B2Gold Financials

BTG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows B2Gold (BTG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of B2Gold's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

B2Gold carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

B2Gold's current ratio of 1.06 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

B2Gold generates a 11.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 11/100. This is up from -20.6% the prior year.

Piotroski F-Score Neutral

4/9

B2Gold passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

2.10x

For every $1 of reported earnings, B2Gold generates $2.10 in operating cash flow ($895.8M OCF vs $426.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$426.7M

YoY+168.1%

5Y CAGR-8.7%

B2Gold reported $426.7M in net income in fiscal year 2025. This represents an increase of 168.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$380.4M

YoY+12.9%

5Y CAGR-4.5%

B2Gold held $380.4M in cash against $598.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.34B

YoY+1.7%

5Y CAGR+5.0%

B2Gold had 1.34B shares outstanding in fiscal year 2025. This represents an increase of 1.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

11.7%

YoY+32.4pp

5Y CAGR-13.5pp

B2Gold's ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BTG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$550.1M+73.3%	$317.4M+13.9%	$278.7M+14.3%	$243.9M-8.1%	$265.4M-26.7%	$362.0M
Net Income	$426.7M+168.1%	-$626.7M-1606.8%	$41.6M-85.5%	$286.7M-37.8%	$460.8M-31.5%	$672.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$0.59

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BTG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.9B+22.1%	$4.8B-1.2%	$4.9B+32.4%	$3.7B+3.4%	$3.6B+5.9%	$3.4B
Current Assets	$1.1B+25.3%	$901.8M+26.9%	$710.7M-31.3%	$1.0B-1.0%	$1.0B+37.2%	$762.7M
Cash & Equivalents	$380.4M+12.9%	$337.0M+9.8%	$306.9M-52.9%	$651.9M-3.1%	$673.0M+40.3%	$479.7M
Inventory	$627.2M+31.3%	$477.6M+37.8%	$346.5M+4.4%	$332.0M+21.9%	$272.4M+14.4%	$238.1M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.2B+25.8%	$1.8B+84.3%	$964.6M+69.4%	$569.4M-5.1%	$600.3M-14.5%	$701.8M
Current Liabilities	$1.1B+82.8%	$580.7M+85.2%	$313.5M+34.2%	$233.6M+1.0%	$231.2M-19.2%	$286.1M
Long-Term Debt	$598.3M+36.6%	$437.9M+127.9%	$192.1M+235.7%	$57.2M-23.8%	$75.1M-31.7%	$110.0M
Total Equity	$3.6B+20.0%	$3.0B-22.4%	$3.9B+25.7%	$3.1B+5.1%	$3.0B+11.3%	$2.7B
Retained Earnings	-$220.6M+57.2%	-$515.6M-230.3%	$395.9M-32.7%	$588.1M+15.9%	$507.4M+99.5%	$254.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$5.9B+22.1%	$4.8B-1.2%	$4.9B+32.4%	$3.7B+3.4%	$3.6B+5.9%	$3.4B+25.3%	$2.7B+5.3%	$2.5B
Current Assets	$1.1B+25.3%	$901.8M+26.9%	$710.7M-31.3%	$1.0B-1.0%	$1.0B+37.2%	$762.7M+77.6%	$429.5M+18.3%	$363.0M
Cash & Equivalents	$380.4M+12.9%	$337.0M+9.8%	$306.9M-52.9%	$651.9M-3.1%	$673.0M+40.3%	$479.7M+241.2%	$140.6M+36.8%	$102.8M
Inventory	$627.2M+31.3%	$477.6M+37.8%	$346.5M+4.4%	$332.0M+21.9%	$272.4M+14.4%	$238.1M+9.2%	$217.9M-6.9%	$234.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.2B+25.8%	$1.8B+84.3%	$964.6M+69.4%	$569.4M-5.1%	$600.3M-14.5%	$701.8M+11.1%	$631.4M-29.4%	$895.0M
Current Liabilities	$1.1B+82.8%	$580.7M+85.2%	$313.5M+34.2%	$233.6M+1.0%	$231.2M-19.2%	$286.1M+73.3%	$165.1M-20.4%	$207.3M
Long-Term Debt	$598.3M+36.6%	$437.9M+127.9%	$192.1M+235.7%	$57.2M-23.8%	$75.1M-31.7%	$110.0M-58.0%	$261.9M-45.4%	$479.5M
Total Equity	$3.6B+20.0%	$3.0B-22.4%	$3.9B+25.7%	$3.1B+5.1%	$3.0B+11.3%	$2.7B+29.7%	$2.1B+24.1%	$1.7B
Retained Earnings	-$220.6M+57.2%	-$515.6M-230.3%	$395.9M-32.7%	$588.1M+15.9%	$507.4M+99.5%	$254.3M+197.4%	-$261.2M+52.3%	-$547.8M

BTG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$895.8M+2.1%	$877.6M+22.8%	$714.5M+19.9%	$595.8M-17.7%	$724.1M-23.8%	$950.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$892.7M-17.0%	-$763.3M+9.7%	-$845.3M-117.4%	-$388.8M-35.8%	-$286.3M+15.3%	-$338.0M
Financing Cash Flow	$58.6M+184.9%	-$69.1M+64.1%	-$192.5M+8.9%	-$211.3M+9.8%	-$234.2M+16.0%	-$278.9M
Dividends Paid	$103.4M-44.0%	$184.6M-1.1%	$186.7M+9.4%	$170.6M+1.3%	$168.4M+46.1%	$115.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BTG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	11.7%+32.4pp	-20.6%-21.7pp	1.1%-8.2pp	9.2%-6.3pp	15.6%-9.7pp	25.3%
Return on Assets	7.3%+20.3pp	-13.0%-13.9pp	0.9%-6.9pp	7.8%-5.1pp	12.9%-7.1pp	20.0%
Current Ratio	1.06-0.5	1.55-0.7	2.27-2.2	4.43-0.1	4.52+1.9	2.67
Debt-to-Equity	0.16+0.0	0.14+0.1	0.05+0.0	0.020.0	0.03-0.0	0.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.06-0.5	1.55-0.7	2.27-2.2	4.43-0.1	4.52+1.9	2.67+0.1	2.60+0.9	1.75
Debt-to-Equity	0.16+0.0	0.14+0.1	0.05+0.0	0.020.0	0.03-0.0	0.04-0.1	0.13-0.2	0.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is B2Gold profitable?

Yes, B2Gold (BTG) reported a net income of $426.7M in fiscal year 2025.

How much debt does B2Gold have?

As of fiscal year 2025, B2Gold (BTG) had $380.4M in cash and equivalents against $598.3M in long-term debt.

What is B2Gold's return on equity (ROE)?

B2Gold (BTG) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is B2Gold's operating cash flow?

B2Gold (BTG) generated $895.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are B2Gold's total assets?

B2Gold (BTG) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does B2Gold have outstanding?

B2Gold (BTG) had 1.34B shares outstanding as of fiscal year 2025.

What is B2Gold's current ratio?

B2Gold (BTG) had a current ratio of 1.06 as of fiscal year 2025, which is considered adequate.

What is B2Gold's debt-to-equity ratio?

B2Gold (BTG) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is B2Gold's return on assets (ROA)?

B2Gold (BTG) had a return on assets of 7.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is B2Gold's Piotroski F-Score?

B2Gold (BTG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are B2Gold's earnings high quality?

B2Gold (BTG) has an earnings quality ratio of 2.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is B2Gold?

B2Gold (BTG) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.