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B2Gold (B2Gold) Piotroski F-Score : 4 (As of Jul. 13, 2024)


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What is B2Gold Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

B2Gold has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for B2Gold's Piotroski F-Score or its related term are showing as below:

BTG' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 4

During the past 13 years, the highest Piotroski F-Score of B2Gold was 9. The lowest was 2. And the median was 6.


B2Gold Piotroski F-Score Historical Data

The historical data trend for B2Gold's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

B2Gold Piotroski F-Score Chart

B2Gold Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 8.00 5.00 4.00 5.00

B2Gold Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 7.00 5.00 4.00

Competitive Comparison of B2Gold's Piotroski F-Score

For the Gold subindustry, B2Gold's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


B2Gold's Piotroski F-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, B2Gold's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where B2Gold's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 80.418 + -43.07 + -113.224 + 39.751 = $-36 Mil.
Cash Flow from Operations was 194.983 + 110.204 + 205.443 + 710.727 = $1,221 Mil.
Revenue was 470.854 + 477.888 + 511.974 + 461.444 = $1,922 Mil.
Gross Profit was 190.319 + 170.506 + 205.543 + 184.226 = $751 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(3767.544 + 4930.885 + 4851.648 + 4874.619 + 5296.272) / 5 = $4744.1936 Mil.
Total Assets at the begining of this year (Mar23) was $3,768 Mil.
Long-Term Debt & Capital Lease Obligation was $29 Mil.
Total Current Assets was $997 Mil.
Total Current Liabilities was $334 Mil.
Net Income was 37.804 + -23.41 + 157.756 + 85.973 = $258 Mil.

Revenue was 381.985 + 392.554 + 592.468 + 473.556 = $1,841 Mil.
Gross Profit was 117.907 + 85.999 + 260.668 + 213.633 = $678 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(3585.009 + 3565.013 + 3517.6 + 3681.233 + 3767.544) / 5 = $3623.2798 Mil.
Total Assets at the begining of last year (Mar22) was $3,585 Mil.
Long-Term Debt & Capital Lease Obligation was $35 Mil.
Total Current Assets was $1,072 Mil.
Total Current Liabilities was $268 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

B2Gold's current Net Income (TTM) was -36. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

B2Gold's current Cash Flow from Operations (TTM) was 1,221. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar23)
=-36.125/3767.544
=-0.00958847

ROA (Last Year)=Net Income/Total Assets (Mar22)
=258.123/3585.009
=0.07200066

B2Gold's return on assets of this year was -0.00958847. B2Gold's return on assets of last year was 0.07200066. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

B2Gold's current Net Income (TTM) was -36. B2Gold's current Cash Flow from Operations (TTM) was 1,221. ==> 1,221 > -36 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=28.804/4744.1936
=0.00607142

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=34.551/3623.2798
=0.00953584

B2Gold's gearing of this year was 0.00607142. B2Gold's gearing of last year was 0.00953584. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar24)=Total Current Assets/Total Current Liabilities
=996.645/333.64
=2.98718679

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=1072.346/268.286
=3.99702556

B2Gold's current ratio of this year was 2.98718679. B2Gold's current ratio of last year was 3.99702556. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

B2Gold's number of shares in issue this year was 1307.674. B2Gold's number of shares in issue last year was 1081.084. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=750.594/1922.16
=0.39049507

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=678.207/1840.563
=0.36847801

B2Gold's gross margin of this year was 0.39049507. B2Gold's gross margin of last year was 0.36847801. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar23)
=1922.16/3767.544
=0.51018913

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=1840.563/3585.009
=0.51340541

B2Gold's asset turnover of this year was 0.51018913. B2Gold's asset turnover of last year was 0.51340541. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+1+0+0+1+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

B2Gold has an F-score of 4 indicating the company's financial situation is typical for a stable company.

B2Gold  (AMEX:BTG) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


B2Gold Piotroski F-Score Related Terms

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B2Gold (B2Gold) Business Description

Address
666 Burrard Street, Park Place, Suite 3400, Vancouver, BC, CAN, V6C 2X8
B2Gold Corp is an international, low-cost, senior gold mining company. It has three operating open-pit gold mines in Mali, Namibia, and the Philippines and numerous exploration projects across four continents. Other significant assets include the Gramalote and Kiaka gold projects. The company focuses on acquiring and developing interests in mineral properties with a primary focus on gold deposits as gold production forms all its revenue. There is no dependence on a particular purchaser because the gold is sold into a global market. The company's reportable operating segments include its mining operations and development projects, namely Fekola; Masbate; Otjikoto; other mineral properties; and corporate and other. It generates maximum revenue from the Fekola mine segment in Mali.