B2Gold Corp (BTG) vs Novagold Resources Inc. (NG)

B2Gold Corp and Novagold Resources Inc. are both Gold companies. B2Gold Corp is the larger, with a market value of $7.0B against $3.2B — 2.2× the size. Novagold Resources Inc. has negative trailing earnings, so its P/E is not meaningful; B2Gold Corp trades at 9.0×. B2Gold Corp grew revenue faster over the last twelve months: 74.2% against 18.2%. B2Gold Corp has the higher net margin (21.3% vs 0.00%) and the higher return on invested capital (28.8% vs −19.1%). Across the 16 metrics below, B2Gold Corp leads on 13 and Novagold Resources Inc. on 3.

Valuation

Metric BTG NG Gold median
P/E 9.02 n/m 23.34
P/S 1.93 n/m 5.02
P/B 1.82 7.43 3.53
Price to free cash flow 15.96 n/m 16.73
EV/EBITDA 3.04 n/m 8.34
EV/Sales 1.98 n/m 4.92
Earnings yield 11.09% (2.41%) 1.44%
Free cash flow yield 6.26% (0.57%) 0.75%

Profitability

Metric BTG NG Gold median
Gross margin 49.13% 0.00% 50.00%
Operating margin 51.07% 0.00% 26.32%
Net margin 21.33% 0.00% 12.30%
Free cash flow margin 12.08% 0.00% 0.00%
Return on equity 22.05% (24.63%) 6.36%
Return on assets 14.60% (15.56%) 0.00%
Return on invested capital 28.76% (19.10%) 0.52%

Growth

Metric BTG NG Gold median
Revenue growth (TTM) 74.23% 18.16% 68.15%
EPS growth (last fiscal year) 158.33% (78.57%) —
Revenue growth, 5-year CAGR 11.34% — 16.12%
Net income growth, 5-year CAGR (8.54%) 0.00% 0.00%

Health

Metric BTG NG Gold median
Debt to equity 0.12 0.41 0.10
Current ratio 1.58 112.82 3.08
Net debt to EBITDA 0.12 (1.08) 0.00

Dividend

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

Size

Metric BTG NG Gold median
Market cap 7.03b 3.15b 1.96b

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