B2Gold

BTO.TO

Gold · Basic Materials

Price

C$7.61

+0.18 (+2.42%)

Market Cap

C$10.14B

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Exceptional

Dividends

Weak

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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 based in Vancouver, Canada. It finds gold in the ground, digs it out, and sells it to refiners, banks, and other buyers in the metals market. The company owns and operates gold mines across several countries, with its flagship Fekola Mine in Mali being one of its largest and most productive assets.

B2Gold makes money by selling gold at market prices, so its revenue rises and falls with the price of gold. The company operates mines in Africa, the Philippines, and Namibia, making it a mid-tier global gold producer with roughly $8.8 billion in market value. Its relatively high operating margin of around 49% reflects low production costs compared to peers, which is a key competitive strength. The biggest risk the company faces is its heavy reliance on Mali, a politically unstable country, where government disputes or policy changes could disrupt a large share of its production.

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

EPS Growth

+150.0% YoY

YoY Growth Rate

Strong earnings growth

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

39.4%

Exceptional — 39.4% 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

+72.8%

Fast-growing sales (+72.8% 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

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

28.53x

Comfortably covers interest (28.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.5x

Attractive valuation — P/E 9.5

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

Cheaper or dearer next year

P/E vs Forward

+5.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (9.5 → 4.3)

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Dividends

Dividend

Dividend Yield

1.49%

Small dividend — 1.49% yield

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

Dividend record

Dividend Growth

-20.7%

Dividend cut (-20.7% YoY) — warning sign

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