B2Gold Corp (BTG) vs Royal Gold, Inc. (RGLD)

B2Gold Corp and Royal Gold, Inc. are both Gold companies. Royal Gold, Inc. is the larger, with a market value of $21.4B against $7.0B — 3.0× the size. B2Gold Corp trades at the lower P/E: 9.0× against 27.5×. Royal Gold, Inc. grew revenue faster over the last twelve months: 93.5% against 74.2%. Royal Gold, Inc. has the higher net margin (47.8% vs 21.3%) and the lower return on invested capital (7.57% vs 28.8%). Both pay a dividend; B2Gold Corp yields more (6.34% vs 1.38%). Across the 23 metrics below, B2Gold Corp leads on 15 and Royal Gold, Inc. on 8.

Valuation

Metric BTG RGLD Gold median
P/E 9.02 27.53 23.34
P/S 1.93 13.84 5.02
P/B 1.82 2.80 3.53
Price to free cash flow 15.96 16.35 16.73
EV/EBITDA 3.04 17.33 8.34
EV/Sales 1.98 14.01 4.92
Earnings yield 11.09% 3.63% 1.44%
Free cash flow yield 6.26% 6.12% 0.75%

Profitability

Metric BTG RGLD Gold median
Gross margin 49.13% 86.90% 50.00%
Operating margin 51.07% 61.42% 26.32%
Net margin 21.33% 47.76% 12.30%
Free cash flow margin 12.08% 67.51% 0.00%
Return on equity 22.05% 13.49% 6.36%
Return on assets 14.60% 11.35% 0.00%
Return on invested capital 28.76% 7.57% 0.52%

Growth

Metric BTG RGLD Gold median
Revenue growth (TTM) 74.23% 93.51% 68.15%
EPS growth (last fiscal year) 158.33% 32.74% —
Revenue growth, 5-year CAGR 11.34% 10.84% 16.12%
Net income growth, 5-year CAGR (8.54%) 9.08% 0.00%

Health

Metric BTG RGLD Gold median
Debt to equity 0.12 0.05 0.10
Current ratio 1.58 2.92 3.08
Net debt to EBITDA 0.12 0.81 0.00

Dividend

Metric BTG RGLD Gold median
Dividend yield 6.34% 1.38% 1.49%
Payout ratio 0.59 0.42 0.00

Size

Metric BTG RGLD Gold median
Market cap 7.03b 21.44b 1.96b

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