B2Gold Corp. (BTG) Balance Sheet
BTG balance sheet, 2025
December 31, 2025 · U.S. dollars$5.87B assets = $2.23B liabilities + $3.63B equity
Both columns are drawn to the same scale: what BTG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BTG financial health
Current ratio1.06
Adequate · current assets cover current liabilities 1.06×
Debt / equity0.18
Low leverage · $0.18 of debt for each $1 of equity
Equity / assets61.1%
Equity-funded · of assets funded by shareholders
Cash / debt61.1%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
BTG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.34B2016 | $5.87B2025 | +10.8%/yr | |
| Total liabilities | $881.6M2016 | $2.23B2025 | +10.9%/yr | |
| Shareholders’ equity | $1.44B2016 | $3.59B2025 | +10.6%/yr | |
| Cash & short-term investments | $144.7M2016 | $384.6M2025 | +11.5%/yr | |
| Total debt | $486.8M2016 | $629.3M2025 | +2.9%/yr | |
| Net cash (debt) | −$342.1M2016 | −$244.7M2025 | +$97.4M | |
| Working capital | $101.0M2016 | $68.3M2025 | −$32.7M | |
| Book value per share | $1.512016 | $2.422025 | +5.4%/yr | |
| Current ratio | 1.572016 | 1.062025 | −0.51 | |
| Debt / equity | 0.342016 | 0.182025 | −0.16 | |
| Shares outstanding | 955.1M2016 | 1.48B2025 | +5.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
BTG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
BTG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BTG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $384.6M | $348.3M | $305.3M | $651.7M | $672.1M | $479.7M | $140.6M | $102.8M | $147.5M | $144.7M |
| Cash & equivalents | $379.7M | $336.8M | $305.3M | $651.7M | $672.1M | $479.7M | $140.6M | $102.8M | $147.5M | $144.7M |
| Short-term investments | $4.9M | $11.6M | — | — | — | — | — | — | — | — |
| Receivables | $90.3M | $66.5M | $48.5M | $43.3M | $42.3M | $28.2M | $46.7M | $26.3M | $41.9M | $27.7M |
| Inventory | $626.1M | $477.3M | $344.7M | $331.9M | $272.0M | $238.1M | $217.9M | $234.0M | $206.4M | $104.7M |
| Other current assets | $26.7M | $9.2M | $8.6M | $7.9M | $58.3M | $16.8M | $24.2M | $0 | $0 | $0 |
| Total current assets | $1.13B | $901.3M | $707.1M | $1.03B | $1.04B | $762.7M | $429.5M | $363.0M | $395.9M | $277.1M |
| Property, plant & equipment (net) | $3.75B | $3.29B | $3.55B | $2.27B | $2.23B | $2.39B | $2.05B | $2.04B | $2.12B | $1.95B |
| Goodwill & intangible assets | $0 | $0 | $48.5M | $0 | $42.3M | $28.2M | $46.7M | $26.3M | $41.9M | $0 |
| Long-term investments | $384.2M | $168.1M | $220.1M | $151.9M | $136.4M | $85.6M | $133.6M | $76.2M | $75.6M | $63.8M |
| Other non-current assets | $603.3M | $452.3M | $328.8M | $219.2M | $104.3M | $98.9M | $26.5M | $47.1M | $47.7M | $45.0M |
| Total assets | $5.87B | $4.81B | $4.85B | $3.68B | $3.56B | $3.36B | $2.68B | $2.55B | $2.69B | $2.34B |
| Liabilities | ||||||||||
| Accounts payable | $174.5M | $156.3M | $166.3M | $114.7M | $111.6M | $89.1M | $83.4M | $80.3M | $95.1M | $64.9M |
| Short-term debt | $33.8M | $16.4M | $16.2M | $15.5M | $25.4M | $34.1M | $26.0M | $25.0M | $302.6M | $13.9M |
| Deferred revenue | — | $272.8M | $120.1M | — | $93.0M | $154.7M | $53.4M | $30.0M | $60.0M | $57.5M |
| Total current liabilities | $1.06B | $580.3M | $311.9M | $233.5M | $230.9M | $286.1M | $165.1M | $207.2M | $494.5M | $176.0M |
| Long-term debt | $532.3M | $398.6M | $152.0M | $41.7M | $49.7M | $75.9M | $235.8M | $454.5M | $399.6M | $472.8M |
| Lease obligations | $52.2M | $29.3M | $28.8M | $33.3M | $28.9M | — | — | — | — | — |
| Other long-term liabilities | $642.1M | $798.3M | $495.9M | $294.0M | $318.9M | $339.8M | $230.5M | $233.2M | $224.7M | $232.7M |
| Total liabilities | $2.23B | $1.78B | $959.7M | $569.2M | $599.5M | $701.8M | $631.4M | $895.0M | $1.12B | $881.6M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.60B | $3.51B | $3.44B | $2.49B | $2.42B | $2.41B | $2.34B | $2.23B | $2.20B | $2.15B |
| Retained earnings (deficit) | −$220.2M | −$515.3M | $393.8M | $587.9M | $506.7M | $254.3M | −$261.2M | −$547.8M | −$610.9M | −$667.8M |
| Accumulated other comprehensive income | $55.9M | −$102.7M | −$124.6M | −$145.8M | −$136.1M | −$138.5M | −$145.1M | −$146.2M | −$94.3M | −$95.4M |
| Minority interest | $48.0M | $52.6M | $99.6M | $103.7M | — | — | — | — | — | — |
| Total shareholders' equity | $3.59B | $2.98B | $3.79B | $3.01B | $2.86B | $2.57B | $1.99B | $1.61B | $1.55B | $1.44B |
| Key figures | ||||||||||
| Total debt | $629.3M | $437.6M | $191.1M | $57.2M | $75.0M | $110.0M | $261.9M | $479.5M | $702.2M | $486.8M |
| Net cash (debt) | −$244.7M | −$89.3M | $114.2M | $594.4M | $597.1M | $369.7M | −$121.3M | −$376.8M | −$554.7M | −$342.1M |
| Working capital | $68.3M | $320.9M | $395.2M | $801.2M | $813.8M | $476.6M | $264.4M | $155.8M | −$98.7M | $101.0M |
| Tangible book value | $3.59B | $2.98B | $3.74B | $3.01B | $2.81B | $2.54B | $1.94B | $1.58B | $1.51B | $1.44B |
| Book value per share | $2.42 | $2.28 | $3.06 | $2.81 | $2.69 | $2.43 | $1.95 | $1.54 | $1.57 | $1.51 |
| Shares outstanding | 1.48B | 1.31B | 1.24B | 1.07B | 1.06B | 1.06B | 1.02B | 1.05B | 991.4M | 955.1M |
| Current ratio | 1.06 | 1.55 | 2.27 | 4.43 | 4.52 | 2.67 | 2.60 | 1.75 | 0.80 | 1.57 |
| Quick ratio | 0.45 | 0.71 | 1.13 | 2.98 | 3.09 | 1.78 | 1.13 | 0.62 | 0.38 | 0.98 |
| Debt / equity | 0.18 | 0.15 | 0.05 | 0.02 | 0.03 | 0.04 | 0.13 | 0.30 | 0.45 | 0.34 |
| Equity / assets | 61.1% | 62.0% | 78.2% | 81.7% | 80.3% | 76.5% | 74.2% | 63.2% | 57.8% | 61.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $289.7M | $483.6M | $384.6M | $375.3M | $310.3M | $347.8M | $348.3M | $430.4M | $466.8M | $567.8M | $305.3M | $308.1M |
| Cash & equivalents | $286.2M | $481.0M | $379.7M | $366.9M | $308.5M | $330.1M | $336.8M | $430.4M | $466.8M | $567.8M | $305.3M | $308.1M |
| Short-term investments | $3.5M | $2.7M | $4.9M | $8.4M | $1.8M | $17.6M | $11.6M | — | — | — | — | — |
| Receivables | $83.8M | $81.6M | $90.3M | $73.9M | $54.0M | $72.7M | $66.5M | $79.6M | $52.6M | $46.3M | $48.5M | $46.2M |
| Inventory | $696.0M | $665.6M | $626.1M | $598.0M | $561.1M | $535.7M | $477.3M | $377.5M | $376.8M | $339.4M | $344.7M | $342.0M |
| Other current assets | $31.2M | $82.3M | $26.7M | $22.3M | $24.5M | $11.1M | $9.2M | $32.5M | $30.3M | $43.2M | $8.6M | $7.7M |
| Total current assets | $1.10B | $1.31B | $1.13B | $1.07B | $949.9M | $967.3M | $901.3M | $920.0M | $926.5M | $996.6M | $707.1M | $703.9M |
| Property, plant & equipment (net) | $3.77B | $3.76B | $3.75B | $3.76B | $3.60B | $3.44B | $3.29B | $3.09B | $3.62B | $3.68B | $3.55B | $3.58B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $79.6M | $0 | $0 | $48.5M | $0 |
| Long-term investments | $327.9M | $355.1M | $384.2M | $272.7M | $225.1M | $0 | $168.1M | $182.4M | $198.0M | $227.7M | $220.1M | $210.9M |
| Other non-current assets | $542.5M | $558.0M | $603.3M | $581.5M | $534.6M | $693.0M | $452.3M | $507.5M | $441.7M | $389.0M | $328.8M | $336.9M |
| Total assets | $5.74B | $5.98B | $5.87B | $5.69B | $5.31B | $5.10B | $4.81B | $4.78B | $5.18B | $5.30B | $4.85B | $4.83B |
| Liabilities | ||||||||||||
| Accounts payable | $189.2M | $185.0M | $174.5M | $156.8M | $157.8M | $171.5M | $156.3M | $174.3M | $178.5M | $175.9M | $166.3M | $176.1M |
| Short-term debt | $32.6M | $28.8M | $33.8M | $30.0M | $22.9M | $27.2M | $16.4M | $151.8M | $14.9M | $16.4M | $16.2M | $15.1M |
| Deferred revenue | — | — | — | — | $558.2M | — | $272.8M | $138.2M | $113.7M | $135.2M | $120.1M | $115.8M |
| Total current liabilities | $696.0M | $1.10B | $1.06B | $1.03B | $969.0M | $793.6M | $580.3M | $501.5M | $316.3M | $333.6M | $311.9M | $323.1M |
| Long-term debt | $393.6M | $460.2M | $532.3M | $575.3M | $375.6M | $397.9M | $398.6M | $196.3M | $25.7M | $6.3M | $152.0M | $11.9M |
| Lease obligations | $49.4M | $49.5M | $52.2M | $52.7M | $53.3M | — | $29.3M | $31.9M | — | $27.2M | $28.8M | $26.4M |
| Other long-term liabilities | $652.9M | $696.5M | $642.1M | $709.3M | $645.1M | $732.5M | $798.3M | $899.3M | $996.1M | $1.03B | $495.9M | $446.9M |
| Total liabilities | $1.74B | $2.26B | $2.23B | $2.32B | $1.99B | $1.92B | $1.78B | $1.60B | $1.34B | $1.37B | $959.7M | $781.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.57B | $3.62B | $3.60B | $3.56B | $3.53B | $3.52B | $3.51B | $3.49B | $3.48B | $3.46B | $3.44B | $3.43B |
| Retained earnings (deficit) | $264.9M | −$84.2M | −$220.2M | −$364.1M | −$356.9M | −$484.7M | −$515.3M | −$442.0M | $309.3M | $384.5M | $393.8M | $557.5M |
| Accumulated other comprehensive income | −$12.0M | $4.8M | $55.9M | −$26.2M | −$60.5M | −$66.5M | −$102.7M | −$96.1M | −$118.4M | −$110.3M | −$124.6M | −$131.9M |
| Minority interest | $32.7M | $42.6M | $48.0M | $45.7M | $46.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.97B | $3.68B | $3.59B | $3.32B | $3.27B | $3.13B | $2.98B | $3.03B | $3.76B | $3.83B | $3.79B | $3.94B |
| Key figures | ||||||||||||
| Total debt | $455.5M | $521.6M | $629.3M | $637.0M | $434.4M | $425.2M | $437.6M | $373.4M | $40.5M | $45.2M | $191.1M | $49.2M |
| Net cash (debt) | −$165.9M | −$38.0M | −$244.7M | −$261.7M | −$124.0M | −$77.4M | −$89.3M | $57.1M | $426.3M | $522.6M | $114.2M | $258.9M |
| Working capital | $404.6M | $211.2M | $68.3M | $34.9M | −$19.1M | $173.7M | $320.9M | $418.5M | $610.2M | $663.0M | $395.2M | $380.8M |
| Tangible book value | $3.97B | $3.68B | $3.59B | $3.32B | $3.27B | $3.13B | $2.98B | $2.95B | $3.76B | $3.83B | $3.74B | $3.94B |
| Book value per share | $2.66 | $2.45 | $2.22 | $2.24 | $2.21 | $2.13 | $2.27 | $2.31 | $2.87 | $2.93 | $2.91 | $3.04 |
| Shares outstanding | 1.49B | 1.50B | 1.62B | 1.48B | 1.48B | 1.47B | 1.31B | 1.31B | 1.31B | 1.31B | 1.30B | 1.30B |
| Current ratio | 1.58 | 1.19 | 1.06 | 1.03 | 0.98 | 1.22 | 1.55 | 1.83 | 2.93 | 2.99 | 2.27 | 2.18 |
| Quick ratio | 0.54 | 0.51 | 0.45 | 0.43 | 0.38 | 0.53 | 0.71 | 1.02 | 1.64 | 1.84 | 1.13 | 1.10 |
| Debt / equity | 0.11 | 0.14 | 0.18 | 0.19 | 0.13 | 0.14 | 0.15 | 0.12 | 0.01 | 0.01 | 0.05 | 0.01 |
| Equity / assets | 69.1% | 61.5% | 61.1% | 58.4% | 61.6% | 61.3% | 62.0% | 63.4% | 72.5% | 72.2% | 78.2% | 81.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 11, 2026); data from EODHD.
BTG financial position
At the end of fiscal 2025 (December 31, 2025), B2Gold had total assets of $5.9 billion (up 22.0% from a year earlier), total liabilities of $2.2 billion and shareholders' equity of $3.6 billion. It held $384.6 million in cash and short-term investments against $629.3 million of debt, net debt of $244.7 million. Its current ratio was 1.06. In the latest quarter (ended June 30, 2026) total assets were $5.7 billion and equity $4.0 billion.
Related: BTG income statement, BTG cash flow statement, BTG key metrics. See the BTG stock overview for the latest quote and news.
BTG balance sheet FAQ
What are B2Gold's total assets?
B2Gold reported total assets of $5.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.8 billion a year earlier.
How much debt does B2Gold have?
B2Gold had $629.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.18.
How much cash does B2Gold have?
B2Gold held $384.6 million in cash and short-term investments at the end of fiscal 2025; with $629.3 million of debt that is net debt of $244.7 million.
What is B2Gold's book value?
B2Gold's shareholders' equity (book value) was $3.6 billion at the end of fiscal 2025, or $2.42 per share.
What is B2Gold's current ratio?
B2Gold had current assets of $1.1 billion and current liabilities of $1.1 billion, a current ratio of 1.06 (it can cover its short-term obligations).