B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
7.5 CAD
-0.7 (-8.54%)
Last: Mar 3, 2026, 07:00 PM
This BTO.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
Overall BTO gets a fundamental rating of 7 out of 10. We evaluated BTO against 816 industry peers in the Metals & Mining industry. BTO has an excellent profitability rating, but there are some minor 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. BTO.CA Profitability Analysis
1.1 Basic Checks
- BTO had positive earnings in the past year.
- In the past year BTO had a positive cash flow from operations.
- 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
- With an excellent Return On Assets value of 6.84%, BTO belongs to the best of the industry, outperforming 90.07% of the companies in the same industry.
- The Return On Equity of BTO (11.18%) is better than 90.07% of its industry peers.
- With an excellent Return On Invested Capital value of 20.74%, BTO belongs to the best of the industry, outperforming 98.16% of the companies in the same industry.
- BTO had an Average Return On Invested Capital over the past 3 years of 13.86%. This is in line with the industry average of 12.59%.
- The 3 year average ROIC (13.86%) for BTO is below the current ROIC(20.74%), indicating increased profibility in the last year.
| 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
- The Profit Margin of BTO (13.13%) is better than 92.77% 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 98.04% of the companies in the same industry.
- BTO's Operating Margin has declined in the last couple of years.
- Looking at the Gross Margin, with a value of 50.01%, BTO belongs to the top of the industry, outperforming 95.22% 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 | 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
- The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so BTO is creating value.
- BTO has more shares outstanding than it did 1 year ago.
- BTO has more shares outstanding than it did 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 3.19. This indicates that BTO is financially healthy and has little risk of bankruptcy at the moment.
- The Altman-Z score of BTO (3.19) 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.
- Looking at the Debt to FCF ratio, with a value of 18.13, BTO belongs to the top of the industry, outperforming 89.34% of the companies in the same industry.
- A Debt/Equity ratio of 0.16 indicates that BTO is not too dependend on debt financing.
- BTO has a worse Debt to Equity ratio (0.16) than 64.83% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 3.19 |
ROIC/WACC2.08
WACC9.98%
2.3 Liquidity
- A Current Ratio of 1.06 indicates that BTO should not have too much problems paying its short term obligations.
- BTO has a Current ratio (1.06) which is comparable to the rest of the industry.
- BTO has a Quick Ratio of 1.06. This is a bad value and indicates that BTO is not financially healthy enough and could expect problems in meeting its short term obligations.
- With a Quick ratio value of 0.47, BTO is not doing good in the industry: 69.49% of the companies in the same industry are doing better.
| 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.
- The Earnings Per Share has been decreasing by -1.65% on average over the past years.
- Looking at the last year, BTO shows a very strong growth in Revenue. The Revenue has grown by 60.95%.
- Measured over the past years, BTO shows a quite strong growth in Revenue. The Revenue has been growing by 11.34% on average per year.
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
- The Earnings Per Share is expected to grow by 29.05% on average over the next years. This is a very strong growth
- The Revenue is expected to grow by 10.91% on average over the next years. This is quite good.
EPS Next Y66.07%
EPS Next 2Y52.8%
EPS Next 3Y31.26%
EPS Next 5Y29.05%
Revenue Next Year23.2%
Revenue Next 2Y20.26%
Revenue Next 3Y11.8%
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.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
4. BTO.CA Valuation Analysis
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 11.90 indicates a reasonable valuation of BTO.
- Compared to the rest of the industry, the Price/Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 95.83% of the companies listed in the same industry.
- The average S&P500 Price/Earnings ratio is at 26.83. BTO is valued rather cheaply when compared to this.
- With a Price/Forward Earnings ratio of 7.17, the valuation of BTO can be described as very cheap.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 96.20% of the companies in the same industry.
- BTO's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 24.95.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.9 | ||
| Fwd PE | 7.17 |
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 98.65% of the companies listed in the same industry.
- Based on the Price/Free Cash Flow ratio, BTO is valued cheaper than 90.44% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 222.59 | ||
| EV/EBITDA | 4.13 |
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.
- 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 31.26% in the coming years.
PEG (NY)0.18
PEG (5Y)N/A
EPS Next 2Y52.8%
EPS Next 3Y31.26%
5. BTO.CA Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 2.57%, BTO has a reasonable but not impressive dividend return.
- Compared to an average industry Dividend Yield of 0.38, BTO pays a better dividend. On top of this BTO pays more dividend than 98.77% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.82, BTO pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.57% |
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
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 2Y52.8%
EPS Next 3Y31.26%
BTO.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:BTO (3/3/2026, 7:00:00 PM)
7.5
-0.7 (-8.54%)
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 Owners63.39%
Inst Owner ChangeN/A
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap10.05B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (19.6%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.57% |
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years5
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)7.89%
PT rev (3m)7.69%
EPS NQ rev (1m)-8.33%
EPS NQ rev (3m)25%
EPS NY rev (1m)0%
EPS NY rev (3m)15.24%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.82%
Revenue NY rev (3m)3.32%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.9 | ||
| Fwd PE | 7.17 | ||
| P/S | 2.4 | ||
| P/FCF | 222.59 | ||
| P/OCF | 8.2 | ||
| P/B | 2.04 | ||
| P/tB | 2.04 | ||
| EV/EBITDA | 4.13 |
EPS(TTM)0.63
EY8.4%
EPS(NY)1.05
Fwd EY13.94%
FCF(TTM)0.03
FCFY0.45%
OCF(TTM)0.91
OCFY12.19%
SpS3.12
BVpS3.67
TBVpS3.67
PEG (NY)0.18
PEG (5Y)N/A
Graham Number7.21
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 | 3.19 |
F-Score6
WACC9.98%
ROIC/WACC2.08
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 Y66.07%
EPS Next 2Y52.8%
EPS Next 3Y31.26%
EPS Next 5Y29.05%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.88%
Revenue Next Year23.2%
Revenue Next 2Y20.26%
Revenue Next 3Y11.8%
Revenue Next 5Y10.91%
EBIT growth 1Y133.8%
EBIT growth 3Y39.15%
EBIT growth 5Y9.45%
EBIT Next Year62.53%
EBIT Next 3Y28.43%
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 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 11.9 and the Price/Book (PB) ratio is 2.04.
Is the dividend of B2GOLD CORP sustainable?
The dividend rating of B2GOLD CORP (BTO.CA) is 5 / 10 and the dividend payout ratio is 25.74%.