B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - TSX:BTO - CA11777Q2099 - Common Stock
6.21 CAD
+0.23 (+3.85%)
BTO gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 807 industry peers in the Metals & Mining industry. While BTO has a great profitability rating, there are quite some concerns on its financial health. BTO scores decently on growth, while it is valued quite cheap. This could make an interesting combination.
1. Profitability
1.1 Basic Checks
In the past year BTO was profitable.
BTO had a positive operating cash flow in the past year.
BTO had positive earnings in 4 of the past 5 years.
In the past 5 years BTO always reported a positive cash flow from operatings.
1.2 Ratios
BTO's Return On Assets of -8.17% is fine compared to the rest of the industry. BTO outperforms 63.61% of its industry peers.
With a decent Return On Equity value of -13.26%, BTO is doing good in the industry, outperforming 61.76% of the companies in the same industry.
BTO's Return On Invested Capital of 12.82% is amongst the best of the industry. BTO outperforms 96.66% 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 11.74%.
The 3 year average ROIC (10.53%) for BTO is below the current ROIC(12.82%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -8.17% | ||
| ROE | -13.26% | ||
| ROIC | 12.82% |
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 Operating Margin, with a value of 35.54%, BTO belongs to the top of the industry, outperforming 95.79% of the companies in the same industry.
In the last couple of years the Operating Margin of BTO has remained more or less at the same level.
BTO has a Gross Margin of 41.34%. This is amongst the best in the industry. BTO outperforms 93.19% 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 | 35.54% | ||
| PM (TTM) | N/A | ||
| GM | 41.34% |
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.
The number of shares outstanding for BTO has been increased compared to 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.
2.2 Solvency
An Altman-Z score of 2.54 indicates that BTO is not a great score, but indicates only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.54, BTO is in line with its industry, outperforming 53.47% of the companies in the same industry.
A Debt/Equity ratio of 0.13 indicates that BTO is not too dependend on debt financing.
BTO has a Debt to Equity ratio of 0.13. This is in the lower half of the industry: BTO underperforms 63.86% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.54 |
ROIC/WACC1.44
WACC8.87%
2.3 Liquidity
BTO has a Current Ratio of 0.98. This is a bad value and indicates that BTO is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of BTO (0.98) is comparable to the rest of the industry.
BTO has a Quick Ratio of 0.98. This is a bad value and indicates that BTO is not financially healthy enough and could expect problems in meeting its short term obligations.
BTO's Quick ratio of 0.40 is on the low side compared to the rest of the industry. BTO is outperformed by 70.42% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.98 | ||
| Quick Ratio | 0.4 |
3. Growth
3.1 Past
The earnings per share for BTO have decreased by 0.00% in the last year.
BTO shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -9.71% yearly.
The Revenue has grown by 11.75% in the past year. This is quite good.
BTO shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.48% yearly.
EPS 1Y (TTM)0%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%100%
Revenue 1Y (TTM)11.75%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%40.53%
3.2 Future
BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 20.67% yearly.
BTO is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 13.98% yearly.
EPS Next Y274.82%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
EPS Next 5Y20.67%
Revenue Next Year66.96%
Revenue Next 2Y34.5%
Revenue Next 3Y21.59%
Revenue Next 5Y13.98%
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 accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 18.82 indicates a rather expensive valuation of BTO.
Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 91.96% of the companies are valued more expensively.
BTO is valuated rather cheaply when we compare the Price/Earnings ratio to 27.38, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 8.09 indicates a reasonable valuation of BTO.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 94.93% of the companies listed in the same industry.
BTO's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.86.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.82 | ||
| Fwd PE | 8.09 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaply inside the industry as 96.66% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 5.3 |
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 a very decent profitability rating, which may justify a higher PE ratio.
BTO's earnings are expected to grow with 65.54% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.07
PEG (5Y)N/A
EPS Next 2Y92.44%
EPS Next 3Y65.54%
5. Dividend
5.1 Amount
BTO has a Yearly Dividend Yield of 3.64%.
Compared to an average industry Dividend Yield of 14.19, BTO pays a better dividend. On top of this BTO pays more dividend than 98.76% of the companies listed in the same industry.
BTO's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.64% |
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
5.3 Sustainability
BTO has negative earnings and hence a negative payout ratio. The dividend may be in danger.
The dividend of BTO is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP-33.27%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
TSX:BTO (9/19/2025, 7:00:00 PM)
6.21
+0.23 (+3.85%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners60.74%
Inst Owner ChangeN/A
Ins Owners0.64%
Ins Owner ChangeN/A
Market Cap8.22B
Analysts72.5
Price Target6.76 (8.86%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.64% |
Yearly Dividend0.19
Dividend Growth(5Y)69.07%
DP-33.27%
Div Incr Years0
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.84%
Min EPS beat(2)-11.53%
Max EPS beat(2)1.84%
EPS beat(4)1
Avg EPS beat(4)-39.36%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)2
Avg EPS beat(8)-25.06%
EPS beat(12)4
Avg EPS beat(12)-18.05%
EPS beat(16)5
Avg EPS beat(16)-14.6%
Revenue beat(2)0
Avg Revenue beat(2)-5.99%
Min Revenue beat(2)-9.16%
Max Revenue beat(2)-2.83%
Revenue beat(4)0
Avg Revenue beat(4)-3.31%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)-0.23%
Revenue beat(8)3
Avg Revenue beat(8)-0.59%
Revenue beat(12)5
Avg Revenue beat(12)-0.22%
Revenue beat(16)7
Avg Revenue beat(16)-0.48%
PT rev (1m)2.9%
PT rev (3m)8.26%
EPS NQ rev (1m)21.54%
EPS NQ rev (3m)37.39%
EPS NY rev (1m)0%
EPS NY rev (3m)29.18%
Revenue NQ rev (1m)12.06%
Revenue NQ rev (3m)21.69%
Revenue NY rev (1m)1.39%
Revenue NY rev (3m)8.9%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.82 | ||
| Fwd PE | 8.09 | ||
| P/S | 2.74 | ||
| P/FCF | N/A | ||
| P/OCF | 11.05 | ||
| P/B | 1.82 | ||
| P/tB | 1.82 | ||
| EV/EBITDA | 5.3 |
EPS(TTM)0.33
EY5.31%
EPS(NY)0.77
Fwd EY12.36%
FCF(TTM)-0.37
FCFYN/A
OCF(TTM)0.56
OCFY9.05%
SpS2.27
BVpS3.41
TBVpS3.41
PEG (NY)0.07
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -8.17% | ||
| ROE | -13.26% | ||
| ROCE | 17.8% | ||
| ROIC | 12.82% | ||
| ROICexc | 13.8% | ||
| ROICexgc | 13.8% | ||
| OM | 35.54% | ||
| PM (TTM) | N/A | ||
| GM | 41.34% | ||
| 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%
ROICexcg growth 3Y-16.06%
ROICexcg 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-Score4
Asset Turnover0.41
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.36 | ||
| Cap/Depr | 238.11% | ||
| Cap/Sales | 41.02% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 46.96% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.98 | ||
| Quick Ratio | 0.4 | ||
| Altman-Z | 2.54 |
F-Score4
WACC8.87%
ROIC/WACC1.44
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)0%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%100%
EPS Next Y274.82%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
EPS Next 5Y20.67%
Revenue 1Y (TTM)11.75%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%40.53%
Revenue Next Year66.96%
Revenue Next 2Y34.5%
Revenue Next 3Y21.59%
Revenue Next 5Y13.98%
EBIT growth 1Y15.53%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year634.57%
EBIT Next 3Y96.49%
EBIT Next 5Y49.1%
FCF growth 1Y-237.87%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-29.39%
OCF growth 3Y6.62%
OCF growth 5Y12.27%