B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada • Toronto Stock Exchange • TSX:BTO • CA11777Q2099
7.51 CAD
-0.32 (-4.09%)
Last: Jan 29, 2026, 07:00 PM
Taking everything into account, BTO scores 6 out of 10 in our fundamental rating. BTO was compared to 820 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. An interesting combination arises when we look at growth and value: BTO is growing strongly while it also seems undervalued.
1. Profitability
1.1 Basic Checks
- In the past year BTO was profitable.
- 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's Return On Assets of 3.85% is amongst the best of the industry. BTO outperforms 88.66% of its industry peers.
- The Return On Equity of BTO (6.60%) is better than 89.27% 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 96.95% 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 12.04%.
- The 3 year average ROIC (10.53%) for BTO is below the current ROIC(15.82%), indicating increased profibility in the last year.
| 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
- Looking at the Profit Margin, with a value of 8.75%, BTO belongs to the top of the industry, outperforming 91.71% of the companies in the same industry.
- BTO has a Operating Margin of 40.82%. This is amongst the best in the industry. BTO outperforms 96.95% of its industry peers.
- In the last couple of years the Operating Margin of BTO has remained more or less at the same level.
- Looking at the Gross Margin, with a value of 46.01%, BTO belongs to the top of the industry, outperforming 94.27% 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.
- The number of shares outstanding for BTO has been increased compared to 1 year ago.
- BTO has more shares outstanding than it did 5 years ago.
- The debt/assets ratio for BTO is higher compared to a year ago.
2.2 Solvency
- BTO has an Altman-Z score of 2.83. This is not the best score and indicates that BTO is in the grey zone with still only limited risk for bankruptcy at the moment.
- With a Altman-Z score value of 2.83, BTO perfoms like the industry average, outperforming 47.32% 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 65.37% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.83 |
ROIC/WACC1.63
WACC9.73%
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.
- The Current ratio of BTO (1.03) is comparable to the rest of the industry.
- A Quick Ratio of 0.46 indicates that BTO may have some problems paying its short term obligations.
- With a Quick ratio value of 0.46, BTO is not doing good in the industry: 69.02% 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
- 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 47.30% yearly.
- The Revenue is expected to grow by 17.03% on average over the next years. This is quite good.
EPS Next Y250.13%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
EPS Next 5Y47.3%
Revenue Next Year65.82%
Revenue Next 2Y42.68%
Revenue Next 3Y33.06%
Revenue Next 5Y17.03%
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.
4. Valuation
4.1 Price/Earnings Ratio
- Based on the Price/Earnings ratio of 15.33, the valuation of BTO can be described as correct.
- 94.88% of the companies in the same industry are more expensive than BTO, based on the Price/Earnings ratio.
- BTO's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.39.
- Based on the Price/Forward Earnings ratio of 7.27, 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 96.59% of the companies are valued more expensively.
- BTO is valuated cheaply when we compare the Price/Forward Earnings ratio to 25.72, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.33 | ||
| Fwd PE | 7.27 |
4.2 Price Multiples
- BTO's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTO is cheaper than 98.17% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 5.43 |
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 92.74% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.06
PEG (5Y)N/A
EPS Next 2Y125.67%
EPS Next 3Y92.74%
5. Dividend
5.1 Amount
- With a Yearly Dividend Yield of 3.03%, BTO has a reasonable but not impressive dividend return.
- Compared to an average industry Dividend Yield of 0.56, BTO pays a better dividend. On top of this BTO pays more dividend than 99.02% 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 | 3.03% |
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.
- 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%
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 15.33 and the Price/Book (PB) ratio is 2.23.
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%.