BORRBorr Drilling Ltd
Drilling Oil & Gas Wells
- Revenue
- $1.0B
- 1.0% YoY
- Operating margin
- 31.6%
- 15% YoY
- EBITDA
- $470M
- 7.0% YoY
- Market cap
- $1.2B
- Employees
- —
- Net debt / EBITDA
- 0.1×
- $58M net debt
- AI in 10-K
- —
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo560% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo0.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$34M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $245M | $444M | $772M | $1.0B | $1.0B | 1.0% |
| Operating income | −$88M | −$102M | $250M | $374M | $322M | 14% |
| Net income | −$193M | −$293M | $22M | $82M | $45M | 45% |
| Operating cash flow | −$59M | $63M | −$51M | $77M | $252M | 226% |
| Stock-based comp | $900K | $3M | $6M | $9M | $11M | 24% |
| Buybacks | $0 | $0 | $800K | $20M | $200K | 99% |
| Dividends | — | $0 | $0 | $76M | $5M | 94% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 15, 2026 | Drew Holdings Ltd | SCHEDULE 13D/A | 25.9% | Passive |
| Oct 13, 2026 | Drew Holdings Ltd | SCHEDULE 13D | 24.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $73M · 21
- Open-market sells, 12 mo
- $39M · 7
- Net
- $34M
Pay vs performance
No pay-versus-performance disclosure yet.