B2Gold Corp (BTG) vs Equinox Gold Corp. (EQX)

B2Gold Corp and Equinox Gold Corp. are both Gold companies. Equinox Gold Corp. is the larger, with a market value of $13.7B against $7.0B — 2.0× the size. B2Gold Corp trades at the lower P/E: 9.0× against 11.5×. Equinox Gold Corp. grew revenue faster over the last twelve months: 203.8% against 74.2%. Equinox Gold Corp. has the higher net margin (28.1% vs 21.3%) and the lower return on invested capital (10.1% vs 28.8%). Across the 22 metrics below, B2Gold Corp leads on 16 and Equinox Gold Corp. on 6.

Valuation

Metric BTG EQX Gold median
P/E 9.02 11.48 23.34
P/S 1.93 3.26 5.02
P/B 1.82 1.48 3.53
Price to free cash flow 15.96 35.96 16.73
EV/EBITDA 3.04 6.71 8.34
EV/Sales 1.98 3.29 4.92
Earnings yield 11.09% 8.71% 1.44%
Free cash flow yield 6.26% 2.78% 0.75%

Profitability

Metric BTG EQX Gold median
Gross margin 49.13% 43.65% 50.00%
Operating margin 51.07% 35.93% 26.32%
Net margin 21.33% 28.09% 12.30%
Free cash flow margin 12.08% 9.05% 0.00%
Return on equity 22.05% 13.96% 6.36%
Return on assets 14.60% 8.21% 0.00%
Return on invested capital 28.76% 10.05% 0.52%

Growth

Metric BTG EQX Gold median
Revenue growth (TTM) 74.23% 203.80% 68.15%
EPS growth (last fiscal year) 158.33% (51.39%) —
Revenue growth, 5-year CAGR 11.34% 16.54% 16.12%
Net income growth, 5-year CAGR (8.54%) 58.29% 0.00%

Health

Metric BTG EQX Gold median
Debt to equity 0.12 0.09 0.10
Current ratio 1.58 1.33 3.08
Net debt to EBITDA 0.12 1.24 0.00

Dividend

Metric BTG EQX Gold median
Dividend yield 6.34% — 1.49%
Payout ratio 0.59 0.00 0.00

Size

Metric BTG EQX Gold median
Market cap 7.03b 13.74b 1.96b

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