BTG
B2Gold Corp.
BTG's fundamentals are strong: revenue grew 73% and its operating margin rose 42 points to 46%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
BTG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
BTG's revenue, profitability, cash flow and balance sheet are all currently healthy.
BTG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6x | $4.96 | — |
| Cheap | 8.4x | $4.55 | -8.3% |
| Current | 9.1x | $4.96 | — |
| Fair | 12x | $6.43 | +30% |
| Expensive | 19x | $10.16 | +105% |
Historical ranges are pointers, not guarantees.
BTG's PE is 9.1x, but its earnings don't support one, so it isn't a reliable read right now.
BTG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for BTG, with profitability improving. However, they disagree widely on these estimates.
BTG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.83 | +54% |
| Q2 2026 | $0.54 | +$0.89 |
| Q1 2026 | $0.36 | +$0.83 |
| Q4 2025 | $0.26 | +$0.74 |
| Q3 2025 | $0.14 | +$0.70 |
| Q2 2025 | -$0.35 | -$0.24 |
| Q1 2025 | -$0.47 | -$0.44 |
| Q4 2024 | -$0.48 | -2500% |
| Q3 2024 | -$0.56 | -315% |
BTG has returned to profit: it earned $0.54 per share over the past year, after losing money the year before.
BTG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $769.3M | +11% |
| Q1 2026 | $1.1B | +115% |
| Q4 2025 | $1.1B | +111% |
| Q3 2025 | $782.9M | +75% |
| Q2 2025 | $692.2M | +41% |
| Q1 2025 | $532.1M | +15% |
| Q4 2024 | $499.8M | -2.4% |
| Q3 2024 | $448.2M | -6.2% |
BTG's revenue has grown year over year for six quarters in a row: $769M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 36% | -10 points |
| Q1 2026 | 50% | +11 points |
| Q4 2025 | 50% | +23 points |
| Q3 2025 | 45% | +170 points |
| Q2 2025 | 46% | +40 points |
| Q1 2025 | 39% | +5.2 points |
| Q4 2024 | 28% | +35 points |
| Q3 2024 | -125% | -131 points |
BTG's operating margin was 36% last quarter, down 10 points from the same quarter a year ago.
BTG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$237.3M | -1485% |
| Q1 2026 | $359.7M | +$364.5M |
| Q4 2025 | $127.6M | +$245.1M |
| Q3 2025 | -$80.5M | +$149.6M |
| Q2 2025 | $17.1M | +$158.8M |
| Q1 2025 | -$4.8M | -101% |
| Q4 2024 | -$117.4M | -$70.1M |
| Q3 2024 | -$230.1M | -$131.9M |
BTG's free cash flow has turned positive after two years mostly in the red: $170M over the past year.
BTG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -11.4M shares |
| 1 year | +0.9% | +12.8M shares |
| 3 years | +18% | +232M shares |
| 5 years | +40% | +426M shares |
| Available history | +44% | +459M shares |
BTG has 1.5B diluted shares, up 0.9% from a year ago, despite $178M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $89.9M |
| Q1 2026 | $78.5M |
| Q4 2025 | $7,079 |
| Q3 2025 | $9.9M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
BTG spent $178M buying back its own shares over the past year, after none the year before.
BTG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.0x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.2x | Very low |
| Q2 2025 | 0.4x | Very low |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 1.1x | Healthy |
| Q2 2024 | -0.8x | Net Cash |
BTG's net debt is less than a year of its operating earnings (EBITDA).
BTG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.4 | Neutral |
| Stochastic | 50.3 | Neutral |
BTG's weekly RSI is 50 (neutral) and its Stochastic is 50 (neutral).
BTG PE vs Basic Materials Sector
| Metric | BTG | Sector median | Relative |
|---|---|---|---|
| PE | 9.1x | 19x | 51% below |
| PE % | 26 | 40 | 14 pts below |
BTG is trading at 9.1x earnings, a 51% discount to the Basic Materials sector's median of 19x, though its earnings don't support one.
BTG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.12 | 3.1% below |
| 20 week MA | $4.90 | 1.2% above |
| 50 week MA | $4.82 | 2.9% above |
| 100 week MA | $4.16 | 19% above |
| 200 week MA | $3.66 | 36% above |
BTG's trend is up, with a small recent dip: it's below only its 8-week average, and 36% above its 200-week average.
BTG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.89 | $5.60 | +44% |
| 2021 | $5.60 | $3.85 | -31% |
| 2022 | $3.85 | $3.56 | -7.5% |
| 2023 | $3.56 | $3.16 | -11% |
| 2024 | $3.16 | $2.47 | -22% |
| 2025 | $2.47 | $4.80 | +94% |
| 2026 YTD | $4.80 | $4.96 | +3.3% |
BTG has finished lower in four of the last six years. It's up 3.3% so far in 2026.