Borr Drilling Ltd
BORR NYSE Drilling Oil & Gas Wells Financials FY2017–FY2025
Last close · Oct 23, 2026
$4.40
7.8%
Revenue
Total sales reported in the income statement.
$1.0B
1.0%
vs prior year
Operating margin
Operating income as a share of revenue.
31.6%
5.5 pts
Net income
Profit after all expenses, interest and tax.
$45.0M
45.2%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.0%
2.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
25.9x
On $0.17 EPS (TTM)
What Borr Drilling Ltd does
No business description yet.
- Legal name
- Borr Drilling Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 26, 2026
- Accession · CIK
- 0001628280-26-021450
0001715497
Revenue and margins
Borr Drilling Ltd had $1.0B of revenue in fiscal 2025, up 1.0% on the year before.
FY17
Revenue $0.1M
FY18
Revenue $165M
FY19
Revenue $334M
FY20
Revenue $308M
FY21
Revenue $245M
FY22
Revenue $444M
FY23
Revenue $772M
FY24
Revenue $1.0B
FY25
Revenue $1.0B
Q2 '20
Revenue $84.0M
Q2 '21
Revenue $54.8M
Q2 '22
Revenue $105M
Q2 '23
Revenue $188M
Q2 '24
Revenue $272M
Q2 '25
Revenue $268M
Q2 '26
Revenue $232M
FY17
Gross —
Operating −109,700.0%
Net −88,000.0%
FCF —
FY18
Gross —
Operating −79.7%
Net −115.5%
FCF —
FY19
Gross —
Operating −45.1%
Net −89.1%
FCF —
FY20
Gross —
Operating −61.1%
Net −103.3%
FCF —
FY21
Gross —
Operating −36.0%
Net −78.7%
FCF —
FY22
Gross —
Operating −23.0%
Net −66.0%
FCF —
FY23
Gross —
Operating 32.5%
Net 2.9%
FCF —
FY24
Gross —
Operating 37.0%
Net 8.1%
FCF —
FY25
Gross —
Operating 31.6%
Net 4.4%
FCF —
Gross
Operating
Net
FCF
Q2 '20
Gross —
Operating −108.6%
Net −130.5%
FCF —
Q2 '21
Gross —
Operating −47.4%
Net −109.3%
FCF —
Q2 '22
Gross —
Operating −116.8%
Net −157.0%
FCF —
Q2 '23
Gross —
Operating 31.9%
Net 0.4%
FCF —
Q2 '24
Gross —
Operating 38.4%
Net 11.7%
FCF —
Q2 '25
Gross —
Operating 36.0%
Net 13.1%
FCF —
Q2 '26
Gross —
Operating 0.1%
Net −103.9%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$88.0M
FY18
Net income −$191M
FY19
Net income −$298M
FY20
Net income −$318M
FY21
Net income −$193M
FY22
Net income −$293M
FY23
Net income $22.1M
FY24
Net income $82.1M
FY25
Net income $45.0M
Q2 '20
Net income −$110M
Q2 '21
Net income −$59.9M
Q2 '22
Net income −$165M
Q2 '23
Net income $0.8M
Q2 '24
Net income $31.7M
Q2 '25
Net income $35.1M
Q2 '26
Net income −$241M
FY17
Diluted EPS −$1.70
FY18
Diluted EPS −$1.85
FY19
Diluted EPS −$5.54
FY20
Diluted EPS −$4.22
FY21
Diluted EPS −$1.43
FY22
Diluted EPS −$1.64
FY23
Diluted EPS $0.09
FY24
Diluted EPS $0.32
FY25
Diluted EPS $0.17
Q2 '20
Diluted EPS −$0.83
Q2 '21
Diluted EPS −$0.44
Q2 '22
Diluted EPS −$1.09
Q2 '23
Diluted EPS $0.00
Q2 '24
Diluted EPS $0.12
Q2 '25
Diluted EPS $0.14
Q2 '26
Diluted EPS −$0.79
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity −5.9%
Return on assets —
FY18
Return on capital −3.9%
Return on equity −12.6%
Return on assets −6.5%
FY19
Return on capital −4.0%
Return on equity −21.1%
Return on assets −9.6%
FY20
Return on capital −5.1%
Return on equity −27.3%
Return on assets −9.8%
FY21
Return on capital −2.5%
Return on equity −20.0%
Return on assets −6.2%
FY22
Return on capital −3.3%
Return on equity −32.8%
Return on assets −9.6%
FY23
Return on capital 6.3%
Return on equity 2.3%
Return on assets 0.7%
FY24
Return on capital 9.7%
Return on equity 8.3%
Return on assets 2.5%
FY25
Return on capital 7.0%
Return on equity 4.1%
Return on assets 1.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY17
Cash from operations −$185M
Capital spending —
FY18
Cash from operations −$135M
Capital spending —
FY19
Cash from operations −$89.0M
Capital spending —
FY20
Cash from operations −$54.8M
Capital spending —
FY21
Cash from operations −$58.9M
Capital spending —
FY22
Cash from operations $62.5M
Capital spending —
FY23
Cash from operations −$50.7M
Capital spending —
FY24
Cash from operations $77.3M
Capital spending —
FY25
Cash from operations $252M
Capital spending —
Cash from operations
Capital spending
Q2 '20
Cash from operations −$5.2M
Capital spending —
Q2 '21
Cash from operations −$10.9M
Capital spending —
Q2 '22
Cash from operations −$8.5M
Capital spending —
Q2 '23
Cash from operations $2.4M
Capital spending —
Q2 '24
Cash from operations $16.0M
Capital spending —
Q2 '25
Cash from operations $6.3M
Capital spending —
Q2 '26
Cash from operations −$21.8M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Borr Drilling Ltd returned $4.9M to shareholders in fiscal 2025. The diluted share count rose 4.0%.
FY17
Dividends —
Buybacks $8.4M
FY18
Dividends —
Buybacks $19.7M
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.8M
FY24
Dividends $76.3M
Buybacks $19.9M
FY25
Dividends $4.7M
Buybacks $0.2M
Dividends
Buybacks
Q2 '20
Dividends —
Buybacks —
Q2 '21
Dividends —
Buybacks —
Q2 '22
Dividends —
Buybacks —
Q2 '23
Dividends —
Buybacks —
Q2 '24
Dividends $23.9M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.10B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.18B
FY23
Diluted shares 0.25B
FY24
Diluted shares 0.25B
FY25
Diluted shares 0.26B
Balance sheet
Cash, debt and the ratios that show how comfortably Borr Drilling Ltd can carry it.
FY17
Cash $203M
Debt —
FY18
Cash $32.1M
Debt $1.2B
FY19
Cash $59.1M
Debt $1.7B
FY20
Cash $19.2M
Debt $1.9B
FY21
Cash $34.9M
Debt $1.9B
FY22
Cash $108M
Debt $1.6B
FY23
Cash $103M
Debt $1.7B
FY24
Cash $61.6M
Debt $2.1B
FY25
Cash $380M
Debt $2.2B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $34.9M | $108M | $103M | $61.6M | $380M |
| Debt incl. finance leases | $1.9B | $1.6B | $1.7B | $2.1B | $2.2B |
| Net debt / EBITDA | 60.1x | 104.7x | 4.3x | 4.1x | 3.8x |
| Debt / equity | 2.2x | 1.8x | 1.7x | 2.1x | 1.8x |
| Interest coverage | −0.9x | −0.7x | 1.4x | 1.8x | 1.4x |
| Current ratio | 1.5x | 0.5x | 1.1x | 1.3x | 2.2x |
| Quick ratio | 1.5x | 0.5x | 1.1x | 1.3x | 2.2x |
| Total assets | $3.1B | $3.0B | $3.1B | $3.4B | $3.6B |
| Total liabilities | $2.2B | $2.1B | $2.1B | $2.4B | $2.4B |
| Shareholders' equity | $890M | $898M | $984M | $993M | $1.2B |
| Net debt (− = net cash) | $1.9B | $1.5B | $1.6B | $2.0B | $1.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ |
| Current ratio rose | — | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | 3 / 8 | 2 / 8 | 3 / 8 | 4 / 8 | 4 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | — | −1.9% | −6.7% | −8.1% | −4.3% | −11.7% | 2.4% | 0.1% | −5.9% |
| Altman Z'' | — | 0.75 | −0.14 | −0.72 | −0.79 | −2.14 | −0.29 | 0.15 | 0.78 |
9 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $0.1M | $165M | $334M | $308M | $245M | $444M | $772M | $1.0B | $1.0B |
| Operating income | −$110M | −$131M | −$151M | −$188M | −$88.3M | −$102M | $250M | $374M | $322M |
| Interest expense | $0.5M | $13.7M | $70.4M | $87.4M | $99.4M | $139M | $177M | $212M | $228M |
| Pretax income | −$88.0M | −$188M | −$288M | −$301M | −$183M | −$274M | $56.1M | −$97.3M | $60.3M |
| Income tax | $0.0M | $2.5M | $11.2M | $16.2M | $9.7M | $18.4M | $34.0M | $58.2M | $40.9M |
| Net income | −$88.0M | −$191M | −$298M | −$318M | −$193M | −$293M | $22.1M | $82.1M | $45.0M |
| Diluted EPS | −$1.70 | −$1.85 | −$5.54 | −$4.22 | −$1.43 | −$1.64 | $0.09 | $0.32 | $0.17 |
| Diluted shares | 0.05B | 0.10B | 0.05B | 0.08B | 0.13B | 0.18B | 0.25B | 0.25B | 0.26B |
| Cash flow | |||||||||
| Cash from operations | −$185M | −$135M | −$89.0M | −$54.8M | −$58.9M | $62.5M | −$50.7M | $77.3M | $252M |
| Depreciation and amortization | $21.2M | $79.5M | $101M | $118M | $120M | $117M | $117M | $131M | $148M |
| Stock-based compensation | $8.2M | $3.7M | $3.9M | $0.7M | $0.9M | $2.6M | $5.6M | $9.1M | $11.3M |
| Acquisitions | $325M | $195M | $0.0M | $0.0M | — | — | — | — | — |
| Share buybacks | $8.4M | $19.7M | $0.0M | $0.0M | $0.0M | $0.0M | $0.8M | $19.9M | $0.2M |
| Dividends paid | — | — | — | — | — | $0.0M | $0.0M | $76.3M | $4.7M |
| Dividends and buybacks | $8.4M | $19.7M | $0.0M | $0.0M | $0.0M | $0.0M | $0.8M | $96.2M | $4.9M |
| Balance sheet | |||||||||
| Cash and short-term investments | $203M | $32.1M | $59.1M | $19.2M | $34.9M | $108M | $103M | $61.6M | $380M |
| Total debt | — | $1.2B | $1.7B | $1.9B | $1.9B | $1.6B | $1.7B | $2.1B | $2.2B |
| Current assets | — | $209M | $278M | $141M | $176M | $350M | $410M | $517M | $768M |
| Current liabilities | — | $119M | $250M | $96.0M | $118M | $746M | $360M | $410M | $351M |
| Property and equipment, net | — | $9.5M | $7.3M | $5.6M | $3.7M | $3.9M | $3.5M | $2.8M | $2.0M |
| Total assets | — | $2.9B | $3.3B | $3.2B | $3.1B | $3.0B | $3.1B | $3.4B | $3.6B |
| Total liabilities | — | $1.4B | $2.0B | $2.1B | $2.2B | $2.1B | $2.1B | $2.4B | $2.4B |
| Shareholders' equity | $1.5B | $1.5B | $1.3B | $1.0B | $890M | $898M | $984M | $993M | $1.2B |
| Margins | |||||||||
| Operating margin | −109,700.0% | −79.7% | −45.1% | −61.1% | −36.0% | −23.0% | 32.5% | 37.0% | 31.6% |
| EBITDA margin | −88,500.0% | −31.5% | −14.8% | −22.8% | 12.8% | 3.3% | 47.7% | 50.0% | 46.1% |
| Net margin | −88,000.0% | −115.5% | −89.1% | −103.3% | −78.7% | −66.0% | 2.9% | 8.1% | 4.4% |
| Returns | |||||||||
| Return on capital | — | −3.9% | −4.0% | −5.1% | −2.5% | −3.3% | 6.3% | 9.7% | 7.0% |
| Return on capital employed | — | −4.7% | −5.0% | −6.1% | −3.0% | −4.5% | 9.2% | 12.4% | 9.8% |
| Return on equity | −5.9% | −12.6% | −21.1% | −27.3% | −20.0% | −32.8% | 2.3% | 8.3% | 4.1% |
| Return on assets | — | −6.5% | −9.6% | −9.8% | −6.2% | −9.6% | 0.7% | 2.5% | 1.3% |
| Return on tangible equity | −5.9% | −12.4% | −23.0% | −30.6% | −21.7% | −32.6% | 2.2% | 8.3% | 3.7% |
| Growth | |||||||||
| Revenue growth | — | 164,800.0% | 102.6% | −8.0% | −20.2% | 80.9% | 73.9% | 31.0% | 1.0% |
| Net income growth | — | — | — | — | — | — | — | 271.5% | −45.2% |
| EPS growth | — | — | — | — | — | — | — | 255.6% | −46.9% |
| Share count change | — | 98.9% | −47.8% | 39.9% | 79.2% | 32.4% | 39.1% | 2.5% | 4.0% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | — | — | 60.1x | 104.7x | 4.3x | 4.1x | 3.8x |
| Debt / equity | — | 0.8x | 1.3x | 1.8x | 2.2x | 1.8x | 1.7x | 2.1x | 1.8x |
| Interest coverage | −219.4x | −9.6x | −2.1x | −2.2x | −0.9x | −0.7x | 1.4x | 1.8x | 1.4x |
| Current ratio | — | 1.7x | 1.1x | 1.5x | 1.5x | 0.5x | 1.1x | 1.3x | 2.2x |
| Quick ratio | — | 1.7x | 1.1x | 1.5x | 1.5x | 0.5x | 1.1x | 1.3x | 2.2x |
| Capital allocation | |||||||||
| Stock comp / revenue | 8,200.0% | 2.2% | 1.2% | 0.2% | 0.4% | 0.6% | 0.7% | 0.9% | 1.1% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 3.0 | 2.0 | 3.0 | 4.0 | 4.0 | 5.0 | 5.0 |
| Altman Z'' | — | 0.8 | −0.1 | −0.7 | −0.8 | −2.1 | −0.3 | 0.2 | 0.8 |
| Accruals ratio | — | −1.9% | −6.7% | −8.1% | −4.3% | −11.7% | 2.4% | 0.1% | −5.9% |
Source: SEC EDGAR XBRL filings (CIK 0001715497). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.