B2GoldTSX:BTO -3.67%89 Operating Margin % is 49.46% as of Mar. 2026, which is 56% above its 10-year median of 31.73. 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 841 Metals & Mining companies, B2Gold ranks better than 92.03% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. B2Gold's Operating Income for the
three
months ended in Mar. 2026 was C$786 Mil. B2Gold's Revenue for the
three
months ended in Mar. 2026 was C$1,590 Mil. Therefore, B2Gold's Operating Margin % for the quarter that ended in Mar. 2026 was 49.46%.
Warning Sign:
B2Gold Corp operating margin has been in a 5-year decline. The average rate of decline per year is -2.5%.
The historical rank and industry rank for B2Gold's Operating Margin % or its related term are showing as below:
TSX:BTO'
s Operating Margin % Range Over the Past 10 Years
Min: 12.48 Med: 31.73 Max: 49.37
Current: 47.98
TSX:BTO's Operating Margin % is ranked better than 92.03% of 841
companies
in the Metals & Mining industry
Industry Median: 5.72
vs TSX:BTO: 47.98
B2Gold's 5-Year Average Operating Margin % Growth Rate was -2.50% per year.
B2Gold's Operating Income for the
three
months ended in Mar. 2026 was C$786 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was C$2,434 Mil.
B2Gold (TSX:BTO) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
B2Gold Operating Margin % Related Terms
B2Gold Operating Margin % Historical Data
* Premium members only.
The historical data trend for B2Gold's Operating 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 Operating Margin %, along with its competitors' market caps and Operating 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 Operating Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's Operating Margin % distribution charts can be found below:
* The bar in red indicates where B2Gold's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
B2Gold's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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 Operating Margin % of 49.46% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on B2Gold and its competitors. This is 56% above median its historical median of 31.73. Over the past decade, B2Gold's Operating Margin % has ranged from 12.48 to 49.37. According to the industry distribution chart, B2Gold ranks #67 out of 841 companies in the Metals & Mining industry, placing it in the top 8%.
Is B2Gold's Operating Margin % too high?
B2Gold's current Operating Margin % of 49.46% is 56% above median its 10-year median of 31.73. Over the past 10 years, this metric has ranged from a low of 12.48 to a high of 49.37. The Metals & Mining industry median Operating Margin % is 5.72. B2Gold's value of 49.46% is 764.7% above this industry median. Based on the distribution chart, B2Gold ranks #67 out of 841 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. 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 Operating Margin % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #67 out of 841 companies for Operating Margin %. This places B2Gold in the top 8% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 5.72. B2Gold's value of 49.46% is 764.7% above this benchmark. Historically, B2Gold's own Operating Margin % has ranged from 12.48 to 49.37 over the past decade. While the company's 10-year median is 31.73 vs. the industry median of 5.72, 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 Operating Margin % for a Metals & Mining company?
The median Operating Margin % among Metals & Mining companies is 5.72, based on 841 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. B2Gold's current Operating Margin % of 49.46% is 764.7% 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on B2Gold and its competitors. For the Metals & Mining industry, the median Operating Margin % is 5.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. B2Gold's current Operating Margin % is 49.46%, which is 56% above median its own 10-year median of 31.73. 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 Operating Margin % is 49.46%, which is 56% above median its 10-year median of 31.73 and 764.7% above the Metals & Mining industry median of 5.72. 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 Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current Operating Margin % is 49.46% 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:
Operating Margin %: 49.46% (56% above median its 10-year median of 31.73)
GF Value™: C$7.21 vs. price of C$5.51 (23.6% below fair value)
Industry Position: 764.7% above the Metals & Mining median (#67 of 841)
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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