B2GoldTSX:BTO -3.67%89 Net Margin % is 17.26% as of Mar. 2026, which is 57% above its 10-year median of 11.02. GuruFocus rates TSX:BTO with a GF Score™ of 89/100 and a GF Value™ of C$7.21 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 843 Metals & Mining companies, B2Gold ranks better than 71.17% on this metric.
Net margin is calculated as Net Income divided by its Revenue. B2Gold's Net Income for the
three
months ended in Mar. 2026 was C$274 Mil. B2Gold's Revenue for the
three
months ended in Mar. 2026 was C$1,590 Mil. Therefore, B2Gold's net margin for the quarter that ended in Mar. 2026 was 17.26%.
The historical rank and industry rank for B2Gold's Net Margin % or its related term are showing as below:
TSX:BTO'
s Net Margin % Range Over the Past 10 Years
Min: -33.12 Med: 11.02 Max: 35.11
Current: 14.73
TSX:BTO's Net Margin % is ranked better than 71.17% of 843
companies
in the Metals & Mining industry
Industry Median: 3.41
vs TSX:BTO: 14.73
B2Gold (TSX:BTO) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
B2Gold Net Margin % Related Terms
B2Gold Net Margin % Historical Data
* Premium members only.
The historical data trend for B2Gold's Net Margin % 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.
For the Gold subindustry, B2Gold's Net Margin %, along with its competitors' market caps and Net Margin % 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 Net Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's Net Margin % distribution charts can be found below:
* The bar in red indicates where B2Gold's Net Margin % falls into.
* 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.
B2Gold (TSX:BTO) has a Net Margin % of 17.26% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on B2Gold and its competitors. This is 57% above median its historical median of 11.02. According to the industry distribution chart, B2Gold ranks #243 out of 843 companies in the Metals & Mining industry, placing it in the top 28.8%.
Is B2Gold's Net Margin % too high?
B2Gold's current Net Margin % of 17.26% is 57% above median its 10-year median of 11.02. The Metals & Mining industry median Net Margin % is 3.41. B2Gold's value of 17.26% is 406.2% above this industry median. Based on the distribution chart, B2Gold ranks #243 out of 843 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, B2Gold has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does B2Gold's Net Margin % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #243 out of 843 companies for Net Margin %. This puts B2Gold in the upper half of its industry. The industry median Net Margin % is 3.41. B2Gold's value of 17.26% is 406.2% above this benchmark. While the company's 10-year median is 11.02 vs. the industry median of 3.41, B2Gold has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Margin % for a Metals & Mining company?
The median Net Margin % among Metals & Mining companies is 3.41, based on 843 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. B2Gold's current Net Margin % of 17.26% is 406.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on B2Gold and its competitors. For the Metals & Mining industry, the median Net Margin % is 3.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. B2Gold's current Net Margin % is 17.26%, which is 57% above median its own 10-year median of 11.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is B2Gold stock overvalued right now?
Based on GuruFocus' analysis, B2Gold (TSX:BTO) is currently considered Modestly Undervalued. The stock's GF Value™ is C$7.21, compared to a current price of C$5.51 — trading 23.6% below its estimated fair value. The current Net Margin % is 17.26%, which is 57% above median its 10-year median of 11.02 and 406.2% above the Metals & Mining industry median of 3.41. B2Gold's overall GF Score™ is 89/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current Net Margin % is 17.26% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is B2Gold (TSX:BTO) Overvalued in 2026?
Based on GuruFocus' analysis, B2Gold stock appears to be undervalued.
The current stock price of C$5.51 is trading 23.6% below its estimated GF Value™ of C$7.21.
GuruFocus considers B2Gold to be Modestly Undervalued.
Key valuation signals for TSX:BTO:
Net Margin %: 17.26% (57% above median its 10-year median of 11.02)
GF Value™: C$7.21 vs. price of C$5.51 (23.6% below fair value)
Industry Position: 406.2% above the Metals & Mining median (#243 of 843)
No single metric tells the full story. See the TSX:BTO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 assets include the Gramalote 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. The company's reportable operating segments include its mining operations and development projects, namely Fekola; Masbate; Otjikoto; the Goose Project, and other mineral properties; and corporate and other.
89GF Score
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