B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
Current stock price
5.78 CAD
-0.52 (-8.25%)
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.
- 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
- BTO's Return On Assets of 6.84% is amongst the best of the industry. BTO outperforms 90.02% of its industry peers.
- Looking at the Return On Equity, with a value of 11.18%, BTO belongs to the top of the industry, outperforming 90.15% of the companies in the same industry.
- With an excellent Return On Invested Capital value of 20.74%, BTO belongs to the best of the industry, outperforming 98.05% of the companies in the same industry.
- The Average Return On Invested Capital over the past 3 years for BTO is in line with the industry average of 12.84%.
- 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 92.70% of its industry peers.
- In the last couple of years the Profit Margin of BTO has declined.
- With an excellent Operating Margin value of 45.34%, BTO belongs to the best of the industry, outperforming 97.93% of the companies in the same industry.
- In the last couple of years the Operating Margin of BTO has declined.
- BTO has a better Gross Margin (50.01%) than 95.01% 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
- BTO has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it 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.
- Compared to 1 year ago, BTO has a worse debt to assets ratio.
2.2 Solvency
- An Altman-Z score of 2.74 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
- With a Altman-Z score value of 2.74, BTO perfoms like the industry average, outperforming 49.63% 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.
- BTO has a better Debt to FCF ratio (18.13) than 89.42% of its industry peers.
- BTO has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
- BTO's Debt to Equity ratio of 0.16 is on the low side compared to the rest of the industry. BTO is outperformed by 64.48% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 2.74 |
ROIC/WACC1.92
WACC10.83%
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.
- The Quick ratio of BTO (0.47) is worse than 68.98% 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.
- Measured over the past years, BTO shows a decrease in Earnings Per Share. The EPS has been decreasing by -1.65% on average per year.
- The Revenue has grown by 60.95% in the past year. This is a very strong growth!
- 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
- BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.64% yearly.
- BTO is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.91% yearly.
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 9.17.
- Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 96.23% of the companies are valued more expensively.
- BTO is valuated cheaply when we compare the Price/Earnings ratio to 25.73, which is the current average of the S&P500 Index.
- Based on the Price/Forward Earnings ratio of 5.52, the valuation of BTO can be described as very cheap.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 96.59% of the companies in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 23.72, BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.17 | ||
| Fwd PE | 5.52 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaply inside the industry as 98.66% of the companies are valued more expensively.
- Based on the Price/Free Cash Flow ratio, BTO is valued cheaply inside the industry as 90.15% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 170.85 | ||
| EV/EBITDA | 3.2 |
4.3 Compensation for Growth
- The 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)0.14
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 3.13%, 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 0.38. BTO pays more dividend than 98.91% of the companies in the same industry.
- BTO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.91.
| Industry Rank | Sector 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
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 (3/19/2026, 7:00:00 PM)
5.78
-0.52 (-8.25%)
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 Cap7.74B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (55.19%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector 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 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)-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 Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.17 | ||
| Fwd PE | 5.52 | ||
| P/S | 1.84 | ||
| P/FCF | 170.85 | ||
| P/OCF | 6.29 | ||
| P/B | 1.57 | ||
| P/tB | 1.57 | ||
| EV/EBITDA | 3.2 |
EPS(TTM)0.63
EY10.9%
EPS(NY)1.05
Fwd EY18.11%
FCF(TTM)0.03
FCFY0.59%
OCF(TTM)0.92
OCFY15.89%
SpS3.14
BVpS3.68
TBVpS3.68
PEG (NY)0.14
PEG (5Y)N/A
Graham Number7.23
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 | 2.74 |
F-Score6
WACC10.83%
ROIC/WACC1.92
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 9.17 and the Price/Book (PB) ratio is 1.57.
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%.