B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
TSX:BTO - Toronto Stock Exchange - CA11777Q2099 - Common Stock - Currency: CAD
Overall BTO gets a fundamental rating of 5 out of 10. We evaluated BTO against 797 industry peers in the Metals & Mining industry. BTO has a medium profitability rating, but doesn't score so well on its financial health evaluation. A decent growth rate in combination with a cheap valuation! Better keep an eye on BTO.
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.
BTO had positive earnings in 4 of the past 5 years.
Each year in the past 5 years BTO had a positive operating cash flow.
1.2 Ratios
BTO has a Return On Assets of -12.00%. This is comparable to the rest of the industry: BTO outperforms 58.09% of its industry peers.
With a Return On Equity value of -19.58%, BTO perfoms like the industry average, outperforming 55.46% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 10.78%, BTO belongs to the top of the industry, outperforming 95.73% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for BTO is in line with the industry average of 12.25%.
The 3 year average ROIC (10.53%) for BTO is below the current ROIC(10.78%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -12% | ||
| ROE | -19.58% | ||
| ROIC | 10.78% |
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
The Operating Margin of BTO (32.68%) is better than 95.11% of its industry peers.
In the last couple of years the Operating Margin of BTO has remained more or less at the same level.
The Gross Margin of BTO (38.51%) is better than 93.10% 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 | 32.68% | ||
| PM (TTM) | N/A | ||
| GM | 38.51% |
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.
BTO has more shares outstanding than it did 1 year ago.
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
An Altman-Z score of 2.11 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
BTO has a Altman-Z score (2.11) which is comparable to the rest of the industry.
BTO has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.13, BTO is doing worse than 63.36% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.11 |
ROIC/WACC1.25
WACC8.63%
2.3 Liquidity
BTO has a Current Ratio of 1.22. 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 (1.22) is comparable to the rest of the industry.
A Quick Ratio of 0.54 indicates that BTO may have some problems paying its short term obligations.
The Quick ratio of BTO (0.54) is worse than 65.62% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.22 | ||
| Quick Ratio | 0.54 |
3. Growth
3.1 Past
The earnings per share for BTO have decreased strongly by -28.00% in the last 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 small growth in Revenue. The Revenue has grown by 2.63% in the last year.
BTO shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.48% yearly.
EPS 1Y (TTM)-28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%50%
Revenue 1Y (TTM)2.63%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%15.31%
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 25.91% on average per year.
The Revenue is expected to grow by 16.03% on average over the next years. This is quite good.
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y25.91%
Revenue Next Year53.32%
Revenue Next 2Y23.26%
Revenue Next 3Y16.03%
Revenue Next 5YN/A
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
A Price/Earnings ratio of 19.12 indicates a rather expensive valuation of BTO.
90.72% of the companies in the same industry are more expensive than BTO, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of BTO to the average of the S&P500 Index (27.30), we can say BTO is valued slightly cheaper.
With a Price/Forward Earnings ratio of 7.80, the valuation of BTO can be described as very cheap.
Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 93.98% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of BTO to the average of the S&P500 Index (21.76), we can say BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.12 | ||
| Fwd PE | 7.8 |
4.2 Price Multiples
BTO's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTO is cheaper than 96.11% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.62 |
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.
The decent profitability rating of BTO may justify a higher PE ratio.
BTO's earnings are expected to grow with 41.04% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.1
PEG (5Y)N/A
EPS Next 2Y72.71%
EPS Next 3Y41.04%
5. Dividend
5.1 Amount
BTO has a Yearly Dividend Yield of 4.58%, which is a nice return.
Compared to an average industry Dividend Yield of 14.97, BTO pays a better dividend. On top of this BTO pays more dividend than 98.87% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.35, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.58% |
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
BTO has negative earnings and hence a negative payout ratio. The dividend may be in danger.
The dividend of BTO is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP-26.83%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
TSX:BTO (7/11/2025, 7:00:00 PM)
4.78
+0.03 (+0.63%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners60.74%
Inst Owner ChangeN/A
Ins Owners0.64%
Ins Owner ChangeN/A
Market Cap6.32B
Analysts72
Price Target6.25 (30.75%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.58% |
Yearly Dividend0.19
Dividend Growth(5Y)69.07%
DP-26.83%
Div Incr Years0
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-42.33%
Min EPS beat(2)-86.5%
Max EPS beat(2)1.84%
EPS beat(4)1
Avg EPS beat(4)-40.85%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)3
Avg EPS beat(8)-23.25%
EPS beat(12)4
Avg EPS beat(12)-19.52%
EPS beat(16)5
Avg EPS beat(16)-15.6%
Revenue beat(2)0
Avg Revenue beat(2)-5.09%
Min Revenue beat(2)-9.16%
Max Revenue beat(2)-1.03%
Revenue beat(4)1
Avg Revenue beat(4)-1.74%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)3.47%
Revenue beat(8)4
Avg Revenue beat(8)-0.07%
Revenue beat(12)5
Avg Revenue beat(12)-0.42%
Revenue beat(16)8
Avg Revenue beat(16)5.81%
PT rev (1m)0.87%
PT rev (3m)13.73%
EPS NQ rev (1m)5.59%
EPS NQ rev (3m)42.86%
EPS NY rev (1m)0%
EPS NY rev (3m)6.52%
Revenue NQ rev (1m)1.23%
Revenue NQ rev (3m)19.06%
Revenue NY rev (1m)0%
Revenue NY rev (3m)7.61%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.12 | ||
| Fwd PE | 7.8 | ||
| P/S | 2.34 | ||
| P/FCF | N/A | ||
| P/OCF | 13.34 | ||
| P/B | 1.48 | ||
| P/tB | 1.48 | ||
| EV/EBITDA | 4.62 |
EPS(TTM)0.25
EY5.23%
EPS(NY)0.61
Fwd EY12.82%
FCF(TTM)-0.54
FCFYN/A
OCF(TTM)0.36
OCFY7.5%
SpS2.04
BVpS3.24
TBVpS3.24
PEG (NY)0.1
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -12% | ||
| ROE | -19.58% | ||
| ROCE | 14.97% | ||
| ROIC | 10.78% | ||
| ROICexc | 11.73% | ||
| ROICexgc | 11.73% | ||
| OM | 32.68% | ||
| PM (TTM) | N/A | ||
| GM | 38.51% | ||
| 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%
ROICexcg growth 3Y-16.06%
ROICexcg 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-Score3
Asset Turnover0.39
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.39 | ||
| Cap/Depr | 236.58% | ||
| Cap/Sales | 43.95% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 34.18% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.22 | ||
| Quick Ratio | 0.54 | ||
| Altman-Z | 2.11 |
F-Score3
WACC8.63%
ROIC/WACC1.25
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)-28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%50%
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y25.91%
Revenue 1Y (TTM)2.63%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%15.31%
Revenue Next Year53.32%
Revenue Next 2Y23.26%
Revenue Next 3Y16.03%
Revenue Next 5YN/A
EBIT growth 1Y1.11%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year634.57%
EBIT Next 3Y96.49%
EBIT Next 5Y52.53%
FCF growth 1Y-301.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-50.07%
OCF growth 3Y6.62%
OCF growth 5Y12.27%