BTGB2Gold Corp.
Is the business good?
The checks split: mostly cash-backed earnings (0.8×) and returns not propped up by debt.
Operating profit is mostly backed by cash.
Margin-driven, fat margins on slower asset turns. ROE 11% = margin × turnover × leverage.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BTG?
B2Gold Corp. earns 29% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 20 points above what the capital costs: growth creates value
- Operating margin
- 11104%
Operating margin · Gold median 38% · fiscal year to FY2025
- Cash conversion
- 0.82×
Cash conversion · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +13%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2021 | 23906% |
| FY2022 | 4199% |
| FY2023 | 1768% |
| FY2024 | −1198% |
| FY2025 | 11104% |
Details›
- Gross marginfiscal year to FY2025
- 12297%
- Operating marginfiscal year to FY2025
- 11104%
- Net marginfiscal year to FY2025
- 3229%
- Revenue, trailing twelve months
- $12M
- Net income, trailing twelve months
- $402M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 29%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.