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B2GoldNAM:B2G 86 Piotroski F-Score is 8 as of Aug. 26, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates NAM:B2G with a GF Score™ of 86/100 and a GF Value™ of R48.85. The stock has 7 warning signs investors should review. Among 2,512 Metals & Mining companies, B2Gold ranks better than 98.89% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
B2Gold has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for B2Gold's Piotroski F-Score or its related term are showing as below:
NAM:B2G'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 9
Current: 8
During the past 13 years, the highest Piotroski F-Score of B2Gold was 9. The lowest was 2. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
B2Gold Piotroski F-Score Related Terms
B2Gold Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for B2Gold's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Gold subindustry, B2Gold's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
B2Gold Piotroski F-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where B2Gold's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 336.533 + 2871.389 + 3348.825 + 6839.52 = R13,396 Mil. Cash Flow from Operations was 2986.505 + 4891.195 + 9035.983 + -1290.684 = R15,623 Mil. Revenue was 13643.025 + 17741.279 + 19406.776 + 12936.407 = R63,727 Mil. Gross Profit was 6801.84 + 9279.043 + 10213.248 + 5052.36 = R31,346 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(94558.416 + 99188.002 + 98964.762 + 99903.974 + 94222.175) / 5 = R97367.4658 Mil. Total Assets at the begining of this year (Jun25) was R94,558 Mil. Long-Term Debt & Capital Lease Obligation was R6,940 Mil. Total Current Assets was R18,060 Mil. Total Current Liabilities was R11,421 Mil.
Net Income was -11150.828 + -216.45 + 1051.746 + 2751.805 = R-7,564 Mil.
Revenue was 7886.5 + 9105.238 + 9718.189 + 12334.972 = R39,045 Mil. Gross Profit was 2372.5 + 3169.147 + 4342.171 + 6262.537 = R16,146 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(95515.298 + 84256.87 + 87702.378 + 93120.562 + 94558.416) / 5 = R91030.7048 Mil. Total Assets at the begining of last year (Jun24) was R95,515 Mil. Long-Term Debt & Capital Lease Obligation was R7,333 Mil. Total Current Assets was R16,928 Mil. Total Current Liabilities was R17,268 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
B2Gold's current Net Income (TTM) was 13,396.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
B2Gold's current ratio of this year was 1.5813437. B2Gold's current ratio of last year was 0.98027855.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
B2Gold's number of shares in issue this year was 1489.867. B2Gold's number of shares in issue last year was 1477.021.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
B2Gold's gross margin of this year was 0.49188337. B2Gold's gross margin of last year was 0.41353302.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
B2Gold's asset turnover of this year was 0.67394833. B2Gold's asset turnover of last year was 0.40878163.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
B2Gold has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
B2Gold (NAM:B2G) has a Piotroski F-Score of 8 as of Aug. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on B2Gold and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, B2Gold's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, B2Gold ranks #28 out of 2512 companies in the Metals & Mining industry, placing it in the top 1.1%.
Is B2Gold's Piotroski F-Score too high?
B2Gold's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Metals & Mining industry median Piotroski F-Score is 3.00. B2Gold's value of 8 is 166.7% above this industry median. Based on the distribution chart, B2Gold ranks #28 out of 2512 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, B2Gold has a GF Score™ of 86/100, reflecting its overall financial health beyond just this single metric.
How does B2Gold's Piotroski F-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #28 out of 2512 companies for Piotroski F-Score. This places B2Gold in the top 1% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 3.00. B2Gold's value of 8 is 166.7% above this benchmark. Historically, B2Gold's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 3.00, B2Gold has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Metals & Mining company?
The median Piotroski F-Score among Metals & Mining companies is 3.00, based on 2,512 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. B2Gold's current Piotroski F-Score of 8 is 166.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on B2Gold and its competitors. For the Metals & Mining industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. B2Gold's current Piotroski F-Score is 8, which is 33% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is B2Gold stock overvalued right now?
B2Gold (NAM:B2G) has a current Piotroski F-Score of 8. The stock's GF Value™ is R48.85, compared to a current price of R56.42 — trading 15.5% above its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 166.7% above the Metals & Mining industry median of 3.00. B2Gold's overall GF Score™ is 86/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For B2Gold (NAM:B2G), the current Piotroski F-Score is 8 as of Aug. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is B2Gold (NAM:B2G) Overvalued in 2026?
Based on GuruFocus' analysis, B2Gold stock appears to be overvalued.
The current stock price of R56.42 is trading 15.5% above its estimated GF Value™ of R48.85.
Key valuation signals for NAM:B2G:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: R48.85 vs. price of R56.42 (15.5% above fair value)
Industry Position: 166.7% above the Metals & Mining median (#28 of 2512)
No single metric tells the full story. See the NAM:B2G stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
B2Gold Corp is an international, low-cost, senior gold mining company. It has three operating open-pit gold mines in Mali, Namibia, and the Philippines and numerous exploration projects across four continents. Other assets include the Gramalote gold projects. The company focuses on acquiring and developing interests in mineral properties with a primary focus on gold deposits as gold production forms all its revenue. The company's reportable operating segments include its mining operations and development projects, namely Fekola; Masbate; Otjikoto; the Goose Project, and other mineral properties; and corporate and other.
86GF Score
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