B2Gold Corp (BTG) vs OR Royalties Inc. (OR)

B2Gold Corp and OR Royalties Inc. are both Gold companies. B2Gold Corp and OR Royalties Inc. are of similar size ($7.0B and $6.7B). B2Gold Corp trades at the lower P/E: 9.0× against 23.7×. B2Gold Corp grew revenue faster over the last twelve months: 74.2% against 69.5%. OR Royalties Inc. has the higher net margin (78.0% vs 21.3%) and the lower return on invested capital (10.8% vs 28.8%). Both pay a dividend; B2Gold Corp yields more (6.34% vs 1.10%). Across the 23 metrics below, B2Gold Corp leads on 13 and OR Royalties Inc. on 10.

Valuation

Metric BTG OR Gold median
P/E 9.02 23.71 23.34
P/S 1.93 18.53 5.02
P/B 1.82 4.53 3.53
Price to free cash flow 15.96 47.20 16.73
EV/EBITDA 3.04 21.12 8.34
EV/Sales 1.98 18.91 4.92
Earnings yield 11.09% 4.22% 1.44%
Free cash flow yield 6.26% 2.12% 0.75%

Profitability

Metric BTG OR Gold median
Gross margin 49.13% 84.85% 50.00%
Operating margin 51.07% 77.18% 26.32%
Net margin 21.33% 78.03% 12.30%
Free cash flow margin 12.08% 83.58% 0.00%
Return on equity 22.05% 20.41% 6.36%
Return on assets 14.60% 17.17% 0.00%
Return on invested capital 28.76% 10.78% 0.52%

Growth

Metric BTG OR Gold median
Revenue growth (TTM) 74.23% 69.51% 68.15%
EPS growth (last fiscal year) 158.33% 1,111.11% —
Revenue growth, 5-year CAGR 11.34% 11.71% 16.12%
Net income growth, 5-year CAGR (8.54%) 74.88% 0.00%

Health

Metric BTG OR Gold median
Debt to equity 0.12 0.14 0.10
Current ratio 1.58 2.28 3.08
Net debt to EBITDA 0.12 (0.61) 0.00

Dividend

Metric BTG OR Gold median
Dividend yield 6.34% 1.10% 1.49%
Payout ratio 0.59 0.51 0.00

Size

Metric BTG OR Gold median
Market cap 7.03b 6.66b 1.96b

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