NYSE : BORR
Borr Drilling Limited — Financial statements
Energy · Oil & Gas Drilling · Bermuda
Last price 4.02 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.24B
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Financial statements
Borr Drilling Limited (BORR) reported revenue of 1.02B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.02B | 1.02B | 1.01B | 771.60M | 443.80M | 245.30M |
| Cost of Revenue | 572.10M | 486.20M | 443.30M | 359.30M | 264.90M | 180.50M |
| Gross Profit | 443.70M | 534.60M | 567.30M | 412.30M | 178.90M | 64.80M |
| Selling, General & Admin | 70.60M | 64.80M | 62.30M | 45.10M | 36.80M | 34.70M |
| Operating Expenses | 232.00M | 212.80M | 193.50M | 162.50M | 153.30M | 154.30M |
| Operating Income | 211.70M | 321.80M | 373.80M | 249.80M | 25.60M | -89.50M |
| Interest Expense | -236.40M | -228.40M | -211.70M | -177.20M | -139.20M | -99.40M |
| Interest & Investment Income | 6.00M | 3.70M | 6.40M | 4.90M | 5.40M | |
| Earnings From Equity Investments | -2.20M | -2.70M | -1.20M | 4.90M | 1.20M | 16.10M |
| Currency Exchange Gain (Loss) | -3.30M | -500.00K | -3.70M | -2.80M | -900.00K | -2.80M |
| Other Non Operating Income (Expenses) | 2.40M | -8.30M | -21.40M | -24.10M | -39.00M | -12.50M |
| EBT Excluding Unusual Items | -21.80M | 85.60M | 142.20M | 55.50M | -146.90M | -188.10M |
| Gain (Loss) on Sale of Investments | 3.60M | |||||
| Gain (Loss) on Sale of Assets | 300.00K | 400.00K | 600.00K | 4.20M | 1.20M | |
| Asset Writedown | -131.70M | |||||
| Other Unusual Items | -176.30M | -2.30M | ||||
| Pretax Income | -198.10M | 85.90M | 140.30M | 56.10M | -274.40M | -183.30M |
| Income Tax Expense | 45.50M | 40.90M | 58.20M | 34.00M | 18.40M | 9.70M |
| Earnings From Continuing Operations | -243.60M | 45.00M | 82.10M | 22.10M | -292.80M | -193.00M |
| Net Income | -243.60M | 45.00M | 82.10M | 22.10M | -292.80M | -193.00M |
| Net Income to Common | -243.60M | 45.00M | 82.10M | 22.10M | -292.80M | -193.00M |
| Shares Outstanding (Basic) | 295.60M | 262.34M | 250.89M | 244.27M | 178.40M | 134.73M |
| Shares Outstanding (Diluted) | 295.60M | 264.55M | 254.46M | 248.15M | 178.40M | 134.73M |
| EPS (Basic) | -0.82 | 0.17 | 0.33 | 0.09 | -1.64 | -1.43 |
| EPS (Diluted) | -0.83 | 0.17 | 0.32 | 0.09 | -1.64 | -1.43 |
| Free Cash Flow | -144.00M | 127.40M | -332.10M | -164.70M | -20.80M | -77.80M |
| Free Cash Flow Per Share | -0.49 | 0.48 | -1.30 | -0.66 | -0.12 | -0.58 |
| Dividend Per Share | 0.24 | 0.05 | ||||
| Gross Margin | 43.68% | 52.37% | 56.14% | 53.43% | 40.31% | 26.42% |
| Operating Margin | 20.84% | 31.52% | 36.99% | 32.37% | 5.77% | -36.49% |
| Profit Margin | -23.98% | 4.41% | 8.12% | 2.86% | -65.98% | -78.68% |
| Free Cash Flow Margin | -14.18% | 12.48% | -32.86% | -21.34% | -4.69% | -31.72% |
| EBITDA | 373.10M | 469.80M | 505.00M | 367.20M | 142.10M | 30.10M |
| EBITDA Margin | 36.73% | 46.02% | 49.97% | 47.59% | 32.02% | 12.27% |
| D&A For EBITDA | 161.40M | 148.00M | 131.20M | 117.40M | 116.50M | 119.60M |
| EBIT | 211.70M | 321.80M | 373.80M | 249.80M | 25.60M | -89.50M |
| EBIT Margin | 20.84% | 31.52% | 36.99% | 32.37% | 5.77% | -36.49% |
| Effective Tax Rate | 47.61% | 41.48% | 60.61% | |||
| Revenue as Reported | 1.02B | 1.02B | 1.01B | 771.60M | 443.80M | 245.30M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 223.60M | 379.70M | 61.60M | 102.50M | 108.00M | 34.90M |
| Cash & Short-Term Investments | 223.60M | 379.70M | 61.60M | 102.50M | 108.00M | 34.90M |
| Accounts Receivable | 311.30M | 333.30M | 382.10M | 230.20M | 170.60M | 99.90M |
| Other Receivables | 16.20M | 12.80M | 18.50M | 25.70M | 20.30M | 13.20M |
| Receivables | 327.50M | 346.10M | 400.60M | 255.90M | 190.90M | 113.10M |
| Prepaid Expenses | 12.80M | 8.30M | 8.40M | 11.00M | 9.60M | 6.60M |
| Restricted Cash | 1.00M | 1.00M | 900.00K | 100.00K | 2.50M | 3.30M |
| Other Current Assets | 31.90M | 33.30M | 45.10M | 40.40M | 38.90M | 18.30M |
| Total Current Assets | 596.80M | 768.40M | 516.60M | 409.90M | 349.90M | 176.20M |
| Property, Plant & Equipment | 3.04B | 2.74B | 2.83B | 2.59B | 2.60B | 2.87B |
| Long-Term Investments | 10.30M | 11.80M | 14.50M | 15.70M | 20.60M | 19.40M |
| Long-Term Accounts Receivable | 9.90M | 1.50M | 1.50M | 1.50M | ||
| Long-Term Deferred Tax Assets | 23.00M | 22.30M | 18.60M | 19.30M | 3.50M | 700.00K |
| Long-Term Deferred Charges | 26.30M | 31.50M | 40.70M | 45.10M | 19.40M | 4.40M |
| Other Long-Term Assets | 1.60M | 37.00M | 1.70M | 300.00K | 8.60M | 8.30M |
| Total Assets | 3.70B | 3.63B | 3.42B | 3.08B | 3.00B | 3.08B |
| Accounts Payable | 61.60M | 33.80M | 81.60M | 35.50M | 47.70M | 34.70M |
| Accrued Expenses | 140.30M | 111.50M | 100.00M | 157.30M | 192.80M | 72.80M |
| Current Portion of Long-Term Debt | 129.30M | 118.10M | 82.90M | 445.90M | ||
| Current Portion of Leases | 600.00K | 200.00K | 400.00K | 500.00K | 500.00K | 700.00K |
| Current Income Taxes Payable | 9.70M | 8.50M | 14.30M | 6.70M | 4.40M | |
| Current Unearned Revenue | 22.60M | 43.70M | 43.00M | 59.50M | 57.30M | 3.90M |
| Other Current Liabilities | 900.00K | 23.70M | 52.20M | 18.00M | 1.40M | 1.40M |
| Total Current Liabilities | 235.70M | 350.70M | 409.60M | 360.40M | 745.60M | 117.90M |
| Long-Term Debt | 2.49B | 2.02B | 1.99B | 1.62B | 1.19B | 1.92B |
| Long-Term Leases | 900.00K | 600.00K | 800.00K | 1.10M | 1.70M | 1.30M |
| Long-Term Unearned Revenue | 12.20M | 29.50M | 21.00M | 56.60M | 68.70M | 2.50M |
| Long-Term Deferred Tax Liabilities | 500.00K | |||||
| Other Long-Term Liabilities | 600.00K | 700.00K | 2.40M | 59.20M | 96.80M | 152.80M |
| Total Liabilities | 2.73B | 2.40B | 2.43B | 2.10B | 2.10B | 2.19B |
| Common Stock | 31.60M | 31.60M | 26.50M | 26.50M | 23.00M | 13.80M |
| Additional Paid-In Capital | 2.44B | 2.44B | 2.26B | 2.33B | 2.27B | 1.98B |
| Retained Earnings | -1.50B | -1.23B | -1.28B | -1.36B | -1.38B | -1.09B |
| Treasury Stock | -6.40M | -18.10M | -20.90M | -8.90M | -9.80M | -13.70M |
| Total Common Equity | 961.60M | 1.22B | 993.30M | 984.00M | 897.80M | 889.90M |
| Shareholders' Equity | 961.60M | 1.22B | 993.30M | 984.00M | 897.80M | 889.90M |
| Total Liabilities & Equity | 3.70B | 3.63B | 3.42B | 3.08B | 3.00B | 3.08B |
| Total Debt | 2.49B | 2.15B | 2.11B | 1.70B | 1.64B | 1.92B |
| Net Cash (Debt) | -2.26B | -1.77B | -2.05B | -1.60B | -1.53B | -1.88B |
| Net Cash Per Share | -7.66 | -6.70 | -8.06 | -6.45 | -8.58 | -13.98 |
| Filing Date Shares Outstanding | 308.51M | 307.70M | 244.93M | 253.00M | 253.95M | 151.67M |
| Total Common Shares Outstanding | 308.51M | 307.22M | 244.93M | 252.58M | 228.95M | 136.81M |
| Working Capital | 361.10M | 417.70M | 107.00M | 49.50M | -395.70M | 58.30M |
| Book Value Per Share | 3.12 | 3.98 | 4.06 | 3.90 | 3.92 | 6.50 |
| Tangible Book Value | 961.60M | 1.22B | 993.30M | 984.00M | 897.80M | 889.90M |
| Tangible Book Value Per Share | 3.12 | 3.98 | 4.06 | 3.90 | 3.92 | 6.50 |
| Buildings | 5.40M | 3.50M | 135.50M | |||
| Machinery | 4.00B | 3.62B | 3.55B | 3.18B | 3.07B | 3.12B |
| Order Backlog | 962.90M | 1.33B | 1.31B | 929.80M | 324.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -243.60M | 45.00M | 82.10M | 22.10M | -292.80M | -193.00M |
| Depreciation & Amortization | 161.40M | 148.00M | 131.20M | 117.40M | 116.50M | 119.60M |
| Other Amortization | 66.00M | 69.20M | 74.00M | 66.90M | 44.60M | 19.10M |
| Loss (Gain) From Sale of Assets | -4.20M | -4.80M | ||||
| Asset Writedown & Restructuring Costs | 131.70M | |||||
| Loss (Gain) on Equity Investments | 2.20M | 2.70M | 1.20M | -4.90M | -1.20M | -16.10M |
| Stock-Based Compensation | 10.10M | 11.30M | 9.10M | 5.60M | 2.60M | 900.00K |
| Other Operating Activities | 117.80M | -51.20M | -97.50M | -101.00M | -5.70M | -2.70M |
| Change in Accounts Payable | 37.90M | -22.40M | 37.20M | -10.10M | ||
| Change in Other Net Operating Assets | -38.50M | 49.30M | -160.00M | -146.70M | 71.00M | 18.10M |
| Operating Cash Flow | 133.20M | 251.90M | 77.30M | -50.70M | 62.50M | -58.90M |
| Capital Expenditures | -277.20M | -124.50M | -409.40M | -114.00M | -83.30M | -18.90M |
| Sale of Property, Plant & Equipment | 700.00K | 2.70M | ||||
| Investment in Securities | 57.10M | |||||
| Other Investing Activities | 6.00M | 9.80M | ||||
| Investing Cash Flow | -271.20M | -124.50M | -409.40M | -104.20M | -82.60M | 40.90M |
| Long-Term Debt Issued | 159.30M | 672.00M | 1.88B | 150.00M | ||
| Total Debt Issued | 2.45B | 159.30M | 672.00M | 1.88B | 150.00M | |
| Long-Term Debt Repaid | -141.50M | -286.10M | -1.80B | -355.50M | ||
| Net Debt Issued (Repaid) | 86.70M | 17.80M | 385.90M | 80.90M | -205.50M | |
| Issuance of Common Stock | 182.50M | 177.90M | 2.30M | 58.90M | 313.80M | 46.00M |
| Repurchase of Common Stock | -200.00K | -19.90M | -800.00K | |||
| Common Dividends Paid | -4.70M | -76.30M | ||||
| Other Financing Activities | -15.70M | -1.20M | ||||
| Financing Cash Flow | 269.20M | 190.80M | 292.00M | 139.00M | 92.60M | 44.80M |
| Net Cash Flow | 131.20M | 318.20M | -40.10M | -15.90M | 72.50M | 26.80M |
| Free Cash Flow | -144.00M | 127.40M | -332.10M | -164.70M | -20.80M | -77.80M |
| Free Cash Flow Margin | -14.18% | 12.48% | -32.86% | -21.34% | -4.69% | -31.72% |
| Free Cash Flow Per Share | -0.49 | 0.48 | -1.30 | -0.66 | -0.12 | -0.58 |
| Levered Free Cash Flow | -66.04M | 158.78M | -227.29M | 33.58M | 90.80M | 7.24M |
| Unlevered Free Cash Flow | 62.11M | 281.32M | -113.28M | 122.03M | 169.90M | 62.86M |
| Cash Interest Paid | 222.50M | 205.10M | 186.90M | 217.40M | 83.90M | 57.20M |
| Cash Income Tax Paid | 43.80M | 59.70M | 55.20M | 38.20M | 16.20M | -800.00K |
| Change in Working Capital | -600.00K | 26.90M | -122.80M | -156.80M | 71.00M | 18.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.24B | 1.24B | 961.52M | 1.87B | 1.14B | 309.30M |
| Enterprise Value | 3.50B | 3.07B | 2.78B | 3.40B | 2.79B | 2.15B |
| Last Close Price | 4.02 | 4.03 | 3.87 | 6.93 | 4.68 | 1.94 |
| PE Ratio | 27.48 | 11.71 | 84.43 | |||
| Forward PE | 108.81 | 9.07 | 9.62 | |||
| PS Ratio | 1.22 | 1.21 | 0.95 | 2.42 | 2.56 | 1.26 |
| PB Ratio | 1.29 | 1.01 | 0.97 | 1.90 | 1.27 | 0.35 |
| P/TBV Ratio | 1.29 | 1.01 | 0.97 | 1.90 | 1.27 | 0.35 |
| P/FCF Ratio | 9.71 | |||||
| P/OCF Ratio | 9.31 | 4.91 | 12.44 | 18.20 | ||
| EV/Sales Ratio | 3.45 | 3.00 | 2.75 | 4.41 | 6.29 | 8.79 |
| EV/EBITDA Ratio | 9.39 | 6.53 | 5.50 | 9.27 | 19.65 | 71.59 |
| EV/EBIT Ratio | 16.55 | 9.53 | 7.43 | 13.63 | 109.06 | |
| EV/FCF Ratio | 24.06 | |||||
| Debt / Equity Ratio | 2.59 | 1.76 | 2.13 | 1.73 | 1.83 | 2.15 |
| Debt / EBITDA Ratio | 6.35 | 4.42 | 4.06 | 4.49 | 10.95 | 60.31 |
| Debt / FCF Ratio | 16.89 | |||||
| Net Debt / Equity Ratio | 2.35 | 1.45 | 2.06 | 1.63 | 1.71 | 2.12 |
| Net Debt / EBITDA Ratio | 6.07 | 3.77 | 4.06 | 4.36 | 10.78 | 62.56 |
| Net Debt / FCF Ratio | -15.72 | 13.90 | -6.17 | -9.72 | -73.61 | -24.20 |
| Asset Turnover | 0.29 | 0.29 | 0.31 | 0.25 | 0.15 | 0.08 |
| Quick Ratio | 2.34 | 2.07 | 1.13 | 0.99 | 0.40 | 1.25 |
| Current Ratio | 2.53 | 2.19 | 1.26 | 1.14 | 0.47 | 1.49 |
| Return on Equity (ROE) | -24.68% | 4.06% | 8.30% | 2.35% | -32.76% | -20.03% |
| Return on Assets (ROA) | 3.75% | 5.71% | 7.19% | 5.13% | 0.53% | -1.79% |
| Return on Invested Capital (ROIC) | 6.53% | 5.58% | 7.77% | 3.92% | 0.98% | -3.14% |
| Return on Capital Employed (ROCE) | 6.10% | 9.80% | 12.40% | 9.20% | 1.10% | -3.00% |
| Earnings Yield | -20.63% | 3.64% | 8.54% | 1.18% | -25.74% | -62.40% |
| FCF Yield | -11.61% | 10.30% | -34.54% | -8.83% | -1.83% | -25.15% |
| Dividend Yield | 6.11% | 0.68% | ||||
| Payout Ratio | 10.44% | 92.94% | ||||
| Buyback Yield / Dilution | -20.41% | -3.96% | -2.54% | -39.09% | -32.42% | -79.21% |
| Total Shareholder Return | -20.41% | -3.96% | 3.57% | -38.42% | -32.42% | -79.21% |