Latest Ratios: P/E Ratio 26.2x · EV/EBITDA 6.3x · 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 | $1.2B | $1.1B | $992M | $1.8B | $887M | $278M | $123M | $973M | — | — | — |
| Enterprise Value | $2.9B | $2.8B | $3.0B | $3.4B | $2.4B | $2.2B | $2.0B | $2.6B | — | — | — |
| P/E Ratio → | 26.24 | 23.71 | 12.19 | 82.60 | — | — | — | — | — | — | — |
| P/S Ratio | 1.15 | 1.04 | 0.98 | 2.37 | 2.00 | 1.13 | 0.40 | 2.91 | — | — | — |
| P/B Ratio | 0.97 | 0.87 | 1.00 | 1.86 | 0.99 | 0.31 | 0.12 | 0.75 | — | — | — |
| P/FCF | 9.18 | 8.37 | — | — | — | — | — | — | — | — | — |
| P/OCF | 4.64 | 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 | 6.26 | 6.04 | 6.02 | 9.32 | 162.70 | 68.99 | — | — | — | — | — |
| EV / EBIT | 9.14 | 8.81 | 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 | 1.41 | 1.41 | 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 | 3.8% | 4.2% | 8.2% | 1.2% | — | — | — | — | — | — | — |
| FCF Yield | 10.9% | 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 |
High debt service burden
Based on current market data, Borr's P/E of 25.65 and EV/EBITDA of 6.20 suggest that investors are pricing in significant operational uncertainty, as these multiples appear disconnected from the company's recent inability to maintain consistent positive net margins compared to broader energy sector benchmarks.
The valuation appears to hinge on the market's hope for a cyclical recovery in dayrates, yet the lack of a forward P/E suggests limited analyst visibility into near-term earnings. Investors should monitor whether the current P/S of 1.12 represents a value opportunity or a trap, given the persistent cash flow volatility.
As reported in recent financial statements, Borr's ROIC has struggled to gain traction, hovering at a meager 1.1% in 2026Q1, which indicates that the company is failing to generate returns that exceed its cost of capital despite its modern, premium-specification fleet composition.
The inability to consistently drive ROIC above low single digits suggests that the capital-intensive nature of maintaining high-spec rigs is currently outweighing the revenue benefits of premium dayrates. This trend warrants further investigation into whether the fleet's technical advantages are being eroded by excessive maintenance and reactivation costs.
According to quarterly filings, Borr's DSO has trended toward 124 days in 2026Q1, a significant deterioration that suggests the company is struggling to collect receivables from its primary National Oil Company clients, thereby creating a structural drag on its overall cash conversion efficiency.
The extended collection cycle appears to be a major contributor to the company's liquidity strain, as it forces reliance on external financing to bridge the gap between service delivery and cash receipt. Investors should monitor whether this trend is a temporary regional anomaly or a permanent feature of the company's customer base.
Based on reported figures, Borr's interest coverage ratio has plummeted to 0.72 in 2026Q1, indicating that the company's operating income is currently insufficient to cover its interest obligations, which poses a substantial risk to its long-term financial stability and potential for future refinancing.
The D/E ratio of 1.93, while showing some historical fluctuation, remains at levels that leave little margin for error in a cyclical industry. This leverage profile suggests that any further contraction in dayrates could rapidly accelerate the company's financial distress, necessitating a close watch on debt maturity schedules.
The P/E ratio is frequently misapplied to Borr Drilling, as it obscures the massive impact of non-operating expenses and depreciation inherent in the offshore drilling model, leading to a distorted view of the company's actual ability to generate sustainable cash flow from its operations.
Analysts should instead prioritize EV/EBITDA or P/FCF, as these metrics better account for the company's heavy debt load and the significant capital expenditures required to keep its fleet operational. Relying on P/E in this context may lead to an overestimation of the company's true earning power.
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Quick answers to the most common questions about buying BORR stock.
Borr Drilling Limited's current P/E ratio is 26.2x. 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 6.3x. 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 26.2x. 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 0.40% 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.