B2GOLD CORP (BTO.CA) Stock Fundamental Analysis

TSX:BTO • CA11777Q2099

7.16 CAD
-0.19 (-2.59%)
Last: Feb 17, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to BTO. BTO was compared to 800 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 is evaluated to be cheap and growing strongly. This does not happen too often!


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year BTO was profitable.
  • BTO had a positive operating cash flow in the past year.
  • 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 0 500M -500M

1.2 Ratios

  • With an excellent Return On Assets value of 3.85%, BTO belongs to the best of the industry, outperforming 88.13% of the companies in the same industry.
  • The Return On Equity of BTO (6.60%) is better than 88.88% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 15.82%, BTO belongs to the top of the industry, outperforming 96.88% of the companies in the same industry.
  • 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 12.05%.
  • 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 RankSector 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%
BTO.CA Yearly ROA, ROE, ROICBTO.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20

1.3 Margins

  • The Profit Margin of BTO (8.75%) is better than 91.38% of its industry peers.
  • With an excellent Operating Margin value of 40.82%, BTO belongs to the best of the industry, outperforming 96.88% of the companies in the same industry.
  • BTO's Operating Margin has been stable in the last couple of years.
  • BTO's Gross Margin of 46.01% is amongst the best of the industry. BTO outperforms 94.13% of its industry peers.
  • BTO's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
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 0 20 -20 40

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTO is still creating some value.
  • BTO has more shares outstanding than it did 1 year ago.
  • BTO has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, BTO has a worse debt to assets ratio.
BTO.CA Yearly Shares OutstandingBTO.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 1B 2B 3B 4B

2.2 Solvency

  • An Altman-Z score of 2.73 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • BTO's Altman-Z score of 2.73 is in line compared to the rest of the industry. BTO outperforms 47.25% of its industry peers.
  • 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 66.13% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF N/A
Altman-Z 2.73
ROIC/WACC1.54
WACC10.27%
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 0 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 1.03 indicates that BTO should not have too much problems paying its short term obligations.
  • BTO's Current ratio of 1.03 is in line compared to the rest of the industry. BTO outperforms 40.25% 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.
  • BTO has a worse Quick ratio (0.46) than 70.13% of its industry peers.
Industry RankSector Rank
Current Ratio 1.03
Quick Ratio 0.46
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 200M 400M 600M 800M 1B

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

8

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%.
  • 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

  • BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 51.11% yearly.
  • The Revenue is expected to grow by 23.10% on average over the next years. This is a very strong growth
EPS Next Y250.13%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
EPS Next 5Y51.11%
Revenue Next Year65.82%
Revenue Next 2Y42.68%
Revenue Next 3Y33.06%
Revenue Next 5Y23.1%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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 0.5 1 1.5

More info and screens

Find the best growth stocksShow best growing peers

8

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 14.61, the valuation of BTO can be described as correct.
  • Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 94.38% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 27.16, BTO is valued a bit cheaper.
  • The Price/Forward Earnings ratio is 6.86, which indicates a rather cheap valuation of BTO.
  • Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 95.88% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of BTO to the average of the S&P500 Index (28.10), we can say BTO is valued rather cheaply.
Industry RankSector Rank
PE 14.61
Fwd PE 6.86
BTO.CA Price Earnings VS Forward Price EarningsBTO.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 98.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 5.15
BTO.CA Per share dataBTO.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3

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.
  • BTO has an outstanding profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as BTO's earnings are expected to grow with 92.74% in the coming years.
PEG (NY)0.06
PEG (5Y)N/A
EPS Next 2Y125.67%
EPS Next 3Y92.74%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • BTO has a Yearly Dividend Yield of 3.19%. 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 0.40. BTO pays more dividend than 98.88% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, BTO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.19%

5.2 History

  • The dividend of BTO is nicely growing with an annual growth rate of 69.07%!
  • BTO has been paying a dividend for over 5 years, so it has already some track record.
  • BTO has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)69.07%
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 0.05 0.1 0.15

5.3 Sustainability

  • 56.73% of the earnings are spent on dividend by BTO. This is a bit on the high side, but may be sustainable.
  • BTO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP56.73%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
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 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

More info and screens

Find the best dividend stocksShow peers with best dividend

B2GOLD CORP

TSX:BTO (2/17/2026, 7:00:00 PM)

7.16

-0.19 (-2.59%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)11-05
Earnings (Next)02-18
Inst Owners63.39%
Inst Owner ChangeN/A
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap9.60B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target8.49 (18.58%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.19%
Yearly Dividend0.19
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)2.04%
PT rev (3m)4.25%
EPS NQ rev (1m)-6.25%
EPS NQ rev (3m)0.8%
EPS NY rev (1m)-1.89%
EPS NY rev (3m)-8.63%
Revenue NQ rev (1m)-5.81%
Revenue NQ rev (3m)7.45%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.24%
Valuation
Industry RankSector Rank
PE 14.61
Fwd PE 6.86
P/S 2.8
P/FCF N/A
P/OCF 9.68
P/B 2.11
P/tB 2.11
EV/EBITDA 5.15
EPS(TTM)0.49
EY6.84%
EPS(NY)1.04
Fwd EY14.57%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.74
OCFY10.33%
SpS2.55
BVpS3.39
TBVpS3.39
PEG (NY)0.06
PEG (5Y)N/A
Graham Number6.11
Profitability
Industry RankSector 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 RankSector 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 2.73
F-Score6
WACC10.27%
ROIC/WACC1.54
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 Y250.13%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
EPS Next 5Y51.11%
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 5Y23.1%
EBIT growth 1Y64.97%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year718.35%
EBIT Next 3Y133.61%
EBIT Next 5Y63.42%
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 14.61 and the Price/Book (PB) ratio is 2.11.


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%.