B2Gold BTG
CanadaBasic Materials · GoldUSD
6.45 USD (+29.0%)
5 analysts
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B2Gold Corp is a gold producer with mining operations in Mali, Namibia and the Philippines, selling its output on the global precious metals market.
Key points
from its scores- ✓Very solid balance sheet8.7
- ✓Attractive valuation8.5
- ✓High-quality business7.4
- ✕Unfavourable risk and backdrop4.2
- ✕Poor share-price trend4.3
AI analysis
bottom line, main risk, context and newsThe solid financial position and cheap valuation offer a margin of safety, but record growth is not sustainable and gold faces headwinds from higher rates and a strong dollar.
B2Gold has an exceptionally strong balance sheet (Net Debt/EBITDA of 0.08), high profitability (ROIC 39.09%, operating margin 45.74%) and an attractive valuation (P/E 9.09, EV/EBITDA 3.28), although 185% earnings growth reflects a cyclical peak that will not persist.
Concentration of production in Mali, a country with significant political and regulatory risk, is B2Gold's biggest specific risk, ahead of gold price volatility.
Context and risks
B2Gold operates gold mines in Mali, Namibia and the Philippines, with a significant share of production in Mali, a country with a history of political instability and regulatory change risk in the mining sector. Although governance risk in Canada is low, operational exposure to emerging jurisdictions justifies a moderate adjustment.
Is B2Gold stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 60% below the Basic Materials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 9.1 | 19.2 | −53% |
| EV / EBITDA | 3.3 | 10.0 | −67% |
| Price / book | 1.7 | 2.3 | −26% |
| Price / sales | 1.7 | 2.2 | −21% |
Sector: median of the 141 Basic Materials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 8.5 out of 10 (median for Basic Materials: 5.8).
Average analyst target: 6.45 USD, +29.0% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 8.7 (sector 7.1), Growth 7.2 (sector 6.8).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Basic Materials medianValuation
- P/E
- 9.1
- Forward P/E
- 4.8
- EV / EBITDA
- 3.3
- Price / book
- 1.7
- Price / sales
- 1.7
- PEG
- 0.14
- Market cap
- 6.6B USD
- Enterprise value
- 6.8B USD
Profitability
- ROE
- 22.6%
- ROA
- 17.6%
- ROIC (approx.)
- 39.1%
- Gross margin
- 63.2%
- Operating margin
- 45.7%
- Net margin
- 21.3%
- Free cash flow
- 298.3M USD
- FCF yield
- 4.5%
- Cash conversion
- 14%
Solvency
- Total debt
- 456.1M USD
- Net debt
- 166.1M USD
- Cash
- 290.0M USD
- EBITDA
- 2.1B USD
- Net debt / EBITDA
- 0.08
- Debt / equity
- 11.39
- Current ratio
- 1.58
- Quick ratio
- 0.50
Growth
- Revenue growth
- +14.0%
- Earnings growth
- +185.4%
- EPS (TTM)
- 0.55 USD
- EPS (forward)
- 1.04 USD
Dividend
- Dividend yield
- 1.6%
- Payout
- 14.5%
Risk and market
- Beta
- 1.41
- Analyst consensus
- Buy (5)
- Target price
- 6.45 USD
- 52-week range
- 3.57 – 6.29
Recent news
All BTG news →Compare it with its sector
All 141 in Basic Materials →Frequently asked questions about B2Gold
Is B2Gold stock cheap or expensive?
On P/E and EV / EBITDA, it trades 60% below the Basic Materials median on average. Valuation score: 8.5 out of 10 (median for Basic Materials: 5.8). Average analyst target: 6.45 USD, +29.0% versus the price. This is not investment advice.
What score does B2Gold get on MeridIAn Screener?
It scores 6.9 out of 10, rank 243 of 2,130 (better than 86% of the companies analysed). Its strongest category is Financial health (8.7) and its weakest, Risk & Context (4.2). Analysis of 08/10/2026.
What is B2Gold's P/E ratio?
Its P/E is 9.1: the share price equals 9.1 times earnings per share over the last 12 months. The Basic Materials median is 19.2. Based on the earnings analysts expect, the forward P/E is 4.8.
How much is B2Gold worth on the stock market?
Its market capitalisation is 6.6B USD and its enterprise value, debt included, is 6.8B USD.
How much debt does B2Gold have?
Its net debt (debt minus cash) is 166.1M USD. That is 0.08 times its EBITDA; the Basic Materials median is 1.41.
Does B2Gold pay a dividend?
Yes: its dividend yield is 1.60% and it pays out 15% of its earnings.
How has B2Gold stock performed over the last year?
It has fallen 0.4% over the last year, excluding dividends. Over the last 52 weeks it has traded between 3.57 and 6.29 USD. Past performance does not guarantee future results.
What do analysts think of B2Gold?
5 analysts cover it; their average recommendation is “Buy” and their average target is 6.45 USD (+29.0% versus the price). It is an estimate, not market data.