B2GOLD CORP (BTG) Fundamental Analysis & Valuation

NYSEARCA:BTG • CA11777Q2099

Current stock price

4.93 USD
+0.05 (+1.02%)
At close:
4.9288 USD
0 (-0.02%)
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

  • With a decent Return On Assets value of 6.84%, BTG is doing good in the industry, outperforming 76.73% of the companies in the same industry.
  • The Return On Equity of BTG (11.18%) is better than 72.96% of its industry peers.
  • BTG has a Return On Invested Capital of 22.76%. This is amongst the best in the industry. BTG outperforms 93.08% of its industry peers.
  • BTG had an Average Return On Invested Capital over the past 3 years of 15.21%. This is significantly below the industry average of 61.64%.
  • 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

  • With a decent Profit Margin value of 13.13%, BTG is doing good in the industry, outperforming 77.36% of the companies in the same industry.
  • In the last couple of years the Profit Margin of BTG has declined.
  • With an excellent Operating Margin value of 45.34%, BTG belongs to the best of the industry, outperforming 91.82% of the companies in the same industry.
  • In the last couple of years the Operating Margin of BTG has declined.
  • BTG's Gross Margin of 50.01% is amongst the best of the industry. BTG outperforms 80.50% 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

  • BTG has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • Compared to 1 year ago, BTG has more shares outstanding
  • BTG has more shares outstanding than it did 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 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 2.99. This indicates that BTG is financially healthy and has little risk of bankruptcy at the moment.
  • BTG has a Altman-Z score of 2.99. This is comparable to the rest of the industry: BTG outperforms 42.77% 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 of 18.13. This is comparable to the rest of the industry: BTG outperforms 58.49% of its industry peers.
  • BTG has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
  • BTG has a Debt to Equity ratio (0.16) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.99
ROIC/WACC1.9
WACC11.95%
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 worse Current ratio (1.06) than 81.76% of its industry peers.
  • A Quick Ratio of 0.47 indicates that BTG may have some problems paying its short term obligations.
  • BTG has a Quick ratio of 0.47. This is amonst the worse of the industry: BTG underperforms 89.94% 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

  • BTG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 206.67%, which is quite impressive.
  • 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%110.88%

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 Y72.63%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
EPS Next 5Y24.64%
Revenue Next Year31.84%
Revenue Next 2Y28.61%
Revenue Next 3Y16.78%
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

  • With a Price/Earnings ratio of 10.72, the valuation of BTG can be described as very reasonable.
  • Compared to the rest of the industry, the Price/Earnings ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 97.48% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.78, BTG is valued rather cheaply.
  • With a Price/Forward Earnings ratio of 6.21, the valuation of BTG can be described as very cheap.
  • Based on the Price/Forward Earnings ratio, BTG is valued cheaper than 94.97% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 23.54, BTG is valued rather cheaply.
Industry RankSector Rank
PE 10.72
Fwd PE 6.21
BTG Price Earnings VS Forward Price EarningsBTG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 98.74% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTG is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 199.75
EV/EBITDA 3.72
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)0.15
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 3.22%.
  • BTG's Dividend Yield is rather good when compared to the industry average which is at 1.13. BTG pays more dividend than 92.45% of the companies in the same industry.
  • BTG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
Industry RankSector Rank
Dividend Yield 3.22%

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

  • BTG pays out 25.74% of its income as dividend. This is a 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 (4/10/2026, 8:09:04 PM)

After market: 4.9288 0 (-0.02%)

4.93

+0.05 (+1.02%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners65.62%
Inst Owner Change-0.01%
Ins Owners0.41%
Ins Owner ChangeN/A
Market Cap6.59B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target6.67 (35.29%)
Short Float %4.54%
Short Ratio1.39
Dividend
Industry RankSector Rank
Dividend Yield 3.22%
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)1.66%
PT rev (3m)11.47%
EPS NQ rev (1m)-3.42%
EPS NQ rev (3m)-8.97%
EPS NY rev (1m)4.14%
EPS NY rev (3m)3.18%
Revenue NQ rev (1m)22.45%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.92%
Revenue NY rev (3m)6.14%
Valuation
Industry RankSector Rank
PE 10.72
Fwd PE 6.21
P/S 2.15
P/FCF 199.75
P/OCF 7.36
P/B 1.83
P/tB 1.83
EV/EBITDA 3.72
EPS(TTM)0.46
EY9.33%
EPS(NY)0.79
Fwd EY16.11%
FCF(TTM)0.02
FCFY0.5%
OCF(TTM)0.67
OCFY13.59%
SpS2.29
BVpS2.69
TBVpS2.69
PEG (NY)0.15
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 2.99
F-Score6
WACC11.95%
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 5Y24.64%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.88%
Revenue Next Year31.84%
Revenue Next 2Y28.61%
Revenue Next 3Y16.78%
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 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.


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 7 / 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.