B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
Current stock price
6.82 CAD
+0.06 (+0.89%)
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.
- BTO had a positive operating cash flow in the past year.
- BTO had positive earnings in 4 of the past 5 years.
- In the past 5 years BTO always reported a positive cash flow from operatings.
1.2 Ratios
- BTO has a Return On Assets of 6.84%. This is amongst the best in the industry. BTO outperforms 90.73% of its industry peers.
- BTO has a Return On Equity of 11.18%. This is amongst the best in the industry. BTO outperforms 90.23% of its industry peers.
- The Return On Invested Capital of BTO (20.74%) is better than 97.87% 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 12.74%.
- The last Return On Invested Capital (20.74%) for BTO is above the 3 year average (13.86%), which is a sign of increasing profitability.
| 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
- Looking at the Profit Margin, with a value of 13.13%, BTO belongs to the top of the industry, outperforming 92.11% of the companies in the same industry.
- BTO's Profit Margin has declined in the last couple of years.
- With an excellent Operating Margin value of 45.34%, BTO belongs to the best of the industry, outperforming 97.87% of the companies in the same industry.
- BTO's Operating Margin has declined in the last couple of years.
- BTO has a better Gross Margin (50.01%) than 94.99% 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 | 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 just above the Cost of Capital (WACC), which means it is creating some 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.
- Compared to 1 year ago, BTO has a worse debt to assets ratio.
2.2 Solvency
- BTO has an Altman-Z score of 2.98. 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 2.98 is in line compared to the rest of the industry. BTO outperforms 48.50% of its industry peers.
- BTO has a debt to FCF ratio of 18.13. This is a negative value and a sign of low solvency as BTO would need 18.13 years to pay back of all of its debts.
- BTO has a better Debt to FCF ratio (18.13) than 89.35% 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.
- BTO's Debt to Equity ratio of 0.16 is on the low side compared to the rest of the industry. BTO is outperformed by 65.79% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 2.98 |
ROIC/WACC1.74
WACC11.92%
2.3 Liquidity
- A Current Ratio of 1.06 indicates that BTO should not have too much problems paying its short term obligations.
- The Current ratio of BTO (1.06) is worse than 61.53% of its industry peers.
- A Quick Ratio of 0.47 indicates that BTO may have some problems paying its short term obligations.
- The Quick ratio of BTO (0.47) is worse than 70.93% 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.
- Measured over the past years, BTO shows a decrease in Earnings Per Share. The EPS has been decreasing by -1.65% on average per year.
- Looking at the last year, BTO shows a very strong growth in Revenue. The Revenue has grown by 60.95%.
- BTO shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.34% yearly.
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
- BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.64% yearly.
- The Revenue is expected to grow by 10.91% on average over the next years. This is quite good.
EPS Next Y65.77%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
EPS Next 5Y24.64%
Revenue Next Year31.84%
Revenue Next 2Y28.61%
Revenue Next 3Y16.78%
Revenue Next 5Y10.91%
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 stable: in the next years the growth will be about the same than in the last years.
4. BTO.CA Valuation Analysis
4.1 Price/Earnings Ratio
- BTO is valuated reasonably with a Price/Earnings ratio of 10.66.
- Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 96.24% of the companies are valued more expensively.
- BTO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.78.
- A Price/Forward Earnings ratio of 6.46 indicates a rather cheap valuation of BTO.
- BTO's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTO is cheaper than 96.24% of the companies in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 23.54, BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.66 | ||
| Fwd PE | 6.46 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaper than 98.75% of the companies in the same industry.
- Based on the Price/Free Cash Flow ratio, BTO is valued cheaply inside the industry as 89.72% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 199.89 | ||
| EV/EBITDA | 3.69 |
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 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 3.22%.
- Compared to an average industry Dividend Yield of 0.90, BTO pays a better dividend. On top of this BTO pays more dividend than 98.75% of the companies listed in the same industry.
- BTO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.22% |
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.
Dividend Growth(5Y)-6.83%
Div Incr Years0
Div Non Decr Years0
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 (4/10/2026, 7:00:00 PM)
6.82
+0.06 (+0.89%)
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 Owners65.62%
Inst Owner ChangeN/A
Ins Owners0.41%
Ins Owner ChangeN/A
Market Cap9.12B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target9.26 (35.78%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.22% |
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years0
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)3.22%
PT rev (3m)11.37%
EPS NQ rev (1m)3.53%
EPS NQ rev (3m)-8.97%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)22.45%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.92%
Revenue NY rev (3m)6.14%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.66 | ||
| Fwd PE | 6.46 | ||
| P/S | 2.16 | ||
| P/FCF | 199.89 | ||
| P/OCF | 7.37 | ||
| P/B | 1.84 | ||
| P/tB | 1.84 | ||
| EV/EBITDA | 3.69 |
EPS(TTM)0.64
EY9.38%
EPS(NY)1.06
Fwd EY15.48%
FCF(TTM)0.03
FCFY0.5%
OCF(TTM)0.93
OCFY13.58%
SpS3.16
BVpS3.71
TBVpS3.71
PEG (NY)0.16
PEG (5Y)N/A
Graham Number7.31
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 | 2.98 |
F-Score6
WACC11.92%
ROIC/WACC1.74
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 Year31.84%
Revenue Next 2Y28.61%
Revenue Next 3Y16.78%
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 6 / 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.
What is the profitability of BTO stock?
B2GOLD CORP (BTO.CA) has a profitability rating of 8 / 10.
What is the expected EPS growth for B2GOLD CORP (BTO.CA) stock?
The Earnings per Share (EPS) of B2GOLD CORP (BTO.CA) is expected to grow by 65.77% in the next year.
Can you provide the dividend sustainability for BTO stock?
The dividend rating of B2GOLD CORP (BTO.CA) is 5 / 10 and the dividend payout ratio is 25.74%.