B2Gold (BTO) AI Stock Analysis

• Market Cap: C$10.06B
• Dividend Yield: 1.71%
• Average Volume (3M): 6.98M
• Price to Earnings (P/E): 32.5
• Beta (1Y): 1.72
• Revenue Growth: 34.31%
• EPS Growth: N/A
• Country: US
• Employees: 2,212
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.19
• Shares Outstanding: 1,336,137,700
• 10 Day Avg. Volume: 8,769,306
• 30 Day Avg. Volume: 6,979,011
• PEG Ratio: <0.01
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 1.68
• P/FCF Ratio: 17.25K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$8.40
• Price Target Upside: 7.22% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: C$8.00 ▲(2.17% Upside)

B2Gold's overall stock score reflects a combination of strong operational achievements and financial challenges. The positive earnings call and technical indicators provide a favorable outlook, but high valuation and profitability issues weigh on the score. The company needs to address cash flow and profitability to enhance its financial position.

Positive Factors

Diversified low-cost production base

B2Gold's diversified footprint across multiple countries and established mines (including Fekola) provides a resilient production base. Geographic and asset diversification reduces single-asset risk, supports steady medium-term output and cash generation, and underpins scalability of low-cost operations.

Rapid project execution — Goose ramp

Bringing Goose to commercial production within months demonstrates strong project delivery and operational capability. Rapid execution boosts near-term production profile and validates management's development playbook, supporting multi-year production growth targets if similar execution is maintained.

Conservative balance sheet and low leverage

A low debt-to-equity ratio provides financial flexibility to fund development, absorb commodity price volatility, and address prepay obligations without excessive refinancing risk. This capital structure supports long-term investment and downside protection while management improves cash conversion.

Negative Factors

Negative net income margins

Persistent negative net margins indicate that non-operating costs, finance items or one-offs are eroding bottom-line profits. If unresolved, this undermines returns on equity, limits retained earnings for reinvestment, and weakens the long-term ability to sustain distributions or fund growth organically.

Weak free cash flow generation

Negative free cash flow growth constrains capacity to fund sustaining and growth capex, repay gold prepay/revolver draws, and reduce leverage. Although operating cash flow is positive, conversion to free cash remains a structural limiter on balance sheet repair and shareholder-return flexibility.

Political and operational risks at key assets

Exposure to Mali geopolitical risk and project execution issues at Goose create sustained operational uncertainty. Political disruptions or persistent capacity constraints can delay access to higher-grade ore, increase unit costs, and jeopardize multi-year production guidance and reserve life assumptions.

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% interest in the Calibre Mining Corp.; and approximately 19% interest in BeMetals Corp. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Uzbekistan, and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.

How the Company Makes Money

B2Gold generates revenue primarily through the production and sale of gold. The company sells its gold to various customers, including bullion banks and other financial institutions, which allows it to realize market prices for its product. Key revenue streams include the sale of gold bars produced from its mining operations and any by-products generated during the mining process, such as silver. Additionally, B2Gold benefits from cost efficiencies achieved through its mining operations, which help to maintain a low operating cost per ounce of gold produced. The company may also engage in hedging strategies to manage price fluctuations in gold, further stabilizing its revenue. Significant partnerships with local governments and communities in the regions where it operates enhance its operational capacity and may present opportunities for joint ventures or other collaborative efforts that can contribute to its earnings.

B2Gold Financial Statement Overview

Summary

B2Gold's financial performance is mixed. Strong revenue growth and operational efficiency are offset by negative net income margins and cash flow challenges. The balance sheet is stable with low leverage, but profitability issues persist, as indicated by a negative return on equity.

Income Statement

B2Gold's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) revenue growth rate is strong at 15%, indicating a positive trend in sales. However, the net profit margin is negative, suggesting profitability challenges. The gross profit margin is healthy at 58.56%, and the EBIT and EBITDA margins are robust, reflecting operational efficiency. The company needs to address its net income losses to improve overall profitability.

Balance Sheet

The balance sheet of B2Gold is relatively stable with a low debt-to-equity ratio of 0.14, indicating conservative leverage. However, the return on equity is negative, reflecting recent profitability issues. The equity ratio is strong, suggesting a solid capital structure. The company should focus on improving its return on equity to enhance shareholder value.

Cash Flow

B2Gold's cash flow statement reveals some concerns. The free cash flow growth rate is negative, and the free cash flow to net income ratio is also negative, indicating cash flow challenges. The operating cash flow to net income ratio is positive, showing that the company generates cash from operations, but it needs to improve its free cash flow generation to support future investments and debt repayments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.50B	1.90B	1.93B	1.73B	1.76B	1.79B
Gross Profit	1.44B	1.07B	1.18B	988.10M	1.15B	1.26B
EBITDA	1.97B	926.24M	869.71M	916.92M	1.09B	1.18B
Net Income	219.23M	-629.89M	10.10M	252.87M	420.06M	628.06M
Balance Sheet
Total Assets	5.69B	4.81B	4.84B	3.72B	3.53B	3.36B
Cash, Cash Equivalents and Short-Term Investments	375.29M	348.33M	304.69M	658.34M	666.67M	478.72M
Total Debt	636.99M	437.62M	190.74M	57.79M	74.43M	109.80M
Total Liabilities	2.32B	1.78B	957.71M	575.03M	594.64M	700.38M
Stockholders Equity	3.32B	2.98B	3.78B	3.04B	2.83B	2.57B
Cash Flow
Free Cash Flow	-170.04M	185.63K	-25.37M	303.59M	463.76M	665.94M
Operating Cash Flow	710.08M	824.38M	721.38M	573.74M	705.83M	985.77M
Investing Cash Flow	-954.68M	-726.65M	-859.05M	-377.21M	-281.47M	-355.09M
Financing Cash Flow	205.01M	-54.67M	-190.98M	-200.67M	-224.17M	-279.92M

B2Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.83
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 7.83 is above the 20-day moving average (MA) of 6.66, above the 50-day MA of 6.37, and above the 200-day MA of 5.62, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 80.69 is Negative, neither overbought nor oversold. The STOCH value of 91.91 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DPM	85 Outperform	C$11.75B	21.75	16.54%	0.51%	37.75%	59.97%
OGC	78 Outperform	C$11.63B	21.01	21.15%	0.42%	51.00%	532.40%
NGD	73 Outperform	C$13.57B	39.30	22.29%	―	48.70%	1718.41%
ELD	72 Outperform	C$13.14B	26.59	9.54%	―	44.88%	38.67%
BTO	67 Neutral	C$10.06B	32.47	6.90%	1.71%	34.31%	―
ARTG	62 Neutral	C$10.35B	51.66	28.16%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

B2Gold Corporate Events

B2Gold Sets Date for 2025 Results Release and 2026 Guidance Call

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 investors and other stakeholders. The miner’s executive team will host a conference call on February 19, 2026, to discuss the results and outlook, providing the market with updated insight into its operational performance and strategic direction across its global gold assets.

The most recent analyst rating on (TSE:BTO) stock is a Sell with a C$4.30 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

B2Gold Corp. Reports Robust Q3 2025 Results and Strategic Developments

B2Gold Corp. reported strong operational and financial results for the third quarter of 2025, with total gold production reaching 254,369 ounces, surpassing expectations. Despite challenges at the Goose Mine, the company maintains its production guidance for other mines and has approved the development of the Antelope underground deposit, which is expected to enhance future production capabilities.

The most recent analyst rating on (TSE:BTO) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

B2Gold’s Fekola Complex Operations in Mali Remain Stable

B2Gold Corp. has announced that its operations at the Fekola Complex in Mali are continuing without interruption, with all permits and licenses in good standing. The company maintains its 2025 gold production guidance for the Fekola Complex at 515,000 to 550,000 ounces and is in the final stages of obtaining the Fekola Regional exploitation permit. This stability in operations underscores B2Gold’s commitment to safe and reliable gold production, contributing to economic benefits and job creation in Mali.

The most recent analyst rating on (TSE:BTO) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.