B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:BTO - CA11777Q2099 - Common Stock
6.61 CAD
+0.21 (+3.28%)
Overall BTO gets a fundamental rating of 6 out of 10. We evaluated BTO against 817 industry peers in the Metals & Mining industry. While BTO has a great profitability rating, there are quite some concerns on its financial health. BTO is evaluated to be cheap and growing strongly. This does not happen too often!
1. Profitability
1.1 Basic Checks
- BTO had positive earnings in the past year.
- In the past year BTO had a positive cash flow from operations.
- 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 (3.85%) is better than 88.74% of its industry peers.
- BTO has a better Return On Equity (6.60%) than 89.23% of its industry peers.
- BTO has a better Return On Invested Capital (15.82%) than 97.06% 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 11.97%.
- The last Return On Invested Capital (15.82%) for BTO is above the 3 year average (10.53%), which is a sign of increasing profitability.
| 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 has a Profit Margin of 8.75%. This is amongst the best in the industry. BTO outperforms 91.68% of its industry peers.
- BTO has a better Operating Margin (40.82%) than 96.94% of its industry peers.
- BTO's Operating Margin has been stable in the last couple of years.
- With an excellent Gross Margin value of 46.01%, BTO belongs to the best of the industry, outperforming 94.37% 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 | 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
- BTO has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some 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.
2.2 Solvency
- An Altman-Z score of 2.56 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
- Looking at the Altman-Z score, with a value of 2.56, BTO is in line with its industry, outperforming 46.63% of the companies in the same industry.
- BTO has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
- The Debt to Equity ratio of BTO (0.18) is worse than 65.73% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.56 |
ROIC/WACC1.66
WACC9.53%
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 of 1.03. This is comparable to the rest of the industry: BTO outperforms 41.25% of its industry peers.
- 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.
- With a Quick ratio value of 0.46, BTO is not doing good in the industry: 69.03% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.03 | ||
| Quick Ratio | 0.46 |
3. Growth
3.1 Past
- The Earnings Per Share has grown by an impressive 71.43% over the past year.
- The Earnings Per Share has been decreasing by -9.71% on average over the past years.
- The Revenue has grown by 30.97% in the past year. This is a very strong growth!
- The Revenue has been growing by 10.48% on average over the past years. This is quite good.
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
- Based on estimates for the next years, BTO will show a very strong growth in Earnings Per Share. The EPS will grow by 47.30% on average per year.
- The Revenue is expected to grow by 17.03% on average over the next years. This is quite good.
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
- A Price/Earnings ratio of 13.22 indicates a correct valuation of BTO.
- Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 95.47% of the companies are valued more expensively.
- The average S&P500 Price/Earnings ratio is at 26.94. BTO is valued rather cheaply when compared to this.
- BTO is valuated cheaply with a Price/Forward Earnings ratio of 6.19.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 96.70% of the companies in the same industry.
- BTO is valuated cheaply when we compare the Price/Forward Earnings ratio to 23.94, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.22 | ||
| Fwd PE | 6.19 |
4.2 Price Multiples
- 98.29% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.68 |
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 95.52% in the coming years. This may justify a more expensive valuation.
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%. 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 0.64. 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 1.83.
| 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 (1/19/2026, 7:00:00 PM)
6.61
+0.21 (+3.28%)
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 Cap8.83B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target8.32 (25.87%)
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 | 13.22 | ||
| Fwd PE | 6.19 | ||
| P/S | 2.54 | ||
| P/FCF | N/A | ||
| P/OCF | 8.76 | ||
| P/B | 1.91 | ||
| P/tB | 1.91 | ||
| EV/EBITDA | 4.68 |
EPS(TTM)0.5
EY7.56%
EPS(NY)1.07
Fwd EY16.17%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.75
OCFY11.42%
SpS2.61
BVpS3.46
TBVpS3.46
PEG (NY)0.05
PEG (5Y)N/A
Graham Number6.23
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 | 2.56 |
F-Score6
WACC9.53%
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 13.22 and the Price/Book (PB) ratio is 1.91.
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%.