B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
Current stock price
6.63 CAD
-0.01 (-0.15%)
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.
- BTO had positive earnings in 4 of the past 5 years.
- BTO had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- BTO has a better Return On Assets (6.84%) than 90.02% of its industry peers.
- BTO has a better Return On Equity (11.18%) than 90.15% of its industry peers.
- The Return On Invested Capital of BTO (20.74%) is better than 98.05% 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 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's Profit Margin of 13.13% is amongst the best of the industry. BTO outperforms 92.70% of its industry peers.
- In the last couple of years the Profit Margin of BTO has declined.
- The Operating Margin of BTO (45.34%) is better than 97.93% of its industry peers.
- BTO's Operating Margin has declined in the last couple of years.
- With an excellent Gross Margin value of 50.01%, BTO belongs to the best of the industry, outperforming 95.01% of the companies in the same industry.
- 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.
- Compared to 1 year ago, BTO has more shares outstanding
- 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 2.96 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
- BTO has a Altman-Z score (2.96) 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 89.42% 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.
- Looking at the Debt to Equity ratio, with a value of 0.16, BTO is doing worse than 64.48% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 2.96 |
ROIC/WACC1.91
WACC10.84%
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.
- Looking at the Current ratio, with a value of 1.06, BTO is in line with its industry, outperforming 41.24% of the companies in the same industry.
- A Quick Ratio of 0.47 indicates that BTO may have some problems paying its short term obligations.
- BTO has a worse Quick ratio (0.47) 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.
- BTO shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -1.65% yearly.
- BTO shows a strong growth in Revenue. In the last year, the Revenue has grown by 60.95%.
- The Revenue has been growing by 11.34% on average over the past years. This is quite good.
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.
- 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 10.52.
- Based on the Price/Earnings ratio, BTO is valued cheaper than 95.99% of the companies in the same industry.
- Compared to an average S&P500 Price/Earnings ratio of 25.96, BTO is valued rather cheaply.
- Based on the Price/Forward Earnings ratio of 6.36, the valuation of BTO can be described as very cheap.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 96.47% of the companies are valued more expensively.
- When comparing the Price/Forward Earnings ratio of BTO to the average of the S&P500 Index (24.04), we can say BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.52 | ||
| Fwd PE | 6.36 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaper than 98.54% of the companies in the same industry.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 90.15% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 196.62 | ||
| EV/EBITDA | 3.66 |
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.
- BTO has an outstanding profitability rating, which 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)0.16
PEG (5Y)N/A
EPS Next 2Y65.83%
EPS Next 3Y38.31%
5. BTO.CA Dividend Analysis
5.1 Amount
- BTO has a Yearly Dividend Yield of 3.13%.
- Compared to an average industry Dividend Yield of 0.38, BTO pays a better dividend. On top of this BTO pays more dividend than 98.91% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.91, BTO pays a better dividend.
| 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
- 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 (3/16/2026, 7:00:00 PM)
6.63
-0.01 (-0.15%)
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 Cap8.88B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (35.29%)
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 | 10.52 | ||
| Fwd PE | 6.36 | ||
| P/S | 2.12 | ||
| P/FCF | 196.62 | ||
| P/OCF | 7.24 | ||
| P/B | 1.81 | ||
| P/tB | 1.81 | ||
| EV/EBITDA | 3.66 |
EPS(TTM)0.63
EY9.5%
EPS(NY)1.04
Fwd EY15.74%
FCF(TTM)0.03
FCFY0.51%
OCF(TTM)0.92
OCFY13.8%
SpS3.13
BVpS3.67
TBVpS3.67
PEG (NY)0.16
PEG (5Y)N/A
Graham Number7.21
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 | 2.96 |
F-Score6
WACC10.84%
ROIC/WACC1.91
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 10.52 and the Price/Book (PB) ratio is 1.81.
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%.