B2GOLD CORP (BTG) Stock Fundamental Analysis

NYSEARCA:BTG • CA11777Q2099

5.4 USD
+0.38 (+7.57%)
At close: Feb 13, 2026
5.3899 USD
-0.01 (-0.19%)
After Hours: 2/13/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

6

Taking everything into account, BTG scores 6 out of 10 in our fundamental rating. BTG was compared to 157 industry peers in the Metals & Mining industry. BTG scores excellent on profitability, but there are concerns on its financial health. BTG has both an excellent growth and valuation score. This means it is growing and it is still cheap. This is a rare combination!


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • BTG had positive earnings in the past year.
  • In the past year BTG had a positive cash flow from operations.
  • BTG had positive earnings in 4 of the past 5 years.
  • BTG had a positive operating cash flow in each of the past 5 years.
BTG Yearly Net Income VS EBIT VS OCF VS FCFBTG 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

  • BTG has a better Return On Assets (3.85%) than 71.34% of its industry peers.
  • Looking at the Return On Equity, with a value of 6.60%, BTG is in the better half of the industry, outperforming 68.15% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 17.36%, BTG belongs to the top of the industry, outperforming 90.45% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for BTG is in line with the industry average of 10.56%.
  • The last Return On Invested Capital (17.36%) for BTG is above the 3 year average (11.55%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.85%
ROE 6.6%
ROIC 17.36%
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)11.55%
ROIC(5y)14.74%
BTG Yearly ROA, ROE, ROICBTG 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%, BTG is in the better half of the industry, outperforming 74.52% of the companies in the same industry.
  • BTG has a better Operating Margin (40.82%) than 91.72% of its industry peers.
  • BTG's Operating Margin has been stable in the last couple of years.
  • Looking at the Gross Margin, with a value of 46.01%, BTG belongs to the top of the industry, outperforming 81.53% of the companies in the same industry.
  • In the last couple of years the Gross Margin of BTG has remained more or less at the same level.
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%
BTG Yearly Profit, Operating, Gross MarginsBTG 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

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTG is still creating some value.
  • The number of shares outstanding for BTG has been increased compared to 1 year ago.
  • BTG has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for BTG is higher compared to a year ago.
BTG Yearly Shares OutstandingBTG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
BTG Yearly Total Debt VS Total AssetsBTG 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

  • BTG has an Altman-Z score of 2.65. This is not the best score and indicates that BTG is in the grey zone with still only limited risk for bankruptcy at the moment.
  • BTG has a Altman-Z score of 2.65. This is in the lower half of the industry: BTG underperforms 62.42% of its industry peers.
  • BTG has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
  • BTG has a Debt to Equity ratio of 0.18. This is comparable to the rest of the industry: BTG outperforms 50.96% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF N/A
Altman-Z 2.65
ROIC/WACC1.68
WACC10.31%
BTG Yearly LT Debt VS Equity VS FCFBTG 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

  • A Current Ratio of 1.03 indicates that BTG should not have too much problems paying its short term obligations.
  • BTG has a worse Current ratio (1.03) than 82.80% of its industry peers.
  • A Quick Ratio of 0.46 indicates that BTG may have some problems paying its short term obligations.
  • BTG's Quick ratio of 0.46 is on the low side compared to the rest of the industry. BTG is outperformed by 91.72% of its industry peers.
Industry RankSector Rank
Current Ratio 1.03
Quick Ratio 0.46
BTG Yearly Current Assets VS Current LiabilitesBTG 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

  • BTG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 71.43%, which is quite impressive.
  • The Earnings Per Share has been decreasing by -9.71% on average over the past years.
  • BTG shows a strong growth in Revenue. In the last year, the Revenue has grown by 30.97%.
  • Measured over the past years, BTG shows a quite strong growth in Revenue. The Revenue has been growing by 10.48% on average per year.
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, BTG 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.
  • 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.
BTG Yearly Revenue VS EstimatesBTG 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
BTG Yearly EPS VS EstimatesBTG 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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Find the best growth stocksShow best growing peers

7

4. Valuation

4.1 Price/Earnings Ratio

  • BTG is valuated correctly with a Price/Earnings ratio of 15.00.
  • Based on the Price/Earnings ratio, BTG is valued cheaper than 95.54% of the companies in the same industry.
  • BTG is valuated rather cheaply when we compare the Price/Earnings ratio to 27.97, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 7.07, the valuation of BTG can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 96.82% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of BTG to the average of the S&P500 Index (27.96), we can say BTG is valued rather cheaply.
Industry RankSector Rank
PE 15
Fwd PE 7.07
BTG Price Earnings VS Forward Price EarningsBTG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150 200

4.2 Price Multiples

  • BTG's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTG is cheaper than 97.45% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 4.93
BTG Per share dataBTG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 1 1.5 2

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.
  • BTG has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as BTG'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

  • BTG has a Yearly Dividend Yield of 3.36%.
  • BTG's Dividend Yield is rather good when compared to the industry average which is at 1.04. BTG pays more dividend than 93.63% of the companies in the same industry.
  • BTG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.79.
Industry RankSector Rank
Dividend Yield 3.36%

5.2 History

  • The dividend of BTG is nicely growing with an annual growth rate of 69.07%!
  • BTG has been paying a dividend for over 5 years, so it has already some track record.
  • As BTG 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
BTG Yearly Dividends per shareBTG Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.05 0.1 0.15

5.3 Sustainability

  • BTG pays out 56.73% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The dividend of BTG is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP56.73%
EPS Next 2Y125.67%
EPS Next 3Y92.74%
BTG Yearly Income VS Free CF VS DividendBTG 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
BTG Dividend Payout.BTG Dividend Payout, showing the Payout Ratio.BTG Dividend Payout.PayoutRetained Earnings

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Find the best dividend stocksShow peers with best dividend

B2GOLD CORP

NYSEARCA:BTG (2/13/2026, 8:04:00 PM)

After market: 5.3899 -0.01 (-0.19%)

5.4

+0.38 (+7.57%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)11-05
Earnings (Next)02-18
Inst Owners63.39%
Inst Owner Change-2.12%
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap7.22B
Revenue(TTM)2.51B
Net Income(TTM)219.32M
Analysts71.25
Price Target6.22 (15.19%)
Short Float %5.45%
Short Ratio1.82
Dividend
Industry RankSector Rank
Dividend Yield 3.36%
Yearly Dividend0.14
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)3.98%
PT rev (3m)6.53%
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
Fwd PE 7.07
P/S 2.88
P/FCF N/A
P/OCF 9.93
P/B 2.17
P/tB 2.17
EV/EBITDA 4.93
EPS(TTM)0.36
EY6.67%
EPS(NY)0.76
Fwd EY14.15%
FCF(TTM)-0.15
FCFYN/A
OCF(TTM)0.54
OCFY10.07%
SpS1.88
BVpS2.49
TBVpS2.49
PEG (NY)0.06
PEG (5Y)N/A
Graham Number4.49
Profitability
Industry RankSector Rank
ROA 3.85%
ROE 6.6%
ROCE 21.98%
ROIC 17.36%
ROICexc 18.89%
ROICexgc 18.89%
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)11.55%
ROIC(5y)14.74%
ROICexc(3y)13.08%
ROICexc(5y)17.32%
ROICexgc(3y)13.08%
ROICexgc(5y)17.32%
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 2.65
F-Score6
WACC10.31%
ROIC/WACC1.68
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 / BTG FAQ

What is the ChartMill fundamental rating of B2GOLD CORP (BTG) stock?

ChartMill assigns a fundamental rating of 6 / 10 to BTG.


What is the valuation status for BTG stock?

ChartMill assigns a valuation rating of 7 / 10 to B2GOLD CORP (BTG). This can be considered as Undervalued.


How profitable is B2GOLD CORP (BTG) stock?

B2GOLD CORP (BTG) has a profitability rating of 7 / 10.


What is the financial health of B2GOLD CORP (BTG) stock?

The financial health rating of B2GOLD CORP (BTG) is 2 / 10.


How sustainable is the dividend of B2GOLD CORP (BTG) stock?

The dividend rating of B2GOLD CORP (BTG) is 6 / 10 and the dividend payout ratio is 56.73%.