B2GOLD CORP (BTG) Stock Fundamental Analysis

NYSEARCA:BTG • CA11777Q2099

5.315 USD
+0.07 (+1.24%)
Last: Feb 18, 2026, 03:24 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to BTG. BTG was compared to 157 industry peers in the Metals & Mining industry. While BTG belongs to the best of the industry regarding profitability, there are concerns on its financial health. BTG is evaluated to be cheap and growing strongly. This does not happen too often!


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year BTG was profitable.
  • In the past year BTG had a positive cash flow from operations.
  • Of the past 5 years BTG 4 years were profitable.
  • Each year in the past 5 years BTG had a positive operating cash flow.
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 0 500M -500M

1.2 Ratios

  • With a decent Return On Assets value of 3.85%, BTG is doing good in the industry, outperforming 71.97% of the companies in the same industry.
  • BTG has a Return On Equity of 6.60%. This is in the better half of the industry: BTG outperforms 68.15% of its industry peers.
  • BTG's Return On Invested Capital of 17.36% is amongst the best of the industry. BTG outperforms 90.45% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for BTG is in line with the industry average of 10.57%.
  • The 3 year average ROIC (11.55%) for BTG is below the current ROIC(17.36%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 3.85%
ROE 6.6%
ROIC 17.36%
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)11.55%
ROIC(5y)14.74%
BTG Yearly ROA, ROE, ROICBTG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20

1.3 Margins

  • With a decent Profit Margin value of 8.75%, BTG is doing good in the industry, outperforming 75.16% of the companies in the same industry.
  • Looking at the Operating Margin, with a value of 40.82%, BTG belongs to the top of the industry, outperforming 91.72% of the companies in the same industry.
  • In the last couple of years the Operating Margin of BTG has remained more or less at the same level.
  • Looking at the Gross Margin, with a value of 46.01%, BTG belongs to the top of the industry, outperforming 81.53% of the companies in the same industry.
  • In the last couple of years the Gross Margin of BTG has remained more or less at the same level.
Industry RankSector Rank
OM 40.82%
PM (TTM) 8.75%
GM 46.01%
OM growth 3Y-7.12%
OM growth 5Y-0.62%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-5.22%
GM growth 5Y-0.97%
BTG Yearly Profit, Operating, Gross MarginsBTG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTG is still creating some value.
  • The number of shares outstanding for BTG has been increased compared to 1 year ago.
  • The number of shares outstanding for BTG has been increased compared to 5 years ago.
  • Compared to 1 year ago, BTG has a worse debt to assets ratio.
BTG Yearly Shares OutstandingBTG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 1B 2B 3B 4B

2.2 Solvency

  • An Altman-Z score of 2.74 indicates that BTG is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.74, BTG is doing worse than 61.15% of the companies in the same industry.
  • BTG has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
  • BTG has a Debt to Equity ratio (0.18) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF N/A
Altman-Z 2.74
ROIC/WACC1.69
WACC10.29%
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 0 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 1.03 indicates that BTG should not have too much problems paying its short term obligations.
  • BTG has a worse Current ratio (1.03) than 82.80% of its industry peers.
  • A Quick Ratio of 0.46 indicates that BTG may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.46, BTG is doing worse than 91.72% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.03
Quick Ratio 0.46
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 200M 400M 600M 800M 1B

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

8

3. Growth

3.1 Past

  • BTG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 71.43%, which is quite impressive.
  • The Earnings Per Share has been decreasing by -9.71% on average over the past years.
  • BTG shows a strong growth in Revenue. In the last year, the Revenue has grown by 30.97%.
  • Measured over the past years, BTG shows a quite strong growth in Revenue. The Revenue has been growing by 10.48% on average per year.
EPS 1Y (TTM)71.43%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%600%
Revenue 1Y (TTM)30.97%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%74.68%

3.2 Future

  • BTG is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 51.11% yearly.
  • Based on estimates for the next years, BTG will show a very strong growth in Revenue. The Revenue will grow by 23.10% on average per year.
EPS Next Y250.13%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
EPS Next 5Y51.11%
Revenue Next Year65.82%
Revenue Next 2Y42.68%
Revenue Next 3Y33.06%
Revenue Next 5Y23.1%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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 0.5 1 1.5

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Find the best growth stocksShow best growing peers

7

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 14.76, the valuation of BTG can be described as correct.
  • Based on the Price/Earnings ratio, BTG is valued cheaply inside the industry as 94.27% of the companies are valued more expensively.
  • When comparing the Price/Earnings ratio of BTG to the average of the S&P500 Index (27.16), we can say BTG is valued slightly cheaper.
  • BTG is valuated cheaply with a Price/Forward Earnings ratio of 6.96.
  • Based on the Price/Forward Earnings ratio, BTG is valued cheaply inside the industry as 95.54% of the companies are valued more expensively.
  • BTG's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.10.
Industry RankSector Rank
PE 14.76
Fwd PE 6.96
BTG Price Earnings VS Forward Price EarningsBTG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150 200

4.2 Price Multiples

  • 96.18% of the companies in the same industry are more expensive than BTG, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 5.16
BTG Per share dataBTG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 1 1.5 2

4.3 Compensation for Growth

  • The 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.
  • A more expensive valuation may be justified as BTG's earnings are expected to grow with 92.74% in the coming years.
PEG (NY)0.06
PEG (5Y)N/A
EPS Next 2Y125.67%
EPS Next 3Y92.74%

More info and screens

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

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.19%, BTG has a reasonable but not impressive dividend return.
  • BTG's Dividend Yield is rather good when compared to the industry average which is at 1.01. BTG pays more dividend than 94.27% of the companies in the same industry.
  • BTG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.19%

5.2 History

  • On average, the dividend of BTG grows each year by 69.07%, which is quite nice.
  • 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)69.07%
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 0.05 0.1 0.15

5.3 Sustainability

  • BTG pays out 56.73% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • BTG's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP56.73%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
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 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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Find the best dividend stocksShow peers with best dividend

B2GOLD CORP

NYSEARCA:BTG (2/18/2026, 3:24:07 PM)

5.315

+0.07 (+1.24%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)11-05
Earnings (Next)02-18
Inst Owners63.39%
Inst Owner Change-2.32%
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap7.13B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target6.22 (17.03%)
Short Float %5.14%
Short Ratio1.64
Dividend
Industry RankSector Rank
Dividend Yield 3.19%
Yearly Dividend0.14
Dividend Growth(5Y)69.07%
DP56.73%
Div Incr Years0
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-6.26%
Min EPS beat(2)-11.53%
Max EPS beat(2)-0.99%
EPS beat(4)1
Avg EPS beat(4)-24.29%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)2
Avg EPS beat(8)-22.01%
EPS beat(12)4
Avg EPS beat(12)-14.1%
EPS beat(16)5
Avg EPS beat(16)-14.09%
Revenue beat(2)0
Avg Revenue beat(2)-4.79%
Min Revenue beat(2)-6.76%
Max Revenue beat(2)-2.83%
Revenue beat(4)0
Avg Revenue beat(4)-4.94%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)-1.03%
Revenue beat(8)3
Avg Revenue beat(8)-1.22%
Revenue beat(12)5
Avg Revenue beat(12)-0.51%
Revenue beat(16)7
Avg Revenue beat(16)-0.79%
PT rev (1m)3.98%
PT rev (3m)7.12%
EPS NQ rev (1m)-6.25%
EPS NQ rev (3m)0.8%
EPS NY rev (1m)-1.89%
EPS NY rev (3m)-8.63%
Revenue NQ rev (1m)-5.81%
Revenue NQ rev (3m)7.45%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.24%
Valuation
Industry RankSector Rank
PE 14.76
Fwd PE 6.96
P/S 2.84
P/FCF N/A
P/OCF 9.81
P/B 2.14
P/tB 2.14
EV/EBITDA 5.16
EPS(TTM)0.36
EY6.77%
EPS(NY)0.76
Fwd EY14.37%
FCF(TTM)-0.15
FCFYN/A
OCF(TTM)0.54
OCFY10.19%
SpS1.87
BVpS2.48
TBVpS2.48
PEG (NY)0.06
PEG (5Y)N/A
Graham Number4.48
Profitability
Industry RankSector Rank
ROA 3.85%
ROE 6.6%
ROCE 21.98%
ROIC 17.36%
ROICexc 18.89%
ROICexgc 18.89%
OM 40.82%
PM (TTM) 8.75%
GM 46.01%
FCFM N/A
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)11.55%
ROIC(5y)14.74%
ROICexc(3y)13.08%
ROICexc(5y)17.32%
ROICexgc(3y)13.08%
ROICexgc(5y)17.32%
ROCE(3y)14.62%
ROCE(5y)18.66%
ROICexgc growth 3Y-16.06%
ROICexgc growth 5Y-0.47%
ROICexc growth 3Y-16.06%
ROICexc growth 5Y-0.47%
OM growth 3Y-7.12%
OM growth 5Y-0.62%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-5.22%
GM growth 5Y-0.97%
F-Score6
Asset Turnover0.44
Health
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF N/A
Debt/EBITDA 0.43
Cap/Depr 239.32%
Cap/Sales 37.22%
Interest Coverage 250
Cash Conversion 51.39%
Profit Quality N/A
Current Ratio 1.03
Quick Ratio 0.46
Altman-Z 2.74
F-Score6
WACC10.29%
ROIC/WACC1.69
Cap/Depr(3y)185.06%
Cap/Depr(5y)150.39%
Cap/Sales(3y)37.73%
Cap/Sales(5y)30.01%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)71.43%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%600%
EPS Next Y250.13%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
EPS Next 5Y51.11%
Revenue 1Y (TTM)30.97%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%74.68%
Revenue Next Year65.82%
Revenue Next 2Y42.68%
Revenue Next 3Y33.06%
Revenue Next 5Y23.1%
EBIT growth 1Y64.97%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year718.35%
EBIT Next 3Y133.61%
EBIT Next 5Y63.42%
FCF growth 1Y-267.06%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-6.83%
OCF growth 3Y6.62%
OCF growth 5Y12.27%

B2GOLD CORP / BTG 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 7 / 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 2 / 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 56.73%.