Borr Drilling Ltd key statistics and ratios

In fiscal 2025, Borr Drilling Ltd had return on equity of 4.1%, an operating margin of 31.6%, debt equal to 175.9% of equity and a current ratio of 2.19. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Borr Drilling Ltd: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
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%
Asset turnover	—	0.06	0.11	0.10	0.08	0.15	0.25	0.31	0.29
Current ratio	—	1.75	1.11	1.47	1.49	0.47	1.14	1.26	2.19
Debt to equity	0.0%	76.7%	132.4%	183.9%	215.3%	182.3%	172.9%	212.5%	175.9%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	1.4x	1.8x	1.4x
Effective tax rate	—	—	—	—	—	—	60.6%	—	—
Capital spending as % of revenue	>999%	14.2%	38.1%	12.2%	7.7%	18.4%	14.4%	5.4%	8.6%
Free cash flow ÷ net income	—	—	—	—	—	—	−732.6%	27.4%	363.8%
Dividends ÷ net income	—	—	—	—	—	—	0.0%	92.9%	10.4%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	427.6%	3.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · December 31, 2025

What it owns · $3.6bn

Short-term assets $768mLonger-term assets $2.9bn

What it owes, and who funded it · $3.6bn

Short-term liabilities $351mLonger-term liabilities $2.1bnShareholders' equity $1.2bn

Short-term assets cover short-term liabilities $768m of assets due within a year against $351m of liabilities due within a year.
Short-term assets cover long-term liabilities $768m short-term assets against $2.1bn of longer-dated liabilities.
More cash than debt $380m of cash against $2.2bn of debt.
Debt below 40% of shareholders' equity Debt is 176% of equity.
Debt burden no higher than five years ago Debt to equity moved from 184% to 176% over five years.
A year's operating cash flow covers at least 20% of debt $252m of operating cash flow against $2.2bn of debt.
Operating profit covers interest at least five times over Operating income of $322m against $228m of interest.

From Borr Drilling Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BORR vs PDS BORR vs SDRL BORR vs NE

More: Oil & Gas Drilling stocks compared, Energy sector, rankings of US companies

Figures from Borr Drilling Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Borr Drilling Ltd.