.3M	124.3M	111.8M
Operating income	138.9M	79.7M	304.8M	371.9M	883.1M	686.4M	516.5M	677.8M	568.7M	1.4B
Operating margin	20.3%	12.5%	29%	32.2%	49.4%	39%	29.8%	35%	29.9%	45.9%
Non-operating income, net	-60.2M	2.1M	-7M	137M	167.1M	48.6M	13M	-362M	-863.8M	-402.1M
Pretax income	68.5M	68.9M	267.1M	482.4M	1B	726.2M	530.6M	320.3M	-309.2M	976.8M
Income tax	29.9M	7.3M	132.4M	173.5M	362M	265.4M	243.9M	278.7M	317.4M	550.1M
Net income	38.6M	61.6M	45.1M	315.8M	672.4M	460.8M	286.7M	41.6M	-626.7M	426.7M
Net margin	5.65%	9.64%	4.29%	27.3%	37.6%	26.1%	16.5%	2.15%	-32.9%	13.9%
EBITDA	262.9M	236.1M	564.2M	623.7M	1.2B	1.1B	930.7M	1.1B	959.4M	1.9B
EPS	0.04	0.06	0.03	0.29	0.6	0.4	0.24	0.01	-0.48	0.3
Diluted EPS	0.04	0.06	0.02	0.29	0.59	0.4	0.24	0.01	-0.48	0.28

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	477.9M	512M	461.4M	492.6M	448.2M	499.8M	532.1M	692.2M	782.9M	1.1B	1.2B	789.4M
Cost of revenue	307.4M	306.4M	277.2M	279.4M	313.4M	325.8M	294.4M	340.8M	392.6M	502.7M	548.9M	481.1M
Gross profit	170.5M	205.5M	184.2M	213.2M	134.8M	174M	237.8M	351.4M	390.3M	551.3M	609.8M	308.3M
Gross margin	35.7%	40.1%	39.9%	43.3%	30.1%	34.8%	44.7%	50.8%	49.9%	52.3%	52.6%	39.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	17.4M	26.4M	19.1M	17.8M	18.4M	29M	17.7M	23.9M	22.2M	28.2M	25.3M	24.4M
Operating expenses	18.4M	33.1M	25M	20.5M	45.8M	33M	24.9M	28.7M	35.3M	27M	34.1M	19M
Operating income	150.9M	172.5M	154.9M	190M	85.7M	138.1M	206M	317.3M	354.7M	522.5M	573M	287.1M
Operating margin	31.6%	33.7%	33.6%	38.6%	19.1%	27.6%	38.7%	45.8%	45.3%	49.6%	49.5%	36.4%
Non-operating income, net	-111.1M	-226.8M	-20.7M	-166.1M	-654.5M	-22.5M	-70.7M	-29M	-155.2M	-143.1M	-55.7M	351.8M
Pretax income	40.5M	-56.5M	130.1M	24.1M	-571.7M	108.3M	132.8M	286.4M	197.8M	359.8M	502M	627.1M
Income tax	75.3M	60.9M	81.6M	58.8M	59.3M	117.6M	70.2M	125.6M	174.7M	179.6M	296.4M	207.5M
Net income	-34.8M	-117.4M	48.5M	-34.8M	-631M	-9.3M	62.6M	160.8M	23.1M	180.3M	205.6M	419.6M
Net margin	-7.28%	-22.9%	10.5%	-7.06%	-140.8%	-1.87%	11.8%	23.2%	2.95%	17.1%	17.7%	53.2%
EBITDA	261M	287.6M	253.1M	292.6M	179.5M	214.9M	210.3M	424.7M	460.3M	673.8M	740.4M	413.5M
EPS	-0.03	-0.09	0.03	-0.02	-0.48	-0.01	0.04	0.12	0.01	0.13	0.15	0.31
Diluted EPS	-0.03	-0.09	0.03	-0.02	-0.48	-0.01	0.04	0.1	0.01	0.11	0.14	0.29

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.2B	3B	2.9B	4.1B	5.8B	4.1B	3.8B	—	3.2B	6B	7B
Enterprise value	2.6B	3.6B	3.3B	4.2B	5.5B	3.5B	3.2B	—	3.3B	6.2B	7.4B
Shares outstanding	941.7M	976.4M	986.8M	1B	1B	1.1B	1.1B	1.2B	1.3B	1.3B	1.3B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	57.8	49.2	63.9	12.9	8.69	8.99	13.3	—	—	14	9.79
P/S	3.27	4.74	2.74	3.52	3.27	2.35	2.19	—	1.68	1.95	1.91
P/B	1.53	1.93	1.74	1.98	2.2	1.4	1.22	—	1.05	1.64	1.82
EV/EBITDA	9.79	15.2	5.77	6.71	4.52	3.27	3.44	—	3.42	3.33	3.58
EV/Sales	3.77	5.61	3.1	3.62	3.06	2.01	1.85	—	1.73	2.02	1.97
Earnings yield	1.73%	2.03%	1.57%	7.77%	11.5%	11.1%	7.55%	—	—	7.14%	10.2%
FCF yield	2.73%	-6.53%	7.95%	5.68%	10.2%	10.2%	5.41%	—	27%	15%	4.28%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.7%	23.5%	36.2%	39%	53.6%	43.6%	34.9%	40.3%	37.1%	50%	39.1%
Operating margin	20.3%	12.5%	29%	32.2%	49.4%	39%	29.8%	35%	29.9%	45.9%	45.7%
Net margin	5.65%	9.64%	4.29%	27.3%	37.6%	26.1%	16.5%	2.15%	-32.9%	13.9%	21.3%
ROE	2.65%	3.93%	2.73%	15.4%	25.3%	15.6%	9.21%	1.06%	-20.6%	11.7%	22.6%
ROA	1.65%	2.29%	1.77%	11.8%	20%	12.9%	7.79%	0.85%	-13%	7.26%	17.6%
ROIC	4.35%	3.36%	7.58%	11%	25.1%	18.4%	11.1%	2.32%	18.2%	15.9%	20.5%
Return on tangible assets	1.65%	2.29%	1.77%	11.8%	20%	12.9%	7.79%	0.85%	-13%	7.26%	14.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.57	0.8	1.75	2.6	2.67	4.52	4.43	2.27	1.55	1.06	1.58
Quick ratio	0.98	0.38	0.62	1.28	1.83	3.35	3.01	1.16	0.73	0.47	0.58
Debt / equity	0.33	0.45	0.29	0.13	0.04	0.03	0.02	0.05	0.14	0.16	0.11
Debt / assets	0.21	0.26	0.19	0.1	0.03	0.02	0.02	0.04	0.09	0.1	0.08
Net debt / EBITDA	1.3	2.35	0.67	0.19	-0.31	-0.55	-0.64	-0.1	0.09	0.11	0.07
Interest coverage	7.73	6.34	9.72	19.2	66.5	62.6	49.9	24	-7.87	26.9	28.7
Effective tax rate	43.7%	10.6%	49.5%	36%	35%	36.5%	46%	87%	0%	56.3%	50.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.73	0.65	1.07	1.14	1.71	1.67	1.63	1.57	1.45	2.31	2.84
EPS (basic)	0.04	0.06	0.03	0.29	0.6	0.4	0.24	0.01	-0.48	0.3	0.3
EPS (diluted)	0.04	0.06	0.02	0.29	0.59	0.4	0.24	0.01	-0.48	0.28	0.56
Book value per share	1.54	1.6	1.68	2.02	2.55	2.81	2.92	3.17	2.32	2.75	3.01
FCF per share	0.06	-0.2	0.23	0.23	0.57	0.4	0.19	-0.09	0.66	0.68	0.62
Cash per share	0.15	0.15	0.1	0.14	0.46	0.64	0.61	0.25	0.27	0.29	0.22
Capex per share	0.36	0.01	0	0.22	0.02	0.03	0.05	0.02	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	50.2%	1.03%	0%	19%	1.37%	1.8%	2.79%	1.05%	0.39%	—	—
Capex / operating cash flow	64.6%	3.54%	0%	37.1%	2.37%	3.89%	8.32%	6.03%	8.75%	—	—
Payout ratio	0%	0%	0%	3.25%	17.1%	36.5%	59.5%	449%	-29.5%	24.2%	14.3%
Dividend yield	0%	0%	0%	0.25%	1.97%	4.07%	4.49%	—	5.78%	1.73%	1.52%

Yield

1.52%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.02

ex-dividend Sep 10, 2026

Payout ratio

14%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$0.02
Jun 10, 2026	$0.02
Mar 6, 2026	$0.02
Jun 11, 2025	$0.02
Mar 7, 2025	$0.02
Dec 2, 2024	$0.04
Sep 10, 2024	$0.04
Jun 11, 2024	$0.04

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$477.9M	$512M	$461.4M	$492.6M	$448.2M	$499.8M	$532.1M	$692.2M	$782.9M	$1.1B	$1.2B	$789.4M
YoY change	+21.7%	-13.6%	-2.56%	+4.61%	-6.21%	-2.38%	+15.3%	+40.5%	+74.7%	+110.9%	+117.7%	+14%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	144.7M	147.5M	102.8M	140.6M	479.7M	673M	651.9M	306.9M	348.5M	385.3M
Receivables	10.7M	20.6M	12.7M	37.9M	—	—	—	—	—	58.3M
Inventory	104.7M	206.4M	234M	217.9M	238.1M	272.4M	332M	346.5M	477.6M	627.2M
Total current assets	277.1M	395.9M	363M	429.5M	762.7M	1B	1B	710.7M	901.8M	1.1B
Property, plant & equipment	-594.2M	-783.4M	-1.1B	-875.2M	-1.1B	-1.5B	-2.1B	-1.5B	-2.8B	-4.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.3B	2.7B	2.5B	2.7B	3.4B	3.6B	3.7B	4.9B	4.8B	5.9B
Accounts payable	78M	95.1M	80.3M	83.4M	89.1M	111.7M	114.8M	167.1M	156.4M	174.8M
Short-term debt	13.9M	302.6M	25M	26M	34.1M	25.4M	15.5M	16.3M	16.4M	33.9M
Total current liabilities	176M	494.5M	207.3M	165.1M	286.1M	231.2M	233.6M	313.5M	580.7M	1.1B
Long-term debt	472.8M	399.6M	454.5M	235.8M	75.9M	49.7M	41.7M	175.9M	421.5M	564.4M
Total liabilities	881.6M	1.1B	895M	631.4M	701.8M	600.3M	569.4M	964.6M	1.8B	2.2B
Shareholders' equity	1.5B	1.6B	1.7B	2.1B	2.7B	3B	3.1B	3.9B	3B	3.6B
Total debt	486.8M	702.2M	479.5M	261.9M	110M	75.1M	57.2M	192.1M	437.9M	598.3M
Net debt	342.1M	554.7M	376.8M	121.3M	-369.7M	-597.9M	-594.7M	-114.8M	100.9M	217.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	309.6M	306.9M	567.8M	466.8M	431.1M	348.5M	—	310.3M	375.7M	385.3M	482.1M	290M
Receivables	—	—	—	—	—	—	47.6M	—	54.2M	58.3M	82.9M	—
Inventory	343.6M	346.5M	339.4M	376.8M	378.1M	477.6M	—	561.1M	598.5M	627.2M	663.4M	696.9M
Total current assets	707.3M	710.7M	996.6M	926.6M	921.5M	901.8M	—	949.9M	1.1B	1.1B	1.3B	1.1B
Property, plant & equipment	-2.2B	-1.5B	-1.4B	-3.2B	-4B	-2.8B	—	-2.7B	-2.5B	-4.1B	-4.3B	-4.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4.9B	4.9B	5.3B	5.2B	4.8B	4.8B	—	5.3B	5.7B	5.9B	6B	5.7B
Accounts payable	176.9M	167.1M	175.9M	178.5M	174.6M	156.4M	—	157.8M	157M	174.8M	184.4M	189.4M
Short-term debt	15.1M	16.3M	16.4M	14.9M	17.3M	16.4M	—	31.4M	30.1M	33.9M	28.8M	32.6M
Total current liabilities	324.7M	313.5M	333.6M	316.3M	502.3M	580.7M	—	969M	1B	1.1B	1.1B	696.9M
Long-term debt	34.3M	175.9M	28.8M	25.7M	221.9M	421.5M	—	411.5M	607.5M	564.4M	491.1M	423.5M
Total liabilities	785.7M	964.6M	1.4B	1.3B	1.6B	1.8B	—	2B	2.3B	2.2B	2.3B	1.7B
Shareholders' equity	4.1B	3.9B	3.9B	3.8B	3.2B	3B	—	3.3B	3.4B	3.6B	3.7B	4B
Total debt	49.5M	192.1M	45.2M	40.5M	239.2M	437.9M	—	442.9M	637.6M	598.3M	519.9M	456.1M
Net debt	-260.1M	-114.8M	-522.6M	-426.3M	-191.9M	100.9M	—	134.4M	270.4M	217.9M	40.5M	169.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	38.6M	61.6M	134.8M	308.9M	672.4M	460.8M	286.7M	41.6M	-626.7M	426.7M
Depreciation & amortization	172.3M	160.5M	248.2M	251.3M	301.5M	378.9M	383.9M	402.4M	367.4M	440.8M
Stock-based compensation	13.7M	18.1M	18.3M	17.1M	17.1M	22.6M	24.7M	18.2M	24.3M	22.9M
Change in working capital	123.9M	-25.3M	-24.5M	-36.2M	-26.9M	-61.5M	-117.1M	-169.5M	-261.6M	-264.1M
Operating cash flow	531.6M	186.3M	360M	593M	1B	814.4M	580.3M	338.1M	85.7M	895.8M
Capital expenditure	-343.2M	6.6M	0	-220M	24.5M	31.7M	-48.3M	-20.4M	7.5M	—
Investing cash flow	-384.1M	5.8M	538K	-171.2M	14.6M	16M	-46.7M	-34.5M	-746.4M	-892.7M
Dividends paid	0	0	0	-10.3M	-115.3M	-168.4M	-170.6M	-186.7M	-184.6M	-103.4M
Share repurchases	—	—	—	—	—	—	—	—	—	-9.8M
Financing cash flow	19M	332.5M	76.6M	-240.4M	-762.6M	-237.8M	-220.4M	-200.8M	-60.5M	11M
Net change in cash	166.5M	524.6M	437.1M	181.5M	285.7M	592.7M	313.1M	102.8M	-721.3M	14.1M
Free cash flow	60.9M	-197.7M	229M	230.8M	598.1M	421.8M	205.5M	-116.8M	860.7M	895.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-34.8M	-117.4M	48.5M	-34.8M	-631M	-9.3M	—	160.8M	23.1M	180.3M	205.6M	419.6M
Depreciation & amortization	101.6M	109M	90.4M	95M	88.1M	93.9M	—	102.7M	104.7M	143.9M	161.2M	121.1M
Stock-based compensation	2.7M	5.2M	4.9M	4.6M	5M	9.8M	—	8M	5.1M	4M	8.5M	5.1M
Change in working capital	-76.7M	-24.7M	-547K	-110.5M	-177.5M	33.4M	-65.2M	-57.6M	-52.7M	10.1M	132.3M	-66.4M
Operating cash flow	13.1M	-14.4M	691M	-65.5M	-719.5M	179.7M	116.2M	255.1M	171.4M	290.6M	539.5M	-78.8M
Capital expenditure	0	-20.4M	—	—	7.5M	0	—	—	—	—	—	—
Investing cash flow	-9.4M	-18.8M	-239.6M	-108.4M	-163.3M	-235.1M	—	-236.4M	-277.5M	-183.8M	-176M	-186M
Dividends paid	-45.4M	-46.6M	-46M	-45.9M	-46.1M	-46.7M	—	-26M	-25.9M	-26M	-26.3M	-25.9M
Share repurchases	—	—	—	—	—	—	—	—	-9.8M	0	-79.6M	-92.3M
Financing cash flow	-64.4M	-67.2M	-204.1M	-52.5M	142.2M	43.9M	-400M	-44.7M	154.7M	-122.5M	-271.2M	-277.6M
Net change in cash	-60.6M	-100.4M	247.3M	-226.5M	-740.6M	-11.5M	-283.8M	-26M	48.6M	-15.7M	92.3M	-542.3M
Free cash flow	-115.4M	-83.5M	710.7M	62.4M	-16.1M	103.7M	—	255.1M	171.4M	290.6M	539.5M	-78.8M

B2Gold Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement