B2Gold (BTG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 40-F for FY2025, filed Mar 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTG SEC filings page.
B2Gold Corp. (BTG) reported $3.1B in revenue for fiscal year 2025, up 60.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of B2Gold Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
B2Gold Corp. has an operating margin of 45.1%, meaning the company retains $45 of operating profit per $100 of revenue. This strong profitability earns a score of 71/100, reflecting efficient cost management and pricing power. This is up from -13.1% the prior year.
B2Gold Corp.'s revenue surged 60.9% year-over-year to $3.1B, reflecting rapid business expansion. This strong growth earns a score of 87/100.
B2Gold Corp. carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
B2Gold Corp.'s current ratio of 1.06 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Not available for B2Gold Corp., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
B2Gold Corp. earns a strong 11.2% return on equity (ROE), meaning it generates $11 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from -21.1% the prior year.
B2Gold Corp. scores 2.97, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from a market capitalization of $6.4B against total liabilities of $2.2B. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
B2Gold Corp. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, B2Gold Corp. generates $2.23 in operating cash flow ($895.8M OCF vs $401.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
B2Gold Corp. earns $197.47 in operating income for every $1 of interest expense ($1.4B vs $7.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
B2Gold Corp. generated $3.1B in revenue in fiscal year 2025. This represents an increase of 60.9% from the prior year.
B2Gold Corp.'s EBITDA was $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1431.0% from the prior year.
B2Gold Corp. reported $401.9M in net income in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
B2Gold Corp. earned $0.28 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
B2Gold Corp. held $380.4M in cash against $564.4M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
B2Gold Corp.'s gross margin was 50.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 12.9 percentage points from the prior year.
B2Gold Corp.'s operating margin was 45.1% in fiscal year 2025, reflecting core business profitability. This is up 58.2 percentage points from the prior year.
B2Gold Corp.'s net profit margin was 13.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 46.3 percentage points from the prior year.
B2Gold Corp.'s ROE was 11.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.3 percentage points from the prior year.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
BTG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B+60.9% | $1.9B-1.7% | $1.9B+11.6% | $1.7B-1.7% | $1.8B-1.5% | $1.8B+54.8% | $1.2B+9.9% | $1.1B+64.6% | $638.7M-6.5% | $683.3M |
| Cost of Revenue | $1.5B+28.0% | $1.2B+3.6% | $1.2B+2.3% | $1.1B+13.5% | $993.7M+19.6% | $830.6M+17.8% | $705.2M+5.1% | $670.7M+37.3% | $488.4M+3.2% | $473.2M |
| Gross Profit | $1.5B+116.8% | $706.2M-9.5% | $780.0M+29.1% | $604.2M-21.4% | $768.6M-19.8% | $958.3M+112.7% | $450.5M+18.3% | $380.7M+153.3% | $150.3M-28.5% | $210.1M |
| Operating Income | $1.4Bn/m | -$248.3M-175.8% | $327.4M-34.8% | $502.4M-29.6% | $713.6M-32.2% | $1.1B+107.3% | $508.0M+77.6% | $286.1M+230.2% | $86.7M-31.4% | $126.3M |
| EBITDA | $1.8B+1431.0% | $119.1M-83.7% | $729.8M-17.7% | $886.2M-18.9% | $1.1B-19.3% | $1.4B+78.4% | $759.3M+42.1% | $534.3M+116.2% | $247.1M-17.2% | $298.6M |
| Interest Expense | $7.0M-50.0% | $14.0M+0.5% | $13.9M+28.4% | $10.8M-8.1% | $11.8M-7.9% | $12.8M-46.4% | $23.9M-13.0% | $27.5M+182.5% | $9.7M-4.5% | $10.2M |
| Income Tax | $550.1M+73.3% | $317.4M+13.9% | $278.7M+14.3% | $243.9M-8.1% | $265.4M-26.7% | $362.0M+108.6% | $173.5M+31.1% | $132.4M+1705.7% | $7.3M-75.5% | $29.9M |
| Net Income | $401.9Mn/m | -$629.9M-6338.4% | $10.1M-96.0% | $252.9M-39.8% | $420.1M-33.1% | $628.1M+114.1% | $293.4M+913.8% | $28.9M-49.1% | $56.9M+45.3% | $39.1M |
| EPS (Basic) | $0.30n/m | -$0.48-4900.0% | $0.01-95.8% | $0.24-40.0% | $0.40-33.3% | $0.60+106.9% | $0.29+866.7% | $0.03 | $0.06+50.0% | $0.04 |
| EPS (Diluted) | $0.28n/m | -$0.48-4900.0% | $0.01-95.8% | $0.24-40.0% | $0.40-32.2% | $0.59+103.4% | $0.29+1350.0% | $0.02 | $0.06+50.0% | $0.04 |
| Diluted Shares (Avg) | 1.48B+13.1% | 1.31B+5.8% | 1.24B+15.5% | 1.07B+0.9% | 1.06B+0.5% | 1.06B+3.3% | 1.02B-2.3% | 1.05B | 991M+3.8% | 955M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
BTG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+22.1% | $4.8B-1.2% | $4.9B+32.4% | $3.7B+3.4% | $3.6B+5.9% | $3.4B+25.3% | $2.7B+5.3% | $2.5B-5.1% | $2.7B+14.9% | $2.3B |
| Current Assets | $1.1B+25.3% | $901.8M+26.9% | $710.7M-31.3% | $1.0B-1.0% | $1.0B+37.2% | $762.7M+77.6% | $429.5M+18.3% | $363.0M-8.3% | $395.9M+42.9% | $277.1M |
| Cash & Equivalents | $380.4M+12.9% | $337.0M+9.8% | $306.9M-52.9% | $651.9M-3.1% | $673.0M+40.3% | $479.7M+241.2% | $140.6M+36.8% | $102.8M-30.3% | $147.5M+1.9% | $144.7M |
| Inventory | $627.2M+31.3% | $477.6M+37.8% | $346.5M+4.4% | $332.0M+21.9% | $272.4M+14.4% | $238.1M+9.2% | $217.9M-6.9% | $234.0M+13.3% | $206.4M+97.2% | $104.7M |
| Total Liabilities | $2.2B+25.8% | $1.8B+84.3% | $964.6M+69.4% | $569.4M-5.1% | $600.3M-14.5% | $701.8M+11.1% | $631.4M-29.4% | $895.0M-20.0% | $1.1B+26.9% | $881.6M |
| Current Liabilities | $1.1B+82.8% | $580.7M+85.2% | $313.5M+34.2% | $233.6M+1.0% | $231.2M-19.2% | $286.1M+73.3% | $165.1M-20.4% | $207.3M-58.1% | $494.5M+180.9% | $176.0M |
| Non-Current Liabilities | $1.2B-1.8% | $1.2B+83.9% | $651.2M+93.9% | $335.8M-9.0% | $369.1M-11.2% | $415.7M-10.9% | $466.4M-32.2% | $687.7M+10.2% | $624.2M-11.5% | $705.5M |
| Long-Term Debt | $564.4M+33.9% | $421.5M+139.6% | $175.9M+321.7% | $41.7M-16.1% | $49.7M-34.5% | $75.9M-67.8% | $235.8M-48.1% | $454.5M+13.8% | $399.6M-15.5% | $472.8M |
| Total Equity | $3.6B+20.5% | $3.0B-21.7% | $3.8B+26.7% | $3.0B+5.2% | $2.9B+11.2% | $2.6B+29.2% | $2.0B+23.5% | $1.6B+3.8% | $1.6B+7.4% | $1.4B |
| Retained Earnings | -$220.6Mn/m | -$515.6M-230.3% | $395.9M-32.7% | $588.1M+15.9% | $507.4M+99.5% | $254.3Mn/m | -$261.2Mn/m | -$547.8Mn/m | -$610.9Mn/m | -$667.8M |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Goodwill.
BTG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $895.8M+2.1% | $877.6M+22.8% | $714.5M+19.9% | $595.8M-17.7% | $724.1M-23.8% | $950.6M+93.2% | $492.0M+9.1% | $450.9M+190.9% | $155.0M-62.4% | $411.8M |
| Depreciation & Amortization | $440.8M+20.0% | $367.4M-8.7% | $402.4M+4.8% | $383.9M+1.3% | $378.9M+25.7% | $301.5M+20.0% | $251.3M+1.3% | $248.2M+54.7% | $160.5M-6.9% | $172.3M |
| Investing Cash Flow | -$892.7Mn/m | -$763.3Mn/m | -$845.3Mn/m | -$388.8Mn/m | -$286.3Mn/m | -$338.0Mn/m | -$266.8Mn/m | -$273.5Mn/m | -$346.8Mn/m | -$391.8M |
| Financing Cash Flow | $58.6Mn/m | -$69.1Mn/m | -$192.5Mn/m | -$211.3Mn/m | -$234.2Mn/m | -$278.9Mn/m | -$188.1Mn/m | -$220.5M-214.2% | $193.0M+377.0% | $40.5M |
| Dividends Paid | $103.4M-44.0% | $184.6M-1.1% | $186.7M+9.4% | $170.6M+1.3% | $168.4M+46.1% | $115.3M+1022.6% | $10.3Mn/m | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.
BTG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0%+12.9pp | 37.1%-3.2pp | 40.3%+5.4pp | 34.9%-8.7pp | 43.6%-10.0pp | 53.6%+14.6pp | 39.0%+2.8pp | 36.2%+12.7pp | 23.5%-7.2pp | 30.7% |
| Operating Margin | 45.1%+58.2pp | -13.1%-30.0pp | 16.9%-12.1pp | 29.0%-11.5pp | 40.5%-18.4pp | 58.9%+14.9pp | 44.0%+16.8pp | 27.2%+13.6pp | 13.6%-4.9pp | 18.5% |
| Net Margin | 13.1%+46.3pp | -33.1%-33.6pp | 0.5%-14.1pp | 14.6%-9.2pp | 23.8%-11.3pp | 35.1%+9.7pp | 25.4%+22.6pp | 2.8%-6.2pp | 8.9%+3.2pp | 5.7% |
| Return on Equity | 11.2%+32.3pp | -21.1%-21.4pp | 0.3%-8.1pp | 8.4%-6.3pp | 14.7%-9.7pp | 24.4%+9.7pp | 14.7%+12.9pp | 1.8%-1.9pp | 3.7%+1.0pp | 2.7% |
| Return on Assets | 6.8%+19.9pp | -13.1%-13.3pp | 0.2%-6.7pp | 6.9%-4.9pp | 11.8%-6.9pp | 18.7%+7.8pp | 10.9%+9.8pp | 1.1%-1.0pp | 2.1%+0.4pp | 1.7% |
| Current Ratio | 1.06-0.5x | 1.55-0.7x | 2.27-2.2x | 4.43-0.1x | 4.52+1.9x | 2.67+0.1x | 2.60+0.9x | 1.75+1.0x | 0.80-0.8x | 1.57 |
| Debt-to-Equity | 0.160.0x | 0.14+0.1x | 0.050.0x | 0.010.0x | 0.020.0x | 0.03-0.1x | 0.12-0.2x | 0.280.0x | 0.26-0.1x | 0.33 |
| Liabilities-to-Equity | 0.620.0x | 0.60+0.3x | 0.25+0.1x | 0.190.0x | 0.21-0.1x | 0.270.0x | 0.32-0.2x | 0.56-0.2x | 0.72+0.1x | 0.61 |
| Asset Turnover | 0.52+0.1x | 0.400.0x | 0.40-0.1x | 0.470.0x | 0.490.0x | 0.53+0.1x | 0.430.0x | 0.41+0.2x | 0.24-0.1x | 0.29 |
Not reported in any period shown, so not listed: FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| B2Gold Corp. BTG | FY2025 | $3.1B | $401.9M | 13.1% | $6.4B | 65/100 |
| Eldorado Gold Corporation EGO | FY2025 | $1.8B | $507.3M | 27.9% | $8.3B | 70/100 |
| OR Royalties Inc. OR | FY2025 | $277.4M | $206.1M | 74.3% | $6.2B | 83/100 |
| IAMGold Corporation IAG | FY2025 | $2.9B | $732.3M | 25.7% | $9.3B | 65/100 |
| SSR Mining Inc. SSRM | FY2025 | $1.6B | $395.8M | 24.3% | $5.8B | 55/100 |
Where B2Gold Corp. Ranks
Frequently Asked Questions
What is B2Gold Corp.'s annual revenue?
B2Gold Corp. (BTG) reported $3.1B in total revenue for fiscal year 2025. This represents a 60.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is B2Gold Corp.'s revenue growing?
B2Gold Corp. (BTG) revenue grew by 60.9% year-over-year, from $1.9B to $3.1B in fiscal year 2025.
Is B2Gold Corp. profitable?
Yes, B2Gold Corp. (BTG) reported a net income of $401.9M in fiscal year 2025, with a net profit margin of 13.1%.
What is B2Gold Corp.'s EBITDA?
B2Gold Corp. (BTG) had EBITDA of $1.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does B2Gold Corp. have?
As of fiscal year 2025, B2Gold Corp. (BTG) had $380.4M in cash and equivalents against $564.4M in long-term debt.
What is B2Gold Corp.'s gross margin?
B2Gold Corp. (BTG) had a gross margin of 50.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is B2Gold Corp.'s operating margin?
B2Gold Corp. (BTG) had an operating margin of 45.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is B2Gold Corp.'s net profit margin?
B2Gold Corp. (BTG) had a net profit margin of 13.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is B2Gold Corp.'s return on equity (ROE)?
B2Gold Corp. (BTG) has a return on equity of 11.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is B2Gold Corp.'s operating cash flow?
B2Gold Corp. (BTG) generated $895.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are B2Gold Corp.'s total assets?
B2Gold Corp. (BTG) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is B2Gold Corp.'s current ratio?
B2Gold Corp. (BTG) had a current ratio of 1.06 as of fiscal year 2025, which is considered adequate.
What is B2Gold Corp.'s debt-to-equity ratio?
B2Gold Corp. (BTG) had a debt-to-equity ratio of 0.16 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is B2Gold Corp.'s liabilities-to-equity ratio?
B2Gold Corp. (BTG) had a liabilities-to-equity ratio of 0.62 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is B2Gold Corp.'s return on assets (ROA)?
B2Gold Corp. (BTG) had a return on assets of 6.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is B2Gold Corp.'s P/E ratio?
B2Gold Corp. (BTG) trades at 15.8x earnings, its market capitalization divided by $401.9M net income, FY2025. The market capitalization is $6.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is B2Gold Corp.'s price-to-sales ratio?
B2Gold Corp. (BTG) trades at 2.1x sales, its market capitalization divided by $3.1B revenue, FY2025. The market capitalization is $6.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is B2Gold Corp.'s Altman Z-Score?
B2Gold Corp. (BTG) has an Altman Z-Score of 2.97, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is B2Gold Corp.'s Piotroski F-Score?
B2Gold Corp. (BTG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are B2Gold Corp.'s earnings high quality?
B2Gold Corp. (BTG) has an earnings quality ratio of 2.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can B2Gold Corp. cover its interest payments?
B2Gold Corp. (BTG) has an interest coverage ratio of 197.47x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is B2Gold Corp.?
B2Gold Corp. (BTG) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For B2Gold Corp. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.