B2Gold Corp (BTG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of B2Gold Corp stock $5.04, price $5.40, that is 6.7% below the price, quality 63 out of 100. Rating: fairly valued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $2.14 – $6.16 · fair‑value band $2.35 – $6.48 · the $5.40 price screens above the $5.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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B2Gold Corp. operates as a gold producer company in Canada. The company operates the Fekola Mine in Mali; the Masbate Mine in the Philippines; the Otjikoto Mine in Namibia; the Goose Mine in Canada. It also owns 100% interest in the Gramalote gold project in Colombia.
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In addition, the company has a portfolio of other evaluation and exploration assets in Mali, Canada and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.
Stock analysis
B2Gold Corp (BTG) currently trades at $5.40, while our model-based Fair Value estimate is $5.04, so the stock looks roughly fairly valued today (gap 7.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $7.69 per share, and 11 of the 25 models we run sit above the $5.40 price.
Bear case: the Dividend Discount group reads lowest at $1.13, and 14 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $2.35 (bear) to $6.48 (bull), the price of $5.40 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
B2Gold Corp reported revenue of $3.1B in FY2025 versus $1.8B in FY2021, a compound +14.8%/yr. Reported net income was $402M in FY2025, compounding −1.1%/yr from FY2021.
Key figures
Market cap $8.0B Mid · P/E ratio 6.6 · P/S ratio 2.10 · EPS (TTM) $0.8200 · Dividend yield 1.5% · Net margin 31.2% · Return on equity 31.4% · Return on assets (EBIT) 16.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −10% fair-value upside, at −7%, BTG screens cheaper than that median.
Fair Value models
Bear$2.35Fair Value $5.04Bull$6.48
Price $5.40 · Downside -6.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.6346 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+60.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Start year 2020 (pandemic). Over 10 years: +18.6% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.0%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: −7.3% / 20.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.59% → 46%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+48.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +45.1% a year for the price and +10.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (93 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Limited durable moat from commodity exposure forms the main weakness for this gold miner, while steady progress on capacity restoration provides a measure of operational resilience.
Main risk: Changes to Mali's mining code could raise state ownership stakes or royalties at the Fekola mine and thereby compress margins and revenue from B2Gold's largest producing asset.
Bull case: B2Gold could secure stable long-term agreements with host governments and adopt efficiency technologies to offset higher royalties while expanding output at Goose and Tattuk.
Bear case: Repeated regulatory tightening in Mali and elsewhere could force production cuts, higher costs and reserve write-downs that erode cash flow and threaten the viability of key operations.
B2Gold is making steady progress restoring crushing capacity at Goose after the spring fire, with the mobile plant already averaging over 3,000 tonnes per day and phase-one fixed plant upgrades due mid-October. Infill drilling has also returned strong intercepts and outlined a new high-grade zone at Tattuk. Will these steps reliably lift output and resource confidence, or will the remote northern setting keep full ramp-up and mine-life extension uncertain?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Gold · 205 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−6.7% · Above median
Profitability
Return on equity (12 months)31.4% · Top 25%
Return on assets6.9% · Above median
Net margin (12 months)31.2% · Above median
Operating margin (12 months)41.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)6.8% · Below median
Dividend yield (12 months)1.5% · Above median
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Gold median · lower = cheaper
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Cite: Fair Value Calculator (2026). "B2Gold Corp Fair Value". https://www.fairvalue-calculator.com/stock/BTG
Frequently asked questions
Is B2Gold Corp (BTG) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $5.04 versus a price of $5.40, about 7% lower (fairly valued).
What is the fair value of BTG?
Our model-based fair value for B2Gold Corp is $5.04 (as of Nov 7, 2026), built from audited fundamentals. The current price: $5.40.
What is the quality score of BTG?
B2Gold Corp has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for B2Gold Corp (BTG)?
Our model-based price target is the fair value of $5.04 (as of Nov 7, 2026) from 25 valuation models. Cautious scenario $2.35, optimistic scenario $6.48. It is a calculation from audited fundamentals, not an analyst target.
What is the B2Gold Corp stock forecast for 2026?
Our models put fair value at $5.04, about 7% lower versus a price of $5.40 (fairly valued). Cautious scenario $2.35, optimistic scenario $6.48. The calculation is refreshed regularly with new filings.
What is the revenue of B2Gold Corp (BTG)?
B2Gold Corp reported trailing-twelve-month revenue of about $3.8B (latest available figure, as of Nov 7, 2026).
Does B2Gold Corp pay a dividend?
B2Gold Corp currently shows a dividend yield of 1.48% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of B2Gold Corp (BTG) and when is the ex-dividend date?
B2Gold Corp pays a dividend of $0.08 per share a year, a dividend yield of 1.5%. The last ex-dividend date was Sep 10, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 5.3% of earnings (on adjusted earnings, reported 9.8%). Free cash flow covers the dividend 0.63 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into B2Gold Corp (BTG)?
For today's price to be fair in a discounted-cash-flow model, B2Gold Corp would have to grow free cash flow by +48.6 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of BTG use?
Our models discount B2Gold Corp at 10.6 %: a base by market capitalisation (mid), damped by beta 1.36, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For B2Gold Corp that is +48.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has B2Gold Corp (BTG) delivered so far?
Over the past 5 years revenue at B2Gold Corp grew +11.3 % a year. The price currently implies free-cash-flow growth of +48.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of B2Gold Corp (BTG) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into B2Gold Corp (+48.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of B2Gold Corp (BTG)?
The free-cash-flow yield on the price is 0.83 %: that much free cash flow B2Gold Corp produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of B2Gold Corp (BTG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For B2Gold Corp it is $5.04 per share (as of Nov 7, 2026), against a price of $5.40. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is B2Gold Corp stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BTG trades above its calculated fair value: price $5.40, fair value $5.04, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BTG?
No. The price is what the market pays today ($5.40); the fair value is what the company's own numbers justify ($5.04). For B2Gold Corp the two are $0.3600 per share apart. That gap is exactly why we show both numbers side by side.
How much is B2Gold Corp worth?
The market values B2Gold Corp at about $8.0B (market capitalisation, as of Nov 7, 2026). Per share that is $5.40; our models calculate a fair value of $5.04 per share.
What do the bullish and bearish scenarios say about BTG?
Our models span a range for B2Gold Corp: cautious scenario $2.35, base $5.04, optimistic $6.48 per share (as of Nov 7, 2026, price $5.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BTG?
B2Gold Corp trades at a price-to-earnings ratio of 6.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $5.04 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 11.7 (reported for FY2025: 21.7). Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, 8 of the years ex one-offs: 13.3. Other multiples: PEG 4.7, P/B 2.2, P/S 2.1, EV/EBITDA 3.7.
What is the PEG ratio of BTG?
The PEG ratio of B2Gold Corp is 4.71 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of B2Gold Corp (BTG)?
Balance-sheet figures for B2Gold Corp (as of Nov 7, 2026): return on equity 31.4%, debt of 0.15 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is BTG from its 52-week high?
B2Gold Corp trades at $5.40, about 12% below its 52-week high of $6.16 and 48% above the low of $3.65 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $5.04 is for.
Which stocks are comparable to B2Gold Corp?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is B2Gold Corp stock attractive at the current price?
The data as of Nov 7, 2026: price $5.40, calculated fair value $5.04 (−7%), Quality Score 63/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BTG calculated?
We run B2Gold Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $5.04 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. B2Gold Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of B2Gold Corp (BTG)?
The closing price on Nov 6, 2026 was $5.40. Our model-based fair value is $5.04, about 7% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with B2Gold Corp right now?
The model range is unusually wide ($2.35 to $6.48). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of B2Gold Corp
How large is the market capitalisation of B2Gold Corp (BTG)?
The market capitalisation of B2Gold Corp is $8.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of B2Gold Corp (BTG)?
The price-to-sales ratio of B2Gold Corp is 2.10 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of B2Gold Corp (BTG)?
Earnings per share at B2Gold Corp are $0.8200 (price ÷ EPS = P/E 6.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of B2Gold Corp (BTG)?
The dividend yield of B2Gold Corp is 1.5% (payout 5.3%, on adjusted earnings, reported 9.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of B2Gold Corp (BTG)?
The net margin of B2Gold Corp is 31.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of B2Gold Corp (BTG)?
The return on equity (ROE) of B2Gold Corp is 31.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of B2Gold Corp (BTG)?
On an EBIT basis the return on assets of B2Gold Corp is 16.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of B2Gold Corp (BTG)?
The operating margin of B2Gold Corp is 41.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at B2Gold Corp (BTG)?
Revenue at B2Gold Corp is growing +6.8% versus a year earlier (3y avg +20.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at B2Gold Corp (BTG)?
Earnings per share at B2Gold Corp are growing +27.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does B2Gold Corp (BTG) carry?
The net debt of B2Gold Corp is $250M (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026