One-glance verdict
Undervalued
$12.88 our estimate vs market $5.11
Wall Street consensus: $6.35 (-50.7% lower than our fair-value estimate)
60% below our estimate, below the bear case
Fundamentals snapshot
B2Gold Corp.
BTG · ASE · Basic Materials · Gold
Current price
$5.11
52-week range
$3.57 - $6.29
Market cap
$6.75B
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 Corp. mines and sells gold from its operations in places like Mali and the Philippines, and this gold is where the company makes almost all of its money. Understanding how much gold they produce and sell helps us see if their business is running smoothly and if they can make a good profit from it.
How the company got here
B2Gold was founded in 2007 by executives who previously worked at Bema Gold. [1] The company's strategy from the start was to grow through acquiring and developing gold mines internationally. [5] Early on, B2Gold raised $100 million through an initial public offering to fund exploration and development. [1] The company became a gold producer in 2009 after acquiring Central Sun Mining. [1] Over the years, B2Gold has grown by merging with or acquiring other mining companies, which has allowed it to add new mines and exploration properties to its portfolio. [1] Key acquisitions include CGA Mining in 2011, which brought the Masbate mine, and Papillon Resources in 2014, which led to the development of the Fekola mine. [1, 5] More recently, in 2023, B2Gold acquired Sabina Gold & Silver, adding the Back River Gold District and Goose Mine in Canada. [5]
What it actually does
B2Gold is a company that mines for gold. [8] It explores for, develops, and operates gold mines. [8] The company's primary product is gold, which is then sold to industries involved in gold trading and investment. [8] B2Gold operates mines in several countries, including Canada, Mali, Namibia, and the Philippines. [3, 6] The company also has projects in various stages of development and exploration in other countries like Colombia. [3, 6]
Fekola Mine
The Fekola Mine is located in Mali and is a significant part of B2Gold's operations. [1, 6] It was developed from a property acquired through the merger with Papillon Resources. [1] The Fekola mine has been recognized for its efficient development, with commercial production starting ahead of schedule. [5] This mine is a key contributor to B2Gold's overall gold production. [2]
Masbate Mine
The Masbate Mine is located in the Philippines and was added to B2Gold's portfolio through the acquisition of CGA Mining in 2013. [1, 5, 6] This mine contributes to the company's gold production and cash flow from the region. [5]
Otjikoto Mine
The Otjikoto Mine is situated in Namibia and was acquired through a merger with Auryx Gold in 2011. [1, 5, 6] This mine represents B2Gold's expansion into African development. [5] The mine achieved commercial production in February 2015. [1]
Goose Mine
The Goose Mine is located in Nunavut, Canada, and was acquired as part of the 2023 acquisition of Sabina Gold & Silver. [5, 6] This mine represents a new producing jurisdiction for B2Gold in Canada. [5]
Gramalote Project
The Gramalote Project is a gold development and exploration asset located in Colombia. [3, 6] B2Gold owns 100% of this project, having acquired AngloGold Ashanti's stake in 2023. [5]
What management is betting on now
B2Gold's management is focused on maximizing profitable gold production and growing the company's gold reserves and resources. [2] A key strategic priority is advancing organic projects, which means developing and expanding existing mine sites and exploration properties. [2] The company is also focused on maintaining strong liquidity, which means having enough readily available cash to meet its financial obligations and invest in opportunities. [2] Additionally, B2Gold aims to return capital to shareholders, which can be done through dividends (a portion of profits paid to shareholders) or share buybacks (when a company repurchases its own stock). [2] The company is also committed to responsible mining practices, focusing on environmental stewardship, community engagement, and safe workplaces. [3, 10]
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $12.88 vs current price $5.11
Wall Street consensus is the average analyst price target: $6.35 (-50.7% lower than our fair-value estimate).
Our most-likely fair value is $12.88 a share — about 152.0% above today's price of $5.11, 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 $226.50M 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 $2.37M 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 $754.20M 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)
9.29x
Forward P/E
5.82x
P/B
1.91x
P/S
1.78x
EV/EBITDA
3.35x
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
0.55
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
1.6%
Payout ratio
14.5%
Last ex-div date
2026-09-10