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B2GoldTSX:BTO -0.37%91 Return-on-Tangible-Asset is 13.53% as of Mar. 2026, which is 187% above its 10-year median of 4.71. GuruFocus rates TSX:BTO with a GF Score™ of 91/100 and a GF Value™ of C$7.27 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 2,669 Metals & Mining companies, B2Gold ranks better than 88.57% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. B2Gold's annualizedNet Income for the quarter that ended in Mar. 2026 was C$1,097 Mil. B2Gold's average total tangible assets for the quarter that ended in Mar. 2026 was C$8,111 Mil. Therefore, B2Gold's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 13.53%.
The historical rank and industry rank for B2Gold's Return-on-Tangible-Asset or its related term are showing as below:
TSX:BTO'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -13.4 Med: 4.71 Max: 20.52
Current: 9.93
During the past 13 years, B2Gold's highest Return-on-Tangible-Asset was 20.52%. The lowest was -13.40%. And the median was 4.71%.
TSX:BTO's Return-on-Tangible-Asset is ranked better than 88.57% of 2669
companies
in the Metals & Mining industry
Industry Median: -17.41
vs TSX:BTO: 9.93
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
B2Gold Return-on-Tangible-Asset Related Terms
B2Gold Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for B2Gold's Return-on-Tangible-Asset 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.
TSX:BTO vs NEM, AU: Return-on-Tangible-Asset Comparison
For the Gold subindustry, B2Gold's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where B2Gold's Return-on-Tangible-Asset 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 13.53% mean?
B2Gold (TSX:BTO) has a Return-on-Tangible-Asset of 13.53% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on B2Gold and its competitors. This is 187% above median its historical median of 4.71. According to the industry distribution chart, B2Gold ranks #305 out of 2669 companies in the Metals & Mining industry, placing it in the top 11.4%.
Is B2Gold's Return-on-Tangible-Asset too high?
B2Gold's current Return-on-Tangible-Asset of 13.53% is 187% above median its 10-year median of 4.71. Based on the distribution chart, B2Gold ranks #305 out of 2669 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 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does B2Gold's Return-on-Tangible-Asset compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #305 out of 2669 companies for Return-on-Tangible-Asset. This places B2Gold in the top 11% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for a Metals & Mining company?
A good Return-on-Tangible-Asset depends on the Metals & Mining industry context. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on B2Gold and its competitors. B2Gold's current Return-on-Tangible-Asset is 13.53%, which is 187% above median its own 10-year median of 4.71. 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$7.27, compared to a current price of C$5.33 — trading 26.7% below its estimated fair value. The current Return-on-Tangible-Asset is 13.53%, which is 187% above median its 10-year median of 4.71. B2Gold's overall GF Score™ is 91/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current Return-on-Tangible-Asset is 13.53% 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$5.33 is trading 26.7% below its estimated GF Value™ of C$7.27.
GuruFocus considers B2Gold to be Modestly Undervalued.
Key valuation signals for TSX:BTO:
Return-on-Tangible-Asset: 13.53% (187% above median its 10-year median of 4.71)
GF Value™: C$7.27 vs. price of C$5.33 (26.7% below fair value)
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.
91GF Score
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Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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