B2GOLD CORP (BTG) Stock Fundamental Analysis

NYSEARCA:BTG • CA11777Q2099

5.765 USD
+0.38 (+6.96%)
Last: Feb 23, 2026, 10:46 AM
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 156 industry peers in the Metals & Mining industry. While BTG has a great profitability rating, there are quite some concerns on its financial health. BTG has both an excellent growth and valuation score. This means it is growing and it is still cheap. This is a rare combination!


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • BTG had positive earnings in the past year.
  • In the past year BTG had a positive cash flow from operations.
  • Of the past 5 years BTG 4 years were profitable.
  • 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

  • BTG has a better Return On Assets (6.84%) than 76.28% of its industry peers.
  • The Return On Equity of BTG (11.18%) is better than 74.36% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 22.76%, BTG belongs to the top of the industry, outperforming 96.15% of the companies in the same industry.
  • BTG had an Average Return On Invested Capital over the past 3 years of 15.21%. This is above the industry average of 10.67%.
  • 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

  • BTG's Profit Margin of 13.13% is fine compared to the rest of the industry. BTG outperforms 76.92% 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 92.95% of its industry peers.
  • In the last couple of years the Operating Margin of BTG has declined.
  • The Gross Margin of BTG (50.01%) is better than 83.97% of its industry peers.
  • In the last couple of years the Gross Margin of BTG has remained more or less at the same level.
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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

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
  • 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 3.16. This indicates that BTG is financially healthy and has little risk of bankruptcy at the moment.
  • BTG has a Altman-Z score (3.16) which is comparable to the rest of the industry.
  • BTG has a debt to FCF ratio of 18.13. This is a negative value and a sign of low solvency as BTG would need 18.13 years to pay back of all of its debts.
  • BTG has a Debt to FCF ratio of 18.13. This is comparable to the rest of the industry: BTG outperforms 58.97% of its industry peers.
  • A Debt/Equity ratio of 0.16 indicates that BTG is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.16, BTG is in line with its industry, outperforming 53.21% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 3.16
ROIC/WACC2.16
WACC10.53%
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.
  • Looking at the Current ratio, with a value of 1.06, BTG is doing worse than 83.33% of the companies in the same industry.
  • A Quick Ratio of 0.47 indicates that BTG may have some problems paying its short term obligations.
  • The Quick ratio of BTG (0.47) is worse than 90.38% 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

More info and screens

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

7

3. Growth

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.
  • The Revenue has grown by 60.95% in the past year. This is a very strong growth!
  • 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%110.89%

3.2 Future

  • Based on estimates for the next years, BTG will show a very strong growth in Earnings Per Share. The EPS will grow by 29.05% on average per year.
  • The Revenue is expected to grow by 10.91% on average over the next years. This is quite good.
EPS Next Y66.07%
EPS Next 2Y52.8%
EPS Next 3Y31.26%
EPS Next 5Y29.05%
Revenue Next Year23.2%
Revenue Next 2Y20.26%
Revenue Next 3Y11.8%
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 0.5 1 1.5

More info and screens

Find the best growth stocksShow best growing peers

8

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 12.53 indicates a correct valuation of BTG.
  • Based on the Price/Earnings ratio, BTG is valued cheaply inside the industry as 98.08% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 26.99, BTG is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 7.55, the valuation of BTG can be described as very cheap.
  • 95.51% 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 28.02.
Industry RankSector Rank
PE 12.53
Fwd PE 7.55
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

  • Based on the Enterprise Value to EBITDA ratio, BTG is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
  • BTG's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 234.15
EV/EBITDA 4.06
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.
  • BTG's earnings are expected to grow with 31.26% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.19
PEG (5Y)N/A
EPS Next 2Y52.8%
EPS Next 3Y31.26%

More info and screens

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

6

5. Dividend

5.1 Amount

  • BTG has a Yearly Dividend Yield of 2.95%.
  • Compared to an average industry Dividend Yield of 1.03, BTG pays a better dividend. On top of this BTG pays more dividend than 94.23% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.81, BTG pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.95%

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.
  • As BTG did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
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 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 2Y52.8%
EPS Next 3Y31.26%
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

More info and screens

Find the best dividend stocksShow peers with best dividend

B2GOLD CORP

NYSEARCA:BTG (2/23/2026, 10:46:07 AM)

5.765

+0.38 (+6.96%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners63.39%
Inst Owner Change0.48%
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap7.73B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target6.22 (7.89%)
Short Float %5.14%
Short Ratio1.64
Dividend
Industry RankSector Rank
Dividend Yield 2.95%
Yearly Dividend0.08
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-25.08%
Min EPS beat(2)-49.18%
Max EPS beat(2)-0.99%
EPS beat(4)1
Avg EPS beat(4)-14.96%
Min EPS beat(4)-49.18%
Max EPS beat(4)1.84%
EPS beat(8)2
Avg EPS beat(8)-26.63%
EPS beat(12)4
Avg EPS beat(12)-17.03%
EPS beat(16)5
Avg EPS beat(16)-16.85%
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)4.07%
PT rev (3m)5.27%
EPS NQ rev (1m)4.53%
EPS NQ rev (3m)2.04%
EPS NY rev (1m)0%
EPS NY rev (3m)-8.63%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1%
Revenue NY rev (1m)-1.16%
Revenue NY rev (3m)-2.38%
Valuation
Industry RankSector Rank
PE 12.53
Fwd PE 7.55
P/S 2.52
P/FCF 234.15
P/OCF 8.63
P/B 2.15
P/tB 2.15
EV/EBITDA 4.06
EPS(TTM)0.46
EY7.98%
EPS(NY)0.76
Fwd EY13.25%
FCF(TTM)0.02
FCFY0.43%
OCF(TTM)0.67
OCFY11.59%
SpS2.28
BVpS2.68
TBVpS2.68
PEG (NY)0.19
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 3.16
F-Score6
WACC10.53%
ROIC/WACC2.16
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 Y66.07%
EPS Next 2Y52.8%
EPS Next 3Y31.26%
EPS Next 5Y29.05%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.89%
Revenue Next Year23.2%
Revenue Next 2Y20.26%
Revenue Next 3Y11.8%
Revenue Next 5Y10.91%
EBIT growth 1Y133.8%
EBIT growth 3Y39.15%
EBIT growth 5Y9.45%
EBIT Next Year51.75%
EBIT Next 3Y30.95%
EBIT Next 5Y14.8%
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 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%.