B2Gold Corp. (BTO.TO) 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

-39.9%

CA$4.02

vs CA$6.68 price

Levered DCF

CA$6.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.74

Safe zone

Rating

A+

Overall 4 / 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	14.52×	-5.1×	385.23×	14.78×	9.84×	9.33×	13.82×	105.94×
P/B	1.66×	1.07×	1.03×	1.24×	1.46×	2.27×	2.1×	1.9×
P/S	1.91×	1.68×	2.01×	2.17×	2.35×	3.26×	3.52×	2.5×
EV / EBITDA	4.2×	3.54×	4.38×	3.49×	3.27×	4.7×	6.73×	6.55×
Gross margin	50.0%	56.4%	61.1%	57.0%	65.1%	70.4%	60.7%	51.3%
Operating margin	46.1%	-13.1%	16.9%	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	37.45×	-7.13×	23.51×	46.34×	60.48×	66.63×	19.13×	9.34×
Dividend yield	1.8%	5.5%	4.9%	4.4%	4.0%	2.1%	0.3%	0.0%
Payout ratio	25.7%	-27.9%	1879.3%	65.5%	39.4%	19.3%	3.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	-21.1%	0.3%	8.3%	14.8%	24.5%	15.1%	1.8%
Return on invested capital	13.0%	-5.8%	0.9%	7.8%	13.6%	22.0%	13.1%	5.4%
Return on assets	7.0%	-13.1%	0.2%	6.8%	11.9%	18.7%	11.2%	1.1%
Free cash flow yield	1.1%	0.0%	-0.7%	8.1%	11.2%	11.4%	5.1%	6.0%
Earnings yield	6.9%	-19.7%	0.3%	6.7%	10.1%	10.8%	7.2%	0.9%
Enterprise value	CA$6.2B	CA$3.3B	CA$3.8B	CA$3.2B	CA$3.6B	CA$5.5B	CA$4.2B	CA$3.4B
Net debt / EBITDA	0.17×	0.11×	-0.13×	-0.66×	-0.54×	-0.32×	0.19×	0.72×
Cash conversion cycle (days)	116	154	96	117	103	108	120	140