B2GOLD CORP (BTO.CA) Stock Fundamental Analysis

Canada • Toronto Stock Exchange • TSX:BTO • CA11777Q2099

7.38 CAD
+0.48 (+6.96%)
Last: Feb 9, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

6

Overall BTO gets a fundamental rating of 6 out of 10. We evaluated BTO against 812 industry peers in the Metals & Mining industry. BTO scores excellent on profitability, but there are 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.


Dividend Valuation Growth Profitability Health

8

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.
  • 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 88.42% of its industry peers.
  • BTO's Return On Equity of 6.60% is amongst the best of the industry. BTO outperforms 89.04% of its industry peers.
  • The Return On Invested Capital of BTO (15.82%) is better than 96.92% of its industry peers.
  • BTO had an Average Return On Invested Capital over the past 3 years of 10.53%. This is in line with the industry average of 12.05%.
  • 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

  • BTO has a Profit Margin of 8.75%. This is amongst the best in the industry. BTO outperforms 91.50% of its industry peers.
  • BTO's Operating Margin of 40.82% is amongst the best of the industry. BTO outperforms 96.92% of its industry peers.
  • BTO's Operating Margin has been stable in the last couple of years.
  • With an excellent Gross Margin value of 46.01%, BTO belongs to the best of the industry, outperforming 94.21% 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

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BTO 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.
  • 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

  • BTO has an Altman-Z score of 2.79. 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 has a Altman-Z score of 2.79. This is comparable to the rest of the industry: BTO outperforms 46.67% of its industry peers.
  • BTO has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
  • With a Debt to Equity ratio value of 0.18, BTO is not doing good in the industry: 66.01% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF N/A
Altman-Z 2.79
ROIC/WACC1.53
WACC10.34%
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.
  • Looking at the Current ratio, with a value of 1.03, BTO is in line with its industry, outperforming 40.89% of the companies in the same industry.
  • A Quick Ratio of 0.46 indicates that BTO may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.46, BTO is not doing good in the industry: 69.34% of the companies in the same industry are doing better.
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

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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.
  • BTO shows a strong growth in Revenue. In the last year, 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

  • The Earnings Per Share is expected to grow by 47.30% on average over the next years. This is a very strong growth
  • 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

  • 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 accelerating: in the next years the growth will be better 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
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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8

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 15.06, the valuation of BTO can be described as correct.
  • 94.70% 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 (28.06), we can say BTO is valued slightly cheaper.
  • BTO is valuated cheaply with a Price/Forward Earnings ratio of 7.10.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 95.81% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 27.86, BTO is valued rather cheaply.
Industry RankSector Rank
PE 15.06
Fwd PE 7.1
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

  • 98.15% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 5.31
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)0.06
PEG (5Y)N/A
EPS Next 2Y125.67%
EPS Next 3Y92.74%

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

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.36%, 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 0.40. BTO pays more dividend than 98.89% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.80, BTO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.36%

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.
  • As BTO did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
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

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B2GOLD CORP

TSX:BTO (2/9/2026, 7:00:00 PM)

7.38

+0.48 (+6.96%)

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 Cap9.86B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target8.49 (15.04%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.36%
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)2.04%
PT rev (3m)4.25%
EPS NQ rev (1m)-7%
EPS NQ rev (3m)0%
EPS NY rev (1m)-1.89%
EPS NY rev (3m)-8.63%
Revenue NQ rev (1m)-5.81%
Revenue NQ rev (3m)7.45%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.24%
Valuation
Industry RankSector Rank
PE 15.06
Fwd PE 7.1
P/S 2.89
P/FCF N/A
P/OCF 9.98
P/B 2.18
P/tB 2.18
EV/EBITDA 5.31
EPS(TTM)0.49
EY6.64%
EPS(NY)1.04
Fwd EY14.09%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.74
OCFY10.02%
SpS2.55
BVpS3.39
TBVpS3.39
PEG (NY)0.06
PEG (5Y)N/A
Graham Number6.11
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 2.79
F-Score6
WACC10.34%
ROIC/WACC1.53
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 15.06 and the Price/Book (PB) ratio is 2.18.


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%.