# B2Gold Corp. (BTO.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Basic Materials / Metals & Mining. Price C$7.76, market value C$10.3 billion.

## Valuation
- **P/E (trailing): 9.9×** (5-yr avg 129.2×, 3-yr avg 244.5×). B2Gold Corp. trades at 9.9× trailing earnings, well below its own five-year average of 129.2×: cheap by its own standards. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 5.3×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.03**. A PEG of 0.03 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.0×**. Each dollar of revenue is priced at 2.0×.
- **Price / book: 1.9×**. The shares trade at 1.9× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.4×**. Enterprise value is 3.4× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 4.4%** (5-yr avg 3.5%). Free cash flow equals 4.4% of the market value, above its five-year average of 3.5%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 10.1%**. The inverse of the P/E: 10.1% of the price is earned each year.

## Profitability
- **Gross margin: 49.1%**. B2Gold Corp. keeps 49.1% of revenue after the direct cost of what it sells.
- **Operating margin: 46.1%**. 46.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 13.1%**. 13.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.4%**. 11.4% on shareholders' equity is solid.
- **Return on invested capital: 22.7%**. Return on all capital, debt included, is 22.7%: comfortably above what that capital costs.
- **Return on assets: 13.7%**. Each dollar of assets produces 13.7% of profit.

## Growth
- **Revenue growth (1 yr): 63.8%** (3-yr 21.6%/yr, 5-yr 11.7%/yr). Revenue grew 63.8% over the last year, against 11.7% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 158.3%** (3-yr 5.3%/yr, 5-yr -13.8%/yr). Earnings per share rose 158.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -39.8%/yr**. Free cash flow has compounded at -39.8% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.18**. Debt is 0.18 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.1×**. It would take 0.1 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 28.6×**. Operating profit covers interest 28.6× over, a safe margin.
- **Current ratio: 1.06** (quick 0.47). Current assets cover the next year's liabilities 1.06 times.
- **Altman Z-score: 4.96**. A Z-score of 4.96 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.44%** (C$0.11 per share, trailing). B2Gold Corp. yields 1.44%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 26%** (32% of free cash flow). 26% of earnings goes out as dividends, leaving room to keep raising it.
- **Dividend growth (5 yr): -4.9%/yr** (1-yr -48.9%). The dividend has not grown over five years.
- **Shareholder yield: 3.9%**. Dividends plus net buybacks return 3.9% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (9 analysts). 9 analysts cover B2Gold Corp.; the consensus is buy, with an average price target of C$9.40 (+21% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 41.1%** (YTD 26.7%, 3-mo 33.8%). The shares are up 41.1% over twelve months including dividends.
- **From 52-week high: -9.8%** (54.6% above the low). Trading 10% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 61**. An RSI of 61 is neutral.
- **Beta (1 yr): 3.05** (volatility 61%). Beta of 3.05 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BTO.TO · Page: https://foliofundamentals.com/stocks/bto.to

Not investment advice.