B2Gold Corp. (TSE:BTO)
XASE:BTO
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B2Gold
(NYSE MKT:BTO)
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Rating:75Outperform
Price Target:
C$8.00
▲(16.62% Upside)
Action:Reiterated
Date:05/11/26
The score is driven primarily by the strong TTM financial rebound and balance-sheet strength, reinforced by a positive earnings update showing strong cash generation and liquidity actions. This is tempered by historical volatility in profits/FCF and near-term operational/regulatory execution risks (notably Goose disruption and Fekola permit timing). Valuation is supportive, while technicals are positive but with slightly softened momentum.
Positive Factors
Strong cash generation
Sustained operating cash flow and positive free cash flow during the latest quarter materially improve internal funding capacity. This strengthens ability to fund repairs, discretionary buybacks, debt reduction and targeted capex without relying on external capital, enhancing resilience over the next several months.
Negative Factors
Earnings & FCF volatility
Historical swings in earnings and free cash flow, with TTM FCF only ~35% of net income and prior years of negative or minimal FCF, indicate weak cash conversion consistency. This variability reduces predictability of funding for capex, dividends or buybacks and raises execution risk under stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating cash flow and positive free cash flow during the latest quarter materially improve internal funding capacity. This strengthens ability to fund repairs, discretionary buybacks, debt reduction and targeted capex without relying on external capital, enhancing resilience over the next several months.
Read all positive factors
B2Gold (BTO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.07B
Dividend Yield1.71%
Average Volume (3M)5.41M
Price to Earnings (P/E)7.7
Beta (1Y)2.21
Revenue Growth85.46%
EPS GrowthN/A
CountryCA
Employees2,212
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.40
Shares Outstanding1,343,243,200
10 Day Avg. Volume7,147,877
30 Day Avg. Volume5,409,396
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$9.81Price Target Upside43.08% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.76
Revenue Forecast (FY)C$4.29B
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed a materially positive financial and operational picture: strong revenue, high operating and free cash flow, a stronger balance sheet, active share repurchases and a significant monetization (Fingold sale). These positives are tempered by a localized operational disruption at Goose (fire) causing a material Q2 production reduction and by short-term fuel/supply-chain and permit timing risks (Masbate fuel sensitivity and the pending Fekola Regional permit). Overall, management framed these as manageable, largely short-term issues against a strong cash and liquidity position.Positive Updates
Strong Quarter — Revenue, Earnings and Cash Generation
Revenue of nearly $1.2 billion in Q1 2026; GAAP EPS of $0.15 per share and adjusted EPS of $0.19 per share. Operating cash flow of $539 million and free cash flow of $362 million, demonstrating strong cash generation from operations.
Negative Updates
Goose Crushing Circuit Fire — Short-Term Production Hit
A localized fire in the Goose crushing circuit reduced crushed ore availability. Company now forecasts Q2 Goose production of 18,000–20,000 ounces versus a prior internal forecast of 29,000 ounces (midpoint decline from 29,000 to 19,000 ≈ -34%). Repairs to be completed in Q3 2026; Phase 1 repairs/upgrades cost estimated at ~$11 million (including ~$7 million repair).
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Q1-2026 Updates
Positive
Negative
Strong Quarter — Revenue, Earnings and Cash Generation
Revenue of nearly $1.2 billion in Q1 2026; GAAP EPS of $0.15 per share and adjusted EPS of $0.19 per share. Operating cash flow of $539 million and free cash flow of $362 million, demonstrating strong cash generation from operations.
Read all positive updates
Company Guidance
Management reiterated operational and financial targets: Q1 production was ~238,000 ounces, GAAP EPS $0.15 and adjusted EPS $0.19, revenue nearly $1.2B, operating cash flow $539M and free cash flow $362M, with cash of $479M (up from $380M); the company delivered just over 66,000 ounces under prepayment obligations (to be completed by end‑June) and repurchased ~16M shares for $80M in Q1 plus 4M for $18M post‑quarter while selling a 70% stake in Fingold for $325M and repaying the remaining $75M on its revolver (leaving $800M available + $200M accordion). On production guidance, B2Gold reiterated Goose full‑year guidance of 170,000–230,000 oz (medium‑term ~300,000 oz/yr), but cut Goose Q2 to 18,000–20,000 oz (prior internal ~29,000 oz) due to a localized crushing‑circuit fire; management expects to ramp average daily crushing to ~3,200 tpd by end‑Q3 2026 (Phase 1 upgrades ~$11M, repairs ~$7M) and to ~4,000 tpd after Phase 2 in H1 2027 (Phase 2 cost $20–30M), while Fekola Complex guidance is maintained provided the regional exploitation permit is received by end‑June and Masbate has a rolling 90‑day guaranteed fuel supply.B2Gold Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
82
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.68B | 3.11B | 1.90B | 1.93B | 1.73B | 1.76B |
| Gross Profit | 2.00B | 1.56B | 1.07B | 1.18B | 988.10M | 1.15B |
| EBITDA | 2.11B | 1.89B | 926.24M | 869.71M | 916.92M | 1.09B |
| Net Income | 543.39M | 408.94M | -629.89M | 10.10M | 252.87M | 420.06M |
Balance Sheet | ||||||
| Total Assets | 5.97B | 5.87B | 4.81B | 4.84B | 3.72B | 3.53B |
| Cash, Cash Equivalents and Short-Term Investments | 482.40M | 384.59M | 348.33M | 304.69M | 658.34M | 666.67M |
| Total Debt | 520.25M | 629.31M | 437.62M | 190.74M | 57.79M | 74.43M |
| Total Liabilities | 2.25B | 2.23B | 1.78B | 957.71M | 575.03M | 594.64M |
| Stockholders Equity | 3.67B | 3.59B | 2.98B | 3.78B | 3.04B | 2.83B |
Cash Flow | ||||||
| Free Cash Flow | 431.44M | 66.38M | 185.63K | -25.37M | 303.59M | 463.76M |
| Operating Cash Flow | 1.23B | 892.75M | 824.38M | 721.38M | 573.74M | 705.83M |
| Investing Cash Flow | -874.81M | -908.37M | -726.65M | -859.05M | -377.21M | -281.47M |
| Financing Cash Flow | -176.87M | 78.44M | -54.67M | -190.98M | -200.67M | -224.17M |
B2Gold Technical Analysis
Neutral
6.86
Price Trends
6.52
Positive
6.75
Negative
6.43
Positive
Market Momentum
0.15
Negative
51.47
Neutral
71.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Neutral. The current price of 6.86 is above the 20-day moving average (MA) of 6.56, above the 50-day MA of 6.52, and above the 200-day MA of 6.43, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 51.47 is Neutral, neither overbought nor oversold. The STOCH value of 71.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | C$9.70B | 7.89 | 34.87% | 0.42% | 61.07% | 163.91% | |
77 Outperform | C$9.94B | 11.74 | 22.46% | 0.51% | 75.48% | 95.86% | |
75 Outperform | C$9.07B | 7.74 | 15.70% | 1.71% | 85.46% | ― | |
66 Neutral | C$7.68B | 19.24 | 48.81% | ― | 2793.48% | ― | |
64 Neutral | C$11.46B | 12.45 | 13.68% | ― | 39.21% | 76.75% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:BTO
B2Gold
6.38
1.99
45.40%
TSE:ELD
Eldorado Gold
41.67
14.86
55.40%
TSE:OGC
OceanaGold
40.77
23.54
136.55%
TSE:DPM
Dundee Precious Mtl
42.82
23.62
123.06%
TSE:ARTG
Artemis Gold
31.55
10.27
48.26%
B2Gold Corporate Events
Business Operations and StrategyFinancial Disclosures
B2Gold Sets Date for Q1 2026 Results and Investor Call
Neutral
Apr 13, 2026
B2Gold Corp., a Vancouver-based international gold producer with operating mines in Canada, Mali, Namibia and the Philippines, continues to expand its footprint through a range of development and exploration projects worldwide. The company focuses...
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...
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.