Latest Ratios: P/E Ratio 6.8x · EV/EBITDA 3.3x · ROE 12.1%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $6.7B | $3.2B | $3.9B | $3.8B | $4.2B | $5.9B | $4.1B | $3.1B | $3.1B | $2.3B |
| Enterprise Value | $7.4B | $6.9B | $3.3B | $3.8B | $3.2B | $3.6B | $5.5B | $4.2B | $3.4B | $3.6B | $2.6B |
| P/E Ratio → | 6.75 | 16.11 | — | 385.37 | 14.88 | 9.82 | 9.49 | 13.83 | 29.20 | 53.26 | 58.52 |
| P/S Ratio | 1.89 | 2.18 | 1.68 | 2.02 | 2.21 | 2.37 | 3.31 | 3.55 | 2.50 | 4.81 | 3.31 |
| P/B Ratio | 2.20 | 1.84 | 1.05 | 1.01 | 1.23 | 1.41 | 2.22 | 2.00 | 1.85 | 1.96 | 1.56 |
| P/FCF | 14.72 | 100.61 | — | 6.13 | 12.72 | 8.92 | 8.86 | 19.23 | 17.06 | — | 37.19 |
| P/OCF | 8.06 | 7.48 | 3.64 | 5.47 | 6.73 | 5.86 | 5.99 | 8.54 | 6.78 | 19.83 | 5.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.26 | 1.73 | 1.96 | 1.86 | 2.03 | 3.10 | 3.65 | 2.80 | 5.68 | 3.81 |
| EV / EBITDA | 3.29 | 3.75 | 3.42 | 3.52 | 3.64 | 3.27 | 4.09 | 5.56 | 6.59 | 14.68 | 8.73 |
| EV / EBIT | 5.30 | 6.83 | — | 11.36 | 5.96 | 4.84 | 5.28 | 8.30 | 12.16 | 44.35 | 33.51 |
| EV / FCF | — | 104.37 | — | 5.95 | 10.75 | 7.65 | 8.31 | 19.80 | 19.16 | — | 42.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0% | 50.0% | 37.1% | 40.3% | 34.9% | 43.6% | 53.6% | 39.0% | 29.8% | 23.5% | 30.7% |
| Operating Margin | 45.9% | 45.9% | 31.3% | 34.9% | 29.0% | 40.5% | 58.9% | 44.0% | 23.4% | 13.6% | 18.5% |
| Net Profit Margin | 13.1% | 13.1% | -33.1% | 0.5% | 14.6% | 23.8% | 35.1% | 25.4% | 2.4% | 8.9% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | -18.2% | 0.3% | 8.3% | 15.0% | 26.7% | 15.8% | 1.8% | 3.8% | 2.8% |
| ROA | 7.5% | 7.5% | -13.0% | 0.2% | 7.0% | 12.1% | 20.8% | 11.2% | 1.1% | 2.3% | 1.8% |
| ROIC | 30.0% | 30.0% | 12.9% | 16.1% | 15.5% | 23.0% | 35.4% | 18.1% | 10.3% | 3.3% | 5.4% |
| ROCE | 31.1% | 31.1% | 13.6% | 16.9% | 14.8% | 22.3% | 37.6% | 20.9% | 12.6% | 4.0% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.14 | 0.05 | 0.02 | 0.03 | 0.04 | 0.13 | 0.29 | 0.45 | 0.33 |
| Debt / EBITDA | 0.34 | 0.34 | 0.45 | 0.18 | 0.06 | 0.07 | 0.08 | 0.34 | 0.92 | 2.84 | 1.63 |
| Net Debt / Equity | — | 0.07 | 0.03 | -0.03 | -0.19 | -0.20 | -0.14 | 0.06 | 0.23 | 0.35 | 0.24 |
| Net Debt / EBITDA | 0.14 | 0.14 | 0.10 | -0.11 | -0.67 | -0.55 | -0.27 | 0.16 | 0.72 | 2.24 | 1.15 |
| Debt / FCF | — | 3.76 | — | -0.18 | -1.98 | -1.28 | -0.55 | 0.57 | 2.10 | — | 5.62 |
| Interest Coverage | 26.91 | 26.91 | -7.87 | 24.00 | 49.94 | 62.56 | 66.46 | 19.17 | 9.21 | 6.34 | 7.64 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 1.55 | 2.27 | 4.43 | 4.52 | 2.67 | 2.60 | 1.75 | 0.80 | 1.57 |
| Quick Ratio | 0.47 | 0.47 | 0.73 | 1.16 | 3.01 | 3.35 | 1.83 | 1.28 | 0.62 | 0.38 | 0.98 |
| Cash Ratio | 0.36 | 0.36 | 0.60 | 0.98 | 2.79 | 2.91 | 1.68 | 0.85 | 0.50 | 0.30 | 0.82 |
| Asset Turnover | — | 0.52 | 0.40 | 0.40 | 0.47 | 0.50 | 0.53 | 0.43 | 0.48 | 0.24 | 0.29 |
| Inventory Turnover | 2.44 | 2.44 | 2.51 | 3.35 | 3.40 | 3.65 | 3.49 | 3.24 | 3.68 | 2.37 | 4.52 |
| Days Sales Outstanding | — | 10.76 | 12.76 | 9.14 | 9.11 | 8.76 | 5.75 | 14.76 | 7.84 | 23.97 | 14.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.6% | 5.8% | 4.9% | 4.3% | 4.0% | 2.1% | 0.3% | — | — | — |
| Payout Ratio | 26.2% | 26.2% | — | 1883.2% | 64.8% | 39.7% | 19.3% | 3.6% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.8% | 6.2% | — | 0.3% | 6.7% | 10.2% | 10.5% | 7.2% | 3.4% | 1.9% | 1.7% |
| FCF Yield | 6.8% | 1.0% | — | 16.3% | 7.9% | 11.2% | 11.3% | 5.2% | 5.9% | — | 2.7% |
| Buyback Yield | 0.1% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.5% | 1.7% | 5.8% | 4.9% | 4.3% | 4.0% | 2.1% | 0.3% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.5B | $1.3B | $1.2B | $1.1B | $1.1B | $1.1B | $1.0B | $1.0B | $991M | $955M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying BTG stock.
B2Gold Corp.'s current P/E ratio is 6.8x. The historical average is 27.1x.
B2Gold Corp.'s current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
B2Gold Corp.'s return on equity (ROE) is 12.1%. The historical average is 0.6%.
Based on historical data, B2Gold Corp. is trading at a P/E of 6.8x. Compare with industry peers and growth rates for a complete picture.
B2Gold Corp.'s current dividend yield is 1.32% with a payout ratio of 26.2%.
B2Gold Corp. has 50.0% gross margin and 45.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
B2Gold Corp.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Mali jurisdictional and mining code exposure
Discounted Multiples Reflect Jurisdiction Risk
Based on reported TTM figures, BTG trades at 19.29 trailing P/E but only 9.56 forward P/E and 4.03 EV/EBITDA, below peers such as Kinross at 5.99 and Eldorado at 7.71, implying a persistent jurisdiction discount.
The gap between trailing and forward P/E suggests consensus expects earnings to rise sharply from the depressed 2024 base, which warrants caution on the forward figure rather than treating it as a sustained run-rate. The EV/EBITDA discount appears to price in the concentrated Malian asset base rather than operating weakness, since margins remain above most peers. Price-to-free-cash-flow of 108.39, however, indicates realized cash generation has been uneven, so investors should weigh the EBITDA-based discount against the cash-based premium.
Operating Margin Overstates Bottom-Line Returns
According to reported quarterly results, BTG's operating margin of 45.9% contrasts with a net margin of 13.1%, a spread that may reflect material non-operating charges or tax drag relative to a peer median net margin near 27%.
Gross margins near 50% sit above most peers, which suggests a durable cost advantage at Fekola rather than a temporary price effect. The wide gap between operating and net margin, however, indicates bottom-line earnings quality is less favorable than headline operating strength implies. Until the drivers of that spread are identified, operating margin is the more reliable proxy for asset-level earning power.
Negligible Leverage Despite Recent Debt Build
Based on reported balance sheets, BTG's debt-to-equity ratio moved from 0.01 to 0.12 over recent quarters while interest coverage swung between 0.71 and 42.12, indicating debt service comfort is variable quarter to quarter.
Absolute leverage remains modest, with debt-to-EBITDA near 1.17, which is conservative for a producer of this scale. The volatility in interest coverage appears to reflect quarterly earnings swings more than any change in debt burden, making the ratio an unstable indicator on a single-period basis. Refinancing risk appears limited given the current ratio above 1.7, though the trend in new borrowing warrants monitoring.
Current Ratio Recovers Above One and a Half
As reported in financial statements, BTG's current ratio improved from 1.06 to 1.77 across recent quarters, while the quick ratio of 0.66 indicates heavy reliance on inventory and other non-liquid current assets.
The rise in the current ratio to 1.77 suggests a stronger near-term liquidity buffer, but a quick ratio below 0.70 means a meaningful share of current assets sits in inventory such as gold-in-circuit. Under a severe gold price drop, the liquid cushion would depend on cash holdings and operating cash flow rather than the headline current ratio. Investors may treat the quick ratio as the more demanding stress test of liquidity.
Working Capital Cycle Funded by Payables
Based on reported quarterly data, BTG's cash conversion cycle ran between 68 and 117 days, with days payable outstanding of roughly 107 to 155 days largely offsetting inventory days of 121 to 146.
The cash conversion cycle appears to be funded by supplier credit, since payables days exceed inventory days in most periods. This structure suggests reliance on extended payment terms with contractors and suppliers, which could reverse if vendors tighten terms during operational stress. The swing in working capital therefore appears to contribute materially to quarterly operating cash flow volatility.
Headline Ratios Mask Concentrated Exposure
Based on reported figures, BTG's strong margins and low leverage may overstate resilience, since the majority of revenue and cash generation is tied to Mali, where mining code changes could materially reduce net present value.
The sustainability of the 60.9% revenue growth rate is uncertain as the comparison base normalizes, and it depends on gold prices and grade profiles that may not persist. Ratios such as ROIC and EV/EBITDA are computed on a consolidated basis and do not isolate the jurisdictional risk embedded in Fekola, so the apparent discount may be a rational price for concentration rather than mispricing. Investors should monitor the net-to-operating margin gap and working capital reversals before extrapolating current ratio strength.