1.Sales and profit
See section →- B2Gold Corp made $402M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 24.1% a year.
B2Gold Corp
BTG NYSE Gold And Silver Ores Financials FY2016–FY2025
- Today
- —
- Previous close
- —
- Market cap
- $6.8B
- P/E
- 16.4x
- 52-week range
-
$3.65 $6.21
Last close · Oct 30, 2026
$4.60
−$0.27 (−5.54%) past year
KIRA’s summary AI analyst
Hi! I read B2Gold Corp’s latest annual report (fiscal 2025). Here is what stands out:
3 strengths
2.Cash and shareholders
See section →- B2Gold Corp returned $113M to shareholders in fiscal 2025. The diluted share count rose 13.1%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section →- B2Gold Corp owes $218M more than it holds in cash, about 0.1 years of operating profit.
- Its return on capital was 23.6%: every 100 invested in the business earned about 24 in a year.
- B2Gold Corp passes 4 of 7 financial health tests (Piotroski F-score).
B2Gold Corp in 30 seconds
Good So-so Weak
Good
Does it make a profit?
$402M
Yes. It made $402M of profit last year.
Good
Is debt under control?
0.1x
Yes. It could repay its debt with 0.1 years of operating profit.
So-so
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
For information
How is the share priced?
16.4x
One share costs 16.4 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$6.8B
Oct 30 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
16.4x
On $0.28 EPS (TTM)
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
Revenue
FY16
Revenue —
FY17
Revenue —
FY18
Revenue —
FY19
Revenue —
FY20
Revenue —
FY21
Revenue —
FY22
Revenue —
FY23
Revenue —
FY24
Revenue —
FY25
Revenue —
Margins, % of revenue
FY16
Gross —
Operating —
Net —
FCF —
FY17
Gross —
Operating —
Net —
FCF —
FY18
Gross —
Operating —
Net —
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FY19
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Operating —
Net —
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FY20
Gross —
Operating —
Net —
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FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
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B2Gold Corp made $402M of net profit in fiscal 2025.
From fiscal 2016 to 2025, diluted EPS grew 24.1% a year.
Net income
FY16
Net income $39.1M
FY17
Net income $56.9M
FY18
Net income $28.9M
FY19
Net income $293M
FY20
Net income $628M
FY21
Net income $420M
FY22
Net income $253M
FY23
Net income $10.1M
FY24
Net income −$630M
FY25
Net income $402M
Diluted EPS
FY16
Diluted EPS $0.04
FY17
Diluted EPS $0.06
FY18
Diluted EPS $0.02
FY19
Diluted EPS $0.29
FY20
Diluted EPS $0.59
FY21
Diluted EPS $0.40
FY22
Diluted EPS $0.24
FY23
Diluted EPS $0.01
FY24
Diluted EPS −$0.48
FY25
Diluted EPS $0.28
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
Free cash flow
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
Cash from operations vs capital spending
FY16
Cash from operations $412M
Capital spending —
FY17
Cash from operations $155M
Capital spending —
FY18
Cash from operations $451M
Capital spending —
FY19
Cash from operations $492M
Capital spending —
FY20
Cash from operations $951M
Capital spending —
FY21
Cash from operations $724M
Capital spending —
FY22
Cash from operations $596M
Capital spending —
FY23
Cash from operations $714M
Capital spending —
FY24
Cash from operations $878M
Capital spending —
FY25
Cash from operations $896M
Capital spending —
Cash from operations
Capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
KIRA summarises the numbers
-
B2Gold Corp returned $113M to shareholders in fiscal 2025.
The diluted share count rose 13.1%.
Dividends and buybacks
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends $0.0M
Buybacks —
FY19
Dividends $10.3M
Buybacks —
FY20
Dividends $115M
Buybacks —
FY21
Dividends $168M
Buybacks —
FY22
Dividends $171M
Buybacks —
FY23
Dividends $187M
Buybacks —
FY24
Dividends $185M
Buybacks $0.0M
FY25
Dividends $103M
Buybacks $9.8M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.96B
FY17
Diluted shares 0.99B
FY18
Diluted shares 1.05B
FY19
Diluted shares 1.02B
FY20
Diluted shares 1.06B
FY21
Diluted shares 1.06B
FY22
Diluted shares 1.07B
FY23
Diluted shares 1.24B
FY24
Diluted shares 1.31B
FY25
Diluted shares 1.48B
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
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No open-market insider trades in the last 12 months.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably B2Gold Corp can carry it.
KIRA summarises the numbers
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B2Gold Corp owes $218M more than it holds in cash, about 0.1 years of operating profit.
Cash vs debt (incl. leases)
FY16
Cash $145M
Debt $487M
FY17
Cash $147M
Debt $702M
FY18
Cash $103M
Debt $480M
FY19
Cash $141M
Debt $262M
FY20
Cash $480M
Debt $110M
FY21
Cash $673M
Debt $75.1M
FY22
Cash $652M
Debt $57.2M
FY23
Cash $307M
Debt $192M
FY24
Cash $337M
Debt $438M
FY25
Cash $380M
Debt $598M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $673M | $652M | $307M | $337M | $380M |
| Debt incl. finance leases | $75.1M | $57.2M | $192M | $438M | $598M |
| Net debt / EBITDA | −0.5x | −0.7x | −0.2x | 0.8x | 0.1x |
| Debt / equity | 0.0x | 0.0x | 0.1x | 0.1x | 0.2x |
| Interest coverage | 60.5x | 46.3x | 23.5x | −17.7x | 197.5x |
| Current ratio | 4.5x | 4.4x | 2.3x | 1.6x | 1.1x |
| Quick ratio | 3.3x | 3.0x | 1.2x | 0.7x | 0.5x |
| Total assets | $3.6B | $3.7B | $4.9B | $4.8B | $5.9B |
| Total liabilities | $600M | $569M | $965M | $1.8B | $2.2B |
| Shareholders' equity | $2.9B | $3.0B | $3.8B | $3.0B | $3.6B |
| Net debt (− = net cash) | −$598M | −$595M | −$115M | $101M | $218M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
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Its return on capital was 23.6%: every 100 invested in the business earned about 24 in a year.
Return on capital, equity and assets (annual)
FY16
Return on capital 4.6%
Return on equity 2.7%
Return on assets 1.7%
FY17
Return on capital 3.7%
Return on equity 3.8%
Return on assets 2.3%
FY18
Return on capital 9.4%
Return on equity 1.8%
Return on assets 1.1%
FY19
Return on capital 15.6%
Return on equity 16.3%
Return on assets 11.2%
FY20
Return on capital 31.1%
Return on equity 27.5%
Return on assets 20.8%
FY21
Return on capital 20.5%
Return on equity 15.5%
Return on assets 12.1%
FY22
Return on capital 13.5%
Return on equity 8.6%
Return on assets 7.0%
FY23
Return on capital 5.8%
Return on equity 0.3%
Return on assets 0.2%
FY24
Return on capital −6.4%
Return on equity −18.5%
Return on assets −13.0%
FY25
Return on capital 23.6%
Return on equity 12.2%
Return on assets 7.5%
Return on capital
Return on equity
Return on assets
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
KIRA summarises the numbers
-
B2Gold Corp passes 4 of 7 financial health tests (Piotroski F-score).
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| F-score | 5 / 7 | 4 / 7 | 3 / 7 | 2 / 7 | 4 / 7 |
| Accruals ratio | −8.8% | −9.5% | −16.5% | −31.1% | −9.2% |
| Altman Z'' | 8.32 | 8.41 | 5.40 | 1.50 | 3.22 |
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | — | — |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
See the figures for 10 years Hide the figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Gross profit | $210M | $150M | $381M | $450M | $958M | $769M | $604M | $780M | $706M | $1.5B |
| Operating income | $126M | $86.7M | $286M | $508M | $1.1B | $714M | $502M | $327M | −$248M | $1.4B |
| Interest expense | $10.2M | $9.7M | $27.5M | $23.9M | $12.8M | $11.8M | $10.8M | $13.9M | $14.0M | $7.0M |
| Pretax income | $68.5M | $68.9M | $267M | $482M | $1.0B | $726M | $531M | $320M | −$309M | $977M |
| Income tax | $29.9M | $7.3M | $132M | $174M | $362M | $265M | $244M | $279M | $317M | $550M |
| Net income | $39.1M | $56.9M | $28.9M | $293M | $628M | $420M | $253M | $10.1M | −$630M | $402M |
| Net income to common | $39.1M | $56.9M | $28.9M | $293M | $628M | $420M | $253M | $10.1M | −$630M | $402M |
| Diluted EPS | $0.04 | $0.06 | $0.02 | $0.29 | $0.59 | $0.40 | $0.24 | $0.01 | −$0.48 | $0.28 |
| Diluted shares | 0.96B | 0.99B | 1.05B | 1.02B | 1.06B | 1.06B | 1.07B | 1.24B | 1.31B | 1.48B |
| Cash flow | ||||||||||
| Cash from operations | $412M | $155M | $451M | $492M | $951M | $724M | $596M | $714M | $878M | $896M |
| Depreciation and amortization | $173M | $161M | $248M | $252M | $303M | $381M | $386M | $404M | $370M | $443M |
| Stock-based compensation | $13.7M | $18.1M | $18.3M | $17.1M | $17.1M | $22.6M | $24.7M | $18.2M | $24.3M | $22.9M |
| Acquisitions | $6.0M | $1.5M | $2.5M | — | — | $0.0M | $21.1M | — | — | — |
| Share buybacks | — | — | — | — | — | — | — | — | $0.0M | $9.8M |
| Dividends paid | — | — | $0.0M | $10.3M | $115M | $168M | $171M | $187M | $185M | $103M |
| Dividends and buybacks | — | — | $0.0M | $10.3M | $115M | $168M | $171M | $187M | $185M | $113M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $145M | $147M | $103M | $141M | $480M | $673M | $652M | $307M | $337M | $380M |
| Total debt | $487M | $702M | $480M | $262M | $110M | $75.1M | $57.2M | $192M | $438M | $598M |
| Current assets | $277M | $396M | $363M | $430M | $763M | $1.0B | $1.0B | $711M | $902M | $1.1B |
| Current liabilities | $176M | $495M | $207M | $165M | $286M | $231M | $234M | $313M | $581M | $1.1B |
| Inventory | $105M | $206M | $234M | $218M | $238M | $272M | $332M | $346M | $478M | $627M |
| Property and equipment, net | $2.0B | $2.1B | $2.0B | $2.0B | $2.4B | $2.2B | $2.3B | — | — | — |
| Total assets | $2.3B | $2.7B | $2.5B | $2.7B | $3.4B | $3.6B | $3.7B | $4.9B | $4.8B | $5.9B |
| Total liabilities | $882M | $1.1B | $895M | $631M | $702M | $600M | $569M | $965M | $1.8B | $2.2B |
| Shareholders' equity | $1.4B | $1.6B | $1.6B | $2.0B | $2.6B | $2.9B | $3.0B | $3.8B | $3.0B | $3.6B |
| Returns | ||||||||||
| Return on capital | 4.6% | 3.7% | 9.4% | 15.6% | 31.1% | 20.5% | 13.5% | 5.8% | −6.4% | 23.6% |
| Return on capital employed | 5.8% | 4.0% | 12.2% | 20.2% | 34.2% | 21.4% | 14.6% | 7.2% | −5.9% | 28.7% |
| Return on equity | 2.7% | 3.8% | 1.8% | 16.3% | 27.5% | 15.5% | 8.6% | 0.3% | −18.5% | 12.2% |
| Return on assets | 1.7% | 2.3% | 1.1% | 11.2% | 20.8% | 12.1% | 7.0% | 0.2% | −13.0% | 7.5% |
| Return on tangible equity | 2.7% | 3.7% | 1.8% | 14.7% | 24.4% | 14.7% | 8.4% | 0.3% | −21.1% | 11.2% |
| Growth | ||||||||||
| Net income growth | — | 45.3% | −49.1% | 913.8% | 114.1% | −33.1% | −39.8% | −96.0% | −6,338.4% | — |
| EPS growth | — | 50.0% | −66.7% | 1,350.0% | 103.4% | −32.2% | −40.0% | −95.8% | −4,900.0% | — |
| Share count change | — | 3.8% | 5.6% | −2.3% | 3.3% | 0.5% | 0.9% | 15.5% | 5.8% | 13.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.1x | 2.2x | 0.7x | 0.2x | −0.3x | −0.5x | −0.7x | −0.2x | 0.8x | 0.1x |
| Debt / equity | 0.3x | 0.5x | 0.3x | 0.1x | 0.0x | 0.0x | 0.0x | 0.1x | 0.1x | 0.2x |
| Interest coverage | 12.4x | 8.9x | 10.4x | 21.2x | 82.2x | 60.5x | 46.3x | 23.5x | −17.7x | 197.5x |
| Current ratio | 1.6x | 0.8x | 1.8x | 2.6x | 2.7x | 4.5x | 4.4x | 2.3x | 1.6x | 1.1x |
| Quick ratio | 1.0x | 0.4x | 0.6x | 1.3x | 1.8x | 3.3x | 3.0x | 1.2x | 0.7x | 0.5x |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 5.0 | 7.0 | 6.0 | 5.0 | 4.0 | 3.0 | 2.0 | 4.0 |
| Altman Z'' | 1.4 | 0.7 | 2.3 | 4.9 | 7.1 | 8.3 | 8.4 | 5.4 | 1.5 | 3.2 |
| Accruals ratio | −16.0% | −3.9% | −16.1% | −7.6% | −10.7% | −8.8% | −9.5% | −16.5% | −31.1% | −9.2% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Latest SEC filings
The original documents every number on this page comes from.
Source: SEC EDGAR XBRL filings (CIK 0001429937). Data updated November 1, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.