B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation

TSX:BTO • CA11777Q2099

Current stock price

6.3 CAD
-0.33 (-4.98%)
Last:

This BTO.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. BTO.CA Profitability Analysis

1.1 Basic Checks

  • In the past year BTO was profitable.
  • 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.
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 2025 0 500M -500M 1B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 6.84%, BTO belongs to the top of the industry, outperforming 90.02% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 11.18%, BTO belongs to the top of the industry, outperforming 90.15% of the companies in the same industry.
  • BTO's Return On Invested Capital of 20.74% is amongst the best of the industry. BTO outperforms 98.05% 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 12.84%.
  • 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 RankSector 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%
BTO.CA Yearly ROA, ROE, ROICBTO.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20 -20

1.3 Margins

  • BTO has a Profit Margin of 13.13%. This is amongst the best in the industry. BTO outperforms 92.70% of its industry peers.
  • 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 97.93% of the companies in the same industry.
  • BTO's Operating Margin has declined in the last couple of years.
  • BTO's Gross Margin of 50.01% is amongst the best of the industry. BTO outperforms 95.01% of its industry peers.
  • BTO's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
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 2025 0 20 -20 40

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4

2. BTO.CA Health Analysis

2.1 Basic Checks

  • BTO has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating 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.
  • BTO has a worse debt/assets ratio than last year.
BTO.CA Yearly Shares OutstandingBTO.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • BTO has an Altman-Z score of 2.96. 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.
  • The Altman-Z score of BTO (2.96) is comparable to the rest of the industry.
  • 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 Debt to FCF ratio of 18.13. This is amongst the best in the industry. BTO outperforms 89.42% 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.
  • With a Debt to Equity ratio value of 0.16, BTO is not doing good in the industry: 64.48% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.96
ROIC/WACC1.91
WACC10.86%
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 2025 0 1B 2B 3B

2.3 Liquidity

  • BTO has a Current Ratio of 1.06. 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 1.06. This is comparable to the rest of the industry: BTO outperforms 41.24% 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 68.98% of its industry peers.
Industry RankSector Rank
Current Ratio 1.06
Quick Ratio 0.47
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 2025 200M 400M 600M 800M 1B

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

7

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.
  • BTO shows a strong growth in Revenue. In the last year, the Revenue has grown by 60.95%.
  • The Revenue has been growing by 11.34% on average over the past years. This is quite good.
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

  • Based on estimates for the next years, BTO will show a very strong growth in Earnings Per Share. The EPS will grow by 24.64% on average per year.
  • Based on estimates for the next years, BTO will show a quite strong growth in Revenue. The Revenue will grow by 10.91% on average per year.
EPS Next Y65.77%
EPS Next 2Y65.83%
EPS Next 3Y38.31%
EPS Next 5Y24.64%
Revenue Next Year30.63%
Revenue Next 2Y26.85%
Revenue Next 3Y16.23%
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.
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 5B
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

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10

4. BTO.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 10.00, the valuation of BTO can be described as reasonable.
  • Compared to the rest of the industry, the Price/Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 95.99% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of BTO to the average of the S&P500 Index (25.79), we can say BTO is valued rather cheaply.
  • With a Price/Forward Earnings ratio of 6.03, the valuation of BTO can be described as very cheap.
  • Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 96.47% of the companies in the same industry.
  • BTO is valuated cheaply when we compare the Price/Forward Earnings ratio to 23.80, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 10
Fwd PE 6.03
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 50

4.2 Price Multiples

  • BTO's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTO is cheaper than 98.54% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, BTO is valued cheaply inside the industry as 90.02% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 186.5
EV/EBITDA 3.66
BTO.CA Per share dataBTO.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 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.
  • 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)0.15
PEG (5Y)N/A
EPS Next 2Y65.83%
EPS Next 3Y38.31%

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6

5. BTO.CA Dividend Analysis

5.1 Amount

  • BTO has a Yearly Dividend Yield of 3.13%.
  • Compared to an average industry Dividend Yield of 0.38, BTO pays a better dividend. On top of this BTO pays more dividend than 98.91% 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 RankSector Rank
Dividend Yield 3.13%

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.
  • BTO has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)-6.83%
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 2026 0.05 0.1 0.15

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 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 2025 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

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BTO.CA Fundamentals: All Metrics, Ratios and Statistics

B2GOLD CORP

TSX:BTO (3/18/2026, 7:00:00 PM)

6.3

-0.33 (-4.98%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners65.76%
Inst Owner ChangeN/A
Ins Owners0.35%
Ins Owner ChangeN/A
Market Cap8.44B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (42.38%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.13%
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years5
Ex-Date03-06
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)5.73%
PT rev (3m)8.73%
EPS NQ rev (1m)-8.89%
EPS NQ rev (3m)-5.74%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)5.17%
Revenue NY rev (3m)5.17%
Valuation
Industry RankSector Rank
PE 10
Fwd PE 6.03
P/S 2.01
P/FCF 186.5
P/OCF 6.87
P/B 1.71
P/tB 1.71
EV/EBITDA 3.66
EPS(TTM)0.63
EY10%
EPS(NY)1.05
Fwd EY16.59%
FCF(TTM)0.03
FCFY0.54%
OCF(TTM)0.92
OCFY14.55%
SpS3.13
BVpS3.68
TBVpS3.68
PEG (NY)0.15
PEG (5Y)N/A
Graham Number7.22
Profitability
Industry RankSector 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 RankSector 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 2.96
F-Score6
WACC10.86%
ROIC/WACC1.91
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 Year30.63%
Revenue Next 2Y26.85%
Revenue Next 3Y16.23%
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 7 / 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.


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 10 and the Price/Book (PB) ratio is 1.71.


Is the dividend of B2GOLD CORP sustainable?

The dividend rating of B2GOLD CORP (BTO.CA) is 6 / 10 and the dividend payout ratio is 25.74%.