B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
Canada - TSX:BTO - CA11777Q2099 - Common Stock
7.97 CAD
+0.19 (+2.44%)
Taking everything into account, BTO scores 5 out of 10 in our fundamental rating. BTO was compared to 805 industry peers in the Metals & Mining industry. While BTO has a great profitability rating, there are quite some concerns on its financial health. BTO has a correct valuation and a medium growth rate.
1. Profitability
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.
1.2 Ratios
The Return On Assets of BTO (-8.17%) is better than 63.23% of its industry peers.
BTO has a better Return On Equity (-13.26%) than 60.75% of its industry peers.
The Return On Invested Capital of BTO (12.82%) is better than 96.52% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BTO is in line with the industry average of 12.09%.
The last Return On Invested Capital (12.82%) for BTO is above the 3 year average (10.53%), which is a sign of increasing profitability.
| 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
BTO has a Operating Margin of 35.54%. This is amongst the best in the industry. BTO outperforms 96.15% of its industry peers.
In the last couple of years the Operating Margin of BTO has remained more or less at the same level.
With an excellent Gross Margin value of 41.34%, BTO belongs to the best of the industry, outperforming 93.29% of the companies in the same industry.
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
BTO has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is 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.
2.2 Solvency
BTO has an Altman-Z score of 3.00. This indicates that BTO is financially healthy and has little risk of bankruptcy at the moment.
BTO's Altman-Z score of 3.00 is in line compared to the rest of the industry. BTO outperforms 50.93% of its industry peers.
BTO has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
With a Debt to Equity ratio value of 0.13, BTO is not doing good in the industry: 64.22% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 3 |
ROIC/WACC1.57
WACC8.15%
2.3 Liquidity
A Current Ratio of 0.98 indicates that BTO may have some problems paying its short term obligations.
The Current ratio of BTO (0.98) is worse than 60.50% of its industry peers.
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.
Looking at the Quick ratio, with a value of 0.40, BTO is doing worse than 71.18% of the companies in the same industry.
| 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.
Measured over the past years, BTO shows a decrease in Earnings Per Share. The EPS has been decreasing by -9.71% on average per year.
BTO shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.75%.
Measured over the past years, BTO shows a quite strong growth in Revenue. The Revenue has been growing by 10.48% on average per year.
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
The Earnings Per Share is expected to grow by 20.67% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 13.98% on average over the next years. This is quite good.
EPS Next Y283.13%
EPS Next 2Y97.45%
EPS Next 3Y65.54%
EPS Next 5Y20.67%
Revenue Next Year67.06%
Revenue Next 2Y34.41%
Revenue Next 3Y21.51%
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
With a Price/Earnings ratio of 23.44, BTO is valued on the expensive side.
Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 91.30% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 27.69. BTO is around the same levels.
With a Price/Forward Earnings ratio of 9.70, the valuation of BTO can be described as very reasonable.
Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 94.41% of the companies are valued more expensively.
When comparing the Price/Forward Earnings ratio of BTO to the average of the S&P500 Index (23.18), we can say BTO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.44 | ||
| Fwd PE | 9.7 |
4.2 Price Multiples
BTO's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTO is cheaper than 96.52% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 6.66 |
4.3 Compensation for Growth
BTO's 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)0.08
PEG (5Y)N/A
EPS Next 2Y97.45%
EPS Next 3Y65.54%
5. Dividend
5.1 Amount
BTO has a Yearly Dividend Yield of 2.61%.
Compared to an average industry Dividend Yield of 12.79, BTO pays a better dividend. On top of this BTO pays more dividend than 98.39% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.34, BTO has a dividend comparable with the average S&P500 company.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.61% |
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.
BTO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP-33.27%
EPS Next 2Y97.45%
EPS Next 3Y65.54%
TSX:BTO (10/20/2025, 7:00:00 PM)
7.97
+0.19 (+2.44%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners63.91%
Inst Owner ChangeN/A
Ins Owners0.61%
Ins Owner ChangeN/A
Market Cap10.54B
Analysts72.5
Price Target6.89 (-13.55%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.61% |
Yearly Dividend0.2
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)1.91%
PT rev (3m)5.69%
EPS NQ rev (1m)3.98%
EPS NQ rev (3m)23.66%
EPS NY rev (1m)2.21%
EPS NY rev (3m)32.05%
Revenue NQ rev (1m)2.93%
Revenue NQ rev (3m)-2.03%
Revenue NY rev (1m)0.06%
Revenue NY rev (3m)8.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.44 | ||
| Fwd PE | 9.7 | ||
| P/S | 3.46 | ||
| P/FCF | N/A | ||
| P/OCF | 13.95 | ||
| P/B | 2.3 | ||
| P/tB | 2.3 | ||
| EV/EBITDA | 6.66 |
EPS(TTM)0.34
EY4.27%
EPS(NY)0.82
Fwd EY10.3%
FCF(TTM)-0.37
FCFYN/A
OCF(TTM)0.57
OCFY7.17%
SpS2.31
BVpS3.47
TBVpS3.47
PEG (NY)0.08
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 | 3 |
F-Score4
WACC8.15%
ROIC/WACC1.57
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 Y283.13%
EPS Next 2Y97.45%
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 Year67.06%
Revenue Next 2Y34.41%
Revenue Next 3Y21.51%
Revenue Next 5Y13.98%
EBIT growth 1Y15.53%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year759.11%
EBIT Next 3Y109.45%
EBIT Next 5Y49.28%
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%