B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation

TSX:BTO • CA11777Q2099

Current stock price

6.32 CAD
+0.42 (+7.12%)
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

  • 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.
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

  • BTO has a better Return On Assets (6.84%) than 90.19% of its industry peers.
  • The Return On Equity of BTO (11.18%) is better than 89.94% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 20.74%, BTO belongs to the top of the industry, outperforming 97.86% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for BTO is in line with the industry average of 12.79%.
  • 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 better Profit Margin (13.13%) than 92.08% of its industry peers.
  • BTO's Profit Margin has declined in the last couple of years.
  • The Operating Margin of BTO (45.34%) is better than 97.86% of its industry peers.
  • In the last couple of years the Operating Margin of BTO has declined.
  • With an excellent Gross Margin value of 50.01%, BTO belongs to the best of the industry, outperforming 94.84% of the companies in the same industry.
  • 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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3

2. BTO.CA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTO is still 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.
  • 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 2.86. 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 (2.86) which 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.
  • With an excellent Debt to FCF ratio value of 18.13, BTO belongs to the best of the industry, outperforming 89.06% of the companies in the same industry.
  • A Debt/Equity ratio of 0.16 indicates that BTO is not too dependend on debt financing.
  • With a Debt to Equity ratio value of 0.16, BTO is not doing good in the industry: 65.91% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.86
ROIC/WACC1.73
WACC11.96%
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

  • A Current Ratio of 1.06 indicates that BTO should not have too much problems paying its short term obligations.
  • With a Current ratio value of 1.06, BTO is not doing good in the industry: 62.01% of the companies in the same industry are doing better.
  • A Quick Ratio of 0.47 indicates that BTO may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.47, BTO is doing worse than 70.94% of the companies in the same industry.
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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7

3. BTO.CA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 206.67% over the past year.
  • BTO shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -1.65% yearly.
  • 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

  • BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.64% yearly.
  • 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

  • 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 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

  • The Price/Earnings ratio is 9.88, which indicates a very decent valuation of BTO.
  • Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 96.23% of the companies are valued more expensively.
  • When comparing the Price/Earnings ratio of BTO to the average of the S&P500 Index (25.35), we can say BTO is valued rather cheaply.
  • The Price/Forward Earnings ratio is 5.95, which indicates a rather cheap valuation of BTO.
  • Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 96.48% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.61, BTO is valued rather cheaply.
Industry RankSector Rank
PE 9.88
Fwd PE 5.95
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

  • Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaply inside the industry as 98.49% of the companies are valued more expensively.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 89.81% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 184.01
EV/EBITDA 3.43
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 3.84%. Purely for dividend investing, there may be better candidates out there.
  • BTO's Dividend Yield is rather good when compared to the industry average which is at 0.48. BTO pays more dividend than 98.87% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, BTO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.84%

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 (3/31/2026, 7:00:00 PM)

6.32

+0.42 (+7.12%)

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 Cap8.46B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target9.26 (46.52%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.84%
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)3.22%
PT rev (3m)11.37%
EPS NQ rev (1m)3.64%
EPS NQ rev (3m)-1.72%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)22.45%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)6.04%
Revenue NY rev (3m)5.17%
Valuation
Industry RankSector Rank
PE 9.88
Fwd PE 5.95
P/S 1.98
P/FCF 184.01
P/OCF 6.78
P/B 1.69
P/tB 1.69
EV/EBITDA 3.43
EPS(TTM)0.64
EY10.13%
EPS(NY)1.06
Fwd EY16.81%
FCF(TTM)0.03
FCFY0.54%
OCF(TTM)0.93
OCFY14.75%
SpS3.19
BVpS3.74
TBVpS3.74
PEG (NY)0.15
PEG (5Y)N/A
Graham Number7.34
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 2.86
F-Score6
WACC11.96%
ROIC/WACC1.73
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.


What is the profitability of BTO stock?

B2GOLD CORP (BTO.CA) has a profitability rating of 8 / 10.


What is the expected EPS growth for B2GOLD CORP (BTO.CA) stock?

The Earnings per Share (EPS) of B2GOLD CORP (BTO.CA) is expected to grow by 65.77% in the next year.


Can you provide the dividend sustainability for BTO stock?

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