B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:BTO - CA11777Q2099 - Common Stock
6.48 CAD
+0.12 (+1.89%)
BTO gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 813 industry peers in the Metals & Mining industry. BTO scores excellent on profitability, but there are concerns on its financial health. BTO is growing strongly while it also seems undervalued. This is an interesting combination
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
- BTO has a Return On Assets of 3.85%. This is amongst the best in the industry. BTO outperforms 88.81% of its industry peers.
- BTO's Return On Equity of 6.60% is amongst the best of the industry. BTO outperforms 89.18% of its industry peers.
- BTO has a better Return On Invested Capital (15.82%) than 97.05% of its industry peers.
- 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 11.94%.
- 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
- With an excellent Profit Margin value of 8.75%, BTO belongs to the best of the industry, outperforming 91.64% of the companies in the same industry.
- BTO's Operating Margin of 40.82% is amongst the best of the industry. BTO outperforms 96.92% of its industry peers.
- 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 94.34% of its industry peers.
- 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
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTO is still creating some value.
- The number of shares outstanding for BTO has been increased compared to 1 year ago.
- 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
- BTO has an Altman-Z score of 2.53. 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 2.53, BTO perfoms like the industry average, outperforming 47.11% of the companies in the same industry.
- A Debt/Equity ratio of 0.18 indicates that BTO is not too dependend on debt financing.
- With a Debt to Equity ratio value of 0.18, BTO is not doing good in the industry: 65.81% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.53 |
ROIC/WACC1.73
WACC9.16%
2.3 Liquidity
- A Current Ratio of 1.03 indicates that BTO should not have too much problems paying its short term obligations.
- BTO has a Current ratio of 1.03. This is comparable to the rest of the industry: BTO outperforms 40.71% 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: 69.37% 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.
- Looking at the last year, BTO shows a very strong growth in Revenue. The Revenue has grown by 30.97%.
- Measured over the past years, BTO shows a quite strong growth in Revenue. The Revenue has been growing by 10.48% on average per year.
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
- The Earnings Per Share is expected to grow by 47.30% on average over the next years. This is a very strong growth
- BTO is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 17.03% yearly.
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
- With a Price/Earnings ratio of 12.96, BTO is valued correctly.
- BTO's Price/Earnings ratio is rather cheap when compared to the industry. BTO is cheaper than 95.45% of the companies in the same industry.
- BTO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.33.
- BTO is valuated cheaply with a Price/Forward Earnings ratio of 6.07.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 96.92% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Forward Earnings ratio of 24.12, BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.96 | ||
| Fwd PE | 6.07 |
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 98.28% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.59 |
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.
- 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 3.47%.
- Compared to an average industry Dividend Yield of 0.63, BTO pays a better dividend. On top of this BTO pays more dividend than 99.14% 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 | 3.47% |
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.
- 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
- 56.73% of the earnings are spent on dividend by BTO. 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 (1/14/2026, 7:00:00 PM)
6.48
+0.12 (+1.89%)
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 Cap8.66B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target8.32 (28.4%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.47% |
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)9.8%
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 | 12.96 | ||
| Fwd PE | 6.07 | ||
| P/S | 2.49 | ||
| P/FCF | N/A | ||
| P/OCF | 8.59 | ||
| P/B | 1.88 | ||
| P/tB | 1.88 | ||
| EV/EBITDA | 4.59 |
EPS(TTM)0.5
EY7.72%
EPS(NY)1.07
Fwd EY16.48%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.75
OCFY11.64%
SpS2.6
BVpS3.45
TBVpS3.45
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 | 2.53 |
F-Score6
WACC9.16%
ROIC/WACC1.73
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 12.96 and the Price/Book (PB) ratio is 1.88.
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%.