B2GOLD CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data B2GOLD CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue	473	488	671	705	831	994	1,128	1,154	1,196	1,530
Gross profit	210	150	381	450	958	769	604	780	706	1,531
Selling, general and administrative	40.9	43.6	51.3	54.6	45.6	50.2	54.5	62.4	59.5	67.1
Operating income	126	86.7	286	508	1,053	714	502	327	-248	1,382
Interest expense	10.2	12.9	30.6	26.6	15.8	11.8	10.8	13.9	34.8	37.7
Pre-tax income	68.5	68.9	267	482	1,034	726	531	320	-309	977
Income tax	29.9	7.33	132	174	362	265	244	279	317	550
Income from continuing operations			135	309	672
Net income to minority interests	-0.53	4.71	16.2	22.5	44.4	40.8	33.9	31.5	3.24	24.8
Net income	39.1	56.9	28.9	293	628	420	253	10.1	-630	402
EBITDA	299	247	535	760	1,356	1,095	889	732	121	1,825
EPS, basic	0.04	0.06	0.03	0.29	0.60	0.40	0.24	0.01	-0.48	0.30
EPS, diluted	0.04	0.06	0.02	0.29	0.59	0.40	0.24	0.01	-0.48	0.28

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	145	147	103	141	480	673	652	307	337	380
Inventory	105	206	234	218	238	272	332	346	478	627
Total current assets	277	396	363	430	763	1,046	1,035	711	902	1,130
Property, plant and equipment	1,950	2,124	2,035	2,047	2,387	2,232	2,275
Total assets	2,336	2,685	2,548	2,683	3,362	3,561	3,681	4,875	4,814	5,879
Accounts payable	78	95.1	80.3	83.4	89.1	112	115	167	156	175
Total current liabilities	176	495	207	165	286	231	234	313	581	1,061
Total liabilities	882	1,119	895	631	702	600	569	965	1,778	2,238
Total debt	487	702	480	262	110	75.1	57.2	192	438	598
Retained earnings	-668	-611	-548	-261	254	507	588	396	-516	-221
Shareholders' equity	1,445	1,552	1,611	1,990	2,572	2,860	3,008	3,810	2,983	3,594
Minority interests	9.58	14.3	41.9	61.4	88.6	101	104	99.6	52.6	48
Total equity	1,455	1,566	1,653	2,052	2,661	2,961	3,112	3,910	3,036	3,642
Total liabilities and equity	2,336	2,685	2,548	2,683	3,362	3,561	3,681	4,875	4,814	5,879

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	38.6	61.6	45.1	316	672	461	287	41.6	-627	427
Depreciation and amortization	173	161	248	252	303	381	386	404	370	443
Cash from operations	412	155	451	492	951	724	596	714	878	896
Cash from investing	-392	-347	-273	-267	-338	-286	-389	-845	-763	-893
Debt issued							0	150
Debt repaid		-16.8	-27.7	-24.1		-28.8	-19.8
Share buybacks									0	-9.85
Dividends paid			0	-10.3	-115	-168	-171	-187	-185	-103
Cash from financing	40.5	193	-221	-188	-279	-234	-211	-193	-69.1	58.6
Exchange rate effect	-0.91	1.62	-1.61	0.72	5.27	-10.3	-16.8	-21.7	-15.2	-18.3
Net change in cash	60.4	1.18	-43.1	37.1	334

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	56.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.5%	Net income / average total assets.
Return on invested capital (ROIC)	31.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	116.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	36.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	40.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1,406.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	16.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-8.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	5.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-13.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	20.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.2%	Total debt / total assets.
Liabilities / assets	38.1%	Total liabilities / total assets.
Net debt	$217.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	36.7x	Operating income / interest expense.
Working capital	$68.4M	Current assets - current liabilities.
Tangible book value	$3.59B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Inventory turnover	2.77x	Cost of revenue / average inventory.
Days inventory	132 days	365 x average inventory / cost of revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.30	Net income per basic share, as reported (split-adjusted).
Payout ratio	25.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.24B	Share price x shares outstanding.
Enterprise value	$7.46B	Market cap + total debt - cash - short-term investments.
P/E	18.0x	Market cap / net income. Only when net income is positive.
P/B	2.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.01x	Market cap / tangible book value, when positive.
P/OCF	8.08x	Market cap / cash from operations, when positive.
EV/EBIT	5.40x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.09x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.
PEG	3.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was B2GOLD CORP profitable in fiscal 2025?

Yes. Net income was $401.9M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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