# B2Gold (BTG.US)

Canonical: https://gigainvestors.com/s/BTG

Analysis as of: 2026-10-16T07:27:07.780Z. Financial observations: FY2007–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.18 per share; close as of 2026-10-15.

Estimated value: low $5.65 per share, central $8.00 per share, high $9.37 per share. Buy at or below the central value $8.00 per share. Valuation as of 2026-10-16T07:27:07.780Z; scenarios are not confidence intervals.

Expected annual return: 13.7% at the stated quote. About 13.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.14×

- FY2018: 0.23×

- FY2019: 0.44×

- FY2020: 0.59×

- FY2021: 0.40×

- FY2022: 0.29×

- FY2023: 0.35×

- FY2024: 0.31×

- FY2025: 0.46×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.4%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: -2.3 pp

- Typical gross margin (annual median): 38.1%

- Recent gross margin (lower of latest and 3-year median): 40.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.6%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 3.7%

- FY2018: 9.4%

- FY2019: 15.6%

- FY2020: 31.1%

- FY2021: 20.5%

- FY2022: 13.5%

- FY2023: 11.9%

- FY2024: 15.3%

- FY2025: 23.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $317M

- Net income, five-year total: $455M

- Return on incremental invested capital: 66.2%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 16.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.18×

- FY2022: 0.97×

- FY2023: 33.29×

- FY2024: 1.85×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.6% vs 15.3%

- Per-share earnings: 0.04 to 0.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.8%

- Ordinary dilution, 5-year annual growth: 7.0%

- Market cap gain: $4.4B

- Cumulative retained earnings: $448M

- Diluted shares, 10-year annual growth: 4.8%

- Diluted shares, 5-year annual growth: 7.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -18.3%

- Per-share value change: -$0.03

- Per-share value, starting three-year median: $0.04

- Per-share value, ending three-year median: $0.01

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $125M

- Cumulative net income, 10 years: $1.5B

- ROIC, first three-year median: 4.6%

- ROIC, last three-year median: 15.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.04

- FY2017: $0.06

- FY2018: $0.03

- FY2019: $0.29

- FY2020: $0.59

- FY2021: $0.40

- FY2022: $0.24

- FY2023: $0.01

- FY2024: -$0.48

- FY2025: $0.27

### accounting: pass

- Sloan accruals: -8.4%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.0%

- FY2017: -3.7%

- FY2018: -16.6%

- FY2019: -7.4%

- FY2020: -9.6%

- FY2021: -8.5%

- FY2022: -9.3%

- FY2023: -14.5%

- FY2024: -31.3%

- FY2025: -8.4%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 0.9% a year for ten years · sales +60.9%

Story as of 2026-10-16T09:58:26.222Z; price observation 2026-10-15.

Price needs cash profits to grow 0.9% a year for ten years

- 2025-09-15: B2Gold Up 1% in U.S. Pre-market After Confirming 2025 Gold Production Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/b2gold-1-u-pre-market-121245205.html))

- 2026-02-21: B2Gold (BTG) Climbs 5.27% on Return to Profitability ([finance.yahoo.com](https://finance.yahoo.com/news/b2gold-btg-climbs-5-27-161252632.html))

- 2026-04-20: B2Gold Lowers Q2 Gold Production Outlook at Goose Mine Following Fire ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/b2gold-lowers-q2-gold-production-113725880.html))

- 2026-05-11: B2Gold Earnings Beat Estimates in Q1 on Strong Gold Production ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/b2gold-earnings-beat-estimates-q1-150200505.html))

- 2026-08-08: B2Gold (TSX:BTO) Is Up 33.9% After Securing Menankoto Permit for Fekola Regional Expansion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/b2gold-tsx-bto-33-9-201224349.html))

- 2026-09-10: BTG's All-in Sustaining Costs Rise Sharply in Q2: What Lies Ahead? ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/btgs-sustaining-costs-rise-sharply-154100521.html))

### Sales · FY2024–2025

sales +60.9%; source https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm; observed 2026-03-11.

- FY2016: $683M 

- FY2017: $639M 

- FY2018: $1.2B 

- FY2019: $1.2B 

- FY2020: $1.8B 

- FY2021: $1.8B 

- FY2022: $1.7B 

- FY2023: $1.9B 

- FY2024: $1.9B 

- FY2025: $3.1B 

### Gross margin · FY2025

gross margin 50%; source https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm; observed 2026-03-11.

- FY2016: 30.7% 

- FY2017: 23.5% 

- FY2018: 29.8% 

- FY2019: 39.0% 

- FY2020: 53.6% 

- FY2021: 43.6% 

- FY2022: 34.9% 

- FY2023: 40.3% 

- FY2024: 37.1% 

- FY2025: 50.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm (filed 2026-03-11); FY2025: revenue 3061238000; grossProfit 1530783000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 37.1% to 50% during 2023–25; it earns 14.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2023: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2024: grossProfit / revenue = 37.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm (filed 2026-03-11); FY2025: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); 10-year return on capital observations [[2016,0.04592232770670663],[2017,0.03749910387533986],[2018,0.09356104702348911],[2019,0.15638432998752544],[2020,0.3107778465008993],[2021,0.20529446600159526],[2022,0.13537129810453566],[2023,0.11926816502965637],[2024,0.15303092127801385],[2025,0.23826762204099933]]; median 0.14420110969127475. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 95.9% of cash earnings on expansion; earns 66.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2016: growth capex 178624000; upkeep 172324000; owner earnings 39131000. Growth capex / owner earnings = 4.564769619994378.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2018: growth capex 36053397; upkeep 235540603; owner earnings 28938000. Growth capex / owner earnings = 1.2458842007049553.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2019: growth capex 0; upkeep 261160000; owner earnings 283528000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2020: growth capex 51082000; upkeep 301491000; owner earnings 628063000. Growth capex / owner earnings = 0.08133260516858977.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2021: growth capex 0; upkeep 302319000; owner earnings 496638000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2022: growth capex 0; upkeep 390329000; owner earnings 246396000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2023: growth capex 0; upkeep 76368000; owner earnings 336100000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm (filed 2026-03-11); FY2025: growth capex 385536118; upkeep 440831000; owner earnings 401908000. Growth capex / owner earnings = 0.959264602844432.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Incremental return on capital 0.66166182986654, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Dividend observations: [[2016,0],[2017,10268000],[2018,10268000],[2019,10268000],[2020,115266000],[2021,168372000],[2022,170635000],[2023,190148296],[2024,184632000],[2025,105254842]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm (filed 2026-03-11); FY2025: cash repurchases 10021412 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BTG.US SharesStats.PercentInsiders = 0.404 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Ten-year compound average after fade. Initial solved rate -0.00006114574734589207. Price 5.18; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.16223690574211705 → FY2025 0.2714021195820261. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $2.89 per share

- 2016-11: $2.42 per share

- 2016-12: $2.37 per share

- 2017-01: $3.06 per share

- 2017-02: $3.08 per share

- 2017-03: $2.83 per share

- 2017-04: $2.54 per share

- 2017-05: $2.51 per share

- 2017-06: $2.81 per share

- 2017-07: $2.52 per share

- 2017-08: $2.76 per share

- 2017-09: $2.80 per share

- 2017-10: $2.53 per share

- 2017-11: $2.54 per share

- 2017-12: $3.10 per share

- 2018-01: $3.02 per share

- 2018-02: $2.97 per share

- 2018-03: $2.73 per share

- 2018-04: $2.87 per share

- 2018-05: $2.73 per share

- 2018-06: $2.58 per share

- 2018-07: $2.48 per share

- 2018-08: $2.34 per share

- 2018-09: $2.30 per share

- 2018-10: $2.46 per share

- 2018-11: $2.45 per share

- 2018-12: $2.92 per share

- 2019-01: $3.17 per share

- 2019-02: $3.14 per share

- 2019-03: $2.81 per share

- 2019-04: $2.72 per share

- 2019-05: $2.71 per share

- 2019-06: $3.03 per share

- 2019-07: $3.18 per share

- 2019-08: $3.58 per share

- 2019-09: $3.23 per share

- 2019-10: $3.51 per share

- 2019-11: $3.68 per share

- 2019-12: $4.01 per share

- 2020-01: $4.32 per share

- 2020-02: $3.99 per share

- 2020-03: $3.06 per share

- 2020-04: $5.06 per share

- 2020-05: $5.48 per share

- 2020-06: $5.69 per share

- 2020-07: $6.90 per share

- 2020-08: $6.74 per share

- 2020-09: $6.52 per share

- 2020-10: $6.44 per share

- 2020-11: $5.58 per share

- 2020-12: $5.60 per share

- 2021-01: $4.95 per share

- 2021-02: $4.37 per share

- 2021-03: $4.31 per share

- 2021-04: $4.80 per share

- 2021-05: $5.10 per share

- 2021-06: $4.21 per share

- 2021-07: $4.19 per share

- 2021-08: $3.89 per share

- 2021-09: $3.42 per share

- 2021-10: $4.14 per share

- 2021-11: $3.94 per share

- 2021-12: $3.93 per share

- 2022-01: $3.62 per share

- 2022-02: $4.03 per share

- 2022-03: $4.59 per share

- 2022-04: $4.25 per share

- 2022-05: $3.95 per share

- 2022-06: $3.39 per share

- 2022-07: $3.51 per share

- 2022-08: $3.05 per share

- 2022-09: $3.22 per share

- 2022-10: $3.07 per share

- 2022-11: $3.48 per share

- 2022-12: $3.57 per share

- 2023-01: $3.97 per share

- 2023-02: $3.39 per share

- 2023-03: $3.94 per share

- 2023-04: $3.94 per share

- 2023-05: $3.68 per share

- 2023-06: $3.57 per share

- 2023-07: $3.49 per share

- 2023-08: $3.09 per share

- 2023-09: $2.89 per share

- 2023-10: $3.23 per share

- 2023-11: $3.38 per share

- 2023-12: $3.16 per share

- 2024-01: $2.80 per share

- 2024-02: $2.40 per share

- 2024-03: $2.61 per share

- 2024-04: $2.55 per share

- 2024-05: $2.80 per share

- 2024-06: $2.70 per share

- 2024-07: $3.00 per share

- 2024-08: $2.80 per share

- 2024-09: $3.08 per share

- 2024-10: $3.32 per share

- 2024-11: $2.88 per share

- 2024-12: $2.44 per share

- 2025-01: $2.42 per share

- 2025-02: $2.66 per share

- 2025-03: $2.85 per share

- 2025-04: $3.11 per share

- 2025-05: $3.37 per share

- 2025-06: $3.61 per share

- 2025-07: $3.37 per share

- 2025-08: $4.13 per share

- 2025-09: $4.95 per share

- 2025-10: $4.39 per share

- 2025-11: $4.62 per share

- 2025-12: $4.51 per share

- 2026-01: $4.90 per share

- 2026-02: $6.16 per share

- 2026-03: $4.53 per share

- 2026-04: $4.50 per share

- 2026-05: $4.76 per share

- 2026-06: $3.74 per share

- 2026-07: $3.75 per share

- 2026-08: $5.48 per share

- 2026-09: $5.22 per share

- 2026-10: $5.25 per share

## Annual estimated value (USD per share)

- FY2016: low $0.58 per share, central $0.65 per share, high $0.73 per share

- FY2019: low $0.48 per share, central $0.63 per share, high $0.72 per share

- FY2020: low $1.74 per share, central $2.30 per share, high $2.63 per share

- FY2021: low $6.14 per share, central $8.51 per share, high $9.89 per share

- FY2022: low $5.97 per share, central $8.28 per share, high $9.63 per share

- FY2023: low $5.22 per share, central $7.07 per share, high $8.26 per share

- FY2024: low $3.67 per share, central $5.14 per share, high $6.00 per share

- FY2025: low $4.22 per share, central $5.93 per share, high $6.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1429937/000110465926026310/tm266740d1_40f.htm); period 2025-12-31, filed 2026-03-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 94,491 BTG shares; USD 354,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 9,702,684 BTG shares; USD 36,359,000 reported position value; 0.06% of portfolio; hold; quarter 2026 Q2.

# BTG — B2Gold Corp.

Held by 2 investors · USD 36,713,000 total · 2026 Q2 · reported price USD 3.75 (split-adjusted).
Page: https://gigainvestors.com/s/BTG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 36,359,000 | 0.1% | hold |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 354,000 | 0.0% | hold |

## Total held by quarter

- 2019 Q3: USD 46,079,010 · 1 holder · USD 3.25
- 2019 Q4: USD 56,854,410 · 1 holder · USD 4.01
- 2020 Q1: USD 42,959,816 · 1 holder · USD 3.03
- 2020 Q2: USD 80,673,713 · 1 holder · USD 5.69
- 2020 Q3: USD 114,657,121 · 1 holder · USD 6.51
- 2020 Q4: USD 98,629,782 · 1 holder · USD 5.60
- 2021 Q1: USD 77,155,287 · 1 holder · USD 4.30
- 2021 Q2: USD 75,321,698 · 1 holder · USD 4.19
- 2021 Q3: USD 66,902,974 · 1 holder · USD 3.42
- 2021 Q4: USD 85,841,194 · 1 holder · USD 3.94
- 2022 Q1: USD 113,892,473 · 1 holder · USD 4.59
- 2022 Q2: USD 84,116,663 · 1 holder · USD 3.39
- 2022 Q3: USD 84,353,616 · 1 holder · USD 3.21
- 2022 Q4: USD 102,071,304 · 1 holder · USD 3.55
- 2023 Q1: USD 89,662,409 · 1 holder · USD 3.95
- 2023 Q2: USD 11,981,258 · 1 holder · USD 3.56
- 2023 Q3: USD 9,716,173 · 1 holder · USD 2.87
- 2023 Q4: USD 35,406,245 · 1 holder · USD 3.16
- 2024 Q1: USD 71,306,811 · 1 holder · USD 2.62
- 2024 Q2: USD 51,278,702 · 2 holders · USD 2.68
- 2024 Q3: USD 59,086,189 · 2 holders · USD 3.09
- 2024 Q4: USD 22,848,204 · 2 holders · USD 2.45
- 2025 Q1: USD 36,740,866 · 2 holders · USD 2.85
- 2025 Q2: USD 46,881,607 · 2 holders · USD 3.62
- 2025 Q3: USD 64,047,466 · 2 holders · USD 4.94
- 2025 Q4: USD 44,112,613 · 2 holders · USD 4.51
- 2026 Q1: USD 44,478,229 · 2 holders · USD 4.54
- 2026 Q2: USD 36,713,000 · 2 holders · USD 3.75