B2Gold

BTG

Gold · Basic Materials

Price

$3.67

+0.01 (+0.27%)

Market Cap

$4.89B

Exchange

New York Stock Exchange American

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+39.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.06B (2021) → 1.48B (2025)

B2Gold Corp. is a gold mining company. It digs gold out of the ground at mines it owns and operates, then sells that gold to refiners, banks, and commodity buyers. The company is a mid-tier gold producer, meaning it is smaller than giants like Newmont but larger than most junior miners.

B2Gold makes money by selling physical gold at market prices, so its profits rise and fall with the price of gold. It operates mines primarily in Mali, Namibia, and the Philippines, with additional projects in other countries. The company has built a reputation for bringing mines into production on time and under budget, which is a real competitive edge in an industry known for cost overruns. The biggest risk B2Gold faces is political instability in Mali, which hosts its largest and most profitable mine, the Fekola operation — any disruption there would have a significant impact on overall production and revenue.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+114.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+243.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

6.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$914M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

B2Gold grew revenue 115% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

52.6%

Healthy — 52.6% gross margin

Operating Margin

50.1%

Excellent — 50.1% operating margin

ROCE

13.8%

Good — 13.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+86.1%

Fast-growing sales (86.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

227%

Turns 227% of profit into real cash

FCF Margin

11.5%

Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.13

Conservative — low debt load (0.13)

Interest Cover

35.34x

Comfortably covers interest (35.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

8.9x

Attractive valuation — P/E 8.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+5.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.9 → 3.0)

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Dividends

Dividend Yield

1.86%

Small dividend — 1.86% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-33.3%

Dividend cut (-33.3% YoY) — warning sign

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