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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 $13.2B against $7.0B — 1.9× the size. B2Gold Corp trades at the lower P/E: 6.0× against 11.0×. Equinox Gold Corp. grew revenue faster over the last twelve months: 86.3% against 53.1%. B2Gold Corp has the higher net margin (31.2% vs 28.1%) and the higher return on invested capital (29.3% vs 10.1%). Both pay a dividend; B2Gold Corp yields more (1.48% vs 0.46%). Across the 23 metrics below, B2Gold Corp leads on 17 and Equinox Gold Corp. on 6.

Valuation

Metric BTG EQX Gold median
P/E 5.99 11.03 19.17
P/S 1.86 3.13 3.98
P/B 1.62 1.42 2.45
Price to free cash flow 27.07 34.54 19.37
EV/EBITDA 3.00 6.45 6.65
EV/Sales 1.94 3.16 3.88
Earnings yield 16.69% 9.07% 1.11%
Free cash flow yield 3.69% 2.89% 0.79%

Profitability

Metric BTG EQX Gold median
Gross margin 47.81% 43.65% 50.86%
Operating margin 57.23% 35.93% 21.90%
Net margin 31.18% 28.09% 9.65%
Free cash flow margin 6.88% 9.05% 0.00%
Return on equity 30.78% 13.96% 0.12%
Return on assets 20.09% 8.21% 0.10%
Return on invested capital 29.28% 10.05% 0.26%

Growth

Metric BTG EQX Gold median
Revenue growth (TTM) 53.11% 86.32% 62.71%
EPS growth (last fiscal year) 158.33% (51.39%) 60.15%
Revenue growth, 5-year CAGR 11.34% 16.54% 15.33%
Net income growth, 5-year CAGR (8.54%) 58.29% 0.00%

Health

Metric BTG EQX Gold median
Debt to equity 0.13 0.09 0.05
Current ratio 1.77 1.33 3.34
Net debt to EBITDA 0.12 1.24 (0.15)

Dividend

Metric BTG EQX Gold median
Dividend yield 1.48% 0.46% 0.79%
Payout ratio 0.10 0.05 0.14

Size

Metric BTG EQX Gold median
Market cap 6.96b 13.17b 1.13b

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