Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 6.6x · ROE 4.1%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.1B | $992M | $1.8B | $887M | $278M | $123M | $973M | — | — | — |
| Enterprise Value | $3.1B | $2.8B | $3.0B | $3.4B | $2.4B | $2.2B | $2.0B | $2.6B | — | — | — |
| P/E Ratio → | 25.65 | 23.71 | 12.19 | 82.60 | — | — | — | — | — | — | — |
| P/S Ratio | 1.31 | 1.04 | 0.98 | 2.37 | 2.00 | 1.13 | 0.40 | 2.91 | — | — | — |
| P/B Ratio | 0.94 | 0.87 | 1.00 | 1.86 | 0.99 | 0.31 | 0.12 | 0.75 | — | — | — |
| P/FCF | 10.53 | 8.37 | — | — | — | — | — | — | — | — | — |
| P/OCF | 5.33 | 4.23 | 12.84 | — | 14.19 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.78 | 3.01 | 4.44 | 5.35 | 8.80 | 6.55 | 7.65 | — | — | — |
| EV / EBITDA | 6.62 | 6.04 | 6.02 | 9.32 | 162.70 | 68.99 | — | — | — | — | — |
| EV / EBIT | 9.67 | 9.02 | 8.90 | 15.97 | — | — | — | — | — | — | — |
| EV / FCF | — | 22.26 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.5% | 36.5% | 87.0% | 84.8% | 73.7% | 51.2% | 61.7% | 63.6% | 37.1% | -36100.0% | — |
| Operating Margin | 31.5% | 31.5% | 37.0% | 32.5% | -23.0% | -36.0% | -61.1% | -45.1% | -79.7% | -109700.0% | — |
| Net Profit Margin | 4.4% | 4.4% | 8.1% | 2.9% | -66.0% | -78.7% | -103.3% | -89.1% | -115.5% | -88000.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.1% | 4.1% | 8.3% | 2.3% | -32.8% | -20.0% | -27.3% | -21.0% | -12.6% | -10.7% | -0.5% |
| ROA | 1.3% | 1.3% | 2.5% | 0.7% | -9.6% | -6.2% | -9.8% | -9.6% | -8.3% | -9.6% | -0.5% |
| ROIC | 8.0% | 8.0% | 10.0% | 7.6% | -3.0% | -2.3% | -4.9% | -4.1% | -4.8% | -11.5% | -2.9% |
| ROCE | 10.2% | 10.2% | 13.1% | 10.1% | -3.9% | -2.9% | -6.2% | -5.2% | -5.9% | -12.1% | -0.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.76 | 1.76 | 2.13 | 1.73 | 1.78 | 2.15 | 1.84 | 1.32 | 0.77 | 0.06 | — |
| Debt / EBITDA | 4.58 | 4.58 | 4.18 | 4.63 | 109.36 | 61.23 | — | — | — | — | — |
| Net Debt / Equity | — | 1.45 | 2.06 | 1.63 | 1.66 | 2.11 | 1.82 | 1.22 | 0.75 | -0.05 | -0.88 |
| Net Debt / EBITDA | 3.77 | 3.77 | 4.06 | 4.35 | 101.97 | 60.12 | — | — | — | — | -118.35 |
| Debt / FCF | — | 13.89 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.38 | 1.38 | 1.56 | 1.19 | -0.98 | -0.97 | -2.20 | -2.55 | -10.16 | -175.00 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.11 | 2.11 | 1.26 | 1.14 | 0.47 | 1.49 | 1.39 | 1.03 | 1.75 | 10.69 | 566.06 |
| Quick Ratio | 2.11 | 2.11 | 1.26 | 1.14 | 0.47 | 1.49 | 1.39 | 1.03 | 1.05 | 10.69 | 566.06 |
| Cash Ratio | 1.09 | 1.09 | 0.15 | 0.28 | 0.14 | 0.30 | 0.20 | 0.51 | 0.27 | 7.98 | 566.06 |
| Asset Turnover | — | 0.28 | 0.30 | 0.25 | 0.15 | 0.08 | 0.10 | 0.10 | 0.06 | 0.00 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.24 | — | — |
| Days Sales Outstanding | — | 116.92 | 145.99 | 121.05 | 157.00 | 168.29 | 117.51 | 120.72 | 206.07 | 18615.00 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.4% | 7.7% | — | — | — | — | — | — | — | — |
| Payout Ratio | 10.4% | 10.4% | 92.9% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.2% | 8.2% | 1.2% | — | — | — | — | — | — | — |
| FCF Yield | 9.5% | 11.9% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.4% | 0.5% | 9.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $265M | $254M | $248M | $178M | $135M | $75M | $54M | $51M | $27M | $101M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying BORR stock.
Borr Drilling Limited's current P/E ratio is 25.6x. The historical average is 39.5x. This places it at the 67th percentile of its historical range.
Borr Drilling Limited's current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.6x.
Borr Drilling Limited's return on equity (ROE) is 4.1%. The historical average is -11.0%.
Based on historical data, Borr Drilling Limited is trading at a P/E of 25.6x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Borr Drilling Limited's current dividend yield is 0.41% with a payout ratio of 10.4%.
Borr Drilling Limited has 36.5% gross margin and 31.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Borr Drilling Limited's Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High net-to-operating margin gap
Margin Compression Masks Underlying Strength
Gross margin collapsed to 24.2% in 2026Q1 from 86.3% in 2025Q2, while operating margin fell to 18.6% from 36.0%, suggesting a temporary cost spike rather than a structural deterioration.
The dramatic gross margin swing appears driven by a surge in COGS to $187.2M, likely reflecting reactivation or maintenance costs, as the prior income statement analysis noted. Operating margin of 18.6% in 2026Q1, though down from 25.9% in 2025Q4, remains above the 2024 average of ~37%, indicating that the core business retains pricing power. However, net margin turned deeply negative at -11.7%, implying that non-operating charges, likely interest, are consuming all operational gains, a trend that warrants monitoring for refinancing or tax structure changes.
Returns on Capital Remain Subdued
ROIC has hovered between 1.1% and 3.0% over the past ten quarters, with 2026Q1 at 1.1%, reflecting a capital-intensive fleet that is not yet generating returns above its cost of capital.
Despite a modern premium fleet, ROIC has not exceeded 3.0% in any quarter, indicating that the asset base is not yet earning its keep. ROE swung to -2.4% in 2026Q1, down from 3.5% in 2025Q2, as net losses eroded equity. The thin equity cushion, with retained earnings deeply negative at -$1.3B, suggests that returns on capital will remain pressured until dayrates rise further or debt is reduced, as the balance sheet analysis highlighted.
Working Capital Efficiency Deteriorates
DSO rose to 124 days in 2026Q1 from 104 days in 2025Q2, while DPO fell to 19 days from 154 days, indicating a sharp deterioration in cash conversion efficiency.
The widening gap between receivables collection and payables deferral suggests that Borr is extending credit to customers while paying suppliers faster, likely due to contract mobilizations or client payment timing. This has contributed to negative FCF margins of -54.6% in 2026Q1, as working capital swings have been a major source of cash flow volatility. Investors should monitor whether DSO normalizes as new contracts commence, as the prior cash flow analysis noted.
Leverage Creeps Higher Amid Thin Coverage
Debt-to-equity rose to 1.93 in 2026Q1 from 1.73 in 2023Q4, while interest coverage fell to 0.70x, indicating that operating income is insufficient to cover interest expenses.
Total debt increased to $2.3B in 2026Q1, while interest coverage dropped to 0.70x, down from 1.81x in 2024Q2, suggesting that the company is increasingly reliant on external financing to service its debt. The D/EBITDA ratio of 26.04 in 2026Q1 is elevated compared to the 15-17 range seen in 2024, reflecting both higher debt and lower EBITDA. This strained coverage, combined with a thin equity cushion, indicates that refinancing risk is a key concern, as the balance sheet analysis highlighted.
Liquidity Buffer Thin Despite Improvement
Current ratio improved to 1.55 in 2026Q1 from 1.14 in 2023Q4, but cash of $246.9M is modest relative to total debt of $2.3B, leaving limited room for shocks.
The quick ratio, which excludes inventory, is identical to the current ratio at 1.55, indicating that inventory is not a significant liquidity factor. However, the absolute cash balance is small compared to the debt load, and the negative FCF margin of -54.6% in 2026Q1 suggests that internal cash generation is insufficient to cover capital expenditures. Under a severe stress scenario, such as a prolonged downturn in dayrates, the current liquidity position may prove inadequate, as the balance sheet analysis noted.
Misapplied Ratio: EV/EBITDA
EV/EBITDA of 6.56 appears cheap, but it obscures the high capital intensity and volatile cash flows, making P/FCF of 10.29 a more relevant valuation metric for this business.
EV/EBITDA is commonly used for capital-intensive industries, but for Borr, EBITDA is heavily influenced by depreciation schedules and non-cash charges, which can mask the true cash-generating ability. The negative FCF margins in several quarters, including -54.6% in 2026Q1, highlight that EBITDA does not translate into cash flow due to heavy capex and working capital swings. Investors should focus on P/FCF and EV/EBITDA adjusted for maintenance capex, as the prior cash flow analysis suggested.