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Canadian gold miner operating mines in Mali, the Philippines and Namibia, building the Goose mine in Nunavut.
Canadian gold miner operating mines in Mali, the Philippines and Namibia, building the Goose mine in Nunavut.
Sells gold at the market price to refiners and banks, so results follow ounces produced and the gold price. Fekola in Mali makes up the largest share of output, so results and risk centre on one country, where mining laws have been revised. Building the Goose mine in northern Canada is its attempt to add a fourth production base.
Moat: narrow (installed base, scale). Multiple low-cost, long-life mines across three continents diversify single-asset risk.
Headquarters: Vancouver, Canada · Founded: 2007 · Employees: 6,327
Size B2Gold (BTO.TO) is a Canada Materials company (Precious Metals) with a market value of $7.19B, the 94th largest of 420 Canada companies the cockpit tracks. Shares closed at C$7.63 on 6 Nov 2026.
Performance Over six months the shares gained 12.9%, against -5.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 72.5% over the last twelve months (peer median +54.2%); the operating margin is 45.9% (peer median 45.2%).
Valuation It trades at 6.1× forward earnings against a peer median of 11.5× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.6 points above its cost of capital (10.0% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.23B | C$4.28B | C$2.61B | C$2.61B | C$2.26B |
| Revenue growth | — | +64% | 0% | +16% | — |
| Gross profit | C$2.57B | C$2.14B | C$967M | C$1.05B | C$787M |
| EBITDA | C$3.14B | C$2.59B | C$1.33B | C$1.48B | C$1.18B |
| Net income | C$1.12B | C$562M | -C$863M | C$13.6M | C$329M |
| Free cash flow | C$226M | C$91.2M | C$267,140 | -C$33.7M | C$407M |
| Capital expenditure | C$1.09B | C$1.21B | C$1.26B | C$1.09B | C$445M |
| Total debt | C$647M | C$820M | C$630M | C$253M | C$77.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| B2Gold BTO.TO | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% |
| Eldorado Gold ELD.TO | $9.37B | +11% | +25% | 45% | 7.7× | n/a |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% |
| Perseus Mining PRU.AX | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
| Centerra Gold CG.TO | $4.25B | +27% | +44% | 27% | 12.4× | 6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BTO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | -0.5% | 2nd highest of 21 |
| 6-month return | +12.9% | -5.2% | 3rd highest of 21 |
| Distance from 52-week high | -11.3% | -33.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +72.5% | +54.2% | 6th highest of 21 |
| Operating margin | 45.9% | 45.2% | 10th highest of 21 |
| Forward P/E | 6.1× | 11.5× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | -1.8% | 4th least demanding of 15 |
| Growth delivered (Del g) | +12.3% | +19.3% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | -19.3 pp | -24.9 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | +19.6 pp | +17.5 pp | 8th highest of 21 |
| EV / EBITDA | 3.3× | 8.1× | 3rd cheapest of 19 |
| Net debt / EBITDA | 0.1× | -0.3× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| B2Gold BTO.TO | Canada | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% | +12.3% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | United States | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% | +20.7% |
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |
| OR Royalties OR.TO | Canada | $6.81B | 0% | +68% | 77% | 29.5× | n/a | n/a |
| Artemis Gold ARTG.V | Canada | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% | n/a |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 63% | 24.7× | n/a | n/a |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 26% | 5.9× | n/a | n/a |
| OceanaGold OGC.TO | Canada | $6.27B | -5% | +56% | 44% | 7.1× | -5.4% | +29.2% |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% | +26.4% |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% | +182.9% |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Greatland Resources GGP.AX | Australia | $5.11B | -31% | +118% | 52% | 13.4× | -3.1% | n/a |
| JCHX MINING MANAGEMENT 603979.SS | China | $5.09B | -12% | +23% | 28% | 9.9× | -7.7% | +29.3% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |