B2Gold Corp (BTO) - Net Assets
Based on the latest financial reports, B2Gold Corp (BTO) has net assets worth CA$3.63 Billion CAD (≈ $2.63 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$5.87 Billion ≈ $4.25 Billion USD) and total liabilities (CA$2.23 Billion ≈ $1.62 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check BTO cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$3.63 Billion |
| % of Total Assets | 61.94% |
| Annual Growth Rate | 21.06% |
| 5-Year Change | 23.92% |
| 10-Year Change | 151.92% |
| Growth Volatility | 49.24 |
B2Gold Corp - Net Assets Trend (2007–2025)
This chart illustrates how B2Gold Corp's net assets have evolved over time, based on quarterly financial data. Also explore B2Gold Corp (BTO) total assets for the complete picture of this company's asset base.
Annual Net Assets for B2Gold Corp (2007–2025)
The table below shows the annual net assets of B2Gold Corp from 2007 to 2025. For live valuation and market cap data, see B2Gold Corp market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$3.63 Billion ≈ $2.63 Billion |
+19.81% |
| 2024-12-31 | CA$3.03 Billion ≈ $2.19 Billion |
-21.84% |
| 2023-12-31 | CA$3.88 Billion ≈ $2.81 Billion |
+23.54% |
| 2022-12-31 | CA$3.14 Billion ≈ $2.27 Billion |
+7.13% |
| 2021-12-31 | CA$2.93 Billion ≈ $2.12 Billion |
+10.47% |
| 2020-12-31 | CA$2.66 Billion ≈ $1.92 Billion |
+32.88% |
| 2019-12-31 | CA$2.00 Billion ≈ $1.45 Billion |
+20.53% |
| 2018-12-31 | CA$1.66 Billion ≈ $1.20 Billion |
+7.43% |
| 2017-12-31 | CA$1.54 Billion ≈ $1.12 Billion |
+6.94% |
| 2016-12-31 | CA$1.44 Billion ≈ $1.04 Billion |
+9.64% |
| 2015-12-31 | CA$1.32 Billion ≈ $951.99 Million |
-17.66% |
| 2014-12-31 | CA$1.60 Billion ≈ $1.16 Billion |
-9.28% |
| 2013-12-31 | CA$1.76 Billion ≈ $1.27 Billion |
+211.85% |
| 2012-12-31 | CA$564.92 Million ≈ $408.65 Million |
+18.66% |
| 2011-12-31 | CA$476.06 Million ≈ $344.38 Million |
+65.18% |
| 2010-12-31 | CA$288.21 Million ≈ $208.49 Million |
+44.83% |
| 2009-12-31 | CA$199.00 Million ≈ $143.96 Million |
+29.08% |
| 2008-12-31 | CA$154.17 Million ≈ $111.53 Million |
+32.26% |
| 2007-12-31 | CA$116.56 Million ≈ $84.32 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to B2Gold Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 21600596100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$3.60 Billion | 100.37% |
| Other Comprehensive Income | CA$55.85 Million | 1.56% |
| Other Components | CA$150.94 Million | 4.21% |
| Total Equity | CA$3.59 Billion | 100.00% |
B2Gold Corp Competitors by Market Cap
The table below lists competitors of B2Gold Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
IOI Properties Group Bhd
KLSE:5249
|
$5.74 Billion |
|
Hubei Xingfa Chemicals Group Co Ltd
SHG:600141
|
$5.74 Billion |
|
Onex Corp
TO:ONEX
|
$5.74 Billion |
|
Enpro Industries
NYSE:NPO
|
$5.74 Billion |
|
Zalando SE
XETRA:ZAL
|
$5.73 Billion |
|
SSR Mining Inc
NASDAQ:SSRM
|
$5.73 Billion |
|
Rumo S.A
SA:RAIL3
|
$5.73 Billion |
|
Kion Group AG
XETRA:KGX
|
$5.73 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in B2Gold Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,981,290,612 to 3,587,025,250, a change of 605,734,638 (20.3%).
- Net income of 408,943,613 contributed positively to equity growth.
- Dividend payments of 105,254,842 reduced retained earnings.
- Share repurchases of 10,021,411 reduced equity.
- New share issuances of 13,920,000 increased equity.
- Other comprehensive income increased equity by 158,563,039.
- Other factors increased equity by 139,584,239.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$408.94 Million | +11.4% |
| Dividends Paid | CA$105.25 Million | -2.93% |
| Share Repurchases | CA$10.02 Million | -0.28% |
| Share Issuances | CA$13.92 Million | +0.39% |
| Other Comprehensive Income | CA$158.56 Million | +4.42% |
| Other Changes | CA$139.58 Million | +3.89% |
| Total Change | CA$- | 20.32% |
Book Value vs Market Value Analysis
This analysis compares B2Gold Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.45x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 6.48x to 2.45x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | CA$0.92 | CA$5.93 | x |
| 2008-12-31 | CA$1.06 | CA$5.93 | x |
| 2009-12-31 | CA$0.84 | CA$5.93 | x |
| 2010-12-31 | CA$0.86 | CA$5.93 | x |
| 2011-12-31 | CA$1.37 | CA$5.93 | x |
| 2012-12-31 | CA$1.43 | CA$5.93 | x |
| 2013-12-31 | CA$2.64 | CA$5.93 | x |
| 2014-12-31 | CA$2.08 | CA$5.93 | x |
| 2015-12-31 | CA$1.42 | CA$5.93 | x |
| 2016-12-31 | CA$1.50 | CA$5.93 | x |
| 2017-12-31 | CA$1.54 | CA$5.93 | x |
| 2018-12-31 | CA$1.54 | CA$5.93 | x |
| 2019-12-31 | CA$1.89 | CA$5.93 | x |
| 2020-12-31 | CA$2.43 | CA$5.93 | x |
| 2021-12-31 | CA$2.67 | CA$5.93 | x |
| 2022-12-31 | CA$2.86 | CA$5.93 | x |
| 2023-12-31 | CA$3.06 | CA$5.93 | x |
| 2024-12-31 | CA$2.28 | CA$5.93 | x |
| 2025-12-31 | CA$2.42 | CA$5.93 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently B2Gold Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 11.40%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.13%
- • Asset Turnover: 0.53x
- • Equity Multiplier: 1.64x
- Recent ROE (11.40%) is above the historical average (0.28%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | -3.60% | 0.00% | 0.00x | 1.12x | CA$-15.85 Million |
| 2008 | -19.33% | 0.00% | 0.00x | 1.13x | CA$-45.51 Million |
| 2009 | -13.96% | -134.64% | 0.08x | 1.24x | CA$-47.69 Million |
| 2010 | 10.23% | 23.13% | 0.38x | 1.15x | CA$669.21K |
| 2011 | 11.93% | 24.98% | 0.40x | 1.19x | CA$9.09 Million |
| 2012 | 9.29% | 20.04% | 0.38x | 1.21x | CA$-3.95 Million |
| 2013 | 3.84% | 12.37% | 0.22x | 1.39x | CA$-108.05 Million |
| 2014 | -43.19% | -136.71% | 0.22x | 1.44x | CA$-819.31 Million |
| 2015 | -11.47% | -27.08% | 0.27x | 1.55x | CA$-280.66 Million |
| 2016 | 2.73% | 5.73% | 0.29x | 1.62x | CA$-104.21 Million |
| 2017 | 3.72% | 8.90% | 0.24x | 1.73x | CA$-96.05 Million |
| 2018 | 1.79% | 2.36% | 0.48x | 1.58x | CA$-132.64 Million |
| 2019 | 15.14% | 25.39% | 0.44x | 1.35x | CA$99.55 Million |
| 2020 | 24.47% | 35.11% | 0.53x | 1.31x | CA$371.38 Million |
| 2021 | 14.83% | 23.84% | 0.50x | 1.25x | CA$136.73 Million |
| 2022 | 8.32% | 14.60% | 0.47x | 1.22x | CA$-50.89 Million |
| 2023 | 0.27% | 0.52% | 0.40x | 1.28x | CA$-368.20 Million |
| 2024 | -21.13% | -33.12% | 0.40x | 1.61x | CA$-928.02 Million |
| 2025 | 11.40% | 13.13% | 0.53x | 1.64x | CA$50.24 Million |
Industry Comparison
This section compares B2Gold Corp's net assets metrics with peer companies in the Gold industry.
Industry Context
- Industry: Gold
- Average net assets among peers: $503,278,506
- Average return on equity (ROE) among peers: -30.71%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| B2Gold Corp (BTO) | CA$3.63 Billion | -3.60% | 0.61x | $5.74 Billion |
| Allied Gold Corporation (AAUC) | $381.03 Million | -54.71% | 1.51x | $3.60 Billion |
| Abcourt Mines Inc. (ABI) | $31.66 Million | 1.13% | 0.45x | $86.06 Million |
| Barrick Gold Corp (ABX) | $3.56 Billion | 6.97% | 0.76x | $63.93 Billion |
| American Eagle Gold Corp (AE) | $830.83K | -165.75% | 0.05x | $138.81 Million |
| Agnico Eagle Mines Limited (AEM) | $211.31 Million | -3.62% | 0.87x | $90.48 Billion |
| Alamos Gold Inc (AGI) | $783.33 Million | -0.27% | 0.12x | $16.27 Billion |
| AIS Resources Ltd (AIS) | $4.69 Million | -71.34% | 0.07x | $1.76 Million |
| Alliance Mining Corp (ALM) | $-3.11 Million | 0.00% | 0.00x | $1.58 Million |
| Altamira Gold Corp (ALTA) | $15.01 Million | -10.64% | 0.03x | $38.60 Million |
| Almaden Minerals Ltd (AMM) | $45.22 Million | -8.90% | 0.05x | $24.82 Million |
About B2Gold Corp
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. In addition, the company has a portfolio of other evaluation and exploration assets in Mali, Canada and Finland. The company was i… Read more