COMPARE · Data as of August 21, 2026
BTG vs FSM
Verdict: Side-by-side breakdown using the Bull Rankings model. BTG scored 70.4, FSM scored 70.2 — BTG leads.
Compare another set
BTG
B2Gold Corp
70.4
$5.38 · $7.1B
fundamentals as of
Score gap
0.2
BTG leads
FSM
Fortuna Mining Corp.
70.2
$11.90 · $3.5B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
- CheapestBTG9.6x
- Fastest growthBTG+60.9%
- Strongest balance sheetBTG0.11
- Highest qualityFSM82 / 100
- Largest discount to fair valueBTG-58%
Side by side · every name on one set of axes
Growth against the P/E multiple. Up and to the right is cheaper and faster — the quality-growth idea in one picture. Points beyond the axis are pinned to the edge and marked off-scale rather than allowed to compress everything else.
The model, pillar by pillar (0–100 each)
BTG
stronger →← stronger
FSM
76
Qualityreturns · margins · balance sheet
82
50
Growthrevenue & earnings expansion
50
92
Valuevaluation vs sector peers
84
BTG and FSM split the three pillars evenly.
Fundamentals, head-to-head
BTG
FSM
$923mC+
FCF
$613mC+
+60.9%A
Rev
+39.8%A
0.11A-
D/E
0.13A-
9.6xA
P/E
10.0xA
0.10A
PEG
0.44A
Winner per row is the stronger grade; where grades tie, the better figure breaks it. A true tie or a missing value shows no highlight.
Valuation · DCF cross-check
BTG
FSM
58% below
Price vs fair valuelower is cheaper
55% below
~-7%/yr
Growth the price implies10-yr FCF · lower = less priced in
~-8%/yr
+82%
1-yr DCF upside
+78%
+137%
5-yr DCF upside
+124%
+247%
10-yr DCF upside
+205%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
BTG
Why this score
- Cut its dividend
- Cyclical growth
FSM
Why this score
- Cyclical growth
The companies
BTGB2Gold Corp
Why now
Gold · market cap $7.1b. 14% off the 52-week high of $6.29. Revenue growing +61% — in hypergrowth territory. PEG 0.10 — paying under fair value for the growth rate. 5 sell-side analysts rate this a Buy with a mean 1-yr target of $6.15 (implying +14% upside).
Moat
Net margin 21% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 12% meets the long-run market sustainable threshold — solid but not differentiated; the durability comes from elsewhere. Free cash flow runs well ahead of reported net income — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong.
Risk
Hedge-book exposure — many commodity producers hedge forward production; if the hedge book is concentrated at prices well below spot, the upside the market expects is already locked away.
FSMFortuna Mining Corp.
Why now
Gold · market cap $3.5b. 14% off the 52-week high of $13.85. Revenue growing +40% — in hypergrowth territory. PEG 0.44 — paying under fair value for the growth rate.
Moat
Net margin 33% is exceptional — pricing-power territory rare outside premium software, branded staples, and specialty pharma. ROE 18% sits above Buffett's preferred 15% threshold — the equity base is compounding at a rate the market struggles to discount accurately. FCF converts 197% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Beta 2.12 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. Production-cost sensitivity — top-quartile cost producers generate cash through the cycle while marginal producers burn it; watch the cost-per-unit trend, not just headline revenue.
Verdict — model-derived comparison
BTG leads FSM by 0.2 points (70.4 to 70.2). A contrarian could still prefer FSM, which trades about 55% below our DCF fair value — a margin of safety the score doesn't reward.
Our AI analyst is busy right now, so this verdict is drawn directly from the pillars, grades and DCF above.
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.
Where BTG and FSM diverge
The two are effectively level on the headline score. They get there differently, though — each leads on a different pillar, so the better pick depends on which you weight.
- ValueBTG 92.1 · FSM 83.9BTG +8.2
- QualityBTG 75.6 · FSM 82.5FSM +6.9
- GrowthBTG 50.0 · FSM 50.0level
Pillars run 0–100 against sector peers, so a score is a statement about a company relative to its own industry rather than to the other name here. A wide Value gap usually means the market already prices the difference in quality or growth — which is the trade-off this comparison comes down to.