B2GOLD CORP (BTG) Fundamental Analysis & Valuation

NYSEARCA:BTG • CA11777Q2099

Current stock price

4.12 USD
+0.04 (+0.98%)
At close:
4.25 USD
+0.13 (+3.16%)
After Hours:

This BTG fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

7

1. BTG Profitability Analysis

1.1 Basic Checks

  • In the past year BTG was profitable.
  • In the past year BTG had a positive cash flow from operations.
  • BTG had positive earnings in 4 of the past 5 years.
  • BTG had a positive operating cash flow in each of the past 5 years.
BTG Yearly Net Income VS EBIT VS OCF VS FCFBTG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M -500M 1B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 6.84%, BTG is in the better half of the industry, outperforming 76.10% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 11.18%, BTG is in the better half of the industry, outperforming 73.58% of the companies in the same industry.
  • BTG has a better Return On Invested Capital (22.76%) than 94.34% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for BTG is significantly below the industry average of 61.16%.
  • The 3 year average ROIC (15.21%) for BTG is below the current ROIC(22.76%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 6.84%
ROE 11.18%
ROIC 22.76%
ROA(3y)-2.01%
ROA(5y)2.52%
ROE(3y)-3.22%
ROE(5y)2.69%
ROIC(3y)15.21%
ROIC(5y)14.75%
BTG Yearly ROA, ROE, ROICBTG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20 -20

1.3 Margins

  • The Profit Margin of BTG (13.13%) is better than 76.73% of its industry peers.
  • In the last couple of years the Profit Margin of BTG has declined.
  • The Operating Margin of BTG (45.34%) is better than 92.45% of its industry peers.
  • BTG's Operating Margin has declined in the last couple of years.
  • BTG has a better Gross Margin (50.01%) than 83.02% of its industry peers.
  • BTG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 45.34%
PM (TTM) 13.13%
GM 50.01%
OM growth 3Y15.1%
OM growth 5Y-1.7%
PM growth 3Y-3.47%
PM growth 5Y-17.86%
GM growth 3Y12.76%
GM growth 5Y-1.37%
BTG Yearly Profit, Operating, Gross MarginsBTG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40

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3

2. BTG Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so BTG is creating value.
  • BTG has more shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, BTG has more shares outstanding
  • BTG has a worse debt/assets ratio than last year.
BTG Yearly Shares OutstandingBTG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
BTG Yearly Total Debt VS Total AssetsBTG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • BTG has an Altman-Z score of 2.70. This is not the best score and indicates that BTG is in the grey zone with still only limited risk for bankruptcy at the moment.
  • BTG's Altman-Z score of 2.70 is in line compared to the rest of the industry. BTG outperforms 44.03% of its industry peers.
  • The Debt to FCF ratio of BTG is 18.13, which is on the high side as it means it would take BTG, 18.13 years of fcf income to pay off all of its debts.
  • BTG has a Debt to FCF ratio (18.13) which is in line with its industry peers.
  • A Debt/Equity ratio of 0.16 indicates that BTG is not too dependend on debt financing.
  • With a Debt to Equity ratio value of 0.16, BTG perfoms like the industry average, outperforming 52.20% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.7
ROIC/WACC2.03
WACC11.23%
BTG Yearly LT Debt VS Equity VS FCFBTG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 1.06 indicates that BTG should not have too much problems paying its short term obligations.
  • The Current ratio of BTG (1.06) is worse than 81.13% of its industry peers.
  • BTG has a Quick Ratio of 1.06. This is a bad value and indicates that BTG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.47, BTG is not doing good in the industry: 89.94% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 1.06
Quick Ratio 0.47
BTG Yearly Current Assets VS Current LiabilitesBTG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

7

3. BTG Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 206.67% over the past year.
  • The Earnings Per Share has been decreasing by -1.65% on average over the past years.
  • BTG shows a strong growth in Revenue. In the last year, the Revenue has grown by 60.95%.
  • BTG shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.34% yearly.
EPS 1Y (TTM)206.67%
EPS 3Y24.22%
EPS 5Y-1.65%
EPS Q2Q%1000%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.88%

3.2 Future

  • BTG is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.64% yearly.
  • Based on estimates for the next years, BTG will show a quite strong growth in Revenue. The Revenue will grow by 10.91% on average per year.
EPS Next Y65.77%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
EPS Next 5Y24.64%
Revenue Next Year30.63%
Revenue Next 2Y26.85%
Revenue Next 3Y16.23%
Revenue Next 5Y10.91%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
BTG Yearly Revenue VS EstimatesBTG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B 4B 5B
BTG Yearly EPS VS EstimatesBTG Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.2 0.4 0.6 0.8 1

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8

4. BTG Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 8.96 indicates a reasonable valuation of BTG.
  • Based on the Price/Earnings ratio, BTG is valued cheaper than 98.11% of the companies in the same industry.
  • BTG is valuated cheaply when we compare the Price/Earnings ratio to 25.50, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 5.40, the valuation of BTG can be described as very cheap.
  • BTG's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTG is cheaper than 94.97% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of BTG to the average of the S&P500 Index (22.67), we can say BTG is valued rather cheaply.
Industry RankSector Rank
PE 8.96
Fwd PE 5.4
BTG Price Earnings VS Forward Price EarningsBTG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, BTG is valued cheaply inside the industry as 98.74% of the companies are valued more expensively.
  • BTG's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 167.16
EV/EBITDA 3.1
BTG Per share dataBTG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0.5 1 1.5 2 2.5

4.3 Compensation for Growth

  • BTG's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of BTG may justify a higher PE ratio.
  • BTG's earnings are expected to grow with 38.31% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.14
PEG (5Y)N/A
EPS Next 2Y65.83%
EPS Next 3Y38.31%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. BTG Dividend Analysis

5.1 Amount

  • BTG has a Yearly Dividend Yield of 3.76%.
  • Compared to an average industry Dividend Yield of 1.14, BTG pays a better dividend. On top of this BTG pays more dividend than 93.71% of the companies listed in the same industry.
  • BTG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 3.76%

5.2 History

  • The dividend of BTG decreases each year by -6.83%.
  • BTG has been paying a dividend for over 5 years, so it has already some track record.
  • BTG has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)-6.83%
Div Incr Years0
Div Non Decr Years5
BTG Yearly Dividends per shareBTG Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2026 0.05 0.1 0.15

5.3 Sustainability

  • BTG pays out 25.74% of its income as dividend. This is a sustainable payout ratio.
DP25.74%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
BTG Yearly Income VS Free CF VS DividendBTG Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M -400M 600M -600M
BTG Dividend Payout.BTG Dividend Payout, showing the Payout Ratio.BTG Dividend Payout.PayoutRetained Earnings

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BTG Fundamentals: All Metrics, Ratios and Statistics

B2GOLD CORP

NYSEARCA:BTG (3/24/2026, 8:16:56 PM)

After market: 4.25 +0.13 (+3.16%)

4.12

+0.04 (+0.98%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners65.76%
Inst Owner Change0.32%
Ins Owners0.35%
Ins Owner ChangeN/A
Market Cap5.52B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target6.56 (59.22%)
Short Float %4.93%
Short Ratio1.52
Dividend
Industry RankSector Rank
Dividend Yield 3.76%
Yearly Dividend0.08
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years5
Ex-Date03-06
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-24.15%
Min EPS beat(2)-47.3%
Max EPS beat(2)-0.99%
EPS beat(4)1
Avg EPS beat(4)-14.49%
Min EPS beat(4)-47.3%
Max EPS beat(4)1.84%
EPS beat(8)2
Avg EPS beat(8)-26.39%
EPS beat(12)4
Avg EPS beat(12)-16.87%
EPS beat(16)5
Avg EPS beat(16)-16.73%
Revenue beat(2)0
Avg Revenue beat(2)-8.83%
Min Revenue beat(2)-10.91%
Max Revenue beat(2)-6.76%
Revenue beat(4)0
Avg Revenue beat(4)-7.41%
Min Revenue beat(4)-10.91%
Max Revenue beat(4)-2.83%
Revenue beat(8)2
Avg Revenue beat(8)-2.72%
Revenue beat(12)5
Avg Revenue beat(12)-1.27%
Revenue beat(16)6
Avg Revenue beat(16)-1.51%
PT rev (1m)5.45%
PT rev (3m)10.71%
EPS NQ rev (1m)-5%
EPS NQ rev (3m)-1.72%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)6.04%
Revenue NY rev (3m)5.17%
Valuation
Industry RankSector Rank
PE 8.96
Fwd PE 5.4
P/S 1.8
P/FCF 167.16
P/OCF 6.16
P/B 1.54
P/tB 1.54
EV/EBITDA 3.1
EPS(TTM)0.46
EY11.17%
EPS(NY)0.76
Fwd EY18.51%
FCF(TTM)0.02
FCFY0.6%
OCF(TTM)0.67
OCFY16.24%
SpS2.29
BVpS2.68
TBVpS2.68
PEG (NY)0.14
PEG (5Y)N/A
Graham Number5.27
Profitability
Industry RankSector Rank
ROA 6.84%
ROE 11.18%
ROCE 28.81%
ROIC 22.76%
ROICexc 24.74%
ROICexgc 24.74%
OM 45.34%
PM (TTM) 13.13%
GM 50.01%
FCFM 1.08%
ROA(3y)-2.01%
ROA(5y)2.52%
ROE(3y)-3.22%
ROE(5y)2.69%
ROIC(3y)15.21%
ROIC(5y)14.75%
ROICexc(3y)16.49%
ROICexc(5y)16.89%
ROICexgc(3y)16.49%
ROICexgc(5y)16.89%
ROCE(3y)19.25%
ROCE(5y)18.67%
ROICexgc growth 3Y19.33%
ROICexgc growth 5Y-1.65%
ROICexc growth 3Y19.33%
ROICexc growth 5Y-1.65%
OM growth 3Y15.1%
OM growth 5Y-1.7%
PM growth 3Y-3.47%
PM growth 5Y-17.86%
GM growth 3Y12.76%
GM growth 5Y-1.37%
F-Score6
Asset Turnover0.52
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Debt/EBITDA 0.31
Cap/Depr 195.73%
Cap/Sales 28.19%
Interest Coverage 250
Cash Conversion 48.98%
Profit Quality 8.21%
Current Ratio 1.06
Quick Ratio 0.47
Altman-Z 2.7
F-Score6
WACC11.23%
ROIC/WACC2.03
Cap/Depr(3y)215.74%
Cap/Depr(5y)166.14%
Cap/Sales(3y)39.46%
Cap/Sales(5y)31.7%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)206.67%
EPS 3Y24.22%
EPS 5Y-1.65%
EPS Q2Q%1000%
EPS Next Y65.77%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
EPS Next 5Y24.64%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.88%
Revenue Next Year30.63%
Revenue Next 2Y26.85%
Revenue Next 3Y16.23%
Revenue Next 5Y10.91%
EBIT growth 1Y133.8%
EBIT growth 3Y39.15%
EBIT growth 5Y9.45%
EBIT Next Year62.46%
EBIT Next 3Y30.57%
EBIT Next 5Y16.42%
FCF growth 1Y180.93%
FCF growth 3Y-44.94%
FCF growth 5Y-43.98%
OCF growth 1Y2.08%
OCF growth 3Y14.56%
OCF growth 5Y-1.18%

B2GOLD CORP / BTG Fundamental Analysis FAQ

What is the ChartMill fundamental rating of B2GOLD CORP (BTG) stock?

ChartMill assigns a fundamental rating of 6 / 10 to BTG.


What is the valuation status for BTG stock?

ChartMill assigns a valuation rating of 8 / 10 to B2GOLD CORP (BTG). This can be considered as Undervalued.


How profitable is B2GOLD CORP (BTG) stock?

B2GOLD CORP (BTG) has a profitability rating of 7 / 10.


What is the financial health of B2GOLD CORP (BTG) stock?

The financial health rating of B2GOLD CORP (BTG) is 3 / 10.


How sustainable is the dividend of B2GOLD CORP (BTG) stock?

The dividend rating of B2GOLD CORP (BTG) is 6 / 10 and the dividend payout ratio is 25.74%.