B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation

TSX:BTO • CA11777Q2099

Current stock price

6.64 CAD
-0.31 (-4.46%)
Last:

This BTO.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. BTO.CA Profitability Analysis

1.1 Basic Checks

  • In the past year BTO was profitable.
  • In the past year BTO had a positive cash flow from operations.
  • Of the past 5 years BTO 4 years were profitable.
  • BTO had a positive operating cash flow in each of the past 5 years.
BTO.CA Yearly Net Income VS EBIT VS OCF VS FCFBTO.CA 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 BTO (6.84%) is better than 90.02% of its industry peers.
  • BTO has a better Return On Equity (11.18%) than 90.15% of its industry peers.
  • BTO has a Return On Invested Capital of 20.74%. This is amongst the best in the industry. BTO outperforms 98.05% 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 12.69%.
  • The 3 year average ROIC (13.86%) for BTO is below the current ROIC(20.74%), indicating increased profibility in the last year.
Industry RankSector 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%
BTO.CA Yearly ROA, ROE, ROICBTO.CA 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

  • BTO has a better Profit Margin (13.13%) than 92.70% of its industry peers.
  • In the last couple of years the Profit Margin of BTO has declined.
  • BTO has a better Operating Margin (45.34%) than 97.93% of its industry peers.
  • BTO's Operating Margin has declined in the last couple of years.
  • BTO has a Gross Margin of 50.01%. This is amongst the best in the industry. BTO outperforms 95.01% 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 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%
BTO.CA Yearly Profit, Operating, Gross MarginsBTO.CA 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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4

2. BTO.CA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so BTO is creating value.
  • Compared to 1 year ago, BTO has more shares outstanding
  • Compared to 5 years ago, BTO has more shares outstanding
  • The debt/assets ratio for BTO is higher compared to a year ago.
BTO.CA Yearly Shares OutstandingBTO.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
BTO.CA Yearly Total Debt VS Total AssetsBTO.CA 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

  • BTO has an Altman-Z score of 2.96. 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 (2.96) which is comparable to the rest of the 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 89.42% 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.
  • Looking at the Debt to Equity ratio, with a value of 0.16, BTO is doing worse than 64.48% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.96
ROIC/WACC2.06
WACC10.08%
BTO.CA Yearly LT Debt VS Equity VS FCFBTO.CA 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

  • BTO has a Current Ratio of 1.06. This is a normal value and indicates that BTO is financially healthy and should not expect problems in meeting its short term obligations.
  • With a Current ratio value of 1.06, BTO perfoms like the industry average, outperforming 41.24% of the companies in the same industry.
  • BTO has a Quick Ratio of 1.06. This is a bad value and indicates that BTO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.47, BTO is doing worse than 68.98% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.06
Quick Ratio 0.47
BTO.CA Yearly Current Assets VS Current LiabilitesBTO.CA 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. BTO.CA Growth Analysis

3.1 Past

  • BTO 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.
  • Looking at the last year, BTO shows a very strong growth in Revenue. The Revenue has grown by 60.95%.
  • Measured over the past years, BTO shows a quite strong growth in Revenue. The Revenue has been growing by 11.34% on average per year.
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
  • 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

  • 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.
BTO.CA Yearly Revenue VS EstimatesBTO.CA 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
BTO.CA Yearly EPS VS EstimatesBTO.CA 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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10

4. BTO.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 10.54, the valuation of BTO can be described as very reasonable.
  • BTO's Price/Earnings ratio is rather cheap when compared to the industry. BTO is cheaper than 95.99% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 25.70, BTO is valued rather cheaply.
  • With a Price/Forward Earnings ratio of 6.35, the valuation of BTO can be described as very cheap.
  • 96.47% of the companies in the same industry are more expensive than BTO, based on the Price/Forward Earnings ratio.
  • The average S&P500 Price/Forward Earnings ratio is at 23.84. BTO is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 10.54
Fwd PE 6.35
BTO.CA Price Earnings VS Forward Price EarningsBTO.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 98.54% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
  • BTO's Price/Free Cash Flow ratio is rather cheap when compared to the industry. BTO is cheaper than 90.27% of the companies in the same industry.
Industry RankSector Rank
P/FCF 196.59
EV/EBITDA 3.66
BTO.CA Per share dataBTO.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3

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.
  • A more expensive valuation may be justified as BTO'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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6

5. BTO.CA Dividend Analysis

5.1 Amount

  • BTO has a Yearly Dividend Yield of 3.13%. Purely for dividend investing, there may be better candidates out there.
  • BTO's Dividend Yield is rather good when compared to the industry average which is at 0.38. BTO pays more dividend than 98.91% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, BTO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.13%

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
BTO.CA Yearly Dividends per shareBTO.CA Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2026 0.05 0.1 0.15

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 Yearly Income VS Free CF VS DividendBTO.CA 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
BTO.CA Dividend Payout.BTO.CA Dividend Payout, showing the Payout Ratio.BTO.CA Dividend Payout.PayoutRetained Earnings

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BTO.CA Fundamentals: All Metrics, Ratios and Statistics

B2GOLD CORP

TSX:BTO (3/13/2026, 7:00:00 PM)

6.64

-0.31 (-4.46%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners65.76%
Inst Owner ChangeN/A
Ins Owners0.35%
Ins Owner ChangeN/A
Market Cap8.89B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (35.09%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.13%
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years5
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)5.73%
PT rev (3m)8.73%
EPS NQ rev (1m)-8.89%
EPS NQ rev (3m)-5.74%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)5.17%
Revenue NY rev (3m)5.17%
Valuation
Industry RankSector Rank
PE 10.54
Fwd PE 6.35
P/S 2.12
P/FCF 196.59
P/OCF 7.24
P/B 1.81
P/tB 1.81
EV/EBITDA 3.66
EPS(TTM)0.63
EY9.49%
EPS(NY)1.04
Fwd EY15.74%
FCF(TTM)0.03
FCFY0.51%
OCF(TTM)0.92
OCFY13.81%
SpS3.13
BVpS3.68
TBVpS3.68
PEG (NY)0.16
PEG (5Y)N/A
Graham Number7.22
Profitability
Industry RankSector 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 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 2.96
F-Score6
WACC10.08%
ROIC/WACC2.06
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.


Can you provide the profitability details for B2GOLD CORP?

B2GOLD CORP (BTO.CA) has a profitability rating of 8 / 10.


What is the valuation of B2GOLD CORP based on its PE and PB ratios?

The Price/Earnings (PE) ratio for B2GOLD CORP (BTO.CA) is 10.54 and the Price/Book (PB) ratio is 1.81.


Is the dividend of B2GOLD CORP sustainable?

The dividend rating of B2GOLD CORP (BTO.CA) is 6 / 10 and the dividend payout ratio is 25.74%.