B2Gold Corp. (BTG) Financial Ratios
19 years of historical data (2007–2025) · Basic Materials · Gold
EV/EBITDA
↑
3.27
-7% vs avg
5yr avg: 3.52
30Y Low3.3·High26.6
P/FCF
↑
87.01
↑+171% vs avg
5yr avg: 32.10
30Y Low6.1·High127.9
P/B Ratio
↑
1.75
↑+34% vs avg
5yr avg: 1.31
30Y Low0.4·High3.1
ROE
↓
12.1%
↓+246% vs avg
5yr avg: 3.5%
30Y Low-42%·High27%
Debt/EBITDA
↑
0.34
↑+54% vs avg
5yr avg: 0.22
30Y Low0.0·High9.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BTG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
B2Gold Corp. trades at 15.4x earnings, 86% below its 5-year average of 106.5x, sitting at the 33rd percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.6x, the stock trades at a discount of 35%. On a free-cash-flow basis, the stock trades at 87.0x P/FCF, 171% above the 5-year average of 32.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.8B | $6.7B | $3.2B | $3.9B | $3.8B | $4.2B | $5.9B | $4.1B | $3.1B | $3.1B | $2.3B |
| Enterprise Value | $6.0B | $6.9B | $3.3B | $3.8B | $3.2B | $3.6B | $5.5B | $4.2B | $3.4B | $3.6B | $2.6B |
| P/E Ratio → | 15.36 | 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 | 1.75 | 1.84 | 1.05 | 1.01 | 1.23 | 1.41 | 2.22 | 2.00 | 1.85 | 1.96 | 1.56 |
| P/FCF | 87.01 | 100.61 | — | 6.13 | 12.72 | 8.92 | 8.86 | 19.23 | 17.06 | — | 37.19 |
| P/OCF | 6.47 | 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
BTG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
B2Gold Corp.'s enterprise value stands at 3.3x EBITDA, 7% below its 5-year average of 3.5x. The Basic Materials sector median is 11.0x, placing the stock at a 70% discount on an enterprise-value basis.
| 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 | 3.27 | 3.75 | 3.42 | 3.52 | 3.64 | 3.27 | 4.09 | 5.56 | 6.59 | 14.35 | 8.79 |
| EV / EBIT | 4.29 | 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 |
BTG Profitability
Margins and return-on-capital ratios measuring operating efficiency
B2Gold Corp. earns an operating margin of 45.9%, significantly above the Basic Materials sector average of 10.3%. Operating margins have expanded from 34.9% to 45.9% over the past 3 years, signaling improving operational efficiency. ROE of 12.1% is modest. ROIC of 30.0% represents excellent returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
BTG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
B2Gold Corp. carries a Debt/EBITDA ratio of 0.3x, which is very conservative (86% below the sector average of 2.4x). Net debt stands at $250M ($629M total debt minus $380M cash). Interest coverage of 26.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 2.78 | 1.64 |
| 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 | 2.19 | 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 |
BTG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.06x means B2Gold Corp. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.47x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 2.27x to 1.06x over the past 3 years.
| 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 |
BTG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
B2Gold Corp. returns 1.8% to shareholders annually — split between a 1.7% dividend yield and 0.2% buyback yield. The payout ratio of 26.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 1.7% | 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% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.2% | — | 0.3% | 6.7% | 10.2% | 10.5% | 7.2% | 3.4% | 1.9% | 1.7% |
| FCF Yield | 1.1% | 1.0% | — | 16.3% | 7.9% | 11.2% | 11.3% | 5.2% | 5.9% | — | 2.7% |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.8% | 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 |
Peer Comparison
Compare BTG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BTGYou | $6B | 15.4 | 3.3 | 87.0 | 50.0% | 45.9% | 12.1% | 30.0% | 0.3 |
 EGO | $7B | 13.2 | 6.7 | — | 44.9% | 41.5% | 12.6% | 13.3% | 1.2 |
 CDE | $11B | 19.5 | 11.0 | 17.1 | 39.3% | 36.3% | 26.4% | 23.5% | 0.4 |
 PAAS | $21B | 18.8 | 11.8 | 19.1 | 37.7% | 32.3% | 17.0% | 15.7% | 0.5 |
 KGC | $32B | 13.4 | 7.2 | 12.4 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 IAG | $10B | 14.6 | 6.6 | 12.9 | 41.2% | 38.9% | 17.7% | 19.1% | 0.5 |
 AU | $46B | 17.5 | 8.3 | 14.8 | 46.5% | 45.1% | 28.6% | 35.9% | 0.4 |
 HL | $11B | 32.6 | 15.2 | 34.5 | 41.1% | 37.5% | 13.9% | 15.3% | 0.4 |
 NEM | $115B | 16.2 | 8.2 | 15.8 | 49.8% | 46.9% | 22.1% | 24.9% | 0.0 |
 AEM | $83B | 18.8 | 10.2 | 19.6 | 58.1% | 53.1% | 19.6% | 21.9% | 0.0 |
 GFI | $35B | 28.0 | 13.5 | 48.7 | 42.5% | 40.2% | 24.9% | 24.0% | 1.1 |
| Basic Materials Median | — | 23.6 | 11.0 | 29.0 | 30.9% | 10.3% | -0.0% | 4.6% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 19 years · Updated daily
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BTG — Frequently Asked Questions
Quick answers to the most common questions about buying BTG stock.
What is B2Gold Corp.'s P/E ratio?
B2Gold Corp.'s current P/E ratio is 15.4x. The historical average is 27.1x. This places it at the 33th percentile of its historical range.
What is B2Gold Corp.'s EV/EBITDA?
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.
What is B2Gold Corp.'s ROE?
B2Gold Corp.'s return on equity (ROE) is 12.1%. The historical average is 0.6%.
Is BTG stock overvalued?
Based on historical data, B2Gold Corp. is trading at a P/E of 15.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is B2Gold Corp.'s dividend yield?
B2Gold Corp.'s current dividend yield is 1.65% with a payout ratio of 26.2%.
What are B2Gold Corp.'s profit margins?
B2Gold Corp. has 50.0% gross margin and 45.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does B2Gold Corp. have?
B2Gold Corp.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.