Last 47 quarters of trend data · Basic Materials · Gold
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
B2Gold Corp.'s quarterly P/E stands at 10.3x. EV/EBITDA has compressed 24.9% YoY to 2.8x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.14 | 10.25 | 95.93 | 9.02 | 18.22 | — | — | — | 21.53 | — | — | 13.77 | 12.37 |
| — | — | — | — | -15.4% | — | — | — | +74.0% | — | — | -42.5% | -18.0% | |
| P/S Ratio | 1.82 | 1.70 | 2.37 | 1.93 | 1.97 | 1.60 | 2.25 | 1.79 | 1.85 | 2.01 | 1.96 | 2.38 | 2.25 |
| — | +6.2% | +5.2% | +7.5% | +6.4% | -20.1% | +14.8% | -24.9% | -17.8% | +24.0% | -10.1% | +0.6% | -32.6% | |
| P/B Ratio | 1.73 | 2.01 | 2.18 | 1.61 | 1.32 | 1.06 | 1.27 | 0.92 | 0.87 | 1.06 | 0.93 | 1.09 | 1.35 |
| — | +89.8% | +71.8% | +75.1% | +51.9% | +0.0% | +36.9% | -15.5% | -35.4% | -14.3% | -20.2% | -9.9% | -17.0% | |
| P/FCF | 85.34 | 14.28 | — | 77.83 | — | — | — | — | 1.79 | — | — | 86.55 | 11.52 |
| — | — | — | — | — | — | — | — | -84.5% | — | — | — | -62.8% | |
| EV / EBITDA | 3.14 | 2.79 | 4.17 | 3.16 | 3.59 | 3.72 | — | 6.17 | 2.95 | 13.54 | 6.83 | 3.98 | 3.33 |
| — | -24.9% | — | -48.8% | +21.6% | -72.5% | — | +54.9% | -11.2% | +505.9% | +38.0% | -8.1% | -39.3% | |
| EV / EBIT | 4.12 | 3.56 | 9.50 | 4.68 | 7.73 | 6.94 | — | 24.60 | 5.28 | — | 23.16 | 6.22 | 5.05 |
| — | -48.7% | — | -81.0% | +46.5% | — | — | +295.4% | +4.4% | — | +55.4% | -16.9% | -32.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
B2Gold Corp.'s operating margin was 49.5% in Q4 2025, up 3.9 pp QoQ and up 23.8 pp YoY. The trailing four-quarter average of 45.5% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 50.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0% | 52.3% | 49.9% | 50.8% | 44.7% | 34.8% | 49.7% | 43.3% | 39.9% | 40.1% | 35.7% | 40.4% | 45.1% |
| — | +50.3% | +0.3% | +17.3% | +11.9% | -13.3% | +39.4% | +7.1% | -11.5% | -8.8% | +62.9% | +30.9% | +18.1% | |
| Operating Margin | 46.1% | 49.5% | 45.6% | 47.6% | 39.2% | 25.7% | -125.4% | 6.3% | 33.5% | -6.9% | 5.8% | 33.8% | 37.1% |
| — | +92.5% | +136.3% | +661.0% | +17.1% | +473.9% | -2277.7% | -81.5% | -9.8% | -117.6% | -58.5% | +32.0% | +15.0% | |
| Net Margin | 13.1% | 16.2% | 2.5% | 22.3% | 10.8% | -2.4% | -141.4% | -4.9% | 8.6% | -22.1% | -9.0% | 17.1% | 18.2% |
| — | +780.8% | +101.7% | +557.8% | +25.6% | +89.3% | -1468.8% | -128.5% | -52.5% | -183.1% | -51.1% | +72.6% | -17.8% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 4.9% | 0.6% | 4.8% | 1.9% | -0.4% | -18.0% | -0.6% | 1.0% | -2.9% | -1.1% | 2.2% | 2.7% |
| — | +1394.4% | +103.2% | +870.4% | +82.5% | +86.6% | -1612.2% | -128.0% | -62.9% | -154.8% | -33.9% | +75.2% | +1.3% | |
| ROA | 7.7% | 3.0% | 0.3% | 3.0% | 1.2% | -0.2% | -12.7% | -0.5% | 0.8% | -2.3% | -0.9% | 1.9% | 2.3% |
| — | +1310.3% | +102.7% | +747.8% | +48.3% | +89.4% | -1340.1% | -124.8% | -66.0% | -153.2% | -33.3% | +75.0% | +2.0% | |
| ROIC | 30.7% | 10.6% | 7.5% | 7.4% | 4.9% | 3.1% | -12.9% | 0.7% | 3.2% | -0.7% | 0.6% | 3.8% | 5.2% |
| — | +243.2% | +158.0% | +987.4% | +51.5% | +540.8% | -2431.2% | -82.3% | -38.1% | -110.0% | -66.6% | +28.5% | +41.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
B2Gold Corp.'s Debt/EBITDA ratio is 0.9x, down from 1.4x last quarter — comfortably within a safe range. The current ratio has weakened 31.5% YoY to 1.06x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.19 | 0.13 | 0.13 | 0.14 | 0.12 | 0.01 | 0.01 | 0.05 | 0.01 | 0.01 | 0.02 |
| — | +20.0% | +61.3% | +1143.0% | +1063.9% | +193.6% | +864.1% | -21.6% | -26.2% | +167.2% | -42.2% | -39.6% | -35.3% | |
| Debt / EBITDA | 0.33 | 0.93 | 1.40 | 1.00 | 1.43 | 1.97 | — | 0.32 | 0.18 | 2.59 | 0.39 | 0.22 | 0.18 |
| — | -52.7% | — | +212.2% | +671.7% | -24.0% | — | +47.2% | +2.3% | +1542.1% | -7.7% | -41.3% | -51.1% | |
| Current Ratio | 1.06 | 1.06 | 1.03 | 0.98 | 1.22 | 1.55 | 1.83 | 2.93 | 2.99 | 2.27 | 2.18 | 2.79 | 4.00 |
| — | -31.5% | -43.6% | -66.5% | -59.2% | -31.5% | -15.8% | +5.2% | -25.3% | -48.8% | -58.2% | -39.9% | -22.6% | |
| Quick Ratio | 0.47 | 0.47 | 0.46 | 0.40 | 0.54 | 0.73 | 1.08 | 1.74 | 1.97 | 1.16 | 1.12 | 1.72 | 2.69 |
| — | -35.2% | -57.9% | -76.9% | -72.4% | -37.1% | -3.4% | +0.8% | -26.8% | -61.4% | -68.0% | -47.0% | -29.3% | |
| Interest Coverage | 37.45 | 23.28 | 75.42 | 67.89 | 36.49 | 12.18 | -80.70 | 4.13 | 16.16 | -7.19 | 8.63 | 54.57 | 60.12 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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B2Gold Corp.'s current P/E is 15.1x. The average P/E over the last 4 quarters is 33.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
B2Gold Corp.'s current operating margin is 46.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking B2Gold Corp.'s business trajectory between earnings reports.