Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
B2GoldBTG +4.10%90 Return-on-Tangible-Equity is 43.20% as of Jun. 2026, which is 587% above its 10-year median of 6.29. GuruFocus rates BTG with a GF Score™ of 90/100 and a GF Value™ of $4.89 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 2,401 Metals & Mining companies, B2Gold ranks better than 88.09% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. B2Gold's annualized net income for the quarter that ended in Jun. 2026 was $1,667 Mil. B2Gold's average shareholder tangible equity for the quarter that ended in Jun. 2026 was $0 Mil. Therefore, B2Gold's annualized Return-on-Tangible-Equity for the quarter that ended in Jun. 2026 was N/A%.
The historical rank and industry rank for B2Gold's Return-on-Tangible-Equity or its related term are showing as below:
BTG'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -19.17 Med: 6.29 Max: 27.2
Current: 22.77
During the past 13 years, B2Gold's highest Return-on-Tangible-Equity was 27.20%. The lowest was -19.17%. And the median was 6.29%.
BTG's Return-on-Tangible-Equity is ranked better than 88.09% of 2401
companies
in the Metals & Mining industry
Industry Median: -16.33
vs BTG: 22.77
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
B2Gold Return-on-Tangible-Equity Related Terms
B2Gold Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for B2Gold's Return-on-Tangible-Equity 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.
BTG vs NEM, AU: Return-on-Tangible-Equity Comparison
For the Gold subindustry, B2Gold's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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-Equity vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where B2Gold's Return-on-Tangible-Equity 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-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Jun. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 43.20% mean?
B2Gold (BTG) has a Return-on-Tangible-Equity of 43.20% as of Jun. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on B2Gold and its competitors. This is 587% above median its historical median of 6.29. According to the industry distribution chart, B2Gold ranks #286 out of 2401 companies in the Metals & Mining industry, placing it in the top 11.9%.
Is B2Gold's Return-on-Tangible-Equity too high?
B2Gold's current Return-on-Tangible-Equity of 43.20% is 587% above median its 10-year median of 6.29. Based on the distribution chart, B2Gold ranks #286 out of 2401 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 90/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does B2Gold's Return-on-Tangible-Equity compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #286 out of 2401 companies for Return-on-Tangible-Equity. This places B2Gold in the top 12% 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-Equity for a Metals & Mining company?
A good Return-on-Tangible-Equity depends on the Metals & Mining industry context. However, Return-on-Tangible-Equity 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-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on B2Gold and its competitors. B2Gold's current Return-on-Tangible-Equity is 43.20%, which is 587% above median its own 10-year median of 6.29. 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 (BTG) is currently considered Modestly Overvalued. The stock's GF Value™ is $4.89, compared to a current price of $5.58 — trading 14.1% above its estimated fair value. The current Return-on-Tangible-Equity is 43.20%, which is 587% above median its 10-year median of 6.29. B2Gold's overall GF Score™ is 90/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For B2Gold (BTG), the current Return-on-Tangible-Equity is 43.20% as of Jun. 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 (BTG) Overvalued in 2026?
Based on GuruFocus' analysis, B2Gold stock appears to be overvalued.
The current stock price of $5.58 is trading 14.1% above its estimated GF Value™ of $4.89.
GuruFocus considers B2Gold to be Modestly Overvalued.
Key valuation signals for BTG:
Return-on-Tangible-Equity: 43.20% (587% above median its 10-year median of 6.29)
GF Value™: $4.89 vs. price of $5.58 (14.1% above fair value)
No single metric tells the full story. See the BTG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
B2Gold Corp is a Canadian senior gold producer with operating mines in Mali, Namibia, and the Philippines. Its flagship asset is the Fekola mine in Mali, supplemented by the Masbate mine in the Philippines and the Otjikoto mine in Namibia. The company also holds the Goose project in Nunavut, Canada, and the Gramalote project in Colombia, along with exploration properties across several continents. B2Gold generates essentially all of its revenue from the sale of gold doré and concentrate, primarily through open-pit mining operations. Its production is sold into the global gold market, with customers typically being refiners, smelters, and bullion banks. The company focuses on acquiring, exploring, developing, and operating gold deposits, with growth driven by mine expansion and development projects.
90GF Score
Get the complete analysis for BTG
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BTG has been successfully added to your 
