B2GoldTSX:BTO -3.67%89 ROE % 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$7.21 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 2,389 Metals & Mining companies, B2Gold ranks better than 86.65% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. B2Gold's annualized net income for the quarter that ended in Mar. 2026 was C$1,097 Mil. B2Gold's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was C$4,997 Mil. Therefore, B2Gold's annualized ROE % for the quarter that ended in Mar. 2026 was 21.96%.
The historical rank and industry rank for B2Gold's ROE % or its related term are showing as below:
TSX:BTO'
s ROE % 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 ROE % was 27.20%. The lowest was -19.17%. And the median was 6.29%.
TSX:BTO's ROE % is ranked better than 86.65% of 2389
companies
in the Metals & Mining industry
Industry Median: -16.11
vs TSX:BTO: 15.68
B2Gold (TSX:BTO) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % 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 ROE %s can be extremely high.
B2Gold ROE % Related Terms
B2Gold ROE % Historical Data
* Premium members only.
The historical data trend for B2Gold's ROE % 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 ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, B2Gold's ROE % distribution charts can be found below:
* The bar in red indicates where B2Gold's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder 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.
ROE % is displayed in the 30-year financial page.
B2Gold (TSX:BTO) has a ROE % of 21.96% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total 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 #319 out of 2389 companies in the Metals & Mining industry, placing it in the top 13.4%.
Is B2Gold's ROE % too high?
B2Gold's current ROE % of 21.96% is 249% above median its 10-year median of 6.29. Based on the distribution chart, B2Gold ranks #319 out of 2389 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 ROE % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, B2Gold ranks #319 out of 2389 companies for ROE %. This places B2Gold in the top 13% 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 ROE % for a Metals & Mining company?
A good ROE % depends on the Metals & Mining industry context. However, ROE % 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on B2Gold and its competitors. B2Gold's current ROE % 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$7.21, compared to a current price of C$5.51 — trading 23.6% below its estimated fair value. The current ROE % 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For B2Gold (TSX:BTO), the current ROE % 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$5.51 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:
ROE %: 21.96% (249% above median its 10-year median of 6.29)
GF Value™: C$7.21 vs. price of C$5.51 (23.6% 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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