Borr Drilling Ltd is a US-listed company in the oil & gas drilling industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$10
Cash-flow model
Base case. Range ~$6.4–$16 across our lower- and higher-growth cases (6.3%–16.3% a year).
Undervalued
The price is below our entire value range; our base value is 183% above it.
Price used: $3.68, November 2, 2026
Borr Drilling Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.02bn, up 1.0% on a year earlier, slower than the 31.0% growth a quarter earlier. Free-cash-flow margin rose to 16.0% from -31.7% a year earlier. Operating margin widened to 31.6% from -36.0%. The diluted share count is up 4.0% on a year earlier, which dilutes existing holders. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $12.08 a share, against a share price of $4.02.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Borr Drilling Ltd's trailing-twelve-month revenue grew 1.0% year on year, with a free-cash-flow margin of 16.0%. Where it stands out: operating margin of 31.6% ranks 1 of 5 oil & gas drilling companies we cover. Where it lags: change in growth rate of -30.0pp ranks 6 of 6 oil & gas drilling companies we cover.
Our discounted-cash-flow model values the business at ~$10 per share in the base case (~$6.4–$16 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 627.6% while net income fell 45.2%: a 673pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The share price implies about 1.7% a year of cash-flow growth for five years.That is slower than the 27.1% a year revenue growth Borr Drilling has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($3.62, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of Borr Drilling Ltd's free cash flow after stock-based pay ( $177M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Borr Drilling Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.98 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$10 ~$6.4–$16 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.7 ~$0.6–$0.8 | Left out: out of range vs price (0.19x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$10 ~$6.4–$16 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Borr Drilling Ltd with Oil & Gas Drilling in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $3 | $6 | $9 | $15 | $21 | $30 |
| 8.5% | $1 | $3 | $6 | $9 | $14 | $20 |
| 10% | — | $1 | $3 | $6 | $10 | $15 |
| At fiscal year end | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Share price | $17.05 | $1.53 | $1.94 | $4.68 | $6.93 | $3.87 | $4.03 |
| Market value | $916m | $115m | $261m | $835m | $1.7bn | $985m | $1.1bn |
| + Net debt (− = net cash) | $1.7bn | $1.9bn | $1.9bn | $1.5bn | $1.6bn | $2.0bn | $1.8bn |
| Enterprise value | $2.6bn | $2.0bn | $2.1bn | $2.4bn | $3.3bn | $3.0bn | $2.8bn |
| Multiples | |||||||
| Price / sales | 2.7x | 0.4x | 1.1x | 1.9x | 2.2x | 1.0x | 1.0x |
| Price / earnings | — | — | — | — | 77.9x | 12.0x | 23.7x |
| Price / free cash flow | — | — | — | — | — | 43.8x | 6.5x |
| EV / EBITDA | — | — | 68.4x | 161.9x | 9.0x | 6.0x | 6.0x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 18, 2026, after the close. Analysts expect revenue of $260m and EPS of −$0.09 (range −$0.11 to −$0.07) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.75 | −542% | $988m | −3% |
| Next | $0.04 | +105% | $1.2bn | +21% |
Next year's EPS estimate has moved −88.8% in 90 days, across 7 analysts.
The consensus EPS forecast for the current fiscal year is +369.7% on 90 days ago. In the last 30 days, 0 analysts raised Borr Drilling Ltd's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.16 | $0.32 |
| 60 days ago | −$0.73 | $0.14 |
| 30 days ago | −$0.74 | $0.08 |
| 7 days ago | −$0.74 | $0.08 |
| Now | −$0.75 | $0.04 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.22 | −$0.21 | +1.5% |
| Mar 2026 | −$0.04 | −$0.09 | −122.3% |
| Dec 2025 | −$0.03 | −$0.00 | +86.3% |
| Sept 2025 | $0.08 | $0.09 | +17.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BORR | +27% | +141% | +48% | −44% | +4% | −9% |
| Industry peers (median) | +29% | +89% | +1% | −30% | −5% | +56% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BORR | 58% | 58% | 67% | 33% | 58% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BORR | −63% | −62% | −36% | −52% | −60% | −44% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since July 30, 2019: 97% from July 31, 2019 to March 18, 2020. Getting back needed a 3808% gain, and the shares have not yet recovered.
How Borr Drilling Ltd’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade C (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $100K |
| FY18 Q4 | $164.9M |
| FY19 Q4 | $334.1M |
| FY20 Q4 | $307.5M |
| FY21 Q4 | $245.3M |
| FY22 Q4 | $443.8M |
| FY23 Q4 | $771.6M |
| FY24 Q4 | $1B |
| FY25 Q4 | $1B |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q4 | 164800.0% |
| FY19 Q4 | 102.6% |
| FY20 Q4 | -8.0% |
| FY21 Q4 | -20.2% |
| FY22 Q4 | 80.9% |
| FY23 Q4 | 73.9% |
| FY24 Q4 | 31.0% |
| FY25 Q4 | 1.0% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q4 | -109700.0% |
| FY18 Q4 | -79.7% |
| FY19 Q4 | -45.1% |
| FY20 Q4 | -61.1% |
| FY21 Q4 | -36.0% |
| FY22 Q4 | -23.0% |
| FY23 Q4 | 32.5% |
| FY24 Q4 | 37.0% |
| FY25 Q4 | 31.6% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | -304700.0% |
| FY18 Q4 | -96.2% |
| FY19 Q4 | -64.7% |
| FY20 Q4 | -30.0% |
| FY21 Q4 | -31.7% |
| FY22 Q4 | -4.3% |
| FY23 Q4 | -21.0% |
| FY24 Q4 | 2.2% |
| FY25 Q4 | 16.0% |
Each dollar Borr Drilling took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $1B | |
|---|---|---|
| Selling, general and admin | $50.4M | 4.9% of revenue |
| Other operating costs | $648M | 63.5% of revenue |
| Operating income | $322M | 31.6% of revenue |
| Income tax | $40.9M | 4.0% of revenue |
| Interest and other | $236M | 23.1% of revenue |
| Net income | $45M | 4.4% of revenue |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 0 | 165 | 334 | 308 | 245 | 444 | 772 | 1,011 | 1,021 |
| EBITDA | −89 | −52 | −49 | −70 | 31 | 15 | 368 | 505 | 470 |
| Operating income | −110 | −131 | −151 | −188 | −88 | −102 | 250 | 374 | 322 |
| Net income | −88 | −191 | −298 | −318 | −193 | −293 | 22 | 82 | 45 |
| Diluted EPS | −$1.70 | −$3.70 | −$5.54 | −$4.22 | −$1.43 | −$1.64 | $0.09 | $0.32 | $0.17 |
| Growth (year on year) | |||||||||
| Revenue | — | +>999% | +102.6% | −8.0% | −20.2% | +80.9% | +73.9% | +31.0% | +1.0% |
| EBITDA | — | — | — | — | — | −53.4% | +>999% | +37.4% | −7.0% |
| Operating income | — | — | — | — | — | — | — | +49.4% | −13.9% |
| Net income | — | — | — | — | — | — | — | +271.5% | −45.2% |
| Diluted EPS | — | — | — | — | — | — | — | +255.6% | −46.9% |
| Margins | |||||||||
| EBITDA margin | <−999% | −31.5% | −14.8% | −22.8% | 12.8% | 3.3% | 47.7% | 50.0% | 46.1% |
| Operating margin | <−999% | −79.7% | −45.1% | −61.1% | −36.0% | −23.0% | 32.5% | 37.0% | 31.6% |
| Net margin | <−999% | −115.5% | −89.1% | −103.3% | −78.7% | −66.0% | 2.9% | 8.1% | 4.4% |
| Free-cash-flow margin | <−999% | −96.2% | −64.7% | −30.0% | −31.7% | −4.3% | −21.0% | 2.2% | 16.0% |
| Cash flow | |||||||||
| Cash from operations | −185 | −135 | −89 | −55 | −59 | 63 | −51 | 77 | 252 |
| Capital spending | 120 | 23 | 127 | 37 | 19 | 82 | 111 | 55 | 88 |
| Free cash flow | −305 | −159 | −216 | −92 | −78 | −19 | −162 | 23 | 164 |
| Stock-based pay | 8 | 4 | 4 | 1 | 1 | 3 | 6 | 9 | 11 |
| Free cash flow after stock pay | −313 | −162 | −220 | −93 | −79 | −22 | −168 | 13 | 152 |
| Balance sheet | |||||||||
| Cash | 203 | 28 | 59 | 19 | 35 | 108 | 103 | 62 | 380 |
| Total debt | 0 | 1,175 | 1,710 | 1,906 | 1,916 | 1,637 | 1,702 | 2,111 | 2,150 |
| Net debt (negative = net cash) | −203 | 1,147 | 1,651 | 1,887 | 1,881 | 1,529 | 1,599 | 2,049 | 1,771 |
| Diluted shares | 52m | 51m | 54m | 75m | 135m | 178m | 248m | 254m | 265m |
| Returned to shareholders | |||||||||
| Dividends | — | — | — | — | — | 0 | 0 | 76 | 5 |
| Buybacks | 8 | 20 | 0 | 0 | 0 | 0 | 1 | 20 | 0 |
| Total returned | 8 | 20 | 0 | 0 | 0 | 0 | 1 | 96 | 5 |
| Last 12 months unless stated | BORR | PDS | SDRL | NE | HP | PTEN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.0bn | $1.3bn | $1.5bn | $3.0bn | $4.0bn | $4.8bn | $2.3bn |
| Revenue growth, last 12 months | 1.0% | −5.0% | 13.1% | −13.0% | 16.6% | 0.0% | 0.5% |
| Revenue growth, 3-year average | — | — | — | 5.3% | 12.0% | 13.0% | 12.0% |
| Revenue growth, latest quarter | — | — | 19.1% | −8.7% | −0.6% | 14.1% | 6.8% |
| Operating margin | 31.6% | 31.5% | 7.8% | 12.0% | 2.3% | 0.9% | 9.9% |
| Operating margin, 3-year average | <−999% | — | −151.2% | 16.3% | 7.3% | −4.5% | −4.5% |
| Net margin | 4.4% | 0.1% | 0.1% | 1.8% | −3.4% | −0.5% | 0.1% |
| Cash from operations / revenue | 24.7% | 22.4% | −3.4% | 25.0% | 14.5% | 16.9% | 19.7% |
| Free-cash-flow margin | 16.0% | 8.1% | −21.0% | 3.2% | 7.9% | 5.5% | 6.7% |
| Free-cash-flow margin, 3-year average | <−999% | 5.3% | −32.1% | 7.6% | 5.8% | 7.1% | 5.5% |
| Stock pay / revenue | 1.1% | — | 1.1% | 1.0% | 0.9% | 0.7% | 1.0% |
| Change in share count | 4.0% | −6.3% | −2.3% | −0.8% | 0.5% | −1.3% | −1.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 1.0% | 1.0% | 3 of 6 |
| Change in growth rate Growth | -30.0pp | -1.7pp | 6 of 6 |
| Operating margin Profitability | 31.6% | 7.8% | 1 of 5 |
| Net margin Profitability | 4.4% | 0.1% | 1 of 6 |
| Free-cash-flow margin Cash generation | 16.0% | 7.9% | 1 of 6 |
| Stock pay as % of revenue Cash generation | 1.1% | 1.0% | 4 of 5 |
| Long-term debt as % of assets Balance sheet | 55.7% | 26.4% | 6 of 6 |
| Change in share count Balance sheet | 4.0% | -0.8% | 6 of 6 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $60.7M | 14.7M | 13.0% | ▼ 11.7% |
| D. E. Shaw & Co., Inc. | $29.9M | 7.2M | 6.4% | ▲ 16.1% |
| Sona Asset Management (US) LLC | $25M | 6.0M | 5.4% | New |
| Goldman Sachs Group Inc | $22.6M | 5.5M | 4.8% | ▼ 12.8% |
| State Street Corp | $18M | 4.4M | 3.9% | ▼ 6.1% |
| Dimensional Fund Advisors LP | $16.9M | 4.1M | 3.6% | ▲ 16.9% |
| UBS Group AG | $16.1M | 3.9M | 3.5% | ▲ 106.1% |
| Barclays PLC | $14.4M | 3.5M | 3.1% | ▲ 65.3% |
| Geode Capital Management, LLC | $13.1M | 3.2M | 2.8% | ▼ 9.8% |
| Capital International Investors | $12.3M | 3.0M | 2.6% | ▲ 0.1% |
| SG Americas Securities, LLC | $11M | 2.7M | 2.4% | ▲ 6468.1% |
| Marshall Wace, LLP | $9.9M | 2.4M | 2.1% | ▲ 27.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Borr Drilling Ltd's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Troim Tor Olav Director | October 15, 2026 | Buy | 500,000 | $4.60 | $2.3M |
| Troim Tor Olav Director | October 14, 2026 | Buy | 750,000 | $4.72 | $3.5M |
| Snowling Harvey Edward Chief Operating Officer | October 14, 2026 | Sell | 300,000 | $4.91 | $1.5M |
| Snowling Harvey Edward Chief Operating Officer | October 14, 2026 | Buy | 300,000 | $4.91 | $1.5M |
| Troim Tor Olav Director | October 13, 2026 | Buy | 1,500,000 | $4.93 | $7.4M |
| Troim Tor Olav Director | October 9, 2026 | Buy | 2,500,000 | $4.74 | $11.8M |
| Troim Tor Olav Director | October 7, 2026 | Buy | 1,250,000 | $4.31 | $5.4M |
| Troim Tor Olav Director | October 6, 2026 | Buy | 1,500,000 | $4.24 | $6.4M |
| Troim Tor Olav Director | October 5, 2026 | Buy | 1,500,000 | $4.13 | $6.2M |
| Morand De Oliveira Bruno Chief Executive Officer | September 18, 2026 | Buy | 45,500 | $4.40 | $200,200 |
| Troim Tor Olav Director | September 17, 2026 | Buy | 150,000 | $4.38 | $657,000 |
| Troim Tor Olav Director | September 16, 2026 | Buy | 1,000,000 | $4.30 | $4.3M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Borr Drilling Ltd disclosed in the last 12 months; 1 earlier trade on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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