B2GOLD CORP (BTO.CA) Stock Fundamental Analysis

Canada • Toronto Stock Exchange • TSX:BTO • CA11777Q2099

6.48 CAD
-0.44 (-6.36%)
Last: Feb 5, 2026, 07:00 PM
Fundamental Rating

6

BTO gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 814 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


Dividend Valuation Growth Profitability Health

8

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.
  • BTO had a positive operating cash flow in each of the past 5 years.
BTO.CA Yearly Net Income VS EBIT VS OCF VS FCFBTO.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M

1.2 Ratios

  • BTO has a Return On Assets of 3.85%. This is amongst the best in the industry. BTO outperforms 88.45% of its industry peers.
  • The Return On Equity of BTO (6.60%) is better than 88.94% of its industry peers.
  • BTO's Return On Invested Capital of 15.82% is amongst the best of the industry. BTO outperforms 96.93% of its industry peers.
  • 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 RankSector 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%
BTO.CA Yearly ROA, ROE, ROICBTO.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20

1.3 Margins

  • Looking at the Profit Margin, with a value of 8.75%, BTO belongs to the top of the industry, outperforming 91.65% 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 96.93% of its industry peers.
  • BTO's Operating Margin has been stable in the last couple of years.
  • Looking at the Gross Margin, with a value of 46.01%, BTO belongs to the top of the industry, outperforming 94.23% of the companies in the same industry.
  • BTO's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
BTO.CA Yearly Profit, Operating, Gross MarginsBTO.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

2

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.
BTO.CA Yearly Shares OutstandingBTO.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
BTO.CA Yearly Total Debt VS Total AssetsBTO.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.2 Solvency

  • An Altman-Z score of 2.56 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.56, BTO is in line with its industry, outperforming 46.81% 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.
  • BTO's Debt to Equity ratio of 0.18 is on the low side compared to the rest of the industry. BTO is outperformed by 65.97% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF N/A
Altman-Z 2.56
ROIC/WACC1.62
WACC9.79%
BTO.CA Yearly LT Debt VS Equity VS FCFBTO.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B

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 of 1.03. This is comparable to the rest of the industry: BTO outperforms 41.15% 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.
  • BTO's Quick ratio of 0.46 is on the low side compared to the rest of the industry. BTO is outperformed by 69.29% of its industry peers.
Industry RankSector Rank
Current Ratio 1.03
Quick Ratio 0.46
BTO.CA Yearly Current Assets VS Current LiabilitesBTO.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

8

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.
  • BTO shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -9.71% yearly.
  • Looking at the last year, BTO shows a very strong growth in Revenue. 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.
  • Based on estimates for the next years, BTO will show a quite strong growth in Revenue. The Revenue will grow by 17.03% on average per year.
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.
  • 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.
BTO.CA Yearly Revenue VS EstimatesBTO.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B 4B
BTO.CA Yearly EPS VS EstimatesBTO.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.2 0.4 0.6 0.8 1

More info and screens

Find the best growth stocksShow best growing peers

8

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 13.22, BTO is valued correctly.
  • Based on the Price/Earnings ratio, BTO is valued cheaper than 94.96% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 27.67, BTO is valued rather cheaply.
  • BTO is valuated cheaply with a Price/Forward Earnings ratio of 6.20.
  • Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 96.44% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 27.20. BTO is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 13.22
Fwd PE 6.2
BTO.CA Price Earnings VS Forward Price EarningsBTO.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

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 RankSector Rank
P/FCF N/A
EV/EBITDA 4.66
BTO.CA Per share dataBTO.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3

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 excellent profitability rating of BTO may justify a higher PE ratio.
  • A more expensive valuation may be justified as BTO's earnings are expected to grow with 92.74% in the coming years.
PEG (NY)0.05
PEG (5Y)N/A
EPS Next 2Y125.67%
EPS Next 3Y92.74%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.90%, BTO has a reasonable but not impressive dividend return.
  • BTO's Dividend Yield is rather good when compared to the industry average which is at 0.42. BTO pays more dividend than 99.14% of the companies in the same industry.
  • BTO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.9%

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.
  • 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
BTO.CA Yearly Dividends per shareBTO.CA Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.05 0.1 0.15

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%
BTO.CA Yearly Income VS Free CF VS DividendBTO.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M 600M -600M
BTO.CA Dividend Payout.BTO.CA Dividend Payout, showing the Payout Ratio.BTO.CA Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

B2GOLD CORP

TSX:BTO (2/5/2026, 7:00:00 PM)

6.48

-0.44 (-6.36%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)11-05
Earnings (Next)02-18
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 RankSector Rank
Dividend Yield 2.9%
Yearly Dividend0.19
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%
PT rev (3m)2.16%
EPS NQ rev (1m)-8.48%
EPS NQ rev (3m)-1.6%
EPS NY rev (1m)-1.89%
EPS NY rev (3m)-8.61%
Revenue NQ rev (1m)-5.81%
Revenue NQ rev (3m)7.45%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.75%
Valuation
Industry RankSector Rank
PE 13.22
Fwd PE 6.2
P/S 2.52
P/FCF N/A
P/OCF 8.71
P/B 1.9
P/tB 1.9
EV/EBITDA 4.66
EPS(TTM)0.49
EY7.56%
EPS(NY)1.05
Fwd EY16.13%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.74
OCFY11.48%
SpS2.57
BVpS3.41
TBVpS3.41
PEG (NY)0.05
PEG (5Y)N/A
Graham Number6.13
Profitability
Industry RankSector 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 RankSector 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 2.56
F-Score6
WACC9.79%
ROIC/WACC1.62
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 Y250.13%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
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 13.22 and the Price/Book (PB) ratio is 1.9.


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%.