B2GOLD CORP (BTG) Fundamental Analysis & Valuation

NYSEARCA:BTG • CA11777Q2099

Current stock price

4.395 USD
-0.15 (-3.19%)
Last:

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

6

1. BTG Profitability Analysis

1.1 Basic Checks

  • BTG had positive earnings in the past year.
  • BTG had a positive operating cash flow in the past year.
  • 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 2025 0 500M -500M 1B

1.2 Ratios

  • BTG has a better Return On Assets (6.84%) than 77.30% of its industry peers.
  • BTG's Return On Equity of 11.18% is fine compared to the rest of the industry. BTG outperforms 72.39% of its industry peers.
  • BTG has a Return On Invested Capital of 22.76%. This is amongst the best in the industry. BTG outperforms 93.86% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for BTG is significantly below the industry average of 58.77%.
  • The last Return On Invested Capital (22.76%) for BTG is above the 3 year average (15.21%), which is a sign of increasing profitability.
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 77.91% of its industry peers.
  • In the last couple of years the Profit Margin of BTG has declined.
  • BTG has a better Operating Margin (45.34%) than 92.02% of its industry peers.
  • In the last couple of years the Operating Margin of BTG has declined.
  • BTG has a Gross Margin of 50.01%. This is in the better half of the industry: BTG outperforms 79.14% 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.
  • Compared to 1 year ago, BTG has more shares outstanding
  • The number of shares outstanding for BTG has been increased compared to 5 years ago.
  • The debt/assets ratio for BTG is higher compared to a year ago.
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 2.85. 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.
  • The Altman-Z score of BTG (2.85) is comparable to the rest of the industry.
  • 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.
  • The Debt to FCF ratio of BTG (18.13) is comparable to the rest of the industry.
  • 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 51.53% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.85
ROIC/WACC1.9
WACC11.99%
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

  • BTG has a Current Ratio of 1.06. This is a normal value and indicates that BTG is financially healthy and should not expect problems in meeting its short term obligations.
  • BTG has a Current ratio of 1.06. This is amonst the worse of the industry: BTG underperforms 80.98% 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.
  • BTG's Quick ratio of 0.47 is on the low side compared to the rest of the industry. BTG is outperformed by 88.96% of its industry peers.
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.
  • BTG shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -1.65% yearly.
  • The Revenue has grown by 60.95% in the past year. This is a very strong growth!
  • The Revenue has been growing by 11.34% on average over the past years. This is quite good.
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

  • The Earnings Per Share is expected to grow by 24.09% on average over the next years. This is a very strong growth
  • 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 Y72.63%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
EPS Next 5Y24.09%
Revenue Next Year33.77%
Revenue Next 2Y31.09%
Revenue Next 3Y17.94%
Revenue Next 5Y10.91%

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 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 9.55 indicates a reasonable valuation of BTG.
  • Based on the Price/Earnings ratio, BTG is valued cheaply inside the industry as 98.16% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 27.15, BTG is valued rather cheaply.
  • The Price/Forward Earnings ratio is 5.53, which indicates a rather cheap valuation of BTG.
  • 95.09% of the companies in the same industry are more expensive than BTG, based on the Price/Forward Earnings ratio.
  • BTG's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.12.
Industry RankSector Rank
PE 9.55
Fwd PE 5.53
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

  • 98.77% of the companies in the same industry are more expensive than BTG, based on the Enterprise Value to EBITDA ratio.
  • BTG's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 177.6
EV/EBITDA 3.42
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.
  • BTG has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as BTG's earnings are expected to grow with 38.35% in the coming years.
PEG (NY)0.13
PEG (5Y)N/A
EPS Next 2Y70.65%
EPS Next 3Y38.35%

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

5

5. BTG Dividend Analysis

5.1 Amount

  • BTG has a Yearly Dividend Yield of 3.21%.
  • BTG's Dividend Yield is rather good when compared to the industry average which is at 1.05. BTG pays more dividend than 92.02% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, BTG pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.21%

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.
Dividend Growth(5Y)-6.83%
Div Incr Years0
Div Non Decr Years0
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

  • 25.74% of the earnings are spent on dividend by BTG. This is a low number and sustainable payout ratio.
DP25.74%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
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 (4/28/2026, 10:20:06 AM)

4.395

-0.15 (-3.19%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-06
Inst Owners65.62%
Inst Owner Change0.89%
Ins Owners0.41%
Ins Owner ChangeN/A
Market Cap5.86B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target6.74 (53.36%)
Short Float %4.23%
Short Ratio1.61
Dividend
Industry RankSector Rank
Dividend Yield 3.21%
Yearly Dividend0.08
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years0
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)2.68%
PT rev (3m)12.69%
EPS NQ rev (1m)-6.76%
EPS NQ rev (3m)-11.43%
EPS NY rev (1m)4.14%
EPS NY rev (3m)3.95%
Revenue NQ rev (1m)-12.78%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)2.4%
Revenue NY rev (3m)7.69%
Valuation
Industry RankSector Rank
PE 9.55
Fwd PE 5.53
P/S 1.91
P/FCF 177.6
P/OCF 6.54
P/B 1.63
P/tB 1.63
EV/EBITDA 3.42
EPS(TTM)0.46
EY10.47%
EPS(NY)0.79
Fwd EY18.07%
FCF(TTM)0.02
FCFY0.56%
OCF(TTM)0.67
OCFY15.28%
SpS2.3
BVpS2.69
TBVpS2.69
PEG (NY)0.13
PEG (5Y)N/A
Graham Number5.28063 (20.15%)
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 2.85
F-Score6
WACC11.99%
ROIC/WACC1.9
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 Y72.63%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
EPS Next 5Y24.09%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.88%
Revenue Next Year33.77%
Revenue Next 2Y31.09%
Revenue Next 3Y17.94%
Revenue Next 5Y10.91%
EBIT growth 1Y133.8%
EBIT growth 3Y39.15%
EBIT growth 5Y9.45%
EBIT Next Year67.31%
EBIT Next 3Y31.03%
EBIT Next 5Y18.21%
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.


Can you provide the valuation status for B2GOLD CORP?

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


What is the profitability of BTG stock?

B2GOLD CORP (BTG) has a profitability rating of 6 / 10.


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

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


Can you provide the expected EPS growth for BTG stock?

The Earnings per Share (EPS) of B2GOLD CORP (BTG) is expected to grow by 72.63% in the next year.