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 Sep 9, 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.
This page shows B2Gold (BTG) financial statements, including the 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
B2Gold does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
B2Gold passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, B2Gold generates $2.10 in operating cash flow ($895.8M OCF vs $426.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
B2Gold held $380.4M in cash against $598.3M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 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.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
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 | Q4'2540-F | Q4'2440-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| Long-Term Debt | $598.3M+36.6% | $437.9M+127.9% | $192.1M+235.7% | $57.2M-23.8% | $75.1M-31.7% | $110.0M-58.0% | $261.9M-45.4% | $479.5M-31.7% |
| Total Equity | $3.6B+20.0% | $3.0B-22.4% | $3.9B+25.7% | $3.1B+5.1% | $3.0B+11.3% | $2.7B+29.7% | $2.1B+24.1% | $1.7B+5.5% |
| Retained Earnings | -$220.6M+57.2% | -$515.6M-230.3% | $395.9M-32.7% | $588.1M+15.9% | $507.4M+99.5% | $254.3M+197.4% | -$261.2M+52.3% | -$547.8M+10.3% |
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.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, 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.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, 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 BTG | FY2025 | N/A | $426.7M | N/A | $7.3B | — |
| Eldorado Gold EGO | FY2025 | $1.8B | $504.3M | 27.7% | $11.4B | 39/100 |
| OR Royalties Inc OR | FY2025 | $277.4M | $206.1M | 74.3% | $6.9B | 44/100 |
| IAMGOLD Corp IAG | FY2025 | $2.9B | $732.3M | 25.7% | $11.5B | 43/100 |
| Ssr Mng Inc SSRM | FY2025 | $1.6B | $395.8M | 24.3% | $7.5B | 55/100 |
| New Gold NGD | FY2024 | $924.5M | $102.6M | 11.1% | $7.2B | 35/100 |
Where B2Gold Ranks
Frequently Asked Questions
Is B2Gold profitable?
Yes, B2Gold (BTG) reported a net income of $426.7M in fiscal year 2025.
How much debt does B2Gold have?
As of fiscal year 2025, B2Gold (BTG) had $380.4M in cash and equivalents against $598.3M in long-term debt.
What is B2Gold's return on equity (ROE)?
B2Gold (BTG) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is B2Gold's operating cash flow?
B2Gold (BTG) generated $895.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are B2Gold's total assets?
B2Gold (BTG) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is B2Gold's current ratio?
B2Gold (BTG) had a current ratio of 1.06 as of fiscal year 2025, which is considered adequate.
What is B2Gold's debt-to-equity ratio?
B2Gold (BTG) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is B2Gold's return on assets (ROA)?
B2Gold (BTG) had a return on assets of 7.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is B2Gold's P/E ratio?
B2Gold (BTG) trades at 17.1x earnings, its market capitalization divided by net income of $426.7M net income, FY2025. The market capitalization is $7.3B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is B2Gold's price-to-sales ratio?
B2Gold (BTG) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $7.3B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is B2Gold's Piotroski F-Score?
B2Gold (BTG) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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's earnings high quality?
B2Gold (BTG) has an earnings quality ratio of 2.10x, 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.