B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - TSX:BTO - CA11777Q2099 - Common Stock
5.98 CAD
+0.03 (+0.5%)
BTO gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 807 industry peers in the Metals & Mining industry. BTO scores excellent on profitability, but there are concerns on its financial health. BTO may be a bit undervalued, certainly considering the very reasonable score on growth
1. Profitability
1.1 Basic Checks
BTO had positive earnings in the past year.
BTO had a positive operating cash flow in the past year.
Of the past 5 years BTO 4 years were profitable.
In the past 5 years BTO always reported a positive cash flow from operatings.
1.2 Ratios
BTO's Return On Assets of -8.17% is fine compared to the rest of the industry. BTO outperforms 63.69% of its industry peers.
The Return On Equity of BTO (-13.26%) is better than 61.71% of its industry peers.
BTO has a Return On Invested Capital of 12.82%. This is amongst the best in the industry. BTO outperforms 96.65% of its industry peers.
BTO had an Average Return On Invested Capital over the past 3 years of 10.53%. This is in line with the industry average of 11.74%.
The 3 year average ROIC (10.53%) for BTO is below the current ROIC(12.82%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -8.17% | ||
| ROE | -13.26% | ||
| ROIC | 12.82% |
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)10.53%
ROIC(5y)13.43%
1.3 Margins
BTO has a better Operating Margin (35.54%) than 95.79% of its industry peers.
In the last couple of years the Operating Margin of BTO has remained more or less at the same level.
BTO has a better Gross Margin (41.34%) than 93.18% of its industry peers.
In the last couple of years the Gross Margin of BTO has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 35.54% | ||
| PM (TTM) | N/A | ||
| GM | 41.34% |
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%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTO is still creating some value.
The number of shares outstanding for BTO has been increased compared to 1 year ago.
Compared to 5 years ago, BTO has more shares outstanding
Compared to 1 year ago, BTO has a worse debt to assets ratio.
2.2 Solvency
BTO has an Altman-Z score of 2.49. This is not the best score and indicates that BTO is in the grey zone with still only limited risk for bankruptcy at the moment.
BTO has a Altman-Z score of 2.49. This is comparable to the rest of the industry: BTO outperforms 54.03% of its industry peers.
BTO has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
BTO's Debt to Equity ratio of 0.13 is on the low side compared to the rest of the industry. BTO is outperformed by 63.94% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.49 |
ROIC/WACC1.44
WACC8.88%
2.3 Liquidity
A Current Ratio of 0.98 indicates that BTO may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.98, BTO is in line with its industry, outperforming 42.13% of the companies in the same industry.
A Quick Ratio of 0.40 indicates that BTO may have some problems paying its short term obligations.
BTO has a worse Quick ratio (0.40) than 70.26% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.98 | ||
| Quick Ratio | 0.4 |
3. Growth
3.1 Past
The earnings per share for BTO have decreased by 0.00% in the last year.
The Earnings Per Share has been decreasing by -9.71% on average over the past years.
BTO shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.75%.
The Revenue has been growing by 10.48% on average over the past years. This is quite good.
EPS 1Y (TTM)0%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%100%
Revenue 1Y (TTM)11.75%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%40.53%
3.2 Future
BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 20.67% yearly.
Based on estimates for the next years, BTO will show a quite strong growth in Revenue. The Revenue will grow by 13.98% on average per year.
EPS Next Y274.82%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
EPS Next 5Y20.67%
Revenue Next Year66.96%
Revenue Next 2Y34.5%
Revenue Next 3Y21.59%
Revenue Next 5Y13.98%
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 accelerating.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 18.12, the valuation of BTO can be described as rather expensive.
92.32% of the companies in the same industry are more expensive than BTO, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 27.41, BTO is valued a bit cheaper.
BTO is valuated cheaply with a Price/Forward Earnings ratio of 7.83.
Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 94.92% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.88, BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.12 | ||
| Fwd PE | 7.83 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaper than 96.78% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 5.13 |
4.3 Compensation for Growth
BTO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of BTO may justify a higher PE ratio.
BTO's earnings are expected to grow with 65.54% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.07
PEG (5Y)N/A
EPS Next 2Y92.44%
EPS Next 3Y65.54%
5. Dividend
5.1 Amount
BTO has a Yearly Dividend Yield of 3.52%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 13.98, BTO pays a better dividend. On top of this BTO pays more dividend than 98.88% of the companies listed in the same industry.
BTO's Dividend Yield is a higher than the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.52% |
5.2 History
On average, the dividend of BTO grows each year by 69.07%, which is quite nice.
BTO has been paying a dividend for over 5 years, so it has already some track record.
BTO 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
5.3 Sustainability
The earnings of BTO are negative and hence is the payout ratio. BTO will probably not be able to sustain this dividend level.
BTO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP-33.27%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
TSX:BTO (9/17/2025, 7:00:00 PM)
5.98
+0.03 (+0.5%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners60.74%
Inst Owner ChangeN/A
Ins Owners0.64%
Ins Owner ChangeN/A
Market Cap7.91B
Analysts72.5
Price Target6.76 (13.04%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.52% |
Yearly Dividend0.2
Dividend Growth(5Y)69.07%
DP-33.27%
Div Incr Years0
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.84%
Min EPS beat(2)-11.53%
Max EPS beat(2)1.84%
EPS beat(4)1
Avg EPS beat(4)-39.36%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)2
Avg EPS beat(8)-25.06%
EPS beat(12)4
Avg EPS beat(12)-18.05%
EPS beat(16)5
Avg EPS beat(16)-14.6%
Revenue beat(2)0
Avg Revenue beat(2)-5.99%
Min Revenue beat(2)-9.16%
Max Revenue beat(2)-2.83%
Revenue beat(4)0
Avg Revenue beat(4)-3.31%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)-0.23%
Revenue beat(8)3
Avg Revenue beat(8)-0.59%
Revenue beat(12)5
Avg Revenue beat(12)-0.22%
Revenue beat(16)7
Avg Revenue beat(16)-0.48%
PT rev (1m)2.9%
PT rev (3m)9.2%
EPS NQ rev (1m)8.97%
EPS NQ rev (3m)37.39%
EPS NY rev (1m)29.18%
EPS NY rev (3m)29.18%
Revenue NQ rev (1m)3.25%
Revenue NQ rev (3m)21.69%
Revenue NY rev (1m)6.27%
Revenue NY rev (3m)8.9%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.12 | ||
| Fwd PE | 7.83 | ||
| P/S | 2.65 | ||
| P/FCF | N/A | ||
| P/OCF | 10.69 | ||
| P/B | 1.76 | ||
| P/tB | 1.76 | ||
| EV/EBITDA | 5.13 |
EPS(TTM)0.33
EY5.52%
EPS(NY)0.76
Fwd EY12.78%
FCF(TTM)-0.37
FCFYN/A
OCF(TTM)0.56
OCFY9.36%
SpS2.26
BVpS3.4
TBVpS3.4
PEG (NY)0.07
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -8.17% | ||
| ROE | -13.26% | ||
| ROCE | 17.8% | ||
| ROIC | 12.82% | ||
| ROICexc | 13.8% | ||
| ROICexgc | 13.8% | ||
| OM | 35.54% | ||
| PM (TTM) | N/A | ||
| GM | 41.34% | ||
| FCFM | N/A |
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)10.53%
ROIC(5y)13.43%
ROICexc(3y)11.93%
ROICexc(5y)15.79%
ROICexgc(3y)11.93%
ROICexgc(5y)15.79%
ROCE(3y)14.62%
ROCE(5y)18.66%
ROICexcg growth 3Y-16.06%
ROICexcg 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-Score4
Asset Turnover0.41
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.36 | ||
| Cap/Depr | 238.11% | ||
| Cap/Sales | 41.02% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 46.96% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.98 | ||
| Quick Ratio | 0.4 | ||
| Altman-Z | 2.49 |
F-Score4
WACC8.88%
ROIC/WACC1.44
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)0%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%100%
EPS Next Y274.82%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
EPS Next 5Y20.67%
Revenue 1Y (TTM)11.75%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%40.53%
Revenue Next Year66.96%
Revenue Next 2Y34.5%
Revenue Next 3Y21.59%
Revenue Next 5Y13.98%
EBIT growth 1Y15.53%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year634.57%
EBIT Next 3Y96.49%
EBIT Next 5Y49.1%
FCF growth 1Y-237.87%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-29.39%
OCF growth 3Y6.62%
OCF growth 5Y12.27%