B2GOLD CORP (BTG) Fundamental Analysis & Valuation

NYSEARCA:BTG • CA11777Q2099

Current stock price

4.73 USD
-0.11 (-2.27%)
At close:
4.73 USD
0 (0%)
Pre-Market:

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

  • BTG had positive earnings in the past year.
  • 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

  • The Return On Assets of BTG (6.84%) is better than 76.43% of its industry peers.
  • BTG has a better Return On Equity (11.18%) than 72.61% of its industry peers.
  • BTG's Return On Invested Capital of 22.76% is amongst the best of the industry. BTG outperforms 94.27% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for BTG is significantly below the industry average of 61.57%.
  • 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

  • BTG has a Profit Margin of 13.13%. This is in the better half of the industry: BTG outperforms 77.07% of its industry peers.
  • BTG's Profit Margin has declined in the last couple of years.
  • BTG has a Operating Margin of 45.34%. This is amongst the best in the industry. BTG outperforms 92.36% of its industry peers.
  • BTG's Operating Margin has declined in the last couple of years.
  • The Gross Margin of BTG (50.01%) is better than 82.80% 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.
  • The number of shares outstanding for BTG has been increased compared to 1 year ago.
  • Compared to 5 years ago, BTG has more shares outstanding
  • 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 2.92. 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.
  • Looking at the Altman-Z score, with a value of 2.92, BTG is in line with its industry, outperforming 43.95% of the companies in the same 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.
  • With a Debt to FCF ratio value of 18.13, BTG perfoms like the industry average, outperforming 59.24% of the companies in the same industry.
  • BTG has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.16, BTG is in line with its industry, outperforming 52.87% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.92
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 Current ratio of 1.06. This is amonst the worse of the industry: BTG underperforms 82.80% of its industry peers.
  • A Quick Ratio of 0.47 indicates that BTG may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.47, BTG is doing worse than 89.81% of the companies in the same industry.
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.
  • Measured over the past years, BTG shows a decrease in Earnings Per Share. The EPS has been decreasing by -1.65% on average per year.
  • Looking at the last year, BTG shows a very strong growth in Revenue. 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

  • The Earnings Per Share is expected to grow by 24.64% on average over the next years. This is a very strong growth
  • The Revenue is expected to grow by 10.91% on average over the next years. This is quite good.
EPS Next Y65.77%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
EPS Next 5Y24.64%
Revenue Next Year31.84%
Revenue Next 2Y28.61%
Revenue Next 3Y16.78%
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.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
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

  • Based on the Price/Earnings ratio of 10.28, the valuation of BTG can be described as reasonable.
  • 98.09% of the companies in the same industry are more expensive than BTG, based on the Price/Earnings ratio.
  • When comparing the Price/Earnings ratio of BTG to the average of the S&P500 Index (26.17), we can say BTG is valued rather cheaply.
  • A Price/Forward Earnings ratio of 6.20 indicates a rather cheap valuation of BTG.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 95.54% of the companies listed in the same industry.
  • BTG is valuated cheaply when we compare the Price/Forward Earnings ratio to 23.05, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 10.28
Fwd PE 6.2
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

  • BTG's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTG is cheaper than 98.73% of the companies in the same industry.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as BTG.
Industry RankSector Rank
P/FCF 191.91
EV/EBITDA 3.58
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

  • 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 38.31% in the coming years.
PEG (NY)0.16
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

5

5. BTG Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.69%, BTG has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 1.16, BTG pays a better dividend. On top of this BTG pays more dividend than 92.99% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, BTG pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.69%

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 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 (4/2/2026, 8:10:59 PM)

Premarket: 4.73 0 (0%)

4.73

-0.11 (-2.27%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners65.76%
Inst Owner Change0%
Ins Owners0.35%
Ins Owner ChangeN/A
Market Cap6.33B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target6.56 (38.69%)
Short Float %4.54%
Short Ratio1.39
Dividend
Industry RankSector Rank
Dividend Yield 3.69%
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)0%
PT rev (3m)9.65%
EPS NQ rev (1m)3.53%
EPS NQ rev (3m)-8.97%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.92%
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 10.28
Fwd PE 6.2
P/S 2.07
P/FCF 191.91
P/OCF 7.07
P/B 1.76
P/tB 1.76
EV/EBITDA 3.58
EPS(TTM)0.46
EY9.73%
EPS(NY)0.76
Fwd EY16.12%
FCF(TTM)0.02
FCFY0.52%
OCF(TTM)0.67
OCFY14.14%
SpS2.29
BVpS2.68
TBVpS2.68
PEG (NY)0.16
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 2.92
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 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 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 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.


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 65.77% in the next year.