Verdict: Side-by-side breakdown using the Bull Rankings model. BTG scored 71.5, HMY scored 63.7 — BTG leads.
Compare another set
Different reporting periods. BTG's fundamentals are as of June 2026, but HMY's are as of June 2025 — a 12-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
BTG
B2Gold Corp.
Gold · Quality-Growth
71.5
$5.25 · $6.9B
fundamentals as of
Score gap
7.8
BTG leads
HMY
Harmony Gold Mining Company Limited
Gold · Quality-Growth
63.7
$16.88 · $10.6B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
CheapestHMY6.2x
Fastest growthBTG+60.9%
Strongest balance sheetBTG0.11
Highest qualityHMY89 / 100
Largest discount to fair valueBTG-57%
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
HMY
79
Qualityreturns · margins · balance sheet
89
50
Growthrevenue & earnings expansion
50
93
Valuevaluation vs sector peers
80
BTG and HMY split the three pillars evenly.
Fundamentals, head-to-head
BTG
HMY
$923mC+
FCF
$956mC+
+60.9%A
Rev
+20.4%A-
0.11A-
D/E
0.13A-
9.5xA-
P/E
6.2xA
0.11A
PEG
0.03A
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
HMY
57% below
Price vs fair valuelower is cheaper
57% below
~-6%/yr
Growth the price impliesyr-1 FCF growth, fading to 4% · lower = less priced in
~-7%/yr
+80%
1-yr DCF upside
+87%
+132%
5-yr DCF upside
+131%
+233%
10-yr DCF upside
+216%
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
HMY
Why this score
Raising its dividend
Durable high returns
Cyclical growth
Foreign reporter (ZAR)
The companies
BTGB2Gold Corp.
Gold · $5.25 · beta 1.41
Why now
Gold · market cap $6.9b. 17% off the 52-week high of $6.29. Revenue growing +61% — in hypergrowth territory. PEG 0.11 — paying under fair value for the growth rate. 5 sell-side analysts rate this a Buy with a mean 1-yr target of $6.45 (implying +23% 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 23% is above 15% — the equity base is compounding at a rate the market struggles to discount accurately. FCF converts 114% of net income — earnings translate cleanly into cash.
Risk
Beta 1.41 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. 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.
HMYHarmony Gold Mining Company Limited
Gold · $16.88 · beta 0.79
Why now
Gold · market cap $10.6b. Down 35% from 52-week high of $26.06 — deep drawdown territory. Revenue growing +20%, comfortably above the S&P median. PEG 0.03 — paying under fair value for the growth rate. 3 sell-side analysts rate this a Buy with a mean 1-yr target of $22.19 (implying +31% upside).
Moat
Net margin 20% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 30% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. Mining moat is reserve quality + extraction cost per unit — top-quartile cost producers generate cash through the commodity cycle while marginal producers burn it.
Risk
Down 35% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Jurisdictional + permitting risk — mining and extraction operations concentrate exposure to political stability, royalty regimes, and environmental review timelines that can stall production for years.
Verdict — model-derived comparison
BTG leads HMY by 0.5 points (69.9 to 69.4), its sharpest advantage coming in Rev (grade A). A contrarian could still prefer HMY for its stronger P/E (grade A). Note they play different roles — BTG screens as value, HMY screens as growth — so the model rewards different traits for each.
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 HMY diverge
On the headline score the gap is 7.8 points in favor of BTG. They get there differently, though — each leads on a different pillar, so the better pick depends on which you weight.
ValueBTG 92.8 · HMY 79.8BTG +13.0
QualityBTG 78.7 · HMY 88.8HMY +10.1
GrowthBTG 50.0 · HMY 50.0level
Pillars run 0–100. Value is judged against each company's own sector, so a Value 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.
Common questions
Is BTG or HMY the better stock?
BTG scores higher: BTG 71.5, HMY 63.7 out of 100 on the Bull Rankings quality-growth score, which blends business quality, growth and valuation into one number. A higher score means a stronger business at a more reasonable price — it is not a price target or a recommendation.
Where do BTG and HMY differ most?
The widest gap is value, where BTG leads by 13 points on the 0–100 pillar scale. Neither name sweeps: they trade the lead across the three pillars, so the comparison is a trade-off rather than one being better on every measure.
How are BTG and HMY scored?
Each carries the same 0–100 quality-growth score used everywhere on the site, built from three pillars — quality (profitability and returns on capital), growth (revenue and earnings), and value (what you pay for them) — combined as a geometric mean, so a weak pillar cannot be papered over by a strong one.
How current is this comparison?
The whole universe is re-scored every trading day after the US market close, so the scores and fundamentals here reflect the latest published edition.