B2Gold (BTO) AI Stock Analysis

• Market Cap: C$8.86B
• Dividend Yield: 1.71%
• Average Volume (3M): 7.38M
• Price to Earnings (P/E): 14.6
• Beta (1Y): 1.98
• Revenue Growth: 34.31%
• EPS Growth: N/A
• Country: CA
• Employees: 2,212
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.15
• Shares Outstanding: 1,337,044,000
• 10 Day Avg. Volume: 5,940,513
• 30 Day Avg. Volume: 7,378,172
• PEG Ratio: -0.09
• Price to Book (P/B): 1.66
• Price to Sales (P/S): 1.91
• P/FCF Ratio: 89.85
• 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$8.95
• Price Target Upside: 34.99% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.81
• Revenue Forecast (FY): C$4.20B

• Rating: 66 Neutral
• Price Target: C$9.00 ▲(35.75% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by a strong 2025 earnings rebound and a low-leverage balance sheet, tempered by uneven free cash flow and earnings volatility. Technicals are supportive on a medium-term basis but not strongly bullish in the near term, while valuation and dividend support are only moderate. Earnings call takeaways are net positive due to strong operations and Goose ramp progress, but near-term execution and guidance risks remain.

Positive Factors

Conservative Balance Sheet

Low leverage provides durable financial flexibility to fund sustaining capex, support the Goose ramp and Antelope development, and absorb gold-price cycles. A strong equity base reduces refinancing risk and preserves capacity to repay gold prepay or draw on revolver when needed.

Operational Production Strength

Multiple operating mines outperforming expectations lowers consolidated unit costs and diversifies production risk. Consistent outperformance across assets supports margin sustainability, steadier revenue generation, and resilience if one site underperforms, underpinning medium-term cash generation.

Multi-year Production Ramp

A clear multi-year production ramp at Goose increases scale and revenue visibility, enabling lower unit costs and stronger operating leverage. When combined with project decisions like Antelope, this supports a longer production profile and potential margin improvements over 2–3 years.

Negative Factors

Earnings Volatility

Large swings in annual earnings reduce predictability of cash flow and returns, complicating capital allocation and dividend planning. For a cyclical gold miner this volatility reflects sensitivity to prices, grades and costs, increasing execution and investor-return risk over the medium term.

Inconsistent Free Cash Flow

Weak and inconsistent free cash flow constrains the company’s ability to self-fund growth, repay prepay obligations, and sustain dividends without drawing on liquidity. Persistently low cash conversion increases reliance on external financing for development projects and lowers margin of safety.

Operational & Political Execution Risks

Goose ramp issues (crushing capacity and lower near-term grades) raise execution risk that can delay expected cost and production benefits. Political instability in Mali adds sovereign and operational risk, potentially raising security, insurance and permitting costs and disrupting medium-term output.

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

Strong 2025 rebound in revenue and profitability and a conservatively levered balance sheet support resilience, but profitability has been volatile (notably a large 2024 loss) and free cash flow has been inconsistent with weak cash conversion in 2025.

Income Statement

Profitability rebounded sharply in 2025 with strong revenue growth (+24.7%) and a return to solid earnings after a large loss in 2024. Operating performance in 2025 looks very strong (high gross and EBITDA margins), but results have been volatile over the last few years (profit in 2023, large loss in 2024, recovery in 2025), which reduces confidence in earnings durability for a cyclical gold producer.

Balance Sheet

The balance sheet is conservatively levered, with low debt relative to equity across the period (debt-to-equity ~0.15–0.18 in 2024–2025, and even lower in earlier years). Equity remains sizable versus total assets, supporting financial flexibility; however, returns on equity have swung materially (negative in 2024, back to ~11% in 2025), reflecting earnings volatility rather than balance-sheet stress.

Cash Flow

Operating cash flow has remained positive and relatively steady year-to-year, which is a key strength. The weakness is free cash flow consistency: 2025 free cash flow was modest and fell sharply versus the prior year (large negative growth), and free cash flow generation has been uneven (including negative free cash flow in 2023). Cash conversion in 2025 appears weak, with free cash flow representing only a small portion of net income.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 6.63
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 6.63 is below the 20-day moving average (MA) of 7.44, below the 50-day MA of 7.09, and above the 200-day MA of 6.09, indicating a neutral trend. The MACD of -0.13 indicates Positive momentum. The RSI at 39.32 is Neutral, neither overbought nor oversold. The STOCH value of 9.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BTO.

B2Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DPM	83 Outperform	C$10.63B	15.49	16.54%	0.51%	37.75%	59.97%
OGC	81 Outperform	C$10.26B	10.22	30.82%	0.42%	51.00%	532.40%
NGD	73 Outperform	C$11.23B	10.07	22.38%	―	48.70%	1718.41%
ELD	67 Neutral	C$10.10B	14.13	12.40%	―	44.88%	38.67%
BTO	66 Neutral	C$8.86B	14.58	12.15%	1.71%	34.31%	―
ARTG	62 Neutral	C$8.69B	24.10	28.16%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

B2Gold Corporate Events

B2Gold Sets CEO Succession as Founder Clive Johnson Prepares to Step Down

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 expansion into a significant global gold producer. Johnson will be named Chair Emeritus, maintaining an advisory connection to the company, while current Senior Vice President, Finance and CFO Mike Cinnamond will become President, CEO and a director, a move the board views as ensuring continuity in strategy, operations and capital allocation.

As part of a broader governance refresh, Board Chair Kelvin Dushnisky will assume the role of Executive Chair effective February 23, 2026, emphasizing an orderly succession process designed to support B2Gold’s next phase of growth. The leadership changes signal a focus on optimizing existing operations, disciplined financial management and enhancing shareholder value, while preserving the founder’s influence and institutional knowledge for stakeholders through his Chair Emeritus role.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

B2Gold Posts Record 2025 Revenue and Solid Margins as Goose Mine Ramps Up

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 reached commercial production in October. The miner delivered annual cash operating costs of $769 per ounce and all-in sustaining costs of $1,584 per ounce, both at or below guidance, underpinned by higher production and lower fuel costs.

The company posted a record $3.06 billion in revenue on sales of 927,797 ounces at an average realized gold price of $3,299 per ounce, translating into 2025 net income attributable to shareholders of $402 million, or $0.30 per share, and adjusted net income of $612 million, or $0.46 per share. With operating cash flow before working capital of $940 million, a solid cash balance of $380 million at year-end, and 2026 production guidance of 820,000 to 970,000 ounces, B2Gold reinforced its financial resilience and capital-return plans by declaring a Q1 2026 dividend of US$0.02 per share.

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 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.