B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:BTO - CA11777Q2099 - Common Stock
6.79 CAD
+0.18 (+2.72%)
Overall BTO gets a fundamental rating of 6 out of 10. We evaluated BTO against 817 industry peers in the Metals & Mining industry. BTO has an excellent profitability rating, but 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
- BTO had positive earnings in the past year.
- BTO had a positive operating cash flow in the past year.
- 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
- The Return On Assets of BTO (3.85%) is better than 88.74% of its industry peers.
- BTO's Return On Equity of 6.60% is amongst the best of the industry. BTO outperforms 89.23% of its industry peers.
- BTO's Return On Invested Capital of 15.82% is amongst the best of the industry. BTO outperforms 97.06% 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 11.97%.
- 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 91.68% of the companies in the same industry.
- Looking at the Operating Margin, with a value of 40.82%, BTO belongs to the top of the industry, outperforming 96.94% of the companies in the same industry.
- BTO's Operating Margin has been stable in the last couple of years.
- With an excellent Gross Margin value of 46.01%, BTO belongs to the best of the industry, outperforming 94.37% 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 | 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
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BTO 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.
- BTO has a worse debt/assets ratio than last year.
2.2 Solvency
- BTO has an Altman-Z score of 2.61. 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.
- BTO's Altman-Z score of 2.61 is in line compared to the rest of the industry. BTO outperforms 47.00% of its industry peers.
- A Debt/Equity ratio of 0.18 indicates that BTO is not too dependend on debt financing.
- Looking at the Debt to Equity ratio, with a value of 0.18, BTO is doing worse than 65.73% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.61 |
ROIC/WACC1.66
WACC9.53%
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.
- BTO has a Current ratio (1.03) which is comparable to the rest of the industry.
- 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's Quick ratio of 0.46 is on the low side compared to the rest of the industry. BTO is outperformed by 69.03% of its industry peers.
| 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.
- Measured over the past years, BTO shows a decrease in Earnings Per Share. The EPS has been decreasing by -9.71% on average per year.
- 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
- The Earnings Per Share is expected to grow by 47.30% on average over the next years. This is a very strong growth
- The Revenue is expected to grow by 17.03% on average over the next years. This is quite good.
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.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 13.58 indicates a correct valuation of BTO.
- 95.35% of the companies in the same industry are more expensive than BTO, based on the Price/Earnings ratio.
- The average S&P500 Price/Earnings ratio is at 26.94. BTO is valued slightly cheaper when compared to this.
- BTO is valuated cheaply with a Price/Forward Earnings ratio of 6.38.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 96.94% of the companies listed in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 23.94. BTO is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.58 | ||
| Fwd PE | 6.38 |
4.2 Price Multiples
- 98.16% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.82 |
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 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 3.38%. Purely for dividend investing, there may be better candidates out there.
- Compared to an average industry Dividend Yield of 0.64, 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 1.83, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.38% |
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.
- 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
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 2Y126.51%
EPS Next 3Y95.52%
TSX:BTO (1/20/2026, 7:00:00 PM)
6.79
+0.18 (+2.72%)
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 Cap9.07B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target8.32 (22.53%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.38% |
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)8.39%
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 | 13.58 | ||
| Fwd PE | 6.38 | ||
| P/S | 2.62 | ||
| P/FCF | N/A | ||
| P/OCF | 9.04 | ||
| P/B | 1.97 | ||
| P/tB | 1.97 | ||
| EV/EBITDA | 4.82 |
EPS(TTM)0.5
EY7.36%
EPS(NY)1.06
Fwd EY15.67%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.75
OCFY11.07%
SpS2.59
BVpS3.44
TBVpS3.44
PEG (NY)0.05
PEG (5Y)N/A
Graham Number6.22
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 | 2.61 |
F-Score6
WACC9.53%
ROIC/WACC1.66
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 13.58 and the Price/Book (PB) ratio is 1.97.
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%.