Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 29.2x · ROE 2.0%. (2011–2025 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 | $870M | $2.0B | $2.8B | $3.5B | $1.8B | $2.3B | $2.1B | $2.1B | $4.2B | — | — |
| Enterprise Value | $2.5B | $3.6B | $4.1B | $4.8B | $2.9B | $3.2B | $2.5B | $2.5B | $4.6B | — | — |
| P/E Ratio → | 14.18 | 31.86 | 19.32 | 5.69 | 58.21 | — | 14.88 | 9.67 | 13.19 | — | — |
| P/S Ratio | 4.49 | 10.34 | 8.20 | 3.53 | 9.11 | 44.77 | 7.65 | 7.12 | 12.03 | — | — |
| P/B Ratio | 0.29 | 0.64 | 0.86 | 1.08 | 0.75 | 1.10 | 1.08 | 1.34 | 3.08 | — | — |
| P/FCF | — | — | 12.95 | — | — | — | 11.78 | — | — | — | — |
| P/OCF | — | — | 12.91 | — | — | — | 11.76 | — | — | — | — |
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 | — | 18.53 | 12.03 | 4.89 | 15.03 | 61.30 | 8.94 | 8.81 | 13.10 | — | — |
| EV / EBITDA | 29.25 | 42.74 | 16.19 | 5.80 | 25.93 | 529.48 | 11.32 | 10.70 | 12.97 | — | — |
| EV / EBIT | 29.25 | 42.74 | 16.19 | 5.95 | 26.97 | 1135.66 | 11.92 | — | 13.25 | — | — |
| EV / FCF | — | — | 19.00 | — | — | — | 13.77 | — | — | — | — |
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 | 57.0% | 57.0% | 72.3% | 98.5% | 72.3% | 47.8% | 98.5% | 96.6% | 81.5% | 83.2% | 73.9% |
| Operating Margin | 24.7% | 24.7% | 53.7% | 75.6% | 40.3% | 2.6% | 65.9% | 68.8% | 88.3% | 85.5% | 78.6% |
| Net Profit Margin | 18.4% | 18.4% | 31.0% | 56.6% | 11.3% | -26.6% | 45.2% | 64.7% | 81.9% | 78.1% | 72.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 4.5% | 21.8% | 1.4% | -1.4% | 8.2% | 14.6% | 29.4% | 35.7% | 21.1% |
| ROA | 1.0% | 1.0% | 2.4% | 12.1% | 0.8% | -0.9% | 5.3% | 8.5% | 16.6% | 20.2% | 13.9% |
| ROIC | 1.2% | 1.2% | 3.9% | 14.5% | 2.4% | 0.1% | 6.5% | 8.0% | 15.6% | 21.2% | 14.6% |
| ROCE | 1.3% | 1.3% | 4.2% | 16.2% | 2.7% | 0.1% | 7.8% | 9.1% | 18.0% | 22.8% | 16.0% |
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 | 0.69 | 0.69 | 0.55 | 0.48 | 0.53 | 0.49 | 0.35 | 0.44 | 0.47 | 0.61 | 0.07 |
| Debt / EBITDA | 25.64 | 25.64 | 7.01 | 1.87 | 11.17 | 172.93 | 3.11 | 2.84 | 1.81 | 1.71 | 0.37 |
| Net Debt / Equity | — | 0.51 | 0.40 | 0.41 | 0.49 | 0.41 | 0.18 | 0.32 | 0.27 | 0.44 | -0.19 |
| Net Debt / EBITDA | 18.90 | 18.90 | 5.16 | 1.60 | 10.22 | 142.79 | 1.64 | 2.05 | 1.06 | 1.23 | -0.97 |
| Debt / FCF | — | — | 6.06 | — | — | — | 1.99 | — | — | — | — |
| Interest Coverage | 0.58 | 0.58 | 1.94 | 8.54 | 1.45 | 0.05 | 5.33 | -0.33 | 8.95 | 11.56 | 9.09 |
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 | 2.95 | 2.95 | 56.30 | 15.02 | 14.61 | 20.68 | 38.10 | 36.36 | 51.03 | 33.96 | 2.93 |
| Quick Ratio | 2.95 | 2.95 | 56.30 | 15.02 | 14.61 | 20.68 | 38.10 | 36.36 | 51.03 | 33.96 | 2.93 |
| Cash Ratio | 2.55 | 2.55 | 38.85 | 6.41 | 6.40 | 12.95 | 33.72 | 19.72 | 27.35 | 22.94 | 2.20 |
| Asset Turnover | — | 0.05 | 0.08 | 0.18 | 0.06 | 0.03 | 0.12 | 0.12 | 0.17 | 0.21 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.1% | 1.4% | 1.0% | 0.8% | 1.6% | 1.8% | — | 1.4% | 0.6% | — | — |
| Payout Ratio | 43.8% | 43.8% | 18.7% | 4.5% | 90.7% | — | — | 13.4% | 7.7% | 8.0% | 15.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 3.1% | 5.2% | 17.6% | 1.7% | — | 6.7% | 10.3% | 7.6% | — | — |
| FCF Yield | — | — | 7.7% | — | — | — | 8.5% | — | — | — | — |
| Buyback Yield | 1.8% | 0.8% | 0.2% | 0.1% | 0.5% | 0.2% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 4.8% | 2.1% | 1.2% | 0.9% | 2.0% | 1.9% | 0.0% | 1.4% | 0.6% | — | — |
| Shares Outstanding | — | $225M | $219M | $223M | $219M | $219M | $220M | $220M | $211M | $208M | $205M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying BUR stock.
Burford Capital Limited's current P/E ratio is 14.2x. The historical average is 21.8x. This places it at the 43th percentile of its historical range.
Burford Capital Limited's current EV/EBITDA is 29.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
Burford Capital Limited's return on equity (ROE) is 2.0%. The historical average is 11.8%.
Based on historical data, Burford Capital Limited is trading at a P/E of 14.2x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Burford Capital Limited's current dividend yield is 3.07% with a payout ratio of 43.8%.
Burford Capital Limited has 57.0% gross margin and 24.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Burford Capital Limited's Debt/EBITDA ratio is 25.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
YPF concentration and fair value volatility
Metrics are mathematically derived from official filings.
Deep Discount to Tangible Book
Burford trades at 0.31x price-to-book, a steep discount to its 10-quarter average of roughly 14x, reflecting market skepticism about asset quality and earnings sustainability, as per recent filings.
The P/B of 0.31x implies the market is assigning minimal value to the litigation portfolio beyond its stated book value, likely due to the 2026Q2 fair value losses that eroded equity. This discount may indicate that investors are pricing in further write-downs or a prolonged resolution timeline for major cases like YPF. The absence of a forward P/E suggests earnings visibility is too low for conventional valuation, reinforcing reliance on tangible book value as the primary anchor.
ROE Collapse from Fair Value Losses
ROE swung from 3.4% in 2023Q4 to -70.9% in 2026Q2, driven by a $1.6B fair value loss, as reported in the latest quarterly data, underscoring the volatility of litigation finance earnings.
The DuPont decomposition reveals that the negative ROE is not from operational deterioration but from non-cash fair value adjustments on Level 3 assets. The negative NIM of -1.1% indicates that funding costs exceed interest income, a structural feature of the model, but the primary profitability driver is realized and unrealized gains on litigation, which are inherently lumpy. Investors should focus on cash-on-cash returns rather than reported net income, as the latter is heavily influenced by subjective valuations.
Negative Carry and Lumpy Efficiency
NIM has been persistently negative, averaging -0.6% over the last ten quarters, while the efficiency ratio swung from -151.1% to 55.5%, reflecting the fixed cost base and unpredictable revenue, per quarterly disclosures.
The negative NIM is a direct consequence of funding long-duration legal assets with debt, creating a structural drag on earnings. The efficiency ratio's extreme volatility indicates that operating costs are relatively fixed, so any revenue shortfall disproportionately impacts profitability. The 2026Q2 efficiency ratio of 3.3% is misleadingly low because revenue was negative, highlighting the need to adjust for revenue timing when assessing cost control.
Equity Buffer Eroded by Losses
Equity/assets fell from 0.55 in 2023Q4 to 0.34 in 2026Q2, with equity dropping to $819M, as per the latest balance sheet, indicating a weakened capital position relative to regulatory norms.
The decline in equity/assets suggests that Burford's capital cushion has thinned, potentially limiting its ability to absorb further losses or deploy new capital. While the company does not face traditional bank capital requirements, its leverage is a concern given the illiquidity of its assets. The reported debt/equity of 0.69% appears understated, and investors should verify total bond obligations to assess true leverage.
Fair Value Losses Mask Credit Quality
No provision for loan losses was recorded, yet the $1.6B fair value loss in 2026Q2 effectively represents credit deterioration, as per the income statement, raising questions about reserve adequacy.
The absence of provisions is misleading because fair value adjustments on litigation assets serve as the de facto credit cost. The 2026Q2 loss suggests that some cases are being marked down significantly, potentially indicating adverse legal developments. Investors should monitor the composition of fair value changes—whether they are due to discount rate changes or case-specific impairments—to gauge true asset quality.
P/E Misleads on Litigation Finance
The P/E ratio is often misapplied to Burford because earnings are dominated by non-cash fair value adjustments, as seen in the -$1.6B swing in 2026Q2, making it an unreliable valuation metric.
For a litigation financier, P/E is distorted by the lumpiness of case resolutions and the subjectivity of Level 3 valuations. A more appropriate metric is price-to-tangible book value, adjusted for the estimated net present value of the litigation portfolio. Investors should also consider cash-on-cash returns on invested capital, which better reflect the underlying economics of the business.