B2gold Corp is a US-listed company in the gold industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$4.1
Valuation models combined (2)
Base case. Range ~$1.3–$6.9. Weighted average of 2 models (forward price-to-earnings vs peers, residual income).
Price vs value
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
B2gold Corp valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Funds152 adding, 131 cuttingOf 49 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 59% in the quarter to 2026-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
Nothing in B2gold Corp's latest figures clears our strength thresholds.
Things to watch
- Share dilution. Diluted shares rose 13.1% in a year.
- Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
- Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 13.6% over 90 days.
Latest results
- Earnings per share
- $0.03 against an average estimate of $0.07: missed by 58.9%
- Next report
- November 4, 2026; average EPS estimate $0.12
Price chart
- 1 day-2.0%
- 1 week-6.1%
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Third-party market data · may be delayed
At a glance
Profitability
- EPS (TTM, diluted)
- $0.27
Growth
- Share count change
- +13.1%
Cash
- Free cash flow (TTM)
- $453M
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BTG from the sources we follow. See filings →
Valuation models
We value B2gold Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: no revenue, margin or share count to start from |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$6.9 ~$6.2–$13 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$1.3 ~$0.9–$1.7 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$0.8 ~$0.7–$0.9 | Left out: out of range vs price (0.17x) |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$4.1 ~$1.3–$6.9 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare B2gold Corp with Gold in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Forecasts and guidance
Next results: November 4, 2026, after the close. Analysts expect revenue of $829m and EPS of $0.12 (range $0.04 to $0.18) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.54 | +18% | $3.7bn | +21% |
| Next | $0.87 | +61% | $4.2bn | +13% |
Next year's EPS estimate has moved −13.6% in 90 days, across 12 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −8.6% on 90 days ago. In the last 30 days, 3 analysts raised B2gold Corp's forecast and 2 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.59 | $1.01 |
| 60 days ago | $0.54 | $1.06 |
| 30 days ago | $0.52 | $1.07 |
| 7 days ago | $0.54 | $0.90 |
| Now | $0.54 | $0.87 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.07 | $0.03 | −58.9% |
| Mar 2026 | $0.11 | $0.19 | +67.7% |
| Dec 2025 | $0.18 | $0.11 | −39.2% |
| Sept 2025 | $0.13 | $0.14 | +9.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- — of tradable shares
- Days to cover
- 3.33 at average volume
- Short interest, 1 month
- −20% to October 15, 2026
- Held by institutions
- 70% of shares
- Held by insiders
- 0.4% of shares
Share-price performance
Market data may be delayedPrice behaviour
- 52-week range
- Not enough history
- From 52-week high
- —
- vs 50-day average
- —
- vs 200-day average
- —
- Volatility (1 year)
- —
- Beta vs S&P 500
- —
Fundamentals
Financial health
- Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $1.1bn of liabilities due within a year.
- Short-term assets cover long-term liabilities $1.1bn short-term assets against $1.2bn of longer-dated liabilities.
- More cash than debt $380m of cash against $564m of debt.
- Debt below 40% of shareholders' equity Debt is 16% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 3% to 16% over five years.
- A year's operating cash flow covers at least 20% of debt $896m of operating cash flow against $564m of debt.
- Operating profit covers interest at least five times over Operating income of $1.4bn against $7m of interest.
Dividends, buybacks and capital spending
- Buybacks (TTM)
- $9.8M
- Dividends (TTM)
- $103M
- Returned to shareholders
- 25%
- of free cash flow
- Diluted share count
- +13.1%
- year over year
- Dividend payout ratio
- 26%
- of net income paid out
Who owns it
Funds buying and selling- Reported value
- $3B
- Institutions reporting
- 302
- Shares held vs prior quarter
- ▲ 7.6%
- Positions opened / closed
- 47 / 44
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Van Eck Associates Corp | $341M | 91.1M | 11.3% | ▼ 4.5% |
| Pale Fire Capital Se | $241M | 64.6M | 8.0% | ▼ 7.4% |
| L1 Capital Pty Ltd | $183M | 48.8M | 6.0% | New |
| American Century Companies Inc | $147M | 39.3M | 4.9% | ▲ 12.3% |
| Vanguard Capital Management LLC | $138M | 36.9M | 4.6% | ▼ 0.2% |
| Two Sigma Investments, LP | $136M | 36.5M | 4.5% | ▼ 15.3% |
| Dimensional Fund Advisors LP | $132M | 35.3M | 4.4% | ▲ 5.5% |
| Connor, Clark & Lunn Investment Management Ltd. | $108M | 28.8M | 3.6% | ▲ 81.3% |
| Millennium Management LLC | $92.8M | 24.8M | 3.1% | ▲ 8.1% |
| First Eagle Investment Management, LLC | $72.7M | 19.4M | 2.4% | ▲ 100.0% |
| D. E. Shaw & Co., Inc. | $71.5M | 19.1M | 2.4% | ▼ 32.3% |
| Goldman Sachs Group Inc | $69.4M | 18.5M | 2.3% | ▼ 18.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not B2gold Corp's complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chartFrom insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
B2gold Corp in brief
- What does B2gold Corp do?
- B2gold Corp is a US-listed company in the gold industry. Its financial year ends in December.
- What is B2gold Corp's stock ticker?
- B2gold Corp trades under the ticker BTG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
- Who are B2gold Corp's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Van Eck Associates Corp, Pale Fire Capital Se and L1 Capital Pty Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Is B2gold Corp buying back stock, and does it pay a dividend?
- B2gold Corp spent $9.8M on share repurchases over the trailing twelve months, and its diluted share count still rose 13.1% over the year.
- Does B2gold Corp pay a dividend?
- Yes: B2gold Corp paid $103M in dividends over the trailing twelve months and a payout ratio of 25.7%.
- How much debt does B2gold Corp have?
- B2gold Corp's debt-to-equity ratio is 15.7%, from its latest balance sheet (3.0% five years earlier). The financial health section below sets out its other solvency checks.
- When is B2gold Corp's next earnings date?
- Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — B2gold Corp announces its own schedule.
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