B2Gold Past Earnings Performance
Past criteria checks 2/6
B2Gold's earnings have been declining at an average annual rate of -37.8%, while the Metals and Mining industry saw earnings growing at 18.6% annually. Revenues have been growing at an average rate of 11.3% per year. B2Gold's return on equity is 15.3%, and it has net margins of 14.8%.
Key information
-37.79%
Earnings growth rate
-41.43%
EPS growth rate
| Metals and Mining Industry Growth | 27.39% |
| Revenue growth rate | 11.32% |
| Return on equity | 15.34% |
| Net Margin | 14.76% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 03
BTO: Future Share Buybacks Will Support Shares Despite Temporary Goose Mine Disruption
Analysts have trimmed their CA$ price target for B2Gold from about CA$7.00 to roughly CA$6.84. This reflects updated assumptions for fair value, discount rate, revenue growth, profit margins and a lower future P/E multiple.
Narrative Update • Apr 19
BTO: Future Upside Will Rely On Expanded Share Repurchase Program
Analysts have modestly reduced their CA$ price target for B2Gold, reflecting slightly higher discount rate assumptions along with updated views on revenue growth, profit margins and future P/E expectations. What's in the News The Board of Directors authorized a new share buyback plan on April 1, 2026, adding to the company’s capital return tools (Key Developments).Narrative Update • Apr 04
BTO: Future Upside Will Depend On Aggressive Share Repurchases
Analysts have nudged their price target for B2Gold to CA$11.71 from CA$11.49, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E levels. What's in the News B2Gold announced a normal course issuer bid that allows the company to repurchase up to 132,662,594 shares, or 9.92% of its issued share capital, with repurchased shares to be cancelled and the program running until April 2, 2027 (Key Developments).Narrative Update • Mar 21
BTO: Future Production Outlook And Leadership Transition Are Expected To Support Shares
Analysts have revised their fair value estimate for B2Gold to CA$7.00 from CA$6.19. This reflects updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions.Narrative Update • Mar 07
BTO: Future Upside Will Rely On Leadership Transition And Buyback Support
Analysts have lifted their B2Gold price target from CA$10.52 to CA$11.49, citing updated fair value estimates, a revised discount rate, adjusted assumptions for revenue growth and profit margins, and a higher future P/E multiple. What's in the News B2Gold announced that Chief Executive Officer Clive Johnson plans to retire at the Annual General Meeting on June 4, 2026, and will be named Chair Emeritus to remain connected with the company (Key Developments).Narrative Update • Feb 21
BTO: Future Upside Will Rely On Buybacks And Revised Profitability Assumptions
Analysts have nudged their price target on B2Gold slightly lower to CA$10.52 from CA$10.58, citing updated assumptions for revenue growth, profit margins, the discount rate, and future P/E as key drivers of the small adjustment. What's in the News B2Gold updated its buyback activity, completing the repurchase of 7,000,000 shares, representing 0.53% of shares, for a total of $34 million under the program announced on January 13, 2025.Narrative Update • Feb 07
BTO: Future Upside Will Rely On Revised Profitability And Fekola Output
Analysts have modestly lifted their price target on B2Gold to US$10.58 from US$10.34, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E. Valuation Changes Fair Value: Updated modestly from US$10.34 to US$10.58 per share, reflecting slightly revised assumptions.Narrative Update • Jan 24
BTO: Future Fair Value Will Rely On Stronger Fekola Output
Analysts have reduced their price target on B2Gold by approximately $0.02, citing slightly updated inputs related to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News B2Gold reported third quarter 2025 total gold production of 254,369 ounces, including pre commercial output from the Goose Mine, compared with 180,553 ounces in the same period a year earlier (Announcement of Operating Results).Narrative Update • Jan 09
BTO: Higher Fair Value Will Be Supported By Stronger Fekola Production
Analysts have raised their price target on B2Gold to US$10.35 from US$8.01, citing updated assumptions that include a higher assessed fair value, a slightly different discount rate, adjusted expectations for revenue growth and profit margin, and a lower future P/E multiple. What's in the News B2Gold reported total gold production of 254,369 ounces for the third quarter of 2025, including pre commercial production from the Goose Mine, compared with 180,553 ounces in the same period a year earlier (Announcement of Operating Results).Narrative Update • Dec 14
BTO: Future Production Gains And Margins Are Expected To Support Share Performance
Analysts have raised their price target on B2Gold to approximately 6.19 dollars from about 5.39 dollars, citing expectations for stronger revenue growth, improved profit margins, and a lower future price to earnings multiple. What's in the News B2Gold reported a sharp increase in consolidated gold production, with third quarter 2025 output, including pre commercial production from the Goose Mine, rising to 254,369 ounces from 180,553 ounces a year earlier, and nine month production climbing to 676,575 ounces from 599,133 ounces (Operating Results).Analysis Article • Nov 12
Shareholders Will Be Pleased With The Quality of B2Gold's (TSE:BTO) Earnings
B2Gold Corp. ( TSE:BTO ) just reported healthy earnings but the stock price didn't move much. We think that investors...
Narrative Update • Oct 23
Analysts Raise B2Gold Price Target as Goose Mine Boosts Outlook and Valuation Estimates
Analysts have raised their price target for B2Gold from $7.59 to $8.60, citing slightly improved revenue growth forecasts and increased fair value estimates. This comes despite a marginal uptick in the discount rate and a slight decrease in projected profit margins.Narrative Update • Oct 09
Goose Mine Ramp-Up And Mali Permitting Will Expand Gold Production
Analysts have raised their price target for B2Gold from $7.07 to $7.59, citing improved profit margin forecasts as well as a positive revenue growth outlook. What's in the News B2Gold Corp.Analysis Article • Oct 07
There's No Escaping B2Gold Corp.'s (TSE:BTO) Muted Revenues Despite A 28% Share Price Rise
B2Gold Corp. ( TSE:BTO ) shares have continued their recent momentum with a 28% gain in the last month alone. The last...Narrative Update • Sep 25
Goose Mine Ramp-Up And Mali Permitting Will Expand Gold Production
B2Gold’s consensus price target saw only a minor increase as analysts weighed a sharply higher future P/E ratio and a significant decline in net profit margin, which together limited upward revision in fair value to CA$7.07. What's in the News B2Gold confirmed 2025 total annual gold production guidance of 970,000–1,075,000 ounces.Analysis Article • Sep 11
Here's Why B2Gold (TSE:BTO) Can Manage Its Debt Responsibly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...New Narrative • Jul 16
Goose And Fekola Regional Will Expand Gold Production
Successful new project ramp-ups and operational efficiency measures position the company for increased production, revenue, and margin stability despite industry cost pressures.Analysis Article • May 26
There Is A Reason B2Gold Corp.'s (TSE:BTO) Price Is Undemanding
You may think that with a price-to-sales (or "P/S") ratio of 2.2x B2Gold Corp. ( TSE:BTO ) is a stock worth checking...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How B2Gold makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 3,688 | 544 | 126 | 0 |
| 31 Dec 25 | 3,061 | 402 | 115 | 0 |
| 30 Sep 25 | 2,507 | 219 | 117 | 0 |
| 30 Jun 25 | 2,172 | -434 | 100 | 0 |
| 31 Mar 25 | 1,973 | -612 | 94 | 0 |
| 31 Dec 24 | 1,902 | -630 | 95 | 0 |
| 30 Sep 24 | 1,914 | -731 | 94 | 0 |
| 30 Jun 24 | 1,944 | -141 | 87 | 0 |
| 31 Mar 24 | 1,922 | -36 | 89 | 0 |
| 31 Dec 23 | 1,934 | 10 | 92 | 0 |
| 30 Sep 23 | 2,015 | 281 | 89 | 0 |
| 30 Jun 23 | 1,929 | 301 | 87 | 0 |
| 31 Mar 23 | 1,841 | 258 | 84 | 0 |
| 31 Dec 22 | 1,733 | 253 | 82 | 0 |
| 30 Sep 22 | 1,666 | 232 | 81 | 0 |
| 30 Jun 22 | 1,785 | 379 | 81 | 0 |
| 31 Mar 22 | 1,766 | 409 | 84 | 0 |
| 31 Dec 21 | 1,762 | 420 | 76 | 0 |
| 30 Sep 21 | 1,716 | 452 | 71 | 0 |
| 30 Jun 21 | 1,692 | 591 | 67 | 0 |
| 31 Mar 21 | 1,771 | 647 | 63 | 0 |
| 31 Dec 20 | 1,789 | 628 | 69 | 0 |
| 30 Sep 20 | 1,623 | 633 | 69 | 0 |
| 30 Jun 20 | 1,447 | 411 | 71 | 0 |
| 31 Mar 20 | 1,272 | 328 | 73 | 0 |
| 31 Dec 19 | 1,156 | 286 | 75 | 0 |
| 30 Sep 19 | 1,073 | 105 | 79 | 0 |
| 30 Jun 19 | 1,042 | 99 | 85 | 0 |
| 31 Mar 19 | 1,017 | 84 | 79 | 0 |
| 31 Dec 18 | 1,051 | 119 | 74 | 0 |
| 30 Sep 18 | 995 | 156 | 71 | 0 |
| 30 Jun 18 | 869 | 134 | 62 | 0 |
| 31 Mar 18 | 791 | 128 | 67 | 0 |
| 31 Dec 17 | 639 | 57 | 62 | 0 |
| 30 Sep 17 | 646 | 33 | 58 | 0 |
| 30 Jun 17 | 685 | 57 | 57 | 0 |
| 31 Mar 17 | 685 | 25 | 51 | 0 |
| 31 Dec 16 | 683 | 39 | 55 | 0 |
| 30 Sep 16 | 641 | -87 | 46 | 0 |
| 30 Jun 16 | 587 | -137 | 46 | 0 |
| 31 Mar 16 | 559 | -148 | 49 | 0 |
| 31 Dec 15 | 554 | -150 | 52 | 0 |
| 30 Sep 15 | 537 | -386 | 54 | 0 |
| 30 Jun 15 | 513 | -645 | 52 | 0 |
Quality Earnings: BTO has high quality earnings.
Growing Profit Margin: BTO became profitable in the past.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: BTO's earnings have declined by 37.8% per year over the past 5 years.
Accelerating Growth: BTO has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: BTO has become profitable in the last year, making it difficult to compare its past year earnings growth to the Metals and Mining industry (122%).
Return on Equity
High ROE: BTO's Return on Equity (15.3%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/20 23:49 |
| End of Day Share Price | 2026/05/20 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
B2Gold Corp. is covered by 24 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Richard Gray | ATB Cormark |
| Brian Quast | BMO Capital Markets Equity Research |
| Lawson Winder | BofA Global Research |