B2Gold Corp
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B2Gold Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 39.6% TTM vs industry median 0% - top-tier cost structure among gold miners with 11.5x revenue vs median[Operating Margin TTM]
- FCF of 709M TTM (28% yield on revenue) funds 4% dividend yield at 0.19 debt/equity - rare combo in capital-intensive mining[Free Cash Flow TTM]
- P/E 15.4x vs industry median 27.7x despite positive ROE 6.9% TTM vs industry median -4.2% - valuation disconnect[P/E Ratio]
Watch Triggers
- Operating Margin TTM: Falls below 30% — Cost inflation eroding gold price leverage - thesis depends on margin stability
- Free Cash Flow TTM: Drops below 400M — Signals capex ramp for new projects or mine depletion requiring reinvestment
- EPS TTM: Continues negative 5Y trend — Confirms structural decline vs cyclical trough - invalidates value thesis
Bull Case
FCF machine: 709M TTM free cash flow on 2.5B revenue (28% FCF margin) with minimal debt enables sustained 4% dividend plus opportunistic M&A in fragmented gold sector
Valuation gap: P/E 15.4x vs 27.7x industry median while generating positive returns (ROE 6.9%) vs industry median losses (-4.2% ROE)
Bear Case
EPS declined 8.5% 5Y CAGR vs industry median +15.9% growth - reserves depleting or costs rising despite current margins
149M unusual loss TTM (gain on sale of security) masks underlying earnings quality - net margin 8.8% vs 39.6% operating margin gap unexplained
Bull vs Bear Balance
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Forward Thesis
Gold price leverage amplifies earnings - 40% operating margin means most revenue upside flows to bottom line
- Operating costs largely fixed at current production levels
- Net debt only 270M vs 709M FCF provides optionality
- PPE of 3.8B represents producing assets, not exploration
Valuation Context
Caveats
Public Strategies Rankings
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BTG Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$6.79B | — | ||
$7.01B | — | ||
16 | — | ||
$3.06B | +60.9% | — | |
$0.28 | +520.8% | — | |
45.9% | +16.0% | — | |
13.1% | +46.2% | — | |
$895.84M | +4.1% | — | |
12.2% | +30.8% | — | |
Beta 5Y (Monthly) | unknown | — |
BTG Dividend History
2026
$0.02002025
$0.08002024
$0.16002023
$0.16002022
$0.16002021
$0.16002020
$0.11002019
$0.0100BTG Stock Splits
BTG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/11/26 | 12/31/25 | Unknown | |
11/06/25 | 09/30/25 | 6-K | |
08/08/25 | 06/30/25 | 6-K | |
05/08/25 | 03/31/25 | 6-K | |
03/28/25 | 12/31/24 | 40-F | |
11/07/24 | 09/30/24 | 6-K | |
08/09/24 | 06/30/24 | 6-K | |
05/08/25 | 03/31/24 | 6-K | |
05/08/24 | 03/31/24 | 6-K | |
03/15/24 | 12/31/23 | 40-F | |
11/09/23 | 09/30/23 | 6-K | |
08/03/23 | 06/30/23 | 6-K | |
05/10/23 | 03/31/23 | 6-K | |
03/16/23 | 12/31/22 | 40-F | |
11/01/22 | 09/30/22 | 6-K | |
08/03/23 | 06/30/22 | 6-K | |
08/04/22 | 06/30/22 | 6-K | |
05/04/22 | 03/31/22 | 6-K | |
03/30/22 | 12/31/21 | 40-F | |
11/03/21 | 09/30/21 | 6-K | |
08/05/21 | 06/30/21 | 6-K | |
08/04/22 | 06/30/21 | 6-K | |
05/05/21 | 03/31/21 | 6-K | |
03/30/21 | 12/31/20 | 40-F | |
11/04/20 | 09/30/20 | 6-K | |
08/06/20 | 06/30/20 | 6-K | |
05/06/20 | 03/31/20 | 6-K | |
03/20/20 | 12/31/19 | 40-F | |
11/06/19 | 09/30/19 | 6-K | |
08/07/19 | 06/30/19 | 6-K | |
05/08/19 | 03/31/19 | 6-K | |
03/21/19 | 12/31/18 | 40-F | |
11/07/18 | 09/30/18 | 6-K | |
08/08/18 | 06/30/18 | 6-K | |
05/10/18 | 03/31/18 | 6-K | |
03/23/18 | 12/31/17 | 40-F | |
11/08/17 | 09/30/17 | 6-K | |
08/10/17 | 06/30/17 | 6-K | |
05/03/17 | 03/31/17 | 6-K | |
03/31/17 | 12/31/16 | 40-F | |
11/03/16 | 09/30/16 | 6-K | |
08/04/16 | 06/30/16 | 6-K | |
05/12/16 | 03/31/16 | 6-K | |
03/30/16 | 12/31/15 | 40-F | |
11/13/15 | 09/30/15 | 6-K | |
08/14/15 | 06/30/15 | 6-K | |
05/15/15 | 03/31/15 | 6-K | |
03/30/15 | 12/31/14 | 40-F | |
11/14/14 | 09/30/14 | 6-K | |
08/14/14 | 06/30/14 | 6-K | |
05/14/14 | 03/31/14 | 6-K | |
03/30/15 | 12/31/13 | 40-F | |
03/14/14 | 12/31/13 | 6-K | |
11/14/14 | 09/30/13 | 6-K | |
11/13/13 | 09/30/13 | 6-K | |
08/14/14 | 06/30/13 | 6-K | |
08/13/13 | 06/30/13 | Quarterly | -- |
05/14/13 | 03/31/13 | Quarterly | -- |
05/14/14 | 03/31/13 | 6-K | |
07/28/14 | 12/31/12 | 40-F/A | |
03/27/13 | 12/31/12 | Annual | -- |
11/13/12 | 09/30/12 | Quarterly | -- |
08/13/12 | 06/30/12 | Quarterly | -- |
05/11/12 | 03/31/12 | Quarterly | -- |
03/28/12 | 12/31/11 | Annual | -- |
11/09/11 | 09/30/11 | Quarterly | -- |
08/10/11 | 06/30/11 | Quarterly | -- |
06/09/11 | 03/31/11 | Quarterly | -- |
03/30/11 | 12/31/10 | Annual | -- |
11/11/10 | 09/30/10 | Quarterly | -- |
08/13/10 | 06/30/10 | Quarterly | -- |
05/14/10 | 03/31/10 | Quarterly | -- |
03/31/10 | 12/31/09 | Annual | -- |
11/13/09 | 09/30/09 | Quarterly | -- |
08/14/09 | 06/30/09 | Quarterly | -- |
05/15/09 | 03/30/09 | Quarterly | -- |
12/31/08 | 12/31/08 | Unknown | -- |
11/28/08 | 09/30/08 | Quarterly | -- |
08/29/08 | 06/30/08 | Quarterly | -- |
03/31/08 | 03/30/08 | Unknown | -- |