B2Gold Corp (BTG) vs Fortuna Mining Corp. (FSM)

B2Gold Corp and Fortuna Mining Corp. are both Gold companies. B2Gold Corp is the larger, with a market value of $7.0B against $3.4B — 2.1× the size. B2Gold Corp trades at the lower P/E: 9.0× against 9.5×. B2Gold Corp grew revenue faster over the last twelve months: 74.2% against 58.6%. Fortuna Mining Corp. has the higher net margin (32.0% vs 21.3%) and the lower return on invested capital (27.1% vs 28.8%). Across the 22 metrics below, Fortuna Mining Corp. leads on 13 and B2Gold Corp on 9.

Valuation

Metric BTG FSM Gold median
P/E 9.02 9.50 23.34
P/S 1.93 2.98 5.02
P/B 1.82 1.93 3.53
Price to free cash flow 15.96 8.48 16.73
EV/EBITDA 3.04 3.96 8.34
EV/Sales 1.98 2.66 4.92
Earnings yield 11.09% 10.52% 1.44%
Free cash flow yield 6.26% 11.80% 0.75%

Profitability

Metric BTG FSM Gold median
Gross margin 49.13% 57.24% 50.00%
Operating margin 51.07% 51.23% 26.32%
Net margin 21.33% 31.98% 12.30%
Free cash flow margin 12.08% 35.10% 0.00%
Return on equity 22.05% 22.59% 6.36%
Return on assets 14.60% 16.32% 0.00%
Return on invested capital 28.76% 27.13% 0.52%

Growth

Metric BTG FSM Gold median
Revenue growth (TTM) 74.23% 58.62% 68.15%
EPS growth (last fiscal year) 158.33% 119.51% —
Revenue growth, 5-year CAGR 11.34% 27.69% 16.12%
Net income growth, 5-year CAGR (8.54%) 67.89% 0.00%

Health

Metric BTG FSM Gold median
Debt to equity 0.12 0.11 0.10
Current ratio 1.58 3.00 3.08
Net debt to EBITDA 0.12 (0.61) 0.00

Dividend

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

Size

Metric BTG FSM Gold median
Market cap 7.03b 3.40b 1.96b

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