One-glance verdict
Undervalued
$12.08 our estimate vs market $5.36
Wall Street consensus: $6.45 (-46.6% lower than our fair-value estimate)
56% below our estimate, below the bear case
Fundamentals snapshot
B2Gold Corp.
BTG · ASE · Basic Materials · Gold
Current price
$5.36
52-week range
$3.57 - $6.29
Market cap
$7.08B
Balance sheet
Healthy
37.25x Strong cushion
Net debt $166.05M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 60.9% last year.
- Reward Returns 22.6% on equity, ahead of 33% of its peers.
- Reward Free cash flow was positive in 4/10 years.
What this company does
B2Gold Corp.
B2Gold is a gold mining company that earns money by digging up and selling gold from its major mines located in countries like Mali, the Philippines, and Namibia. Since its business is selling a physical product, the company's profitability (its ability to make more money than it spends) is directly tied to the global price of gold and how efficiently it can run its international operations. B2Gold also searches for new gold deposits to ensure it can keep mining in the future.
How the company got here
B2Gold was started in 2007 by a team of executives from a previous mining company called Bema Gold. They began by raising money to explore for gold and quickly grew by acquiring other mining companies. This strategy of buying and building mines, rather than starting from scratch, allowed them to become a gold producer relatively quickly. Over the years, they've added several mines to their portfolio through these acquisitions, including key properties in the Philippines, Namibia, and Mali.
What it actually does
B2Gold is in the business of finding, building, and operating gold mines in different parts of the world. Think of them as a company that digs for gold, processes it into a valuable form, and then sells it. Their main product is gold doré bars, which are a semi-pure mixture of gold and silver that get sent to refineries to be turned into pure gold. The company makes money by selling this gold on the global market.
Fekola Mine
Located in Mali, the Fekola Mine is B2Gold's largest and most productive operation, contributing a significant portion of the company's total gold production. It's a large open-pit and underground mine known for being a low-cost operation, meaning it's relatively cheaper to get the gold out of the ground here compared to other mines. The government of Mali holds a minority ownership stake in this mine. This mine is a major driver of B2Gold's revenue (the total money it brings in from sales).
Masbate Mine
This is an open-pit gold mine located in the Philippines that B2Gold acquired through a merger. It consistently produces a significant amount of gold for the company each year. The mine operates through a partnership structure with local companies. While not as large as Fekola, the Masbate mine is a steady and important part of B2Gold's overall business.
Otjikoto Mine
Situated in Namibia, the Otjikoto Mine is another key gold-producing asset for the company. It was the first mine that B2Gold developed and built itself, rather than acquiring it as an operating mine. The mine has both open-pit and underground operations and is notable for using its own solar power plant to help run its activities. The Namibian government has an interest in this mine through a local empowerment company.
Goose Mine
The Goose Mine is B2Gold's newest operating mine, located in the Back River Gold District in Nunavut, Canada. This project represents a major investment in a politically stable region and is expected to become a significant contributor to the company's gold production. The development of this mine is a key part of B2Gold's strategy to diversify its operations geographically. The company is also actively exploring the surrounding area for more gold deposits.
What management is betting on now
B2Gold's current strategy focuses on maximizing production from its existing mines while also investing in future growth. A major priority is the successful ramp-up of the new Goose Mine in Canada to increase overall gold output and diversify its production base. The company is also heavily investing in exploration (the process of searching for new gold deposits) around its current mines, particularly in Canada and Mali, to extend their operational lives. Additionally, B2Gold is advancing the Gramalote Project in Colombia, which could become another significant gold-producing mine for the company in the future.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $12.08 vs current price $5.36
Wall Street consensus is the average analyst price target: $6.45 (-46.6% lower than our fair-value estimate).
Our most-likely fair value is $12.08 a share — about 125.3% above today's price of $5.36, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $166.1M. Interest coverage 37.3x.
Net debt
$166.05M
Interest coverage
37.25x
B2Gold Corp.'s profit covers its interest bill about 37.3 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
BTG
BASELINE
B2Gold Corp.
Total debt $456.09M Interest coverage 37.25x This is the baseline the peer rows are being compared against.
Total debt $216.30M Interest coverage 82.90x +123% vs BTG Carries about 2.2x more debt cushion than BTG.
Total debt $839.05M Interest coverage 2.41x -94% vs BTG Carries about 15.4x less debt cushion than BTG.
Total debt $2.30M Interest coverage 32.21x -14% vs BTG Has roughly the same debt cushion as BTG.
Total debt $539.80M Interest coverage 10.58x -72% vs BTG Carries about 3.5x less debt cushion than BTG.
Total debt $755.30M Interest coverage 39.46x +6% vs BTG Has roughly the same debt cushion as BTG.
What you should know
The case for and against BTG
3 Rewards
0 Risks
Rewards
-
Revenue grew 60.9% last year.
-
Returns 22.6% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
9.57x
Forward P/E
4.99x
P/B
1.78x
P/S
1.87x
EV/EBITDA
3.51x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
63.2%
Operating margin
45.7%
Net margin
21.3%
ROE
22.6%
ROA
17.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.11x
Current ratio
1.58x
Quick ratio
0.50x
Total debt
$456.09M
Total cash
$290.03M
Growth
How the business has been compounding
Revenue TTM
$3.78B
Revenue 5Y CAGR
20.9%
EPS TTM
0.56
EPS 5Y CAGR
5.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$895.84M
Free CF TTM
$895.84M
FCF margin
23.7%
Dividend
Shareholder payout
Yield
1.5%
Payout ratio
14.3%
Last ex-div date
2026-09-10