B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
7.13 CAD
-0.16 (-2.19%)
Last: Mar 11, 2026, 07:00 PM
This BTO.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 7 out of 10 to BTO. BTO was compared to 815 industry peers in the Metals & Mining industry. While BTO has a great profitability rating, there are some minor concerns on its financial health. An interesting combination arises when we look at growth and value: BTO is growing strongly while it also seems undervalued.
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.
- 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
- The Return On Assets of BTO (6.84%) is better than 90.06% of its industry peers.
- BTO has a better Return On Equity (11.18%) than 90.06% of its industry peers.
- Looking at the Return On Invested Capital, with a value of 20.74%, BTO belongs to the top of the industry, outperforming 98.04% of the companies in the same industry.
- 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 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
- BTO has a better Profit Margin (13.13%) than 92.76% of its industry peers.
- In the last couple of years the Profit Margin of BTO has declined.
- Looking at the Operating Margin, with a value of 45.34%, BTO belongs to the top of the industry, outperforming 97.91% of the companies in the same industry.
- BTO's Operating Margin has declined in the last couple of years.
- BTO has a better Gross Margin (50.01%) than 94.97% of its industry peers.
- BTO's Gross Margin has been stable in the last couple of years.
| 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
- The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so BTO is creating value.
- The number of shares outstanding for BTO has been increased compared to 1 year ago.
- The number of shares outstanding for BTO has been increased compared to 5 years ago.
- BTO has a worse debt/assets ratio than last year.
2.2 Solvency
- An Altman-Z score of 3.15 indicates that BTO is not in any danger for bankruptcy at the moment.
- BTO has a Altman-Z score (3.15) which is in line with its industry peers.
- The Debt to FCF ratio of BTO is 18.13, which is on the high side as it means it would take BTO, 18.13 years of fcf income to pay off all of its debts.
- BTO has a Debt to FCF ratio of 18.13. This is amongst the best in the industry. BTO outperforms 89.45% of its industry peers.
- A Debt/Equity ratio of 0.16 indicates that BTO is not too dependend on debt financing.
- The Debt to Equity ratio of BTO (0.16) is worse than 64.79% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 3.15 |
ROIC/WACC2.06
WACC10.09%
2.3 Liquidity
- A Current Ratio of 1.06 indicates that BTO should not have too much problems paying its short term obligations.
- BTO has a Current ratio of 1.06. This is comparable to the rest of the industry: BTO outperforms 41.10% of its industry peers.
- 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.
- With a Quick ratio value of 0.47, BTO is not doing good in the industry: 69.33% of the companies in the same industry are doing better.
| 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.
- BTO shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -1.65% yearly.
- 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
- Based on estimates for the next years, BTO will show a very strong growth in Earnings Per Share. The EPS will grow by 24.64% on average per year.
- 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.
- The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. BTO.CA Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 11.50, which indicates a very decent valuation of BTO.
- Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 95.71% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Earnings ratio of 26.15, BTO is valued rather cheaply.
- Based on the Price/Forward Earnings ratio of 6.90, the valuation of BTO can be described as very cheap.
- 95.95% of the companies in the same industry are more expensive than BTO, based on the Price/Forward Earnings ratio.
- Compared to an average S&P500 Price/Forward Earnings ratio of 24.27, BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.5 | ||
| Fwd PE | 6.9 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaply inside the industry as 98.53% of the companies are valued more expensively.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 90.18% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 213.44 | ||
| EV/EBITDA | 4.05 |
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)0.17
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 3.05%, BTO has a reasonable but not impressive dividend return.
- Compared to an average industry Dividend Yield of 0.41, BTO pays a better dividend. On top of this BTO pays more dividend than 98.90% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.82, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.05% |
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
- 25.74% of the earnings are spent on dividend by BTO. This is a low number and sustainable payout ratio.
DP25.74%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
BTO.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:BTO (3/11/2026, 7:00:00 PM)
7.13
-0.16 (-2.19%)
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 Cap9.55B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (25.81%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.05% |
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)5.73%
PT rev (3m)8.73%
EPS NQ rev (1m)-15%
EPS NQ rev (3m)-12.07%
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 Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.5 | ||
| Fwd PE | 6.9 | ||
| P/S | 2.3 | ||
| P/FCF | 213.44 | ||
| P/OCF | 7.86 | ||
| P/B | 1.96 | ||
| P/tB | 1.96 | ||
| EV/EBITDA | 4.05 |
EPS(TTM)0.62
EY8.7%
EPS(NY)1.03
Fwd EY14.49%
FCF(TTM)0.03
FCFY0.47%
OCF(TTM)0.91
OCFY12.72%
SpS3.1
BVpS3.64
TBVpS3.64
PEG (NY)0.17
PEG (5Y)N/A
Graham Number7.12
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 | 3.15 |
F-Score6
WACC10.09%
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 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 11.5 and the Price/Book (PB) ratio is 1.96.
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%.