B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation

TSX:BTO • CA11777Q2099

Current stock price

5.39 CAD
-0.39 (-6.75%)
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

  • In the past year BTO was profitable.
  • In the past year BTO had a positive cash flow from operations.
  • Of the past 5 years BTO 4 years were profitable.
  • In the past 5 years BTO always reported a positive cash flow from operatings.
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

  • The Return On Assets of BTO (6.84%) is better than 90.34% of its industry peers.
  • BTO's Return On Equity of 11.18% is amongst the best of the industry. BTO outperforms 90.22% of its industry peers.
  • The Return On Invested Capital of BTO (20.74%) is better than 97.95% of its industry peers.
  • 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 Profit Margin of 13.13%. This is amongst the best in the industry. BTO outperforms 92.39% of its industry peers.
  • BTO's Profit Margin has declined in the last couple of years.
  • BTO has a better Operating Margin (45.34%) than 97.95% 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 94.93% 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

  • BTO has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating 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.
  • 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 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

  • An Altman-Z score of 2.64 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • BTO has a Altman-Z score (2.64) which is comparable to the rest of the industry.
  • The Debt to FCF ratio of BTO is 18.13, which is on the high side as it means it would take BTO, 18.13 years of fcf income to pay off all of its debts.
  • BTO has a better Debt to FCF ratio (18.13) than 89.25% of its industry peers.
  • A Debt/Equity ratio of 0.16 indicates that BTO is not too dependend on debt financing.
  • BTO's Debt to Equity ratio of 0.16 is on the low side compared to the rest of the industry. BTO is outperformed by 64.98% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 18.13
Altman-Z 2.64
ROIC/WACC1.92
WACC10.81%
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.
  • BTO has a Current ratio of 1.06. This is in the lower half of the industry: BTO underperforms 60.87% of its industry peers.
  • A Quick Ratio of 0.47 indicates that BTO may have some problems paying its short term obligations.
  • The Quick ratio of BTO (0.47) is worse than 69.81% of its industry peers.
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

  • BTO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 206.67%, which is quite impressive.
  • The Earnings Per Share has been decreasing by -1.65% on average over the past years.
  • The Revenue has grown by 60.95% in the past year. This is a very strong growth!
  • 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 24.64% on average over the next years. This is a very strong growth
  • BTO is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.91% yearly.
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

  • Based on the Price/Earnings ratio of 8.56, the valuation of BTO can be described as reasonable.
  • 96.14% of the companies in the same industry are more expensive than BTO, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 25.23, BTO is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 5.15, the valuation of BTO can be described as very cheap.
  • BTO's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTO is cheaper than 96.50% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 23.28. BTO is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 8.56
Fwd PE 5.15
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

  • 98.91% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, BTO is valued cheaper than 90.22% of the companies in the same industry.
Industry RankSector Rank
P/FCF 159.44
EV/EBITDA 2.99
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.
  • 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 38.31% in the coming years.
PEG (NY)0.13
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 3.76%.
  • Compared to an average industry Dividend Yield of 0.47, BTO pays a better dividend. On top of this BTO pays more dividend than 99.03% of the companies listed 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 3.76%

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

  • BTO pays out 25.74% of its income as dividend. This is a 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 (3/20/2026, 7:00:00 PM)

5.39

-0.39 (-6.75%)

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 Cap7.22B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target8.97 (66.42%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.76%
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)5.73%
PT rev (3m)8.73%
EPS NQ rev (1m)-5%
EPS NQ rev (3m)-1.72%
EPS NY rev (1m)-0.18%
EPS NY rev (3m)-0.92%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)6.04%
Revenue NY rev (3m)5.17%
Valuation
Industry RankSector Rank
PE 8.56
Fwd PE 5.15
P/S 1.72
P/FCF 159.44
P/OCF 5.87
P/B 1.46
P/tB 1.46
EV/EBITDA 2.99
EPS(TTM)0.63
EY11.69%
EPS(NY)1.05
Fwd EY19.4%
FCF(TTM)0.03
FCFY0.63%
OCF(TTM)0.92
OCFY17.02%
SpS3.14
BVpS3.68
TBVpS3.68
PEG (NY)0.13
PEG (5Y)N/A
Graham Number7.22
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 2.64
F-Score6
WACC10.81%
ROIC/WACC1.92
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.


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 8.56 and the Price/Book (PB) ratio is 1.46.


Is the dividend of B2GOLD CORP sustainable?

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