Value Investor
Start free

Borr Drilling

BORR on NYSE. Drilling oil & gas wells. Market value $1.2bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
12.8%very high

For every $100 of what the whole company costs, it produced $12.84 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
9.5×cheap

You pay 9.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
7.7%five-year median

Each dollar kept in the business earns 8 cents a year. Above 10 is good.

Quality score: 72 of 100. Price score: 86 of 100. Our list needs 70 on quality and 60 on price.

$4.15 a share, 70% above its 1-year low

Over the past year the price has ranged from $2.44 to $6.66.

Dividend: 0.4% a year

Paid every year for 2 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
-0.0
-0.2
0.0
0.2
20212022202320242025
Revenue
$245m$444m$772m$1.0bn$1.0bn
Operating margin
-36.0%-23.0%32.5%37.0%31.6%
Debt to equity
2.151.821.732.121.76
Shares outstanding
0.14bn0.23bn0.25bn0.24bn0.31bn

Health checks

  • Free cash flow positive2 of 4 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt1.76× equity
  • Revenue growth, five yearsStrong, 27.1% a year
  • Buying back its own sharesNo, 125% more shares since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 190 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • cobas asset management, sgiic, s.a.
    Passive investor
    10.2%+5.1 pts
    Since 13 August 2026
  • AZVALOR ASSET MANAGEMENT SGIIC SA
    Passive investor
    10.0%
    Since 14 November 2025
  • Drew Holdings Ltd.
    Passive investor
    8.8%+0.6 pts
    Since 30 June 2026
  • Granular Capital Ltd
    Passive investor
    n/a
    Since 25 November 2024
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • ORBIS INVESTMENT MANAGEMENT LTD
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • Sold down below 5%
    Since 30 June 2025
  • Folketrygdfondet
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $29m of shares on the open market. 6 sold $38m.

  • Morand De Oliveira Bruno
    Chief Executive Officer
    Bought
    Date
    18 September 2026
    Shares
    45,500
    Price
    $4.40
    Value
    $200,200
  • Troim Tor Olav
    Director
    Bought
    Date
    17 September 2026
    Shares
    150,000
    Price
    $4.38
    Value
    $656,925
  • Troim Tor Olav
    Director
    Bought
    Date
    16 September 2026
    Shares
    1,000,000
    Price
    $4.30
    Value
    $4m
  • Mawjee Jehan
    Chief Accounting Officer
    Sold
    Date
    3 September 2026
    Shares
    10,903
    Price
    $4.80
    Value
    $52,359
  • Snowling Harvey Edward
    Chief Operating Officer
    Sold
    Date
    3 September 2026
    Shares
    25,877
    Price
    $4.80
    Value
    $124,269
  • Vaaler Magnus
    Chief Financial Officer
    Sold
    Date
    3 September 2026
    Shares
    19,625
    Price
    $4.80
    Value
    $94,245
  • Crowe Jason Philip
    SVP - Commercial
    Sold
    Date
    2 September 2026
    Shares
    16,495
    Price
    $4.55
    Value
    $75,052
  • Lee Charles (Chuck)
    SVP - General Counsel
    Sold
    Date
    2 September 2026
    Shares
    10,538
    Price
    $4.80
    Value
    $50,588
  • Troim Tor Olav
    Director
    Bought
    Date
    25 August 2026
    Shares
    200,000
    Price
    $4.37
    Value
    $874,620
  • Troim Tor Olav
    Director
    Bought
    Date
    14 August 2026
    Shares
    500,000
    Price
    $4.39
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Borr Drilling doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.