B2Gold Corp. (BTG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-37.3%

$3.01

vs $4.80 price

Levered DCF

$7.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.68

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.55×	-5.08×	385.37×	14.88×	9.83×	9.33×	13.83×	97.33×
P/B	1.67×	1.07×	1.03×	1.26×	1.45×	2.27×	2.04×	1.9×
P/S	1.95×	1.68×	2.01×	2.19×	2.35×	3.27×	3.52×	2.5×
EV / EBITDA	4.28×	35.41×	5.13×	3.46×	3.17×	4.05×	5.51×	6.63×
Gross margin	50.0%	37.1%	40.3%	34.9%	43.6%	53.6%	39.0%	29.8%
Operating margin	45.9%	31.3%	34.9%	29.0%	40.5%	58.9%	44.0%	23.4%
Net margin	13.1%	-33.1%	0.5%	14.6%	23.8%	35.1%	25.4%	2.4%
Current ratio	1.06×	1.55×	2.27×	4.43×	4.52×	2.67×	2.6×	1.75×
Debt / equity	0.18×	0.15×	0.05×	0.02×	0.03×	0.04×	0.13×	0.3×
Interest coverage	37.25×	17.07×	48.45×	46.34×	60.48×	66.63×	19.13×	9.34×
Dividend yield	1.8%	5.8%	4.9%	4.3%	4.0%	2.1%	0.3%	0.0%
Payout ratio	26.2%	-29.3%	1883.2%	64.8%	39.7%	19.3%	3.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	-21.1%	0.3%	8.4%	14.7%	24.4%	14.7%	1.8%
Return on invested capital	12.7%	14.0%	1.9%	7.8%	13.5%	22.0%	12.8%	6.1%
Return on assets	6.8%	-13.1%	0.2%	6.9%	11.8%	18.7%	10.9%	1.1%
Free cash flow yield	1.1%	-0.7%	16.4%	7.9%	11.3%	11.4%	5.2%	5.9%
Earnings yield	6.7%	-19.7%	0.3%	6.7%	10.1%	10.7%	7.2%	0.9%
Enterprise value	$6.2B	$3.3B	$3.8B	$3.2B	$3.5B	$5.5B	$4.2B	$3.4B
Net debt / EBITDA	0.17×	1.08×	-0.16×	-0.64×	-0.53×	-0.27×	0.16×	0.73×
Cash conversion cycle (days)	118	111	66	79	68	71	84	73