The company's financial leverage remains elevated with a debt-to-equity ratio of 1.93 as of 2026Q1, reflecting a persistent reliance on debt to fund its $3.1 billion in property, plant, and equipment.
| Total Current Assets | 640.2M | 739.1M | 516.6M | 409.9M | 349.9M | 176.2M | 133.6M | 256.2M | 208.6M | 225.5M | 138.12M |
| Cash & Short-Term Investments | 246.9M | 380.7M | 61.6M | 102.5M | 108M | 34.9M | 19.2M | 128.5M | 32.1M | 168.4M | 138.12M |
| Cash Only | 246.9M | 380.7M | 61.6M | 102.5M | 108M | 34.9M | 19.2M | 128.5M | 27.9M | 164M | 138.12M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.2M | 4.4M | 0 |
| Accounts Receivable | 355.8M | 327M | 404.2M | 255.9M | 190.9M | 113.1M | 99M | 110.5M | 93.1M | 5.1M | 0 |
| Days Sales Outstanding | 120.42 | 116.92 | 145.99 | 121.05 | 157 | 168.29 | 117.51 | 120.72 | 206.07 | 18.61K | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83.4M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 293.55 | - | - |
| Other Current Assets | 37.5M | 23.1M | 42.4M | 40.5M | 41.4M | 21.6M | 9M | 9.1M | 116.6M | 49.4M | 0 |
| Total Non-Current Assets | 3.16B | 2.89B | 2.9B | 2.67B | 2.65B | 2.9B | 3.04B | 3.02B | 2.71B | 1.45B | 19.97M |
| Property, Plant & Equipment | 3.07B | 2.74B | 2.83B | 2.59B | 2.6B | 2.87B | 2.97B | 2.95B | 2.65B | 1.43B | 3K |
| Fixed Asset Turnover | 0.37x | 0.37x | 0.36x | 0.30x | 0.17x | 0.09x | 0.10x | 0.11x | 0.06x | 0.00x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 59.1M | 11.8M | 14.5M | 15.7M | 20.6M | 19.4M | 62.7M | 33.7M | 31M | 20.7M | 0 |
| Other Non-Current Assets | 82.4M | 130M | 43.1M | 46.9M | 29.5M | 12.7M | 7.6M | 34.6M | 22.1M | 0 | 19.97M |
| Total Assets | 3.8B | 3.63B | 3.42B | 3.08B | 3B | 3.08B | 3.17B | 3.28B | 2.91B | 1.67B | 158.09M |
| Asset Turnover | 0.29x | 0.28x | 0.30x | 0.25x | 0.15x | 0.08x | 0.10x | 0.10x | 0.06x | 0.00x | - |
| Asset Growth % | 28.5% | 6.02% | 11.02% | 2.61% | -2.55% | -2.86% | -3.32% | 12.57% | 74.23% | 957.83% | - |
| Total Current Liabilities | 412.1M | 350.7M | 409.6M | 360.4M | 745.6M | 117.9M | 96M | 249.7M | 119.3M | 21.1M | 244K |
| Accounts Payable | 43.5M | 33.8M | 81.6M | 35.5M | 47.7M | 34.7M | 20.4M | 14.1M | 9.6M | 9.6M | 0 |
| Days Payables Outstanding | 32.06 | 19.02 | 227.01 | 110.37 | 149.45 | 105.9 | 63.16 | 42.32 | 33.79 | 73.15 | - |
| Short-Term Debt | 129.3M | 129.3M | 118.1M | 82.9M | 405.1M | 0 | 3.1M | 3.4M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 138.7M | 24.2M | 43M | 59.5M | 57.3M | 3.9M | 2.6M | 5.6M | 3.2M | 0 | 0 |
| Other Current Liabilities | 239.3M | 163.4M | 4.4M | 6.1M | 42.2M | 1.4M | 57.9M | 202.6M | 102.4M | 0 | 4K |
| Current Ratio | 1.55x | 2.11x | 1.26x | 1.14x | 0.47x | 1.49x | 1.39x | 1.03x | 1.75x | 10.69x | 566.06x |
| Quick Ratio | 1.55x | 2.11x | 1.26x | 1.14x | 0.47x | 1.49x | 1.39x | 1.03x | 1.05x | 10.69x | 566.06x |
| Cash Conversion Cycle | 88.36 | - | - | - | - | - | - | - | 465.83 | - | - |
| Total Non-Current Liabilities | 2.19B | 2.05B | 2.02B | 1.74B | 1.36B | 2.07B | 2.04B | 1.74B | 1.26B | 158.3M | 40K |
| Long-Term Debt | 2.18B | 2.02B | 1.99B | 1.62B | 1.19B | 1.92B | 1.9B | 1.7B | 1.17B | 87M | 0 |
| Capital Lease Obligations | 600K | 0 | 0 | 0 | 0 | 0 | 2.9M | 6.5M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71.3M | 0 |
| Other Non-Current Liabilities | 2.3M | 1.8M | 3.2M | 60.3M | 98.5M | 154.1M | 132.1M | 26.4M | 86.3M | 71.3M | 100K |
| Total Liabilities | 2.61B | 2.4B | 2.43B | 2.1B | 2.1B | 2.19B | 2.13B | 1.99B | 1.38B | 179.4M | 244K |
| Total Debt | 2.3B | 2.15B | 2.11B | 1.7B | 1.6B | 1.92B | 1.91B | 1.71B | 1.18B | 87M | 0 |
| Net Debt | 2.06B | 1.77B | 2.05B | 1.6B | 1.49B | 1.88B | 1.89B | 1.58B | 1.15B | -77M | -138.12M |
| Debt / Equity | 1.93x | 1.76x | 2.13x | 1.73x | 1.78x | 2.15x | 1.84x | 1.32x | 0.77x | 0.06x | - |
| Debt / EBITDA | 5.49x | 4.58x | 4.18x | 4.63x | 109.36x | 61.23x | - | - | - | - | - |
| Net Debt / EBITDA | 4.90x | 3.77x | 4.06x | 4.35x | 101.97x | 60.12x | - | - | - | - | -118.35x |
| Interest Coverage | 1.29x | 1.41x | 1.56x | 1.19x | -0.98x | -0.97x | -2.20x | -2.55x | -10.16x | -175.00x | - |
| Total Equity | 1.2B | 1.22B | 993.3M | 984M | 897.8M | 889.9M | 1.04B | 1.29B | 1.53B | 1.49B | 157.84M |
| Equity Growth % | 62.6% | 23.08% | 0.95% | 9.6% | 0.89% | -14.17% | -19.88% | -15.61% | 2.72% | 845.81% | - |
| Book Value per Share | 3.89 | 4.62 | 3.90 | 3.97 | 5.03 | 6.61 | 13.79 | 24.08 | 29.81 | 56.20 | 1.56 |
| Total Shareholders' Equity | 1.2B | 1.22B | 993.3M | 984M | 897.8M | 889.9M | 1.04B | 1.29B | 1.53B | 1.49B | 157.84M |
| Common Stock | 31.6M | 31.6M | 26.5M | 26.5M | 23M | 13.8M | 11M | 5.6M | 5.3M | 4.8M | 775K |
| Retained Earnings | -1.26B | -1.23B | -1.28B | -1.36B | -1.38B | -1.09B | -895.2M | -576.7M | -279.2M | -88.8M | -755K |
| Treasury Stock | -16.1M | -18.1M | -20.9M | -8.9M | -9.8M | -13.7M | -26.2M | -26.2M | -26.2M | -6.7M | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.6M | -6.2M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 1.7M | 2M | 0 |
High debt-to-equity leverage
As reported in recent financial filings, Borr Drilling's balance sheet trajectory remains precarious, with total debt rising from $1.7 billion in 2023Q4 to $2.3 billion by 2026Q1, signaling that the company continues to rely on external financing to support its capital-intensive operations.
The consistent increase in total liabilities relative to equity suggests that the company is struggling to deleverage despite its premium fleet positioning. Investors should monitor whether this trend of rising debt levels indicates a structural inability to fund operations through internal cash generation.
Based on the company's reported figures, the debt-to-equity ratio has fluctuated significantly, reaching 1.93 in 2026Q1, which underscores the high financial risk inherent in the firm's capital structure compared to more conservatively managed peers in the offshore drilling sector.
The elevated leverage profile suggests that Borr Drilling remains highly sensitive to interest rate volatility and refinancing risks. This reliance on debt to maintain its asset base may limit management's flexibility to navigate cyclical downturns in dayrate demand.
According to quarterly balance sheet data, Borr Drilling's asset composition is heavily concentrated in property, plant, and equipment, which grew to $3.1 billion in 2026Q1, reflecting the capital-heavy nature of maintaining a modern, premium jack-up rig fleet.
The absence of goodwill on the balance sheet is a positive indicator of asset quality, yet the high concentration in PPE necessitates constant, expensive maintenance to prevent obsolescence. This asset-heavy model implies that any decline in utilization rates will lead to rapid depreciation of the company's core value proposition.
As indicated by recent financial statements, the current ratio has shown extreme volatility, dropping from 2.11 in 2025Q4 to 1.55 in 2026Q1, which suggests that the company's ability to cover short-term obligations is subject to significant fluctuations in cash availability.
The erratic cash position, which fell from $380.7 million to $246.9 million in a single quarter, highlights a lack of liquidity stability. This inconsistency warrants further investigation into the timing of contract payments and the company's ability to manage working capital requirements during periods of high operational activity.
Quick answers to the most common questions about buying BORR stock.
As of 2025, Borr Drilling Limited (BORR) had total assets of $3.63B including $739.1M in current assets.
Borr Drilling Limited (BORR) carries total debt of $2.15B, offset by $380.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Borr Drilling Limited (BORR) has total shareholders' equity (book value) of $1.22B ($4.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Borr Drilling Limited (BORR) reported a current ratio of 2.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.