B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
TSX:BTO - Toronto Stock Exchange - CA11777Q2099 - Common Stock - Currency: CAD
Taking everything into account, BTO scores 5 out of 10 in our fundamental rating. BTO was compared to 797 industry peers in the Metals & Mining industry. While BTO is still in line with the averages on profitability rating, 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
BTO has a Return On Assets (-12.00%) which is comparable to the rest of the industry.
BTO has a Return On Equity (-19.58%) which is comparable to the rest of the industry.
The Return On Invested Capital of BTO (10.78%) is better than 95.61% 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 11.45%.
The last Return On Invested Capital (10.78%) for BTO is above the 3 year average (10.53%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -12% | ||
| ROE | -19.58% | ||
| ROIC | 10.78% |
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 32.68%, BTO belongs to the top of the industry, outperforming 95.11% 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.
The Gross Margin of BTO (38.51%) is better than 93.22% of its industry peers.
BTO's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.68% | ||
| PM (TTM) | N/A | ||
| GM | 38.51% |
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.
Compared to 5 years ago, BTO has more shares outstanding
BTO has a worse debt/assets ratio than last year.
2.2 Solvency
BTO has an Altman-Z score of 2.20. 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 (2.20) which is in line with its industry peers.
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 63.86% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.2 |
ROIC/WACC1.27
WACC8.52%
2.3 Liquidity
A Current Ratio of 1.22 indicates that BTO should not have too much problems paying its short term obligations.
BTO's Current ratio of 1.22 is in line compared to the rest of the industry. BTO outperforms 45.42% of its industry peers.
BTO has a Quick Ratio of 1.22. 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 0.54 is on the low side compared to the rest of the industry. BTO is outperformed by 65.75% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.22 | ||
| Quick Ratio | 0.54 |
3. Growth
3.1 Past
BTO shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -28.00%.
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 been growing slightly by 2.63% in the past year.
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)-28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%50%
Revenue 1Y (TTM)2.63%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%15.31%
3.2 Future
BTO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 25.91% yearly.
The Revenue is expected to grow by 19.34% on average over the next years. This is quite good.
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y25.91%
Revenue Next Year57.11%
Revenue Next 2Y28.61%
Revenue Next 3Y19.34%
Revenue Next 5YN/A
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 20.76, BTO is valued on the expensive side.
BTO's Price/Earnings ratio is rather cheap when compared to the industry. BTO is cheaper than 90.59% of the companies in the same industry.
When comparing the Price/Earnings ratio of BTO to the average of the S&P500 Index (26.99), we can say BTO is valued slightly cheaper.
With a Price/Forward Earnings ratio of 8.41, the valuation of BTO can be described as very reasonable.
Based on the Price/Forward Earnings ratio, BTO is valued cheaper than 93.48% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 36.36. BTO is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.76 | ||
| Fwd PE | 8.41 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BTO is valued cheaply inside the industry as 95.98% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.9 |
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 41.04% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.11
PEG (5Y)N/A
EPS Next 2Y72.71%
EPS Next 3Y41.04%
5. Dividend
5.1 Amount
BTO has a Yearly Dividend Yield of 4.67%, which is a nice return.
Compared to an average industry Dividend Yield of 16.93, BTO pays a better dividend. On top of this BTO pays more dividend than 98.75% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.40, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.67% |
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
The earnings of BTO are negative and hence is the payout ratio. BTO will probably not be able to sustain this dividend level.
BTO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP-26.83%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
TSX:BTO (8/6/2025, 7:00:00 PM)
5.19
+0.08 (+1.57%)
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 Cap6.87B
Analysts72
Price Target6.52 (25.63%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.67% |
Yearly Dividend0.2
Dividend Growth(5Y)69.07%
DP-26.83%
Div Incr Years0
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-42.33%
Min EPS beat(2)-86.5%
Max EPS beat(2)1.84%
EPS beat(4)1
Avg EPS beat(4)-40.85%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)3
Avg EPS beat(8)-23.25%
EPS beat(12)4
Avg EPS beat(12)-19.52%
EPS beat(16)5
Avg EPS beat(16)-15.6%
Revenue beat(2)0
Avg Revenue beat(2)-5.09%
Min Revenue beat(2)-9.16%
Max Revenue beat(2)-1.03%
Revenue beat(4)1
Avg Revenue beat(4)-1.74%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)3.47%
Revenue beat(8)4
Avg Revenue beat(8)-0.07%
Revenue beat(12)5
Avg Revenue beat(12)-0.42%
Revenue beat(16)8
Avg Revenue beat(16)5.81%
PT rev (1m)4.38%
PT rev (3m)11.03%
EPS NQ rev (1m)10.59%
EPS NQ rev (3m)57.99%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0.1%
Revenue NQ rev (3m)19.18%
Revenue NY rev (1m)2.47%
Revenue NY rev (3m)3.59%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.76 | ||
| Fwd PE | 8.41 | ||
| P/S | 2.52 | ||
| P/FCF | N/A | ||
| P/OCF | 14.4 | ||
| P/B | 1.59 | ||
| P/tB | 1.59 | ||
| EV/EBITDA | 4.9 |
EPS(TTM)0.25
EY4.82%
EPS(NY)0.62
Fwd EY11.89%
FCF(TTM)-0.54
FCFYN/A
OCF(TTM)0.36
OCFY6.95%
SpS2.06
BVpS3.26
TBVpS3.26
PEG (NY)0.11
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -12% | ||
| ROE | -19.58% | ||
| ROCE | 14.97% | ||
| ROIC | 10.78% | ||
| ROICexc | 11.73% | ||
| ROICexgc | 11.73% | ||
| OM | 32.68% | ||
| PM (TTM) | N/A | ||
| GM | 38.51% | ||
| 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-Score3
Asset Turnover0.39
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.39 | ||
| Cap/Depr | 236.58% | ||
| Cap/Sales | 43.95% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 34.18% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.22 | ||
| Quick Ratio | 0.54 | ||
| Altman-Z | 2.2 |
F-Score3
WACC8.52%
ROIC/WACC1.27
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)-28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%50%
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y25.91%
Revenue 1Y (TTM)2.63%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%15.31%
Revenue Next Year57.11%
Revenue Next 2Y28.61%
Revenue Next 3Y19.34%
Revenue Next 5YN/A
EBIT growth 1Y1.11%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year634.57%
EBIT Next 3Y96.49%
EBIT Next 5Y52.53%
FCF growth 1Y-301.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-50.07%
OCF growth 3Y6.62%
OCF growth 5Y12.27%