Burford Capital Ltd key statistics and ratios
In fiscal 2025, Burford Capital Ltd had return on equity of 2.6%, an operating margin of 56.2% and debt equal to 88.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 74.2% | 63.7% | 31.6% | 61.1% | 75.0% | 71.5% | 56.2% | — |
| Net margin | 56.2% | 43.7% | −13.2% | 9.6% | 56.2% | 26.8% | 15.1% | — |
| Free-cash-flow margin | −51.8% | 16.3% | −269.5% | −146.1% | −25.6% | 39.6% | −7.1% | — |
| Return on equity | 16.0% | 7.9% | −1.7% | 1.8% | 30.3% | 6.2% | 2.6% | −103.2% |
| Return on assets | — | 4.4% | −0.8% | 0.8% | 12.1% | 2.4% | 1.0% | −30.9% |
| Asset turnover | — | 0.10 | 0.06 | 0.08 | 0.21 | 0.09 | 0.06 | — |
| Debt to equity | 35.5% | 38.4% | 61.1% | 72.8% | 67.0% | 73.7% | 88.0% | 297.3% |
| Interest cover (operating income ÷ interest) | 10.2x | 5.3x | 1.2x | 2.5x | 8.2x | 2.9x | 1.5x | n/m |
| Effective tax rate | 8.9% | 13.0% | — | 10.6% | 2.7% | 9.5% | 14.1% | — |
| Capital spending as % of revenue | 0.6% | 0.1% | 0.1% | 0.1% | 0.3% | 0.1% | 0.1% | — |
| Free cash flow ÷ net income | −92.2% | 37.3% | — | <−999% | −45.5% | 147.5% | −46.8% | — |
| Dividends ÷ net income | 9.5% | — | — | 90.7% | 4.5% | 18.7% | 43.8% | — |
| Dividends and buybacks ÷ free cash flow | — | — | — | — | — | 15.0% | — | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 81.2% | 56.7% | 65.4% | 74.3% | 35.5% | −37.9% | — | 57.1% |
| Net margin | 54.5% | −13.9% | 26.0% | 46.2% | −27.4% | −112.2% | — | 2.0% |
| Free-cash-flow margin | 112.3% | −20.6% | 130.5% | −44.1% | −28.8% | −239.4% | — | 46.9% |
| Debt to equity | — | 72.9% | 72.5% | 71.1% | 85.8% | 86.9% | 290.1% | 293.4% |
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
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