B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:BTO - CA11777Q2099 - Common Stock
6.81 CAD
+0.02 (+0.29%)
Taking everything into account, BTO scores 6 out of 10 in our fundamental rating. BTO was compared to 817 industry peers in the Metals & Mining industry. While BTO belongs to the best of the industry regarding profitability, there are concerns on its financial health. BTO has both an excellent growth and valuation score. This means it is growing and it is still cheap. This is a rare combination!
1. Profitability
1.1 Basic Checks
- In the past year BTO was profitable.
- 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
- The Return On Assets of BTO (3.85%) is better than 88.74% of its industry peers.
- With an excellent Return On Equity value of 6.60%, BTO belongs to the best of the industry, outperforming 89.23% of the companies in the same industry.
- BTO has a Return On Invested Capital of 15.82%. This is amongst the best in the industry. BTO outperforms 97.06% 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 11.97%.
- The 3 year average ROIC (10.53%) for BTO is below the current ROIC(15.82%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.85% | ||
| ROE | 6.6% | ||
| ROIC | 15.82% |
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's Profit Margin of 8.75% is amongst the best of the industry. BTO outperforms 91.68% of its industry peers.
- The Operating Margin of BTO (40.82%) is better than 96.94% of its industry peers.
- In the last couple of years the Operating Margin of BTO has remained more or less at the same level.
- The Gross Margin of BTO (46.01%) is better than 94.37% of its industry peers.
- BTO's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 40.82% | ||
| PM (TTM) | 8.75% | ||
| GM | 46.01% |
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
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BTO is creating some value.
- BTO has more shares outstanding than it did 1 year ago.
- The number of shares outstanding for BTO has been increased compared to 5 years ago.
- The debt/assets ratio for BTO is higher compared to a year ago.
2.2 Solvency
- An Altman-Z score of 2.62 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
- BTO has a Altman-Z score (2.62) which is comparable to the rest of the industry.
- BTO has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
- BTO has a Debt to Equity ratio of 0.18. This is in the lower half of the industry: BTO underperforms 65.73% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.62 |
ROIC/WACC1.66
WACC9.54%
2.3 Liquidity
- BTO has a Current Ratio of 1.03. This is a normal value and indicates that BTO is financially healthy and should not expect problems in meeting its short term obligations.
- BTO has a Current ratio (1.03) which is comparable to the rest of the industry.
- BTO has a Quick Ratio of 1.03. This is a bad value and indicates that BTO is not financially healthy enough and could expect problems in meeting its short term obligations.
- BTO's Quick ratio of 0.46 is on the low side compared to the rest of the industry. BTO is outperformed by 69.03% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.03 | ||
| Quick Ratio | 0.46 |
3. Growth
3.1 Past
- BTO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 71.43%, which is quite impressive.
- The Earnings Per Share has been decreasing by -9.71% on average over the past years.
- BTO shows a strong growth in Revenue. In the last year, the Revenue has grown by 30.97%.
- Measured over the past years, BTO shows a quite strong growth in Revenue. The Revenue has been growing by 10.48% on average per year.
EPS 1Y (TTM)71.43%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%600%
Revenue 1Y (TTM)30.97%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%74.68%
3.2 Future
- The Earnings Per Share is expected to grow by 47.30% 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 17.03% on average per year.
EPS Next Y256.87%
EPS Next 2Y126.51%
EPS Next 3Y95.52%
EPS Next 5Y47.3%
Revenue Next Year65.82%
Revenue Next 2Y42.68%
Revenue Next 3Y33.06%
Revenue Next 5Y17.03%
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.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
- With a Price/Earnings ratio of 13.62, BTO is valued correctly.
- Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 95.10% of the companies are valued more expensively.
- When comparing the Price/Earnings ratio of BTO to the average of the S&P500 Index (27.32), we can say BTO is valued rather cheaply.
- The Price/Forward Earnings ratio is 6.42, which indicates a rather cheap valuation of BTO.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 96.94% of the companies are valued more expensively.
- The average S&P500 Price/Forward Earnings ratio is at 24.30. BTO is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.62 | ||
| Fwd PE | 6.42 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaper than 98.16% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.85 |
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 95.52% in the coming years.
PEG (NY)0.05
PEG (5Y)N/A
EPS Next 2Y126.51%
EPS Next 3Y95.52%
5. Dividend
5.1 Amount
- BTO has a Yearly Dividend Yield of 3.38%.
- BTO's Dividend Yield is rather good when compared to the industry average which is at 0.64. BTO pays more dividend than 99.02% of the companies in the same industry.
- BTO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.86.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.38% |
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.
- As BTO did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)69.07%
Div Incr Years0
Div Non Decr Years5
5.3 Sustainability
- BTO pays out 56.73% of its income as dividend. This is a bit on the high side, but may be sustainable.
- The dividend of BTO is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP56.73%
EPS Next 2Y126.51%
EPS Next 3Y95.52%
TSX:BTO (1/21/2026, 7:00:00 PM)
6.81
+0.02 (+0.29%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)11-05 2025-11-05/amc
Earnings (Next)02-17 2026-02-17/amc
Inst Owners63.39%
Inst Owner ChangeN/A
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap9.10B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target8.32 (22.17%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.38% |
Yearly Dividend0.2
Dividend Growth(5Y)69.07%
DP56.73%
Div Incr Years0
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-6.26%
Min EPS beat(2)-11.53%
Max EPS beat(2)-0.99%
EPS beat(4)1
Avg EPS beat(4)-24.29%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)2
Avg EPS beat(8)-22.01%
EPS beat(12)4
Avg EPS beat(12)-14.1%
EPS beat(16)5
Avg EPS beat(16)-14.09%
Revenue beat(2)0
Avg Revenue beat(2)-4.79%
Min Revenue beat(2)-6.76%
Max Revenue beat(2)-2.83%
Revenue beat(4)0
Avg Revenue beat(4)-4.94%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)-1.03%
Revenue beat(8)3
Avg Revenue beat(8)-1.22%
Revenue beat(12)5
Avg Revenue beat(12)-0.51%
Revenue beat(16)7
Avg Revenue beat(16)-0.79%
PT rev (1m)0.77%
PT rev (3m)20.7%
EPS NQ rev (1m)0%
EPS NQ rev (3m)8.39%
EPS NY rev (1m)0%
EPS NY rev (3m)-6.85%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)15.02%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.75%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.62 | ||
| Fwd PE | 6.42 | ||
| P/S | 2.63 | ||
| P/FCF | N/A | ||
| P/OCF | 9.08 | ||
| P/B | 1.98 | ||
| P/tB | 1.98 | ||
| EV/EBITDA | 4.85 |
EPS(TTM)0.5
EY7.34%
EPS(NY)1.06
Fwd EY15.59%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.75
OCFY11.01%
SpS2.59
BVpS3.43
TBVpS3.43
PEG (NY)0.05
PEG (5Y)N/A
Graham Number6.21
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.85% | ||
| ROE | 6.6% | ||
| ROCE | 21.98% | ||
| ROIC | 15.82% | ||
| ROICexc | 17.21% | ||
| ROICexgc | 17.21% | ||
| OM | 40.82% | ||
| PM (TTM) | 8.75% | ||
| GM | 46.01% | ||
| 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%
ROICexgc growth 3Y-16.06%
ROICexgc 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-Score6
Asset Turnover0.44
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.43 | ||
| Cap/Depr | 239.32% | ||
| Cap/Sales | 37.22% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 51.39% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.03 | ||
| Quick Ratio | 0.46 | ||
| Altman-Z | 2.62 |
F-Score6
WACC9.54%
ROIC/WACC1.66
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)71.43%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%600%
EPS Next Y256.87%
EPS Next 2Y126.51%
EPS Next 3Y95.52%
EPS Next 5Y47.3%
Revenue 1Y (TTM)30.97%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%74.68%
Revenue Next Year65.82%
Revenue Next 2Y42.68%
Revenue Next 3Y33.06%
Revenue Next 5Y17.03%
EBIT growth 1Y64.97%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year718.35%
EBIT Next 3Y133.61%
EBIT Next 5Y63.41%
FCF growth 1Y-267.06%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-6.83%
OCF growth 3Y6.62%
OCF growth 5Y12.27%
B2GOLD CORP / BTO.CA FAQ
What is the ChartMill fundamental rating of B2GOLD CORP (BTO.CA) stock?
ChartMill assigns a fundamental rating of 6 / 10 to BTO.CA.
What is the valuation status of B2GOLD CORP (BTO.CA) stock?
ChartMill assigns a valuation rating of 8 / 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 13.62 and the Price/Book (PB) ratio is 1.98.
Is the dividend of B2GOLD CORP sustainable?
The dividend rating of B2GOLD CORP (BTO.CA) is 6 / 10 and the dividend payout ratio is 56.73%.