Burford Capital Ltd
BUR NYSE Finance Services Financials FY2022–FY2025
Last close · Oct 23, 2026
$3.36
0.3%
Revenue
Total sales reported in the income statement.
$413M
24.3%
vs prior year
Operating margin
Operating income as a share of revenue.
56.2%
15.4 pts
Net income
Profit after all expenses, interest and tax.
$62.6M
57.3%
Free cash flow
Cash from operations minus capital spending.
−$29.3M
113.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.5%
4.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$756M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$7.70 EPS (TTM)
What Burford Capital Ltd does
No business description yet.
- Legal name
- Burford Capital Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001714174-26-000007
0001714174
Revenue and margins
Burford Capital Ltd had $413M of revenue in fiscal 2025, down 24.3% on the year before.
FY22
Revenue $319M
FY23
Revenue $1.1B
FY24
Revenue $546M
FY25
Revenue $413M
Q1 '24
Revenue $44.3M
Q2 '24
Revenue $160M
Q3 '24
Revenue $249M
Q4 '24
Revenue $93.0M
Q1 '25
Revenue $119M
Q2 '25
Revenue $191M
Q3 '25
Revenue $69.8M
Q4 '25
Revenue $33.4M
Q1 '26
Revenue −$1.7B
Q2 '26
Revenue $111M
FY22
Gross —
Operating 61.1%
Net 9.6%
FCF −146.1%
FY23
Gross —
Operating 75.0%
Net 56.2%
FCF −25.6%
FY24
Gross —
Operating 71.5%
Net 26.8%
FCF 39.6%
FY25
Gross —
Operating 56.2%
Net 15.1%
FCF −7.1%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating 32.0%
Net −67.6%
FCF 119.5%
Q2 '24
Gross —
Operating 76.1%
Net 33.7%
FCF −61.0%
Q3 '24
Gross —
Operating 81.2%
Net 54.5%
FCF 112.3%
Q4 '24
Gross —
Operating 56.7%
Net −13.9%
FCF −20.6%
Q1 '25
Gross —
Operating 65.4%
Net 26.0%
FCF 130.5%
Q2 '25
Gross —
Operating 74.3%
Net 46.2%
FCF −44.1%
Q3 '25
Gross —
Operating 35.5%
Net −27.4%
FCF −28.8%
Q4 '25
Gross —
Operating −37.9%
Net −112.2%
FCF −239.4%
Q1 '26
Gross —
Operating 91.3%
Net 94.9%
FCF 7.9%
Q2 '26
Gross —
Operating 57.1%
Net 2.0%
FCF 46.9%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2022 to 2025, diluted EPS grew 26.0% a year. Loss periods are shown in red.
FY22
Net income $30.5M
FY23
Net income $611M
FY24
Net income $146M
FY25
Net income $62.6M
Q1 '24
Net income −$29.9M
Q2 '24
Net income $53.7M
Q3 '24
Net income $136M
Q4 '24
Net income −$13.0M
Q1 '25
Net income $30.9M
Q2 '25
Net income $88.3M
Q3 '25
Net income −$19.2M
Q4 '25
Net income −$37.5M
Q1 '26
Net income −$1.6B
Q2 '26
Net income $2.2M
FY22
Diluted EPS $0.14
FY23
Diluted EPS $2.74
FY24
Diluted EPS $0.66
FY25
Diluted EPS $0.28
Q1 '24
Diluted EPS −$0.14
Q2 '24
Diluted EPS $0.24
Q3 '24
Diluted EPS $0.61
Q4 '24
Diluted EPS −$0.05
Q1 '25
Diluted EPS $0.14
Q2 '25
Diluted EPS $0.39
Q3 '25
Diluted EPS −$0.09
Q4 '25
Diluted EPS −$0.16
Q1 '26
Diluted EPS −$7.46
Q2 '26
Diluted EPS $0.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity 1.3%
Return on assets —
FY23
Return on capital 22.1%
Return on equity 26.1%
Return on assets 10.5%
FY24
Return on capital 10.4%
Return on equity 6.2%
Return on assets 2.4%
FY25
Return on capital 5.5%
Return on equity 2.6%
Return on assets 1.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$29.3M in fiscal 2025, −7.1% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$467M
FY23
Free cash flow −$278M
FY24
Free cash flow $216M
FY25
Free cash flow −$29.3M
Q1 '24
Free cash flow $52.9M
Q2 '24
Free cash flow −$97.4M
Q3 '24
Free cash flow $280M
Q4 '24
Free cash flow −$19.2M
Q1 '25
Free cash flow $155M
Q2 '25
Free cash flow −$84.3M
Q3 '25
Free cash flow −$20.1M
Q4 '25
Free cash flow −$80.0M
Q1 '26
Free cash flow −$137M
Q2 '26
Free cash flow $51.9M
FY22
Cash from operations −$466M
Capital spending $0.4M
FY23
Cash from operations −$275M
Capital spending $3.2M
FY24
Cash from operations $217M
Capital spending $0.7M
FY25
Cash from operations −$29.0M
Capital spending $0.3M
Cash from operations
Capital spending
Q1 '24
Cash from operations $53.0M
Capital spending $0.0M
Q2 '24
Cash from operations −$97.4M
Capital spending $0.0M
Q3 '24
Cash from operations $280M
Capital spending $0.1M
Q4 '24
Cash from operations −$18.7M
Capital spending $0.5M
Q1 '25
Cash from operations $155M
Capital spending $0.0M
Q2 '25
Cash from operations −$84.2M
Capital spending $0.1M
Q3 '25
Cash from operations −$20.1M
Capital spending $0.1M
Q4 '25
Cash from operations −$79.9M
Capital spending $0.1M
Q1 '26
Cash from operations −$137M
Capital spending $0.0M
Q2 '26
Cash from operations $52.0M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Burford Capital Ltd returned $15.3M to shareholders in fiscal 2025. The diluted share count rose 0.6%.
FY22
Dividends —
Buybacks $3.7M
FY23
Dividends —
Buybacks $3.8M
FY24
Dividends —
Buybacks $5.1M
FY25
Dividends —
Buybacks $15.3M
Dividends
Buybacks
Q1 '24
Dividends —
Buybacks $4.4M
Q2 '24
Dividends —
Buybacks $0.7M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $15.3M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $3.7M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.22B
FY24
Diluted shares 0.22B
FY25
Diluted shares 0.22B
Balance sheet
Cash, debt and the ratios that show how comfortably Burford Capital Ltd can carry it.
FY22
Cash $108M
Debt —
FY23
Cash $234M
Debt $1.5B
FY24
Cash $790M
Debt $1.8B
FY25
Cash $944M
Debt $2.1B
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $108M | $234M | $790M | $944M |
| Debt incl. finance leases | — | $1.5B | $1.8B | $2.1B |
| Debt / equity | — | 0.7x | 0.7x | 0.9x |
| Interest coverage | 2.5x | 8.2x | 2.9x | 1.5x |
| Total assets | — | $5.8B | $6.2B | $6.6B |
| Total liabilities | — | $2.6B | $2.9B | $3.5B |
| Shareholders' equity | $2.4B | $2.3B | $2.4B | $2.4B |
| Net debt (− = net cash) | — | $1.3B | $974M | $1.2B |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✕ |
| Current ratio rose | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 3 / 7 | 1 / 7 |
| Accruals ratio | — | 15.2% | −1.2% | 1.4% |
| Altman Z'' | — | — | — | — |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $319M | $1.1B | $546M | $413M |
| Operating income | $195M | $816M | $391M | $232M |
| Interest expense | $78.3M | $99.1M | $136M | $151M |
| Pretax income | $109M | $738M | $254M | $84.0M |
| Income tax | $11.6M | $20.1M | $24.0M | $11.8M |
| Net income | $30.5M | $611M | $146M | $62.6M |
| Diluted EPS | $0.14 | $2.74 | $0.66 | $0.28 |
| Diluted shares | 0.22B | 0.22B | 0.22B | 0.22B |
| Cash flow | ||||
| Cash from operations | −$466M | −$275M | $217M | −$29.0M |
| Capital expenditure | $0.4M | $3.2M | $0.7M | $0.3M |
| Free cash flow | −$467M | −$278M | $216M | −$29.3M |
| Stock-based compensation | $7.8M | $8.7M | $8.7M | $13.8M |
| Share buybacks | $3.7M | $3.8M | $5.1M | $15.3M |
| Dividends and buybacks | $3.7M | $3.8M | $5.1M | $15.3M |
| Balance sheet | ||||
| Cash and short-term investments | $108M | $234M | $790M | $944M |
| Total debt | — | $1.5B | $1.8B | $2.1B |
| Property and equipment, net | — | $3.6M | $3.4M | $3.0M |
| Goodwill | $134M | $134M | $134M | $134M |
| Total assets | — | $5.8B | $6.2B | $6.6B |
| Total liabilities | — | $2.6B | $2.9B | $3.5B |
| Shareholders' equity | $2.4B | $2.3B | $2.4B | $2.4B |
| Margins | ||||
| Operating margin | 61.1% | 75.0% | 71.5% | 56.2% |
| Net margin | 9.6% | 56.2% | 26.8% | 15.1% |
| FCF margin | −146.1% | −25.6% | 39.6% | −7.1% |
| Returns | ||||
| Return on capital | — | 22.1% | 10.4% | 5.5% |
| Return on equity | 1.3% | 26.1% | 6.2% | 2.6% |
| Return on assets | — | 10.5% | 2.4% | 1.0% |
| Return on tangible equity | 1.4% | 28.3% | 6.4% | 2.7% |
| Growth | ||||
| Revenue growth | — | 240.5% | −49.8% | −24.3% |
| Net income growth | — | 1,901.3% | −76.0% | −57.3% |
| EPS growth | — | 1,857.1% | −75.9% | −57.6% |
| FCF growth | — | — | — | −113.6% |
| Share count change | — | 0.5% | 0.1% | 0.6% |
| Financial health | ||||
| Debt / equity | — | 0.7x | 0.7x | 0.9x |
| Interest coverage | 2.5x | 8.2x | 2.9x | 1.5x |
| Capital allocation | ||||
| Capex / revenue | 0.1% | 0.3% | 0.1% | 0.1% |
| Stock comp / revenue | 2.4% | 0.8% | 1.6% | 3.3% |
| Payouts / FCF | — | — | 2.4% | — |
| Quality scores | ||||
| Piotroski F-score | — | — | 3.0 | 1.0 |
| Accruals ratio | — | 15.2% | −1.2% | 1.4% |
Source: SEC EDGAR XBRL filings (CIK 0001714174). 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.