B2GoldTSX:BTO -3.67%89 PB Ratio is 1.46 as of Jun. 25, 2026, which is 11% below its 10-year median of 1.64. GuruFocus rates TSX:BTO with a GF Score™ of 89/100 and a GF Value™ of C$7.22 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 2,359 Metals & Mining companies, B2Gold ranks better than 65.66% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), B2Gold's share price is C$5.51. B2Gold's Book Value per Share for the quarter that ended in Mar. 2026 was C$3.78. Hence, B2Gold's PB Ratio of today is 1.46.
The historical rank and industry rank for B2Gold's PB Ratio or its related term are showing as below:
TSX:BTO'
s PB Ratio Range Over the Past 10 Years
Min: 0.86 Med: 1.64 Max: 3.29
Current: 1.45
During the past 13 years, B2Gold's highest PB Ratio was 3.29. The lowest was 0.86. And the median was 1.64.
TSX:BTO's PB Ratio is ranked better than 65.66% of 2359
companies
in the Metals & Mining industry
Industry Median: 2.32
vs TSX:BTO: 1.45
During the past 3 years, the average Book Value Per Share Growth Rate was -0.90% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 1.90% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 8.10% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of B2Gold was 44.70% per year. The lowest was -8.70% per year. And the median was 8.10% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
B2Gold PB Ratio Related Terms
B2Gold PB Ratio Historical Data
* Premium members only.
The historical data trend for B2Gold's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's PB Ratio distribution charts can be found below:
* The bar in red indicates where B2Gold's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
B2Gold's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
B2Gold (TSX:BTO) has a PB Ratio of 1.46 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on B2Gold and its competitors. This is 11% below median its historical median of 1.64. Over the past decade, B2Gold's PB Ratio has ranged from 0.86 to 3.29. According to the industry distribution chart, B2Gold ranks #810 out of 2359 companies in the Metals & Mining industry, placing it in the top 34.3%.
Is B2Gold's PB Ratio too high?
B2Gold's current PB Ratio of 1.46 is 11% below median its 10-year median of 1.64. Over the past 10 years, this metric has ranged from a low of 0.86 to a high of 3.29. The Metals & Mining industry median PB Ratio is 2.32. B2Gold's value of 1.46 is 37.1% below this industry median. Based on the distribution chart, B2Gold ranks #810 out of 2359 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 PB Ratio compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #810 out of 2359 companies for PB Ratio. This puts B2Gold in the upper half of its industry. The industry median PB Ratio is 2.32. B2Gold's value of 1.46 is 37.1% below this benchmark. Historically, B2Gold's own PB Ratio has ranged from 0.86 to 3.29 over the past decade. While the company's 10-year median is 1.64 vs. the industry median of 2.32, B2Gold has consistently been below 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 PB Ratio for a Metals & Mining company?
The median PB Ratio among Metals & Mining companies is 2.32, based on 2,359 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. B2Gold's current PB Ratio of 1.46 is 37.1% below 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on B2Gold and its competitors. For the Metals & Mining industry, the median PB Ratio is 2.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. B2Gold's current PB Ratio is 1.46, which is 11% below median its own 10-year median of 1.64. 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$7.22, compared to a current price of C$5.51 — trading 23.7% below its estimated fair value. The current PB Ratio is 1.46, which is 11% below median its 10-year median of 1.64 and 37.1% below the Metals & Mining industry median of 2.32. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current PB Ratio is 1.46 as of Jun. 25, 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 23.7% below its estimated GF Value™ of C$7.22.
GuruFocus considers B2Gold to be Modestly Undervalued.
Key valuation signals for TSX:BTO:
PB Ratio: 1.46 (11% below median its 10-year median of 1.64)
GF Value™: C$7.22 vs. price of C$5.51 (23.7% below fair value)
Industry Position: 37.1% below the Metals & Mining median (#810 of 2359)
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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