CMCL
Caledonia Mining Corporation Plc
Gold
Market Cap$440M
5Y Perf.+46.1%
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Stock Comparison
CMCL vs BTG
Revenue, margins, valuation, and 5-year total return — side by side.
BTG
B2Gold Corp.
Gold
Market Cap$6.02B
5Y Perf.-18.2%
CMCL vs BTG — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | CMCL | BTG |
|---|---|---|
| Industry | Gold | Gold |
| Market Cap | $440M | $6.02B |
| Revenue (TTM) | $264M | $3.06B |
| Net Income (TTM) | $55M | $402M |
| Gross Margin | 52.0% | 50.0% |
| Operating Margin | 44.3% | 45.9% |
| Forward P/E | 6.0x | 5.9x |
| Total Debt | $33M | $629M |
| Cash & Equiv. | $36M | $380M |
CMCL vs BTG — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
CMCL
BTG
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Caledonia Mining Co… (CMCL) | 100 | 146.1 | +46.1% |
| B2Gold Corp. (BTG) | 100 | 81.8 | -18.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CMCL vs BTG
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CMCL leads in 4 of 7 categories, making it the strongest pick for profitability and margin quality and dividend income and shareholder returns. B2Gold Corp. is the stronger pick specifically for growth and revenue expansion and valuation and capital efficiency. As sector peers, any of these can serve as alternatives in the same allocation.
CMCL
Caledonia Mining Corporation Plc
The Income Pick
CMCL carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 2 yrs, beta 1.28, yield 4.5%
- Rev growth 38.9%, EPS growth 204.3%, 3Y rev CAGR 21.4%
- 428.4% 10Y total return vs BTG's 155.5%
Best for: income & stability and growth exposure
BTG
B2Gold Corp.
The Growth Leader
BTG is the clearest fit if your priority is growth and value.
- 60.9% revenue growth vs CMCL's 38.9%
- Lower P/E (5.9x vs 6.0x)
- Beta 0.94 vs CMCL's 1.28
Best for: growth and value
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | BTG | 60.9% revenue growth vs CMCL's 38.9% |
| Value | BTG | Lower P/E (5.9x vs 6.0x) |
| Quality / Margins | CMCL | 20.9% margin vs BTG's 13.1% |
| Stability / Safety | BTG | Beta 0.94 vs CMCL's 1.28 |
| Dividends | CMCL | 4.5% yield, 2-year raise streak, vs BTG's 1.6% |
| Momentum (1Y) | CMCL | +67.6% vs BTG's +43.4% |
| Efficiency (ROA) | CMCL | 14.2% ROA vs BTG's 7.3%, ROIC 32.4% vs 30.0% |
CMCL vs BTG — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2019
CMCL vs BTG — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCMCLLAGGINGBTG
BTGB2Gold Corp.
1leads
CMCLCaledonia Mining Corp…
5leads
6 Total Categories
CATEGORYLEADERvs BTGMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CMCL3/5
Valuation MetricsMultiples, price ratios, and targets
CMCL5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
CMCL9/9
Total Returns1Y, 3Y, 5Y total returns with dividends
CMCL5/6
Risk & VolatilityBeta, volatility, and downside exposure
BTG2/2
Analyst OutlookRatings, price targets, and dividends
CMCL2/2
Income & Cash Flow (Last 12 Months)
CMCL leads this category, winning 3 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
BTG is the larger business by revenue, generating $3.1B annually — 11.6x CMCL's $264M. CMCL is the more profitable business, keeping 20.9% of every revenue dollar as net income compared to BTG's 13.1%. On growth, BTG holds the edge at +110.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CMCLCaledonia Mining … | BTGB2Gold Corp. |
|---|---|---|
| RevenueTrailing 12 months | $264M | $3.1B |
| EBITDAEarnings before interest/tax | $132M | $1.8B |
| Net IncomeAfter-tax profit | $55M | $402M |
| Free Cash FlowCash after capex | $40M | $59M |
| Gross MarginGross profit ÷ Revenue | +52.0% | +50.0% |
| Operating MarginEBIT ÷ Revenue | +44.3% | +45.9% |
| Net MarginNet income ÷ Revenue | +20.9% | +13.1% |
| FCF MarginFCF ÷ Revenue | +15.2% | +1.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +49.4% | +110.9% |
| EPS Growth (YoY)Latest quarter vs prior year | +73.3% | — |
CMCL leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
CMCL leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
At 8.0x trailing earnings, CMCL trades at a 50% valuation discount to BTG's 16.0x P/E. On an enterprise value basis, CMCL's 3.3x EV/EBITDA is more attractive than BTG's 3.4x.
| Metric | CMCLCaledonia Mining … | BTGB2Gold Corp. |
|---|---|---|
| Market CapShares × price | $440M | $6.0B |
| Enterprise ValueMkt cap + debt − cash | $436M | $6.3B |
| Trailing P/EPrice ÷ TTM EPS | 8.05x | 16.00x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.05x | 5.88x |
| PEG RatioP/E ÷ EPS growth rate | 0.78x | — |
| EV / EBITDAEnterprise value multiple | 3.32x | 3.40x |
| Price / SalesMarket cap ÷ Revenue | 1.73x | 1.97x |
| Price / BookPrice ÷ Book value/share | 1.57x | 1.83x |
| Price / FCFMarket cap ÷ FCF | 10.13x | 90.65x |
CMCL leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
CMCL leads this category, winning 9 of 9 comparable metrics.
Profitability & Efficiency
CMCL delivers a 20.7% return on equity — every $100 of shareholder capital generates $21 in annual profit, vs $12 for BTG. CMCL carries lower financial leverage with a 0.11x debt-to-equity ratio, signaling a more conservative balance sheet compared to BTG's 0.17x. On the Piotroski fundamental quality scale (0–9), CMCL scores 7/9 vs BTG's 6/9, reflecting strong financial health.
| Metric | CMCLCaledonia Mining … | BTGB2Gold Corp. |
|---|---|---|
| ROE (TTM)Return on equity | +20.7% | +11.9% |
| ROA (TTM)Return on assets | +14.2% | +7.3% |
| ROICReturn on invested capital | +32.4% | +30.0% |
| ROCEReturn on capital employed | +35.3% | +31.1% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 6 |
| Debt / EquityFinancial leverage | 0.11x | 0.17x |
| Net DebtTotal debt minus cash | -$3M | $250M |
| Cash & Equiv.Liquid assets | $36M | $380M |
| Total DebtShort + long-term debt | $33M | $629M |
| Interest CoverageEBIT ÷ Interest expense | 33.33x | 26.91x |
CMCL leads this category, winning 9 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
CMCL leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in CMCL five years ago would be worth $17,211 today (with dividends reinvested), compared to $10,097 for BTG. Over the past 12 months, CMCL leads with a +67.6% total return vs BTG's +43.4%. The 3-year compound annual growth rate (CAGR) favors CMCL at 19.6% vs BTG's 6.0% — a key indicator of consistent wealth creation.
| Metric | CMCLCaledonia Mining … | BTGB2Gold Corp. |
|---|---|---|
| YTD ReturnYear-to-date | -13.0% | 0.0% |
| 1-Year ReturnPast 12 months | +67.6% | +43.4% |
| 3-Year ReturnCumulative with dividends | +71.1% | +19.1% |
| 5-Year ReturnCumulative with dividends | +72.1% | +1.0% |
| 10-Year ReturnCumulative with dividends | +428.4% | +155.5% |
| CAGR (3Y)Annualised 3-year return | +19.6% | +6.0% |
CMCL leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
BTG leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
BTG is the less volatile stock with a 0.94 beta — it tends to amplify market swings less than CMCL's 1.28 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BTG currently trades 71.2% from its 52-week high vs CMCL's 58.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CMCLCaledonia Mining … | BTGB2Gold Corp. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.28x | 0.94x |
| 52-Week HighHighest price in past year | $38.75 | $6.29 |
| 52-Week LowLowest price in past year | $13.05 | $2.86 |
| % of 52W HighCurrent price vs 52-week peak | +58.8% | +71.2% |
| RSI (14)Momentum oscillator 0–100 | 38.8 | 37.6 |
| Avg Volume (50D)Average daily shares traded | 189K | 30.4M |
BTG leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
CMCL leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates CMCL as "Buy" and BTG as "Buy". Consensus price targets imply 39.5% upside for BTG (target: $6) vs -24.2% for CMCL (target: $17). For income investors, CMCL offers the higher dividend yield at 4.48% vs BTG's 1.59%.
| Metric | CMCLCaledonia Mining … | BTGB2Gold Corp. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $17.25 | $6.25 |
| # AnalystsCovering analysts | 2 | 9 |
| Dividend YieldAnnual dividend ÷ price | +4.5% | +1.6% |
| Dividend StreakConsecutive years of raises | 2 | 0 |
| Dividend / ShareAnnual DPS | $1.02 | $0.07 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.2% |
CMCL leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
CMCL leads in 5 of 6 categories (Income & Cash Flow, Valuation Metrics). BTG leads in 1 (Risk & Volatility).
Best OverallCaledonia Mining Corporatio… (CMCL)Leads 5 of 6 categories
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CMCL vs BTG: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is CMCL or BTG a better buy right now?
For growth investors, B2Gold Corp.
(BTG) is the stronger pick with 60. 9% revenue growth year-over-year, versus 38. 9% for Caledonia Mining Corporation Plc (CMCL). Caledonia Mining Corporation Plc (CMCL) offers the better valuation at 8. 0x trailing P/E (6. 0x forward), making it the more compelling value choice. Analysts rate Caledonia Mining Corporation Plc (CMCL) a "Buy" — based on 2 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CMCL or BTG?
On trailing P/E, Caledonia Mining Corporation Plc (CMCL) is the cheapest at 8.
0x versus B2Gold Corp. at 16. 0x. On forward P/E, B2Gold Corp. is actually cheaper at 5. 9x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CMCL or BTG?
Over the past 5 years, Caledonia Mining Corporation Plc (CMCL) delivered a total return of +72.
1%, compared to +1. 0% for B2Gold Corp. (BTG). Over 10 years, the gap is even starker: CMCL returned +428. 4% versus BTG's +155. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CMCL or BTG?
By beta (market sensitivity over 5 years), B2Gold Corp.
(BTG) is the lower-risk stock at 0. 94β versus Caledonia Mining Corporation Plc's 1. 28β — meaning CMCL is approximately 36% more volatile than BTG relative to the S&P 500. On balance sheet safety, Caledonia Mining Corporation Plc (CMCL) carries a lower debt/equity ratio of 11% versus 17% for B2Gold Corp. — giving it more financial flexibility in a downturn.
05Which is growing faster — CMCL or BTG?
By revenue growth (latest reported year), B2Gold Corp.
(BTG) is pulling ahead at 60. 9% versus 38. 9% for Caledonia Mining Corporation Plc (CMCL). On earnings-per-share growth, the picture is similar: Caledonia Mining Corporation Plc grew EPS 204. 3% year-over-year, compared to 158. 3% for B2Gold Corp.. Over a 3-year CAGR, CMCL leads at 21. 4% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CMCL or BTG?
Caledonia Mining Corporation Plc (CMCL) is the more profitable company, earning 21.
7% net margin versus 13. 1% for B2Gold Corp. — meaning it keeps 21. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BTG leads at 45. 9% versus 45. 5% for CMCL. At the gross margin level — before operating expenses — CMCL leads at 54. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is CMCL or BTG more undervalued right now?
On forward earnings alone, B2Gold Corp.
(BTG) trades at 5. 9x forward P/E versus 6. 0x for Caledonia Mining Corporation Plc — 0. 2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BTG: 39. 5% to $6. 25.
08Which pays a better dividend — CMCL or BTG?
All stocks in this comparison pay dividends.
Caledonia Mining Corporation Plc (CMCL) offers the highest yield at 4. 5%, versus 1. 6% for B2Gold Corp. (BTG).
09Is CMCL or BTG better for a retirement portfolio?
For long-horizon retirement investors, B2Gold Corp.
(BTG) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 94), 1. 6% yield, +155. 5% 10Y return). Both have compounded well over 10 years (BTG: +155. 5%, CMCL: +428. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CMCL and BTG?
Both stocks operate in the Basic Materials sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(CMCL: 49.4% · BTG: 110.9%)Net Margin>
%
(CMCL: 20.9% · BTG: 13.1%)P/E Ratio<
x
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