BTG

Company Overview — What Does B2GOLD CORP Do?

B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 25% interest in the Calibre Mining Corp.; and approximately 19% interest in BeMetals Corp. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Uzbekistan, and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada. B2GOLD CORP (BTG) is classified as a mid-cap stock in the Materials sector, specifically within the Precious Metals industry. The company is led by CEO Clive T. Johnson and employs approximately 4,690 people. With a market capitalization of $6.5B, BTG is one of the notable companies in the Materials sector.

B2GOLD CORP (BTG) Stock Rating — Reduce (April 2026)

As of April 2026, B2GOLD CORP receives a Reduce rating with a composite score of 46.1/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.BTG ranks #2,619 out of 4,446 stocks in our coverage universe. Within the Materials sector, B2GOLD CORP ranks #187 of 284 stocks, placing it in the lower half of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

BTG Stock Price and 52-Week Range

B2GOLD CORP (BTG) currently trades at $4.93. The stock gained $0.05 (1.0%) in the most recent trading session. The 52-week high for BTG is $6.29, which means the stock is currently trading -21.6% from its annual peak. The 52-week low is $2.53, putting the stock 94.9% above its annual trough. Recent trading volume was 16.3M shares, indicating strong institutional interest and high liquidity.

Is BTG Overvalued or Undervalued? — Valuation Analysis

B2GOLD CORP (BTG) carries a value factor score of 43/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 2.13x, versus the sector average of 2.83x. The price-to-sales ratio is 0.85x, compared to 0.74x for the average Materials stock. On an enterprise value basis, BTG trades at 23.11x EV/EBITDA, versus 6.01x for the sector.

Overall, BTG's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

B2GOLD CORP Profitability — ROE, Margins, and Quality Score

B2GOLD CORP (BTG) earns a quality factor score of 37/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -84.0%, compared to the Materials sector average of 3.3%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -52.1% versus the sector average of 0.6%.

On a margin basis, B2GOLD CORP reports gross margins of 37.9%, compared to 29.8% for the sector. The operating margin is -16.1% (sector: 6.0%). Net profit margin stands at -33.7%, versus 3.0% for the average Materials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

BTG Debt, Balance Sheet, and Financial Health

B2GOLD CORP has a debt-to-equity ratio of 15.0%, compared to the Materials sector average of 41.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $438M. Cash and equivalents stand at $337M.

BTG has a beta of 0.73, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for B2GOLD CORP is 51/100, reflecting average volatility within the normal range for its sector.

B2GOLD CORP Revenue and Earnings History — Quarterly Trend

In TTM 2026, B2GOLD CORP reported revenue of $1.86B. Net income for the quarter was $-627M. Gross margin was 37.9%. Operating income came in at $-300M.

In FY 2024, B2GOLD CORP reported revenue of $1.86B. Net income for the quarter was $-627M. Gross margin was 37.9%. Revenue grew -2.5% year-over-year compared to FY 2023. Operating income came in at $-300M.

In FY 2023, B2GOLD CORP reported revenue of $1.91B and earnings per share (EPS) of $0.01. Net income for the quarter was $42M. Gross margin was 41.0%. Revenue grew 11.9% year-over-year compared to FY 2022. Operating income came in at $337M.

In FY 2022, B2GOLD CORP reported revenue of $1.71B. Net income for the quarter was $287M. Gross margin was 35.6%. Revenue grew -1.8% year-over-year compared to FY 2021. Operating income came in at $527M.

Over the past 8 quarters, B2GOLD CORP has demonstrated a growth trajectory, with revenue expanding from $1.03B to $1.86B. Investors analyzing BTG stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

BTG Dividend Yield and Income Analysis

B2GOLD CORP (BTG) does not currently pay a dividend. This is common among smaller companies in the Precious Metals industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.

BTG Momentum and Technical Analysis Profile

B2GOLD CORP (BTG) has a momentum factor score of 62/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 45/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 36/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

BTG vs Competitors — Materials Sector Ranking and Peer Comparison

Within the Materials sector, B2GOLD CORP (BTG) ranks #187 out of 284 stocks based on the Blank Capital composite score. This places BTG in the lower half of all Materials stocks in our coverage universe. Key competitors and sector peers include CF Industries Holdings, Inc. (CF) with a score of 56.6/100, Nutrien Ltd. (NTR) with a score of 56.6/100, CVR PARTNERS, LP (UAN) with a score of 55.6/100, LSB INDUSTRIES, INC. (LXU) with a score of 53.6/100, and ACME UNITED CORP (ACU) with a score of 51.2/100.

Comparing BTG against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full BTG vs S&P 500 (SPY) comparison to assess how B2GOLD CORP stacks up against the broader market across all factor dimensions.

BTG Next Earnings Date

No upcoming earnings date has been announced for B2GOLD CORP (BTG) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy BTG? — Investment Thesis Summary

The quantitative profile for B2GOLD CORP suggests caution. The quality score of 37/100 flags below-average profitability. Price momentum is positive at 62/100, suggesting the trend favors buyers.

In summary, B2GOLD CORP (BTG) earns a Reduce rating with a composite score of 46.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on BTG stock.

Related Resources for BTG Investors

Explore more research and tools: BTG vs S&P 500 comparison, top Materials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare BTG head-to-head with peers: BTG vs CF, BTG vs NTR, BTG vs UAN.