BORR Energy

Borr Drilling Limited

$3.46-5.98%

Price as of close on Nov 3, 2026 · Financials updated Nov 2, 2026

Basics

Sector: Energy
Industry: Oil & Gas Drilling
Country: Bermuda
Market cap: 1.1B USD
Enterprise value: 3.7B USD
Full-time employees: 2,030

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.07 vs a peer median of 0.57) and more debt relative to equity (2.58× vs a peer median of 0.47×)higher risk: bigger price swings (beta 1.07 vs peers 0.57) and more debt vs equity (2.58× vs peers 0.47×)
About average: growth

Ranks #334 of 363 energy companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 34% from December 2022 to December 2025.
Borr Drilling had 34% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Borr Drilling had 34% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay outran buybacks. Stock-based pay expense $26M vs $21M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Borr Drilling recorded $26M of stock-based pay expense and spent $21M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Borr Drilling recorded $26M of stock-based pay expense and spent $21M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Earnings slid into a loss. Loss per share this year after a profit last year.
Borr Drilling made a loss per share in its latest year after a profit the year before.
Much more borrowing than peers. Debt is 2.6× equity vs a peer median of 0.5×.Debt is 2.6× equity vs peers 0.5×.
Debt is 2.6× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 2.6× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.

StockQuotient Score

26/ 100

Oct 5 26 → Nov 4 26

Valuation

Is the price right?

22/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 21 → 22

Share price -15.4%+4
Company's reported figures updated-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-22.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351

EBITDA yield11.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.17Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield-13.5%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield90.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

55/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 56 → 55

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.87Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth18.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.42Sector median: -0.0135 · MAD: 0.0807

Revenue growth2.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.20Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Turned to a loss over the last 12 months
Operating margin fell 10.7 points to 20.8%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin20.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.98Sector median: 0.1169 · MAD: 0.0936

Return on assets-6.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.65Sector median: 0.0444 · MAD: 0.0302

Return on invested capital5.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.63Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin43.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity-25.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 12 → 11

Company's reported figures updated-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.07

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.10Sector median: 0.5680 · MAD: 0.2415

Current ratio2.53×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.29Sector median: 1.3710 · MAD: 0.5060

Debt / equity2.58×

SEC filings · latest balance sheetReported value33% base weight · Z-score -6.67Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Borr Drilling

Is Borr Drilling getting weaker?: Its latest SEC filing (Aug 12, 2026) got weaker in some ways: turned to a loss over the last 12 months; operating margin fell 10.7 points to 20.8%. Its overall score is unchanged at 26/100 since Oct 28, 2026.
How is Borr Drilling valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 404 energy peers. Earnings yield -22.8% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -22.8% vs peers 5.2% (weaker than 100% of peers).
Is Borr Drilling growing?: At about the same pace as its peers. Growth scores 55/100 against 404 energy peers. 3-year revenue growth 18.1% vs a peer median of -1.3% (stronger than 91% of peers).3-year revenue growth 18.1% vs peers -1.3% (stronger than 91% of peers).
How profitable is Borr Drilling?: Less profitable than most of its peers. Profitability scores 16/100 against 404 energy peers. Operating margin 20.8% vs a peer median of 11.7% (stronger than 67% of peers).Operating margin 20.8% vs peers 11.7% (stronger than 67% of peers). Return on assets -6.6% vs a peer median of 4.4% (weaker than 94% of peers).Return on assets -6.6% vs peers 4.4% (weaker than 94% of peers).
How risky is Borr Drilling?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 2.53× vs a peer median of 1.37× (stronger than 83% of peers).Current ratio 2.53× vs peers 1.37× (stronger than 83% of peers). Debt / equity 2.58× vs a peer median of 0.47× (weaker than 92% of peers).Debt / equity 2.58× vs peers 0.47× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 12, 2026 · compared with the quarter ended Dec 31, 2025

Got weaker

Turned to a loss over the last 12 months
Operating margin fell 10.7 points to 20.8%

Worth watching: Borr Drilling is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.0B USD	1.0B USD	−0.5%
Net income (12 months)	45.0M USD	−243.6M USD	turned negative
Operating margin	31.6%	20.8%	−10.7 pts
Debt	2.2B USD	2.5B USD	+15.6%
Cash	379.7M USD	223.6M USD	−41.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-36.0%	-23.0%	32.5%	37.0%	31.6%	▼ 5.5 pts
Net margin	-78.7%	-66.0%	2.9%	8.1%	4.4%	▼ 3.7 pts
Return on assets (ROA)	-6.3%	-9.8%	0.7%	2.4%	1.2%	▼ 1.2 pts
Return on equity (ROE)	-21.7%	-32.6%	2.2%	8.3%	3.7%	▼ 4.6 pts
Current ratio	1.49×	0.47×	1.14×	1.26×	2.19×	▲ 74%
Debt to equity	2.15×	1.82×	1.73×	2.12×	1.76×	▼ 17%
Interest coverage	-0.89×	-0.73×	1.41×	1.77×	1.41×	▼ 20%

BORR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.07 vs a peer median of 0.57) and more debt relative to equity (2.58× vs a peer median of 0.47×)higher risk: bigger price swings (beta 1.07 vs peers 0.57) and more debt vs equity (2.58× vs peers 0.47×)

About average: growth

Ranks #334 of 363 energy companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 34% from December 2022 to December 2025.

Borr Drilling had 34% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Borr Drilling had 34% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay outran buybacks. Stock-based pay expense $26M vs $21M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Borr Drilling recorded $26M of stock-based pay expense and spent $21M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Borr Drilling recorded $26M of stock-based pay expense and spent $21M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Earnings slid into a loss. Loss per share this year after a profit last year.

Borr Drilling made a loss per share in its latest year after a profit the year before.

Much more borrowing than peers. Debt is 2.6× equity vs a peer median of 0.5×.Debt is 2.6× equity vs peers 0.5×.

Debt is 2.6× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 2.6× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.

Questions investors ask about Borr Drilling

Is Borr Drilling getting weaker?

Its latest SEC filing (Aug 12, 2026) got weaker in some ways: turned to a loss over the last 12 months; operating margin fell 10.7 points to 20.8%. Its overall score is unchanged at 26/100 since Oct 28, 2026.

How is Borr Drilling valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 404 energy peers. Earnings yield -22.8% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -22.8% vs peers 5.2% (weaker than 100% of peers).

Is Borr Drilling growing?

At about the same pace as its peers. Growth scores 55/100 against 404 energy peers. 3-year revenue growth 18.1% vs a peer median of -1.3% (stronger than 91% of peers).3-year revenue growth 18.1% vs peers -1.3% (stronger than 91% of peers).

How profitable is Borr Drilling?

Less profitable than most of its peers. Profitability scores 16/100 against 404 energy peers. Operating margin 20.8% vs a peer median of 11.7% (stronger than 67% of peers).Operating margin 20.8% vs peers 11.7% (stronger than 67% of peers). Return on assets -6.6% vs a peer median of 4.4% (weaker than 94% of peers).Return on assets -6.6% vs peers 4.4% (weaker than 94% of peers).

How risky is Borr Drilling?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 2.53× vs a peer median of 1.37× (stronger than 83% of peers).Current ratio 2.53× vs peers 1.37× (stronger than 83% of peers). Debt / equity 2.58× vs a peer median of 0.47× (weaker than 92% of peers).Debt / equity 2.58× vs peers 0.47× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.0B USD

1.0B USD

−0.5%

Net income (12 months)

45.0M USD

−243.6M USD

turned negative

Operating margin

31.6%

20.8%

−10.7 pts

Debt

2.2B USD

2.5B USD

+15.6%

Cash

379.7M USD

223.6M USD

−41.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-36.0%

-23.0%

32.5%

37.0%

31.6%

▼ 5.5 pts

Net margin

-78.7%

-66.0%

2.9%

8.1%

4.4%

▼ 3.7 pts

Return on assets (ROA)

-6.3%

-9.8%

0.7%

2.4%

1.2%

▼ 1.2 pts

Return on equity (ROE)

-21.7%

-32.6%

2.2%

8.3%

3.7%

▼ 4.6 pts

Current ratio

1.49×

0.47×

1.14×

1.26×

2.19×

▲ 74%

Debt to equity

2.15×

1.82×

1.73×

2.12×

1.76×

▼ 17%

Interest coverage

-0.89×

-0.73×

1.41×

1.77×

1.41×

▼ 20%