B2Gold Corp (TSE:BTO)
TSX:BTO
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B2Gold
(TSX:BTO)
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Rating:59Neutral
Price Target:
C$7.00
▲(3.24% Upside)
Action:ReiteratedDate:03/26/26
The score is anchored by improved 2025 operating/earnings performance and a low-leverage balance sheet, supported by generally positive earnings-call commentary on liquidity and project pipeline. Offsetting these are weak technical momentum (downtrend/negative MACD) and concerns about cash-flow consistency plus near-term production headwinds and execution risks (notably Goose and permitting timing).
Positive Factors
Operating cash generation
Sustained, large operating cash flow in 2025 demonstrates the business can generate significant internal funds to support capex, debt service, buybacks and working capital. Over the medium term this cash generation underpins financing flexibility and resilience to commodity cycles.
Negative Factors
Earnings volatility
Material swings in profitability reduce predictability of earnings and return metrics. For a cyclical gold producer, volatile margins and ROE complicate capital allocation, investor confidence and planning for multi-year projects that require steady cash flow to de-risk execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating cash generation
Sustained, large operating cash flow in 2025 demonstrates the business can generate significant internal funds to support capex, debt service, buybacks and working capital. Over the medium term this cash generation underpins financing flexibility and resilience to commodity cycles.
Read all positive factors
B2Gold (BTO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.11B
Dividend Yield1.71%
Average Volume (3M)6.39M
Price to Earnings (P/E)14.6
Beta (1Y)2.21
Revenue Growth34.31%
EPS GrowthN/A
CountryCA
Employees2,212
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.15
Shares Outstanding1,343,243,200
10 Day Avg. Volume4,817,574
30 Day Avg. Volume6,387,589
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)1.66
Price to Sales (P/S)1.91
P/FCF Ratio89.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.02Price Target Upside32.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.81
Revenue Forecast (FY)C$4.21B
B2Gold Business Overview & Revenue Model
Company Description
B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 25% inte...
How the Company Makes Money
B2Gold primarily makes money by producing gold (and, where applicable, by-product metals) from its mining operations and selling that production into the commodities market. Revenue is recognized based on the quantity of metal delivered and the re...
B2Gold Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call highlights strong financial results (record $3.0B revenue, $896M operating cash flow), solid 2025 operational performance (≈980k oz produced), meaningful liquidity and capital-return activity (share buybacks, revolver capacity) and clear longer-term growth projects (Fekola underground, Antelope). Offsetting these positives are near-term production headwinds for 2026 driven by the Otjikoto open-pit completion and Fekola Phase changes, operational reliability issues at Goose that require additional capital to fully remediate, and timing risks around permits and year-end shipment recognition. Overall, the positives—record revenue, robust cash generation, confirmed growth projects and financial flexibility—outweigh the moderate near-term operational and timing challenges.Positive Updates
Record Annual Revenue and Strong Cash Generation
Recorded a company record $3.0 billion in revenue for fiscal 2025. Operating cash flows for 2025 were $896 million, including $286 million in Q4. Q4 revenue was $1.05 billion.
Negative Updates
2026 Production Guidance Decline vs 2025
2026 production guidance of 820,000–970,000 ounces is lower than 2025 actual production of ~980,000 ounces. At the low end (820,000 oz) this represents a decline of up to ~16% versus 2025; at the high end (970,000 oz) it represents a modest ~1% decline.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Strong Cash Generation
Recorded a company record $3.0 billion in revenue for fiscal 2025. Operating cash flows for 2025 were $896 million, including $286 million in Q4. Q4 revenue was $1.05 billion.
Read all positive updates
Company Guidance
Management guided 2026 consolidated production of 820,000–970,000 ounces (after ~980,000 oz produced in 2025), with Fekola Regional expected to add 60,000–80,000 oz (Fekola underground ~71,000 oz; Fekola + Cardinal ~300,000 oz ex‑Regional), Goose to ramp through 2026 toward ~3,200 tpd after H2/26 hopper/apron fixes (Phase 1 capex $7M in the budget) with studies to reach ~4,000 tpd (Phase 2 capex in the “tens of millions,” ~CAD50M indicative), Otjikoto to transition to Wolfshag underground and Antelope development underway with potential to lift Otjikoto to ~110,000 oz/year from 2029–2032 and extend life into the 2030s, cash taxes modeled at US$5,000/oz (withholdings ~US$115M), and strong liquidity highlighted by 2025 revenue of US$3.0B (Q4 US$1.05B), 2025 operating cash flow US$896M (Q4 US$286M), year‑end cash US$380M, US$150M drawn on the revolver (US$100M repaid post‑year end) and NCIB repurchases of 2M shares (~US$10M) in 2025 plus 5M shares (~US$24M) post‑year end; management expects the ~66,000 oz delivered under prepays in Q4 (plus ~20,000 oz shipped after year‑end) to be wound up by end‑June 2026, freeing roughly US$110M/month of cash flow thereafter.B2Gold Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.11B | 1.90B | 1.93B | 1.73B | 1.76B |
| Gross Profit | 1.56B | 1.07B | 1.18B | 988.10M | 1.15B |
| EBITDA | 1.89B | 926.24M | 869.71M | 916.92M | 1.09B |
| Net Income | 408.94M | -629.89M | 10.10M | 252.87M | 420.06M |
Balance Sheet | |||||
| Total Assets | 5.87B | 4.81B | 4.84B | 3.72B | 3.53B |
| Cash, Cash Equivalents and Short-Term Investments | 384.59M | 348.33M | 304.69M | 658.34M | 666.67M |
| Total Debt | 629.31M | 437.62M | 190.74M | 57.79M | 74.43M |
| Total Liabilities | 2.23B | 1.78B | 957.71M | 575.03M | 594.64M |
| Stockholders Equity | 3.59B | 2.98B | 3.78B | 3.04B | 2.83B |
Cash Flow | |||||
| Free Cash Flow | 66.38M | 185.63K | -25.37M | 303.59M | 463.76M |
| Operating Cash Flow | 892.75M | 824.38M | 721.38M | 573.74M | 705.83M |
| Investing Cash Flow | -908.37M | -726.65M | -859.05M | -377.21M | -281.47M |
| Financing Cash Flow | 78.44M | -54.67M | -190.98M | -200.67M | -224.17M |
B2Gold Technical Analysis
Positive
6.78
Price Trends
6.94
Negative
6.60
Positive
6.18
Positive
Market Momentum
-0.12
Negative
54.57
Neutral
85.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Positive. The current price of 6.78 is above the 20-day moving average (MA) of 6.27, below the 50-day MA of 6.94, and above the 200-day MA of 6.18, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 54.57 is Neutral, neither overbought nor oversold. The STOCH value of 85.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BTO.
B2Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$11.80B | 15.49 | 19.82% | 0.51% | 37.75% | 59.97% | |
78 Outperform | C$10.35B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
67 Neutral | C$9.79B | 14.13 | 12.40% | ― | 44.88% | 38.67% | |
62 Neutral | C$9.34B | 24.10 | 28.16% | ― | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$9.11B | 14.58 | 12.15% | 1.71% | 34.31% | ― |
* Basic Materials Sector Average
TSE:BTO
B2Gold
6.78
2.79
69.71%
TSE:ELD
Eldorado Gold
49.30
25.22
104.73%
TSE:OGC
OceanaGold
45.96
32.21
234.21%
TSE:DPM
Dundee Precious Mtl
53.18
35.31
197.66%
TSE:ARTG
Artemis Gold
40.32
23.07
133.74%
B2Gold Corporate Events
Business Operations and StrategyStock Buyback
B2Gold Renews Share Buyback, Expands Capacity to Repurchase Stock
Positive
Apr 1, 2026
B2Gold has received Toronto Stock Exchange approval to renew its normal course issuer bid, allowing the company to repurchase up to 132,662,594 common shares, or 10% of its public float, over a 12‑month period beginning April 3, 2026. Manage...
Business Operations and Strategy
B2Gold’s 2025 Back River Drilling Confirms High-Grade Gold and Extends District Potential
Positive
Mar 26, 2026
B2Gold reported strong results from its 2025 exploration program at the Back River Gold District in Nunavut, highlighting high-grade drill intersections at the Goose Mine’s Llama deposit that are expected to upgrade portions of Inferred reso...
Business Operations and StrategyExecutive/Board Changes
B2Gold Sets CEO Succession as Founder Clive Johnson Prepares to Step Down
Positive
Feb 23, 2026
B2Gold announced a planned leadership transition in which founding President and CEO Clive Johnson will retire from his executive roles and board seat at the June 4, 2026 annual meeting, after nearly two decades leading the company’s expansi...
Business Operations and StrategyDividendsFinancial Disclosures
B2Gold Posts Record 2025 Revenue and Solid Margins as Goose Mine Ramps Up
Positive
Feb 18, 2026
B2Gold reported strong operational and financial performance for 2025, with consolidated gold production of 979,604 ounces, driven by better-than-expected output at its Fekola, Masbate and Otjikoto mines and the ramp-up of the Goose Mine, which re...
Business Operations and StrategyFinancial Disclosures
B2Gold Sets Date for 2025 Results Release and 2026 Guidance Call
Neutral
Jan 22, 2026
B2Gold Corp. announced it will release its fourth quarter and full-year 2025 financial results along with its 2026 guidance after North American markets close on February 18, 2026, underscoring the company’s ongoing transparency with investo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.