B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
TSX:BTO • CA11777Q2099
8.38 CAD
-0.09 (-1.06%)
Last: Feb 27, 2026, 07:00 PM
We assign a fundamental rating of 6 out of 10 to BTO. BTO was compared to 802 industry peers in the Metals & Mining industry. While BTO belongs to the best of the industry regarding profitability, there are concerns on its financial health. BTO is valued quite cheap, while showing a decent growth score. This is a good combination!
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.
1.2 Ratios
- The Return On Assets of BTO (3.85%) is better than 88.40% of its industry peers.
- Looking at the Return On Equity, with a value of 6.60%, BTO belongs to the top of the industry, outperforming 89.03% of the companies in the same industry.
- The Return On Invested Capital of BTO (15.82%) is better than 96.88% 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 12.22%.
- The 3 year average ROIC (10.53%) for BTO is below the current ROIC(15.82%), indicating increased profibility in the last year.
| Industry Rank | Sector 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%
1.3 Margins
- Looking at the Profit Margin, with a value of 8.75%, BTO belongs to the top of the industry, outperforming 91.27% of the companies in the same industry.
- The Operating Margin of BTO (40.82%) is better than 97.01% of its industry peers.
- BTO's Operating Margin has been stable in the last couple of years.
- BTO's Gross Margin of 46.01% is amongst the best of the industry. BTO outperforms 94.26% of its industry peers.
- In the last couple of years the Gross Margin of BTO has remained more or less at the same level.
| Industry Rank | Sector 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%
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.
- Compared to 1 year ago, BTO has more shares outstanding
- 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.
2.2 Solvency
- BTO has an Altman-Z score of 3.06. This indicates that BTO is financially healthy and has little risk of bankruptcy at the moment.
- Looking at the Altman-Z score, with a value of 3.06, BTO is in line with its industry, outperforming 47.51% of the companies in the same industry.
- A Debt/Equity ratio of 0.18 indicates that BTO is not too dependend on debt financing.
- Looking at the Debt to Equity ratio, with a value of 0.18, BTO is doing worse than 65.21% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.18 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 3.06 |
ROIC/WACC1.51
WACC10.47%
2.3 Liquidity
- A Current Ratio of 1.03 indicates that BTO should not have too much problems paying its short term obligations.
- With a Current ratio value of 1.03, BTO perfoms like the industry average, outperforming 40.77% 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.
- BTO's Quick ratio of 0.46 is on the low side compared to the rest of the industry. BTO is outperformed by 69.83% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.03 | ||
| Quick Ratio | 0.46 |
3. Growth
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.
EPS 1Y (TTM)206.67%
EPS 3Y24.22%
EPS 5Y-1.65%
EPS Q2Q%1000%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%110.89%
3.2 Future
- BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 29.05% yearly.
- 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.
4. Valuation
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 13.30 indicates a correct valuation of BTO.
- Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 95.76% of the companies are valued more expensively.
- When comparing the Price/Earnings ratio of BTO to the average of the S&P500 Index (27.10), we can say BTO is valued rather cheaply.
- A Price/Forward Earnings ratio of 8.02 indicates a reasonable valuation of BTO.
- Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 96.01% of the companies are valued more expensively.
- BTO is valuated cheaply when we compare the Price/Forward Earnings ratio to 28.06, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.3 | ||
| Fwd PE | 8.02 |
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 98.13% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 6.05 |
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 31.26% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.2
PEG (5Y)N/A
EPS Next 2Y52.8%
EPS Next 3Y31.26%
5. Dividend
5.1 Amount
- With a Yearly Dividend Yield of 2.57%, 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 0.41. BTO pays more dividend than 98.88% of the companies in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.80, 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
- 56.73% of the earnings are spent on dividend by BTO. This is a bit on the high side, but may be sustainable.
DP56.73%
EPS Next 2Y52.8%
EPS Next 3Y31.26%
TSX:BTO (2/27/2026, 7:00:00 PM)
8.38
-0.09 (-1.06%)
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 Cap11.23B
Revenue(TTM)N/A
Net Income(TTM)219.32M
Analysts71.25
Price Target8.97 (7.04%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.57% |
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP56.73%
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)-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)1.85%
EPS NQ rev (1m)4.53%
EPS NQ rev (3m)2.04%
EPS NY rev (1m)0%
EPS NY rev (3m)-8.63%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1%
Revenue NY rev (1m)-1.16%
Revenue NY rev (3m)-2.38%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.3 | ||
| Fwd PE | 8.02 | ||
| P/S | 3.28 | ||
| P/FCF | N/A | ||
| P/OCF | 11.31 | ||
| P/B | 2.47 | ||
| P/tB | 2.47 | ||
| EV/EBITDA | 6.05 |
EPS(TTM)0.63
EY7.52%
EPS(NY)1.04
Fwd EY12.47%
FCF(TTM)-0.21
FCFYN/A
OCF(TTM)0.74
OCFY8.84%
SpS2.56
BVpS3.39
TBVpS3.39
PEG (NY)0.2
PEG (5Y)N/A
Graham Number6.93
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 3.06 |
F-Score6
WACC10.47%
ROIC/WACC1.51
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)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)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%110.89%
Revenue Next Year23.2%
Revenue Next 2Y20.26%
Revenue Next 3Y11.8%
Revenue Next 5Y10.91%
EBIT growth 1Y64.97%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year718.35%
EBIT Next 3Y133.61%
EBIT Next 5Y63.42%
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 13.3 and the Price/Book (PB) ratio is 2.47.
Is the dividend of B2GOLD CORP sustainable?
The dividend rating of B2GOLD CORP (BTO.CA) is 5 / 10 and the dividend payout ratio is 56.73%.