| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 88 | 9.3x | 17.8x | Top tier | |
Growth | 94 | 72.6% | 7.1% | Top tier | |
Quality | 74 | 21.1% | 4.5% | Top tier | |
Safety | 89 | 0.1x | 2.6x | Top tier | |
Capital Return | 25 | 0.37% | 2.12% | Bottom tier | |
Momentum | 67 | 22.8% | 2.9% | Top tier | |
Sentiment | 94 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
B2Gold Corp. is an international gold producer whose revenue depends on extracting, processing, and selling gold from a portfolio that includes the Fekola Complex and the Masbate and Otjikoto mines, along with the Goose mine, which is still in the ramp-up phase. Consolidated production reached approximately 204 thousand ounces in fiscal year 2026 Q2; Fekola, Masbate, and Otjikoto exceeded expectations, while Goose was affected by a fire in parts of the crushing circuit in April 2026. Historically, Fekola represented approximately half of the company’s production, and management sees the potential for the complex’s production to return to nearly 500 thousand ounces with the development of Fekola Regional.
In fiscal year 2026 Q2, revenue reached $769.3 million and gross profit was $300.5 million, equivalent to a gross margin of approximately 39.1%. Net income was $406.7 million and earnings per share were $0.31, but adjusted net income attributable to shareholders was only $41 million, or $0.03 per share, after excluding the gain on the sale of the Finnish assets, unrealized derivative gains, and other non-recurring items. The adjusted result also included approximately $71 million in realized losses from gold collar contracts; without them, adjusted earnings per share would have exceeded $0.08.
For the trailing twelve months ended in 2026, B2Gold recorded revenue of $3.7 billion, gross profit of $1.8 billion, and net income of $818.6 million, compared with revenue of $3.1 billion, gross profit of $1.5 billion, and net income of $426.7 million in fiscal year 2025. However, free cash flow was negative $258 million in fiscal year 2026 Q2 due to high cash taxes, gold prepayment contracts, and higher production costs, despite the company holding $287 million in cash and cash equivalents and $405 million in working capital at the end of the quarter.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average target of $6.17 and a wide range between $5 and $7.5; the average is below the 52-week range high of $6.29, while the highest target exceeds it. No displayed price-to-earnings multiple is available that can be relied upon, and the wide range of targets reflects a divergence between the opportunities from Fekola Regional and Goose’s recovery on the one hand, and execution, tax, and negative-free-cash-flow risks on the other.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
The Government of Mali granted the Menankoto exploitation permit on August 7, 2026, allowing the company to begin pre-stripping at Fekola Regional. The infrastructure, roads, and workforce needed to begin mining were already in place, but management expects pre-stripping work to take the remainder of fiscal year 2026, with limited production possible near year-end but no material impact on guidance. B2Gold targets ramping up operations during fiscal year 2027 and reaching a rate exceeding 150 thousand ounces annually from 2028 through the mid-2030s.
Net income attributable to shareholders reached $417 million, or $0.31 per share, in fiscal year 2026 Q2, benefiting from the gain on the sale of the Finnish assets and unrealized derivative gains. After excluding these gains and non-recurring adjustments, adjusted net income was only $41 million, or $0.03 per share. The adjusted result also absorbed approximately $71 million in realized losses related to gold collar contracts, and adjusted earnings per share would have exceeded $0.08 without them.
A fire in parts of the crushing circuit in April 2026 damaged Goose’s production during fiscal year 2026 Q2. The company targeted completing damage remediation and the first phase of the crusher upgrade by the end of fiscal year 2026 Q3, received an additional mobile crusher in July 2026, and began commissioning it in early August. The plan targets more than 3,000 tonnes per day in fiscal year 2026 Q4 and the first half of fiscal year 2027, and then 4,000 tonnes per day in the second half of fiscal year 2027.
The company expects consolidated production between 820 thousand and 920 thousand ounces in fiscal year 2026 after narrowing the range because of the Menankoto delay and the Goose fire, partially offset by higher guidance for Masbate and Otjikoto. Cash operating cost guidance remained between $1,155 and $1,280 per ounce produced. The all-in sustaining cost range was lowered to $2,370–$2,550 per ounce sold, with the result expected to be at or below the low end.
The company recorded negative free cash flow of $258 million in fiscal year 2026 Q2 due to high cash taxes, prepayment contracts, and higher production costs. The prepayment contracts ended in June 2026 after affecting slightly more than 30% of the ounces sold during the quarter, while the gold collar contracts end in December 2026. Management therefore expects operating cash flow to rise in the second half of fiscal year 2026 and to enter fiscal year 2027 without the constraints of these 2 instruments, provided gold prices remain at the levels assumed by management.
The Menankoto permit was issued under Mali’s 2023 Mining Code framework after a process that took longer than the company’s initial estimates. Management expects a 30% corporate income tax rate for the regional project, along with a 2-percentage-point increase in the special tax compared with the main Fekola operation. It also expects a 35% government interest in Fekola Regional, compared with a priority interest of 20% in the main Fekola operation, implying a higher effective tax rate for the regional project after the final ownership structure is established.
