Stock

B2Gold

BTG

Gold · Basic Materials

Also trades as: 0QYN.L GBP 0.07 (-0.73%)

Price

$4.78

-0.09 (-1.85%)

Market Cap

$6.32B

Exchange

New York Stock Exchange American

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

24/30

Growth

Strong

14/20

Cash Flow

Strong

7/10

Stability

Exceptional

10/10

Valuation

Exceptional

9/10

Ownership

Good

8/15

Dividends

Weak

1/5

73 of 100 counted points = Winston Score 73.

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Share count rising — dilution

+39.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.06B (2021) → 1.48B (2025)

§Winston Score History

The full picture

B2Gold Corp. is a gold mining company. It digs gold out of the ground at mines it owns and operates, then sells that gold to refiners, banks, and commodity buyers. The company is a mid-tier gold producer, meaning it is smaller than giants like Newmont but larger than most junior miners.

B2Gold makes money by selling physical gold at market prices, so its profits rise and fall with the price of gold. It operates mines primarily in Mali, Namibia, and the Philippines, with additional projects in other countries. The company has built a reputation for bringing mines into production on time and under budget, which is a real competitive edge in an industry known for cost overruns. The biggest risk B2Gold faces is political instability in Mali, which hosts its largest and most profitable mine, the Fekola operation — any disruption there would have a significant impact on overall production and revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.1% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+158.3% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.12

30 Jun 2026: $0.31

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

6.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$694M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

B2Gold has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

39.1%

Modest — 39.1% gross margin

Profit after running costs

Operating Margin

35.5%

Excellent — 35.5% operating margin

Return on the money invested

ROCE

39.1%

Exceptional — 39.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+72.6%

Fast-growing sales (+72.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

113%

Turns 113% of profit into real cash

Spare cash per sale

FCF Margin

4.5%

Thin free cash flow (4.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

28.66x

Comfortably covers interest (28.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.9x

Attractive valuation — P/E 7.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (7.9 → 4.4)

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Dividends

Dividend

Dividend Yield

1.54%

Small dividend — 1.54% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-20.0%

Dividend cut (-20.0% YoY) — warning sign

Payout Ratio

13%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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