B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
TSX:BTO - CA11777Q2099 - Common Stock
5.56 CAD
-0.06 (-1.07%)
BTO gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 791 industry peers in the Metals & Mining industry. BTO scores excellent on profitability, but there are concerns on its financial health. A decent growth rate in combination with a cheap valuation! Better keep an eye on BTO.
1. Profitability
1.1 Basic Checks
In the past year BTO was profitable.
BTO had a positive operating cash flow in the past year.
Of the past 5 years BTO 4 years were profitable.
BTO had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
The Return On Assets of BTO (-8.17%) is better than 63.08% of its industry peers.
The Return On Equity of BTO (-13.26%) is better than 61.44% of its industry peers.
Looking at the Return On Invested Capital, with a value of 12.82%, BTO belongs to the top of the industry, outperforming 96.46% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for BTO is in line with the industry average of 11.97%.
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's Operating Margin of 35.54% is amongst the best of the industry. BTO outperforms 95.45% of its industry peers.
BTO's Operating Margin has been stable in the last couple of years.
BTO has a Gross Margin of 41.34%. This is amongst the best in the industry. BTO outperforms 92.92% 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
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTO is still 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
BTO has an Altman-Z score of 2.37. 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.
Looking at the Altman-Z score, with a value of 2.37, BTO is in line with its industry, outperforming 54.74% of the companies in the same industry.
A Debt/Equity ratio of 0.13 indicates that BTO is not too dependend on debt financing.
The Debt to Equity ratio of BTO (0.13) is worse than 64.22% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.37 |
ROIC/WACC1.38
WACC9.28%
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.
BTO has a Current ratio (0.98) which 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.
The Quick ratio of BTO (0.40) is worse than 71.05% 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
The Earnings Per Share is expected to grow by 20.67% 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 13.98% yearly.
EPS Next Y274.82%
EPS Next 2Y92.44%
EPS Next 3Y65.54%
EPS Next 5Y20.67%
Revenue Next Year64.68%
Revenue Next 2Y32.66%
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
The Price/Earnings ratio is 16.85, which indicates a correct valuation of BTO.
Based on the Price/Earnings ratio, BTO is valued cheaply inside the industry as 91.91% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 27.17. BTO is valued slightly cheaper when compared to this.
The Price/Forward Earnings ratio is 7.28, which indicates a rather cheap valuation of BTO.
Based on the Price/Forward Earnings ratio, BTO is valued cheaply inside the industry as 94.06% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 22.78. BTO is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.85 | ||
| Fwd PE | 7.28 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaply inside the industry as 96.46% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.78 |
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.
A more expensive valuation may be justified as BTO's earnings are expected to grow with 65.54% in the coming years.
PEG (NY)0.06
PEG (5Y)N/A
EPS Next 2Y92.44%
EPS Next 3Y65.54%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 4.01%, BTO is a good candidate for dividend investing.
BTO's Dividend Yield is rather good when compared to the industry average which is at 18.57. BTO pays more dividend than 98.74% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.34, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.01% |
5.2 History
The dividend of BTO is nicely growing with an annual growth rate of 69.07%!
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 (8/28/2025, 7:00:00 PM)
5.56
-0.06 (-1.07%)
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 Cap7.36B
Analysts72.5
Price Target6.7 (20.5%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.01% |
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)2.8%
PT rev (3m)10.81%
EPS NQ rev (1m)-7.14%
EPS NQ rev (3m)13.04%
EPS NY rev (1m)29.18%
EPS NY rev (3m)29.18%
Revenue NQ rev (1m)-14.58%
Revenue NQ rev (3m)8.6%
Revenue NY rev (1m)7.41%
Revenue NY rev (3m)7.41%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.85 | ||
| Fwd PE | 7.28 | ||
| P/S | 2.46 | ||
| P/FCF | N/A | ||
| P/OCF | 9.93 | ||
| P/B | 1.64 | ||
| P/tB | 1.64 | ||
| EV/EBITDA | 4.78 |
EPS(TTM)0.33
EY5.94%
EPS(NY)0.76
Fwd EY13.74%
FCF(TTM)-0.37
FCFYN/A
OCF(TTM)0.56
OCFY10.07%
SpS2.26
BVpS3.4
TBVpS3.4
PEG (NY)0.06
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 | 2.37 |
F-Score4
WACC9.28%
ROIC/WACC1.38
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 Year64.68%
Revenue Next 2Y32.66%
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%