B2Gold Corp.

BTO.TOTSXBasic Materials● Active

$5.78

$-0.05(-0.86%)

Market Cap$7.8B

P/E Ratio—

52W High$8.6

52W Low$4.56

Avg Volume5.4M

Open$5.85

Beta1.30

Free Cash Flow Financials Revenue

B2Gold Corp. (BTO.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BTO.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

BTO.TO · FCF · TTM · margin & CAGR

Free cash flow was $66.4M for FY2025 (fiscal year ending 2025-12-31) The FCF margin was 2.1%. Five-year CAGR stands at -36.9%.

FY2025 Free Cash Flow$66.4M▲ +35658.9% YoY

Trailing 12M (TTM)$431.4Mtrailing 4 quarters sum

FCF Margin2.1%$66.4M ÷ revenue

3-Year CAGR-39.8%FY2022 → FY2025

5-Year CAGR-36.9%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BTO.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$892.7M(826M)$66.4M▲ +35658.9%2.1%

FY2024$824.4M(824M)$185,635▲ +100.7%0.0%

FY2023$721.4M(747M)−$25.4M▼ 108.4%-1.3%

FY2022$573.7M(270M)$303.6M▼ 34.5%17.5%

FY2021$705.8M(242M)$463.8M▼ 30.4%26.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BTO.TO · P/FCF · FCF yield · FCF per share

B2Gold Corp. (BTO.TO) trades at a FCF yield of 7.72% and a price-to-free-cash-flow ratio of 17.5x. FCF per share stands at $0.33, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.72%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.33

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x13.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BTO.TO · cash flow statement · operating / investing / financing

For FY2025, B2Gold Corp. generated $892.7M in operating cash flow and spent 826M in capital expenditures, yielding $66.4M in free cash flow.

Operating Activities

+$892.7M

Cash from core business operations

2025-12-31

Investing Activities

−$908.4M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$78.4M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($892.7M) − |CapEx| (826M) = FCF ($66.4M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Basic Materials)

BTO.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

B2Gold Corp.YOU

BTO.TO

$66.4M+35658.9%2.1%

Southern Copper Corporation

Basic Materials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

B2Gold Corp. (BTO.TO) reported free cash flow of $66.4M for FY2025 (fiscal year ending 2025-12-31). The FCF margin was 2.1%.

Based on available data, B2Gold Corp. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $665.9M in FY2020. The 5-year CAGR stands at -36.9%.

B2Gold Corp.'s FCF yield is 7.72% and price-to-FCF ratio is 17.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BTO.TO free cash flow · 8 questions

B2Gold Corp. free cash flow was $66.4M for FY2025. On a trailing twelve-month (TTM) basis, free cash flow stands at $431.4M.

BTO.TO free cash flowBTO.TO FCFBTO.TO FCF 2025BTO.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · B2Gold Corp. · B2Gold Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026