B2GoldTSX:BTO -3.19%89 Return-on-Tangible-Equity is 21.96% as of Mar. 2026, which is 249% above its 10-year median of 6.29. GuruFocus rates TSX:BTO with a GF Score™ of 89/100 and a GF Value™ of C$7.31 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 2,374 Metals & Mining companies, B2Gold ranks better than 85.93% 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 Mar. 2026 was C$1,097 Mil. B2Gold's average shareholder tangible equity for the quarter that ended in Mar. 2026 was C$4,997 Mil. Therefore, B2Gold's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 21.96%.
The historical rank and industry rank for B2Gold's Return-on-Tangible-Equity or its related term are showing as below:
TSX:BTO'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -19.17 Med: 6.29 Max: 27.2
Current: 15.68
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%.
TSX:BTO's Return-on-Tangible-Equity is ranked better than 85.93% of 2374
companies
in the Metals & Mining industry
Industry Median: -16.495
vs TSX:BTO: 15.68
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.
TSX:BTO 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 (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 21.96% mean?
B2Gold (TSX:BTO) has a Return-on-Tangible-Equity of 21.96% as of Mar. 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 249% above median its historical median of 6.29. According to the industry distribution chart, B2Gold ranks #334 out of 2374 companies in the Metals & Mining industry, placing it in the top 14.1%.
Is B2Gold's Return-on-Tangible-Equity too high?
B2Gold's current Return-on-Tangible-Equity of 21.96% is 249% above median its 10-year median of 6.29. Based on the distribution chart, B2Gold ranks #334 out of 2374 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 Return-on-Tangible-Equity compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #334 out of 2374 companies for Return-on-Tangible-Equity. This places B2Gold in the top 14% 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 21.96%, which is 249% 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 (TSX:BTO) is currently considered Modestly Undervalued. The stock's GF Value™ is C$7.31, compared to a current price of C$5.76 — trading 21.2% below its estimated fair value. The current Return-on-Tangible-Equity is 21.96%, which is 249% above median its 10-year median of 6.29. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current Return-on-Tangible-Equity is 21.96% 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$5.76 is trading 21.2% below its estimated GF Value™ of C$7.31.
GuruFocus considers B2Gold to be Modestly Undervalued.
Key valuation signals for TSX:BTO:
Return-on-Tangible-Equity: 21.96% (249% above median its 10-year median of 6.29)
GF Value™: C$7.31 vs. price of C$5.76 (21.2% 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.
89GF Score
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