A Business at a Glance
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ITEM 4. INFORMATION ON THE COMPANY A.HISTORY AND DEVELOPMENT OF THE COMPANY Borr Drilling Limited was incorporated in Bermuda on August 8, 2016, pursuant to the Companies Act 1981 of Bermuda (the “Companies Act”), as an exempted company limited by shares. On December 19, 2016, our shares were introduced to the Norwegian OTC market and on August 30, 2017, our shares were listed on the Oslo Stock Exchange under the symbol “BDRILL” which was subsequently changed to "BORR" on November 30, 2020. On July 31, 2019, our shares were listed on the New York Stock Exchange under the symbol “BORR.” On December 30, 2024, we delisted from the Oslo Stock Exchange and as such, we currently maintain a listing only on the New York Stock Exchange. Our current agents for service of process in the U.S. are Puglisi & Associates and Borr Finance LLC. Our principal executive offices are located at S. E.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 1.0B | 772M | 444M | 245M | 308M |
| Net Income | 82M | 82M | 22M | -293M | -193M | -318M |
| EPS | $0.32 | $0.32 | $0.09 | $-1.64 | $-1.43 | $-8.44 |
| Free Cash Flow | 77M | 77M | -52M | 61M | -59M | -55M |
| ROIC | 6.9% | 10.0% | 5.9% | -14.0% | -6.9% | -10.8% |
| Gross Margin | 60.6% | 60.6% | 51.3% | - | - | 94.8% |
| Debt/Equity | 2.24 | 2.24 | 1.81 | 2.32 | 2.15 | 1.84 |
| Dividends/Share | $0.30 | $0.32 | $0.00 | - | - | - |
| Operating Income | 374M | 374M | 250M | -102M | -88M | -188M |
| Operating Margin | 37.0% | 37.0% | 32.5% | -23.0% | -36.0% | -61.1% |
| ROE | 8.3% | 8.3% | 2.2% | -32.6% | -21.7% | -30.6% |
| Shares Outstanding | 257M | 257M | 246M | 179M | 135M | 38M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 165M | 334M | 308M | 245M | 444M | 772M | 1.0B | 1.0B |
| Gross Margin | 70.8% | 74.3% | 94.8% | N/A | N/A | 51.3% | 60.6% | 60.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 39M | 50M | 49M | 35M | 37M | 45M | 49M | 49M |
| EBIT | -131M | -151M | -188M | -88M | -102M | 250M | 374M | 374M |
| Op. Margin | -79.7% | -45.1% | -61.1% | -36.0% | -23.0% | 32.5% | 37.0% | 37.0% |
| Net Income | -191M | -298M | -318M | -193M | -293M | 22M | 82M | 82M |
| Net Margin | -115.5% | -89.1% | -103.3% | -78.7% | -66.0% | 2.9% | 8.1% | 8.1% |
| Non-Recurring | 50M | 18M | 96M | 1.2M | 136M | 600K | 400K | 400K |
| Returns on Capital | ||||||||
| ROIC | -7.0% | -9.9% | -10.8% | -6.9% | -14.0% | 5.9% | 10.0% | 6.9% |
| ROE | -12.4% | -23.0% | -30.6% | -21.7% | -32.6% | 2.2% | 8.3% | 8.3% |
| ROA | -6.5% | -9.1% | -10.0% | -6.3% | -9.8% | 0.7% | 2.5% | 2.4% |
| Cash Flow | ||||||||
| Op. Cash Flow | -135M | -89M | -55M | -59M | 63M | -51M | 77M | 77M |
| Free Cash Flow | -143M | -91M | -55M | -59M | 61M | -52M | 77M | 77M |
| Owner Earnings | -218M | -194M | -173M | -179M | -57M | -174M | -63M | -63M |
| CapEx | 7.8M | 1.9M | 0 | 100K | 1.8M | 1.5M | 500K | 500K |
| Maint. CapEx | 80M | 101M | 118M | 120M | 117M | 117M | 131M | 131M |
| Growth CapEx | 0 | 0 | N/A | 0 | 0 | 0 | 0 | 0 |
| D&A | 80M | 101M | 118M | 120M | 117M | 117M | 131M | 131M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.6% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 76M | 76M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | 5.4% | 5.0% |
| Share Buybacks | 20M | 0 | 0 | 0 | 0 | 800K | 20M | 20M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% | 2.2% | 1.3% |
| Stock-Based Comp | 3.7M | 3.9M | 700K | 900K | 2.6M | 5.6M | 9.1M | 9.1M |
| Debt Repayment | 89M | 390M | 0 | 0 | 356M | 1.8B | 286M | 286M |
| Balance Sheet | ||||||||
| Net Debt | 1.1B | 1.6B | 1.9B | 1.8B | 1.9B | 1.6B | 2.1B | 2.2B |
| Cash & Equiv. | 28M | 59M | 19M | 35M | 108M | 103M | 62M | 62M |
| Long-Term Debt | 1.2B | 1.7B | 1.9B | 1.9B | 1.2B | 1.6B | 2.0B | 2.0B |
| Debt/Equity | 0.77 | 1.32 | 1.84 | 2.15 | 2.32 | 1.81 | 2.24 | 2.24 |
| Interest Coverage | -9.6 | -2.1 | -2.2 | -1.0 | -0.7 | 1.4 | 1.8 | 1.8 |
| Equity | 1.5B | 1.3B | 1.0B | 890M | 898M | 984M | 993M | 993M |
| Total Assets | 2.9B | 3.3B | 3.2B | 3.1B | 3.0B | 3.1B | 3.4B | 3.4B |
| Total Liabilities | 1.4B | 2.0B | 2.1B | 2.2B | 2.1B | 2.1B | 2.4B | 2.4B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -279M | -577M | -895M | -1.1B | -1.4B | -1.4B | -1.3B | -1.3B |
| Working Capital | 89M | 28M | 45M | 58M | -396M | 50M | 107M | 107M |
| Current Assets | 209M | 278M | 141M | 176M | 350M | 410M | 517M | 517M |
| Current Liabilities | 119M | 250M | 96M | 118M | 746M | 360M | 410M | 410M |
| Per Share Data | ||||||||
| EPS | -3.70 | -5.56 | -8.44 | -1.43 | -1.64 | 0.09 | 0.32 | 0.32 |
| Owner EPS | -4.24 | -1.78 | -4.61 | -1.33 | -0.32 | -0.71 | -0.25 | -0.25 |
| Book Value | 29.75 | 11.82 | 27.55 | 6.59 | 5.03 | 4.01 | 3.87 | 3.87 |
| Cash Flow/Share | -2.63 | -0.81 | -1.46 | -0.44 | 0.35 | -0.21 | 0.30 | 0.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.32 | 0.30 |
| Shares Out. | 51.5M | 109.4M | 37.6M | 135.0M | 178.5M | 245.6M | 256.6M | 256.6M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 75.4 | 11.2 | 18.6 |
| P/FCF | N/A | N/A | N/A | N/A | 12.9 | N/A | 11.9 | 19.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 12.7 | 7.6 | 9.9 |
| Price/Book | N/A | 1.4 | N/A | N/A | N/A | N/A | N/A | 1.5 |
| Price/Sales | N/A | 3.9 | 0.8 | 1.0 | 1.4 | 2.0 | 1.4 | 1.5 |
| FCF Yield | N/A | -5.2% | -48.4% | -21.9% | 7.7% | -3.1% | 8.4% | 5.0% |
| Market Cap | N/A | 1.8B | 113M | 270M | 785M | 1.7B | 916M | 1.5B |
| Avg. Price | N/A | 11.96 | 3.12 | 1.76 | 3.58 | 6.38 | 5.47 | 5.96 |
| Year-End Price | N/A | 16.11 | 1.50 | 2.00 | 4.40 | 6.78 | 3.57 | 5.96 |
Borr Drilling Ltd passes 5 of 9 quality checks, suggesting mixed fundamentals.
Borr Drilling Ltd trades at 18.6x trailing earnings, compared to its 15-year median P/E of 43.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.8x vs a median of 12.4x. The company's 5-year average gross margin is 68.9%. Total shareholder yield (dividends + buybacks) is 6.3%. At current prices, the estimated annualized return to fair value is -0.4%.
Borr Drilling Ltd (BORR) has a current P/E ratio of 18.6, compared to its historical median P/E of 43.3. The stock is currently considered Fair based on its historical valuation range.
Borr Drilling Ltd (BORR) has a 5-year average return on invested capital (ROIC) of -3.2%. This is below average and may indicate limited pricing power.
Borr Drilling Ltd (BORR) has a market capitalization of $1.5B. It is classified as a small-cap stock.
Yes, Borr Drilling Ltd (BORR) pays a dividend with a trailing twelve-month yield of 4.99%. The company also returns capital through share buybacks, with a buyback yield of 1.30%.
Based on historical P/E analysis, Borr Drilling Ltd (BORR) appears fair. The current P/E of 18.6 is 57% below its historical median of 43.3. The estimated fair value CAGR (P/E method) is 40.3%.
Borr Drilling Ltd (BORR) operates in the Drilling Oil & Gas Wells industry, within the Energy sector.
Borr Drilling Ltd (BORR) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Borr Drilling Ltd (BORR) has a net profit margin of 8.1%. This is a modest margin.
Borr Drilling Ltd (BORR) generated $77 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Borr Drilling Ltd (BORR) has a debt-to-equity ratio of 2.24. This indicates higher leverage, which may increase financial risk.
Borr Drilling Ltd (BORR) reported earnings per share (EPS) of $0.32 in its most recent fiscal year.
Borr Drilling Ltd (BORR) has a return on equity (ROE) of 8.3%. This indicates moderate shareholder returns.
Borr Drilling Ltd (BORR) has a 5-year average gross margin of 68.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Borr Drilling Ltd (BORR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Borr Drilling Ltd (BORR) has a book value per share of $3.87, based on its most recent annual SEC filing.
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