B2GOLD CORP (BTO.CA) Fundamental Analysis & Valuation
TSX:BTO • CA11777Q2099
Current stock price
6.78 CAD
+0.13 (+1.95%)
Last:
This BTO.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
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.
- 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
- With an excellent Return On Assets value of 6.84%, BTO belongs to the best of the industry, outperforming 90.51% of the companies in the same industry.
- BTO has a Return On Equity of 11.18%. This is amongst the best in the industry. BTO outperforms 90.39% of its industry peers.
- BTO has a better Return On Invested Capital (20.74%) than 97.63% 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 13.29%.
- The 3 year average ROIC (13.86%) for BTO is below the current ROIC(20.74%), indicating increased profibility in the last year.
| Industry Rank | Sector 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%
1.3 Margins
- Looking at the Profit Margin, with a value of 13.13%, BTO belongs to the top of the industry, outperforming 92.51% of the companies in the same industry.
- In the last couple of years the Profit Margin of BTO has declined.
- BTO has a better Operating Margin (45.34%) than 97.75% of its industry peers.
- BTO's Operating Margin has declined in the last couple of years.
- BTO has a Gross Margin of 50.01%. This is amongst the best in the industry. BTO outperforms 94.26% of its industry peers.
- BTO's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector 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%
2. BTO.CA Health Analysis
2.1 Basic Checks
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTO is still creating some value.
- BTO has more shares outstanding than it did 1 year ago.
- BTO has more shares outstanding than it did 5 years ago.
- The debt/assets ratio for BTO is higher compared to a year ago.
2.2 Solvency
- BTO has an Altman-Z score of 2.96. This is not the best score and indicates that BTO is in the grey zone with still only limited risk for bankruptcy at the moment.
- BTO has a Altman-Z score (2.96) which is in line with its industry peers.
- 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 88.76% of its industry peers.
- BTO has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
- 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 65.92% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 18.13 | ||
| Altman-Z | 2.96 |
ROIC/WACC1.71
WACC12.1%
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 worse Current ratio (1.06) than 62.30% of its industry peers.
- BTO has a Quick Ratio of 1.06. 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 0.47 is on the low side compared to the rest of the industry. BTO is outperformed by 71.16% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.06 | ||
| Quick Ratio | 0.47 |
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.
- 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.
- BTO shows a strong growth in Revenue. In the last year, the Revenue has grown by 60.95%.
- The Revenue has been growing by 11.34% on average over the past years. This is quite good.
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
- BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.64% yearly.
- Based on estimates for the next years, BTO will show a quite strong growth in Revenue. The Revenue will grow by 10.91% on average per year.
EPS Next Y72.63%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
EPS Next 5Y24.64%
Revenue Next Year33.77%
Revenue Next 2Y31.09%
Revenue Next 3Y17.94%
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.
4. BTO.CA Valuation Analysis
4.1 Price/Earnings Ratio
- BTO is valuated reasonably with a Price/Earnings ratio of 10.76.
- Based on the Price/Earnings ratio, BTO is valued cheaper than 96.25% of the companies in the same industry.
- BTO is valuated cheaply when we compare the Price/Earnings ratio to 27.47, which is the current average of the S&P500 Index.
- With a Price/Forward Earnings ratio of 6.25, the valuation of BTO can be described as very cheap.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 96.75% of the companies listed in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 22.62. BTO is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.76 | ||
| Fwd PE | 6.25 |
4.2 Price Multiples
- 98.75% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
- 89.76% of the companies in the same industry are more expensive than BTO, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 200.49 | ||
| EV/EBITDA | 3.66 |
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.
- BTO's earnings are expected to grow with 38.35% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.15
PEG (5Y)N/A
EPS Next 2Y70.65%
EPS Next 3Y38.35%
5. BTO.CA Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 3.21%, 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 0.86. BTO pays more dividend than 98.63% of the companies in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.81, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.21% |
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.
Dividend Growth(5Y)-6.83%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 25.74% of the earnings are spent on dividend by BTO. This is a low number and sustainable payout ratio.
DP25.74%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
BTO.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:BTO (4/23/2026, 7:00:00 PM)
6.78
+0.13 (+1.95%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18 2026-02-18/amc
Earnings (Next)05-06 2026-05-06/amc
Inst Owners65.62%
Inst Owner ChangeN/A
Ins Owners0.41%
Ins Owner ChangeN/A
Market Cap9.04B
Revenue(TTM)3.06B
Net Income(TTM)401.91M
Analysts71.25
Price Target9.32 (37.46%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.21% |
Yearly Dividend0.11
Dividend Growth(5Y)-6.83%
DP25.74%
Div Incr Years0
Div Non Decr Years0
Ex-Date03-06 2026-03-06 (0.02)
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)3.82%
PT rev (3m)12.01%
EPS NQ rev (1m)-6.76%
EPS NQ rev (3m)-8.37%
EPS NY rev (1m)4.14%
EPS NY rev (3m)3.18%
Revenue NQ rev (1m)-14.16%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)2.4%
Revenue NY rev (3m)7.69%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10.76 | ||
| Fwd PE | 6.25 | ||
| P/S | 2.16 | ||
| P/FCF | 200.49 | ||
| P/OCF | 7.39 | ||
| P/B | 1.84 | ||
| P/tB | 1.84 | ||
| EV/EBITDA | 3.66 |
EPS(TTM)0.63
EY9.29%
EPS(NY)1.09
Fwd EY16.01%
FCF(TTM)0.03
FCFY0.5%
OCF(TTM)0.92
OCFY13.54%
SpS3.14
BVpS3.68
TBVpS3.68
PEG (NY)0.15
PEG (5Y)N/A
Graham Number7.22427 (6.55%)
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 2.96 |
F-Score6
WACC12.1%
ROIC/WACC1.71
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 Y72.63%
EPS Next 2Y70.65%
EPS Next 3Y38.35%
EPS Next 5Y24.64%
Revenue 1Y (TTM)60.95%
Revenue growth 3Y20.89%
Revenue growth 5Y11.34%
Sales Q2Q%110.88%
Revenue Next Year33.77%
Revenue Next 2Y31.09%
Revenue Next 3Y17.94%
Revenue Next 5Y10.91%
EBIT growth 1Y133.8%
EBIT growth 3Y39.15%
EBIT growth 5Y9.45%
EBIT Next Year67.31%
EBIT Next 3Y31.03%
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 6 / 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.
What is the profitability of BTO stock?
B2GOLD CORP (BTO.CA) has a profitability rating of 8 / 10.
What is the expected EPS growth for B2GOLD CORP (BTO.CA) stock?
The Earnings per Share (EPS) of B2GOLD CORP (BTO.CA) is expected to grow by 72.63% in the next year.
Can you provide the dividend sustainability for BTO stock?
The dividend rating of B2GOLD CORP (BTO.CA) is 5 / 10 and the dividend payout ratio is 25.74%.