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What this page is: Delvantic's full research page for B2Gold Corp (BTG) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
/llms.txt ·
any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
B2Gold Corp
BTG NYSE
Basic Materials · Gold
Vancouver, BC V6C 2X8, Canada
b2gold.com
Price
$5.07
Market Cap
$6.7B
Employees
0
Beta
1.35
Avg Volume
22,470,948
Last Dividend
$0.08
CEO
Mr. Michael Andrew Cinnamond CPA, L.L.B.
B2Gold Corp is an international gold mining company focused on the exploration, acquisition, development, and operation of gold mineral properties. The company’s core business centers on producing gold from its open-pit mining operations and advancing development projects to sustain and grow its production base. B2Gold operates key segments including the Fekola Mine and Fekola Regional properties in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia, along with the Goose Project and other mineral properties. These assets position B2Gold as a diversified producer within the global gold sector, with activities spanning multiple jurisdictions and geological settings. Headquartered in Vancouver, Canada, B2Gold plays a notable role in the precious metals market by supplying gold that is used in investment products, jewelry, and industrial applications. Its portfolio of operating mines and exploration projects across several continents underscores its presence as a significant participant in the international mining industry.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 13 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Aug 6, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
-38.9%
Feb '26
+0.7%
Mar '26
+11.1%
Apr '26
+72.7%
May '26
-57.1%
Aug '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Aug 6, 2026 | $0.07 | $0.03 -57.1% | — | — |
| May 7, 2026 | $0.11 | $0.19 +72.7% | — | — |
| Apr 29, 2026 | $3.69 | $4.10 +11.1% | — | — |
| Mar 12, 2026 | $1.38 | $1.39 +0.7% | — | — |
| Feb 18, 2026 | $0.18 | $0.11 -38.9% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 7, 2026 | 6-K | View |
| Aug 7, 2026 | 6-K | View |
| Aug 7, 2026 | 6-K | View |
| Aug 5, 2026 | S-8 | View |
| Jul 13, 2026 | 6-K | View |
| Jun 11, 2026 | SD | View |
| Jun 8, 2026 | 6-K | View |
| Jun 8, 2026 | 6-K | View |
| May 26, 2026 | 6-K | View |
| May 15, 2026 | SCHEDULE 13G/A | View |
| May 7, 2026 | 6-K | View |
| May 7, 2026 | 6-K | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 14, 2026 8:20am (just now)
Current data · timestamped when a report runs
$5.07
Change · Aug 14
-0.14 (-2.69%)
Day Range
$5.04 – $5.21
52-Week Range
$3.57 – $6.29
50-Day MA
$4.09
200-Day MA
$4.60
Volume
18,771,170.00
Share Structure
Outstanding
1,321,070,762.00
Float
1,227,753,486.00
Free Float
92.9%
High free float
— 92.9% of shares trade freely, ~7.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Why there are no quarterly figures for B2Gold Corp
This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
18.11
Stock Price: $5.07
EPS (Diluted): 0.28
EPS (Diluted): 0.28
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.06
Stock Price: $5.07
Total Equity: $3.64B
Shares: 1,480,858,000
Total Equity: $3.64B
Shares: 1,480,858,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
3.80
Market Cap: $6.70B
Total Debt: $598.31M
Cash: $380.42M
EBITDA: $1.83B
Total Debt: $598.31M
Cash: $380.42M
EBITDA: $1.83B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$6.9B
Market Cap: $6.70B
Total Debt: $598.31M
Cash: $380.42M
Total Debt: $598.31M
Cash: $380.42M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: $1.53B
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: $1.38B
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
—
Net Income: $401.91M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
11.0%
Net Income: $401.91M
Total Equity: $3.64B
Total Equity: $3.64B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
15.6%
Operating Income: $1.38B
Tax Rate: 56.3%
Equity: $3.64B
Total Debt: $598.31M
Cash: $380.42M
Tax Rate: 56.3%
Equity: $3.64B
Total Debt: $598.31M
Cash: $380.42M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
1.06
Current Assets: $1.13B
Current Liabilities: $1.06B
Current Liabilities: $1.06B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.16
Short-Term Debt: $33.87M
Long-Term Debt: $564.44M
Total Debt: $598.31M
Total Equity: $3.64B
Long-Term Debt: $564.44M
Total Debt: $598.31M
Total Equity: $3.64B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
—
Revenue: N/A
Shares: 1,480,858,000
Shares: 1,480,858,000
Missing from API: Revenue
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$2.46
Total Equity: $3.64B
Shares: 1,480,858,000
Shares: 1,480,858,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$0.60
Operating CF: $895.84M
CapEx: $0.00
Shares: 1,480,858,000
CapEx: $0.00
Shares: 1,480,858,000
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
1.6%
Last Dividend: $0.08
Stock Price: $5.07
Stock Price: $5.07
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
25.7%
Dividends Paid: -$103.44M
Net Income: $401.91M
Net Income: $401.91M
Income Statement (Annual)
Last updated: Aug 14, 2026 8:20am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Cost of Revenue | $993.7M | $1.1B | $1.2B | $1.2B | $1.5B |
| Gross Profit | $768.6M | $604.2M | $780.0M | $706.2M | $1.5B |
| Operating Expenses | $53.9M | $101.8M | $452.6M | $954.5M | $148.5M |
| Operating Income | $714.6M | $502.4M | $327.4M | -$248.3M | $1.4B |
| Net Income | $420.1M | $252.9M | $10.1M | -$629.9M | $401.9M |
| EBITDA | $1.1B | $888.9M | $731.8M | $121.2M | $1.8B |
| EPS | $0.40 | $0.24 | $0.01 | $-0.48 | $0.30 |
| EPS (Diluted) | $0.40 | $0.24 | $0.01 | $-0.48 | $0.28 |
Balance Sheet (Annual)
Last updated: Aug 14, 2026 8:20am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $673.0M | $651.9M | $306.9M | $337.0M | $380.4M |
| Total Current Assets | $1.0B | $1.0B | $710.7M | $901.8M | $1.1B |
| Total Assets | $3.6B | $3.7B | $4.9B | $4.8B | $5.9B |
| Current Liabilities | $231.2M | $233.6M | $313.5M | $580.7M | $1.1B |
| Long-Term Debt | $49.7M | $41.7M | $175.9M | $421.5M | $564.4M |
| Total Liabilities | $600.3M | $569.4M | $964.6M | $1.8B | $2.2B |
| Total Equity | $3.0B | $3.1B | $3.9B | $3.0B | $3.6B |
| Retained Earnings | $507.4M | $588.1M | $395.9M | -$515.6M | -$220.6M |
Cash Flow (Annual)
Last updated: Aug 14, 2026 8:20am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $724.1M | $595.8M | $714.5M | $877.6M | $895.8M |
| Capital Expenditure | — | — | — | — | — |
| Free Cash Flow | — | — | — | — | — |
| Acquisitions (net) | $0 | -$21.1M | — | — | — |
| Net Debt Issued / (Repaid) | -$28.8M | -$19.8M | $150.0M | — | — |
| Dividends Paid | -$168.4M | -$170.6M | -$186.7M | -$184.6M | -$103.4M |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $203.6M | -$4.3M | -$323.4M | $45.2M | $61.7M |
Growth Trends (YoY %)
Last updated: Aug 14, 2026 8:20am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | -21.4% | +29.1% | -9.5% | +116.8% |
| Operating Income Growth | -29.7% | -34.8% | -175.8% | +656.6% |
| Net Income Growth | -39.8% | -96.0% | -6,338.4% | +163.8% |
| EBITDA Growth | -18.9% | -17.7% | -83.4% | +1,405.7% |
Dividend History (Last 20)
Last updated: Aug 9, 2026 8:33am (4d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-10 | $0.02 | — | — | — |
| 2026-03-06 | $0.02 | — | — | — |
| 2025-06-11 | $0.02 | — | — | — |
| 2025-03-07 | $0.02 | — | — | — |
| 2024-12-02 | $0.04 | — | — | — |
| 2024-09-10 | $0.04 | — | — | — |
| 2024-06-11 | $0.04 | — | — | — |
| 2024-03-06 | $0.04 | — | — | — |
| 2023-12-01 | $0.04 | — | — | — |
| 2023-09-20 | $0.04 | — | — | — |
| 2023-06-15 | $0.04 | — | — | — |
| 2023-03-07 | $0.04 | — | — | — |
| 2022-12-06 | $0.04 | — | — | — |
| 2022-09-20 | $0.04 | — | — | — |
| 2022-06-17 | $0.04 | — | — | — |
| 2022-03-08 | $0.04 | — | — | — |
| 2021-12-07 | $0.04 | — | — | — |
| 2021-09-21 | $0.04 | — | — | — |
| 2021-06-21 | $0.04 | — | — | — |
| 2021-03-05 | $0.04 | — | — | — |
Industry Benchmarks
Compares BTG against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BTG — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for BTG — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for BTG — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for BTG — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
No community reviews yet for BTG.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.532 · 1ec19de8 · 2026-08-13 17:53:37