Latest Ratios: P/E Ratio 14.5x · EV/EBITDA 3.1x · ROE 12.1%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.4B | $6.7B | $3.2B | $3.9B | $3.8B | $4.2B | $5.9B | $4.1B | $3.1B | $3.1B | $2.3B |
| Enterprise Value | $5.7B | $6.9B | $3.3B | $3.8B | $3.2B | $3.6B | $5.5B | $4.2B | $3.4B | $3.6B | $2.6B |
| P/E Ratio → | 14.46 | 16.11 | — | 385.37 | 14.88 | 9.82 | 9.49 | 13.83 | 29.20 | 53.26 | 58.52 |
| P/S Ratio | 1.78 | 2.18 | 1.68 | 2.02 | 2.21 | 2.37 | 3.31 | 3.55 | 2.50 | 4.81 | 3.31 |
| P/B Ratio | 1.65 | 1.84 | 1.05 | 1.01 | 1.23 | 1.41 | 2.22 | 2.00 | 1.85 | 1.96 | 1.56 |
| P/FCF | 81.95 | 100.61 | — | 6.13 | 12.72 | 8.92 | 8.86 | 19.23 | 17.06 | — | 37.19 |
| P/OCF | 6.09 | 7.48 | 3.64 | 5.47 | 6.73 | 5.86 | 5.99 | 8.54 | 6.78 | 19.83 | 5.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.26 | 1.73 | 1.96 | 1.86 | 2.03 | 3.10 | 3.65 | 2.80 | 5.68 | 3.81 |
| EV / EBITDA | 3.08 | 3.75 | 3.42 | 3.52 | 3.64 | 3.27 | 4.09 | 5.56 | 6.59 | 14.35 | 8.79 |
| EV / EBIT | 4.05 | 6.83 | — | 11.36 | 5.96 | 4.84 | 5.28 | 8.30 | 12.16 | 44.35 | 33.51 |
| EV / FCF | — | 104.37 | — | 5.95 | 10.75 | 7.65 | 8.31 | 19.80 | 19.16 | — | 42.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0% | 50.0% | 37.1% | 40.3% | 34.9% | 43.6% | 53.6% | 39.0% | 29.8% | 23.5% | 30.7% |
| Operating Margin | 45.9% | 45.9% | 31.3% | 34.9% | 29.0% | 40.5% | 58.9% | 44.0% | 23.4% | 13.6% | 18.5% |
| Net Profit Margin | 13.1% | 13.1% | -33.1% | 0.5% | 14.6% | 23.8% | 35.1% | 25.4% | 2.4% | 8.9% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | -18.2% | 0.3% | 8.3% | 15.0% | 26.7% | 15.8% | 1.8% | 3.8% | 2.8% |
| ROA | 7.5% | 7.5% | -13.0% | 0.2% | 7.0% | 12.1% | 20.8% | 11.2% | 1.1% | 2.3% | 1.8% |
| ROIC | 30.0% | 30.0% | 12.9% | 16.1% | 15.5% | 23.0% | 35.4% | 18.1% | 10.3% | 3.3% | 5.4% |
| ROCE | 31.1% | 31.1% | 13.6% | 16.9% | 14.8% | 22.3% | 37.6% | 20.9% | 12.6% | 4.0% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.14 | 0.05 | 0.02 | 0.03 | 0.04 | 0.13 | 0.29 | 0.45 | 0.33 |
| Debt / EBITDA | 0.34 | 0.34 | 0.45 | 0.18 | 0.06 | 0.07 | 0.08 | 0.34 | 0.92 | 2.78 | 1.64 |
| Net Debt / Equity | — | 0.07 | 0.03 | -0.03 | -0.19 | -0.20 | -0.14 | 0.06 | 0.23 | 0.35 | 0.24 |
| Net Debt / EBITDA | 0.14 | 0.14 | 0.10 | -0.11 | -0.67 | -0.55 | -0.27 | 0.16 | 0.72 | 2.19 | 1.15 |
| Debt / FCF | — | 3.76 | — | -0.18 | -1.98 | -1.28 | -0.55 | 0.57 | 2.10 | — | 5.62 |
| Interest Coverage | 26.91 | 26.91 | -7.87 | 24.00 | 49.94 | 62.56 | 66.46 | 19.17 | 9.21 | 6.34 | 7.64 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 1.55 | 2.27 | 4.43 | 4.52 | 2.67 | 2.60 | 1.75 | 0.80 | 1.57 |
| Quick Ratio | 0.47 | 0.47 | 0.73 | 1.16 | 3.01 | 3.35 | 1.83 | 1.28 | 0.62 | 0.38 | 0.98 |
| Cash Ratio | 0.36 | 0.36 | 0.60 | 0.98 | 2.79 | 2.91 | 1.68 | 0.85 | 0.50 | 0.30 | 0.82 |
| Asset Turnover | — | 0.52 | 0.40 | 0.40 | 0.47 | 0.50 | 0.53 | 0.43 | 0.48 | 0.24 | 0.29 |
| Inventory Turnover | 2.44 | 2.44 | 2.51 | 3.35 | 3.40 | 3.65 | 3.49 | 3.24 | 3.68 | 2.37 | 4.52 |
| Days Sales Outstanding | — | 10.76 | 12.76 | 9.14 | 9.11 | 8.76 | 5.75 | 14.76 | 7.84 | 23.97 | 14.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.6% | 5.8% | 4.9% | 4.3% | 4.0% | 2.1% | 0.3% | — | — | — |
| Payout Ratio | 26.2% | 26.2% | — | 1883.2% | 64.8% | 39.7% | 19.3% | 3.6% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 6.2% | — | 0.3% | 6.7% | 10.2% | 10.5% | 7.2% | 3.4% | 1.9% | 1.7% |
| FCF Yield | 1.2% | 1.0% | — | 16.3% | 7.9% | 11.2% | 11.3% | 5.2% | 5.9% | — | 2.7% |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.9% | 1.7% | 5.8% | 4.9% | 4.3% | 4.0% | 2.1% | 0.3% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.5B | $1.3B | $1.2B | $1.1B | $1.1B | $1.1B | $1.0B | $1.0B | $991M | $955M |
Geopolitical concentration in Mali
Based on current market data, B2Gold trades at a forward P/E of 5.42, which appears to incorporate a significant discount relative to North American peers, likely reflecting investor apprehension regarding the company's heavy geographic concentration in Mali and the associated political uncertainty surrounding its primary asset.
The low forward P/E multiple suggests that the market is pricing in a high risk premium, potentially overlooking the company's strong cash-generating capabilities. Investors should monitor whether this valuation gap narrows as the Goose Project in Canada matures, which may serve as a catalyst for a re-rating toward the higher multiples commanded by lower-risk peers.
As reported in recent financial statements, B2Gold's ROIC has improved to 11.2% in 2026Q1 from the negative territory observed in late 2023, signaling a recovery in the company's ability to generate returns on its invested capital as production volumes stabilize and operational efficiencies take hold across its core mines.
The upward trend in ROIC suggests that management's capital allocation strategy is beginning to yield better results, though the volatility in these returns warrants caution. The company must sustain this momentum to prove that its recent investments in new mining projects are truly value-accretive rather than just capital-intensive.
According to quarterly filings, B2Gold's cash conversion cycle reached 84 days in 2026Q1, driven largely by a high days-inventory-outstanding metric of 107 days, which indicates that the company maintains significant gold-in-circuit levels that tie up working capital and limit immediate liquidity compared to more streamlined industry operators.
The extended inventory cycle appears to be a structural feature of the company's mining operations rather than a temporary bottleneck. While this is common in the industry, investors should watch for any further lengthening of the cycle, as it could signal operational inefficiencies or difficulties in the gold refining and sales process.
Based on reported figures, B2Gold maintains a debt-to-equity ratio of 0.14 as of 2026Q1, a conservative position that provides the company with significant financial flexibility to fund its ongoing capital expenditure requirements without relying heavily on external debt markets during periods of gold price volatility.
This low leverage profile is a key differentiator for B2Gold, allowing it to navigate the cyclical nature of the gold industry with greater stability than more highly geared competitors. The company's ability to maintain such a clean balance sheet while simultaneously investing in growth projects like the Goose Project suggests a disciplined approach to capital management.
The P/E ratio is frequently misapplied to B2Gold, as it fails to account for the significant non-cash depletion and amortization charges inherent in mining, which can artificially depress earnings and obscure the company's true underlying cash-generating power and operational health relative to its peers.
Analysts should prioritize EV/EBITDA or P/FCF metrics to better assess the company's performance, as these ratios are less sensitive to accounting-driven earnings volatility. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, especially during periods of heavy capital investment when depreciation charges are elevated.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying BTG stock.
B2Gold Corp.'s current P/E ratio is 14.5x. The historical average is 27.1x. This places it at the 25th percentile of its historical range.
B2Gold Corp.'s current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
B2Gold Corp.'s return on equity (ROE) is 12.1%. The historical average is 0.6%.
Based on historical data, B2Gold Corp. is trading at a P/E of 14.5x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
B2Gold Corp.'s current dividend yield is 1.75% with a payout ratio of 26.2%.
B2Gold Corp. has 50.0% gross margin and 45.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
B2Gold Corp.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.