B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
Current stock price
6.57 CAD
-0.14 (-2.09%)
Last:
This BTO.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
1. BTO.CA Profitability Analysis
1.1 Basic Checks
- BTO had positive earnings in the past year.
- BTO had a positive operating cash flow in the past year.
- BTO had positive earnings in 4 of the past 5 years.
- Each year in the past 5 years BTO had a positive operating cash flow.
1.2 Ratios
- Looking at the Return On Assets, with a value of 6.84%, BTO belongs to the top of the industry, outperforming 90.19% of the companies in the same industry.
- The Return On Equity of BTO (11.18%) is better than 89.94% of its industry peers.
- BTO's Return On Invested Capital of 20.74% is amongst the best of the industry. BTO outperforms 97.86% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for BTO is in line with the industry average of 12.79%.
- The 3 year average ROIC (13.86%) for BTO is below the current ROIC(20.74%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 6.84% | ||
| ROE | 11.18% | ||
| ROIC | 20.74% |
ROA(3y)-2.01%
ROA(5y)2.52%
ROE(3y)-3.22%
ROE(5y)2.69%
ROIC(3y)13.86%
ROIC(5y)13.44%
1.3 Margins
- Looking at the Profit Margin, with a value of 13.13%, BTO belongs to the top of the industry, outperforming 92.08% of the companies in the same industry.
- BTO's Profit Margin has declined in the last couple of years.
- BTO's Operating Margin of 45.34% is amongst the best of the industry. BTO outperforms 97.86% of its industry peers.
- In the last couple of years the Operating Margin of BTO has declined.
- Looking at the Gross Margin, with a value of 50.01%, BTO belongs to the top of the industry, outperforming 94.84% of the companies in the same industry.
- 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 | 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%
2. BTO.CA Health Analysis
2.1 Basic Checks
- BTO has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
- The number of shares outstanding for BTO has been increased compared to 1 year ago.
- BTO has more shares outstanding than it did 5 years ago.
- Compared to 1 year ago, BTO has a worse debt to assets ratio.
2.2 Solvency
- BTO has an Altman-Z score of 2.92. 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.
- Looking at the Altman-Z score, with a value of 2.92, BTO is in line with its industry, outperforming 48.18% of the companies in the same industry.
- BTO has a debt to FCF ratio of 18.13. This is a negative value and a sign of low solvency as BTO would need 18.13 years to pay back of all of its debts.
- Looking at the Debt to FCF ratio, with a value of 18.13, BTO belongs to the top of the industry, outperforming 89.06% of the companies in the same industry.
- BTO has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
- BTO has a worse Debt to Equity ratio (0.16) than 65.91% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 2.92 |
ROIC/WACC1.73
WACC12%
2.3 Liquidity
- A Current Ratio of 1.06 indicates that BTO should not have too much problems paying its short term obligations.
- Looking at the Current ratio, with a value of 1.06, BTO is doing worse than 62.01% of the companies in the same industry.
- A Quick Ratio of 0.47 indicates that BTO may have some problems paying its short term obligations.
- BTO has a worse Quick ratio (0.47) than 70.94% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.06 | ||
| Quick Ratio | 0.47 |
3. BTO.CA Growth Analysis
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.
- BTO shows a strong growth in Revenue. In the last year, the Revenue has grown by 60.95%.
- BTO 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
- BTO 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, BTO will show a quite strong growth in Revenue. The Revenue will grow by 10.91% on average per year.
EPS Next Y65.77%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
EPS Next 5Y24.64%
Revenue Next Year30.63%
Revenue Next 2Y26.85%
Revenue Next 3Y16.23%
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.
4. BTO.CA Valuation Analysis
4.1 Price/Earnings Ratio
- BTO is valuated reasonably with a Price/Earnings ratio of 10.27.
- Compared to the rest of the industry, the Price/Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 96.10% of the companies listed in the same industry.
- BTO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 25.60.
- With a Price/Forward Earnings ratio of 6.19, the valuation of BTO can be described as very cheap.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 96.10% of the companies listed in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 22.84, BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.27 | ||
| Fwd PE | 6.19 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaper than 98.49% of the companies in the same industry.
- Based on the Price/Free Cash Flow ratio, BTO is valued cheaper than 89.69% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 191.65 | ||
| EV/EBITDA | 3.57 |
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 excellent profitability rating of BTO may justify a higher PE ratio.
- BTO's earnings are expected to grow with 38.31% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.16
PEG (5Y)N/A
EPS Next 2Y65.83%
EPS Next 3Y38.31%
5. BTO.CA Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 3.84%, BTO has a reasonable but not impressive dividend return.
- BTO's Dividend Yield is rather good when compared to the industry average which is at 0.48. BTO pays more dividend than 98.87% of the companies in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.88, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.84% |
5.2 History
- The dividend of BTO decreases each year by -6.83%.
- BTO has been paying a dividend for over 5 years, so it has already some track record.
- As BTO 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
5.3 Sustainability
- BTO pays out 25.74% of its income as dividend. This is a sustainable payout ratio.
DP25.74%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
BTO.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:BTO (4/2/2026, 7:00:00 PM)
6.57
-0.14 (-2.09%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18 2026-02-18/amc
Earnings (Next)05-05 2026-05-05/amc
Inst Owners65.76%
Inst Owner ChangeN/A
Ins Owners0.35%
Ins Owner ChangeN/A
Market Cap8.80B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target9.26 (40.94%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.84% |
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years5
Ex-Date03-06 2026-03-06 (0.02)
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)3.22%
PT rev (3m)11.37%
EPS NQ rev (1m)3.64%
EPS NQ rev (3m)-1.72%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)22.45%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)6.04%
Revenue NY rev (3m)5.17%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.27 | ||
| Fwd PE | 6.19 | ||
| P/S | 2.07 | ||
| P/FCF | 191.65 | ||
| P/OCF | 7.06 | ||
| P/B | 1.76 | ||
| P/tB | 1.76 | ||
| EV/EBITDA | 3.57 |
EPS(TTM)0.64
EY9.74%
EPS(NY)1.06
Fwd EY16.14%
FCF(TTM)0.03
FCFY0.52%
OCF(TTM)0.93
OCFY14.16%
SpS3.18
BVpS3.73
TBVpS3.73
PEG (NY)0.16
PEG (5Y)N/A
Graham Number7.33
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 6.84% | ||
| ROE | 11.18% | ||
| ROCE | 28.81% | ||
| ROIC | 20.74% | ||
| ROICexc | 22.55% | ||
| ROICexgc | 22.55% | ||
| 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)13.86%
ROIC(5y)13.44%
ROICexc(3y)15.03%
ROICexc(5y)15.4%
ROICexgc(3y)15.03%
ROICexgc(5y)15.4%
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 Rank | Sector 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
WACC12%
ROIC/WACC1.73
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 Year30.63%
Revenue Next 2Y26.85%
Revenue Next 3Y16.23%
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 / BTO.CA Fundamental Analysis FAQ
What is the ChartMill fundamental rating of B2GOLD CORP (BTO.CA) stock?
ChartMill assigns a fundamental rating of 7 / 10 to BTO.CA.
What is the valuation status of B2GOLD CORP (BTO.CA) stock?
ChartMill assigns a valuation rating of 10 / 10 to B2GOLD CORP (BTO.CA). This can be considered as Undervalued.
What is the profitability of BTO stock?
B2GOLD CORP (BTO.CA) has a profitability rating of 8 / 10.
What is the expected EPS growth for B2GOLD CORP (BTO.CA) stock?
The Earnings per Share (EPS) of B2GOLD CORP (BTO.CA) is expected to grow by 65.77% in the next year.
Can you provide the dividend sustainability for BTO stock?
The dividend rating of B2GOLD CORP (BTO.CA) is 6 / 10 and the dividend payout ratio is 25.74%.