B2Gold (TSX:BTO) ROCE %: 42.87% (As of Mar. 2026)


TSX:BTO B2Gold Corp TSX:BTO
89 GF Score
Price C$5.51
GF Value C$7.21
Valuation Modestly Undervalued
! 6 Warning Signs
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What is B2Gold ROCE %?

B2Gold TSX:BTO -3.67% 89 ROCE % is 42.87% as of Mar. 2026. 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.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. B2Gold's annualized ROCE % for the quarter that ended in Mar. 2026 was 42.87%.

B2Gold  (TSX:BTO) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

B2Gold ROCE % Related Terms

B2Gold ROCE % Historical Data

* Premium members only.

The historical data trend for B2Gold's ROCE % 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.

B2Gold ROCE % Chart

B2Gold Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 23.03 16.44 8.30 -6.43 22.08

B2Gold Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 13.19 26.86 18.12 32.23 42.87
TSX:BTO
89GF Score
B2Gold Corp TSX:BTO
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
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B2Gold ROCE % Calculation

B2Gold's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=1399.504/( ( (6858.503 - 827.305) + (8110.516 - 1464.003) )/ 2 )
=1399.504/( (6031.198+6646.513)/ 2 )
=1399.504/6338.8555
=22.08 %

B2Gold's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=2855.796/( ( (8110.516 - 1464.003) + (8183.472 - 1506.795) )/ 2 )
=2855.796/( ( 6646.513 + 6676.677 )/ 2 )
=2855.796/6661.595
=42.87 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

* 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 42.87% mean?
B2Gold (TSX:BTO) has a ROCE % of 42.87% as of Mar. 2026.
Is B2Gold's ROCE % too high?
B2Gold's current ROCE % is 42.87%. 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 ROCE % compare to NEM and AU?
B2Gold's ROCE % of 42.87% can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for a Metals & Mining company?
A good ROCE % depends on the Metals & Mining industry context. However, ROCE % 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. B2Gold's current ROCE % is 42.87%. 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 ROCE % is 42.87%. 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 ROCE % calculated?
ROCE % is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current ROCE % is 42.87% 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:

  • ROCE %: 42.87%
  • GF Value™: C$7.21 vs. price of C$5.51 (23.6% below fair value)
  • GF Score™: 89/100 with 6 warning signs

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 Business Description

Address 666 Burrard Street, Park Place, Suite 3400, Vancouver, BC, CAN, V6C 2X8
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

Get the complete analysis for TSX:BTO

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$5.51
Price
C$7.21
GF Value