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Owner-operator of modern jackup rigs for shallow-water offshore drilling.
Owner-operator of modern jackup rigs for shallow-water offshore drilling.
Rents out rigs under day-rate contracts, usually for a year or more, so earnings depend on how many rigs are working and what each is paid per day. The fleet was built up quickly after the 2016 founding by ordering from shipyards and buying second-hand rigs, financed largely with debt.
Moat: none (installed base). One of the newest jackup fleets in the industry, but pricing is set by cyclical day-rate markets.
Headquarters: Hamilton, Bermuda · Founded: 2016 · Employees: 2,784
Size Borr Drilling (BORR) is a United States Energy company (Contract Drilling) with a market value of $1,000M, the 2247th largest of 3,117 United States companies the cockpit tracks. Shares closed at $3.24 on 6 Nov 2026.
Performance Over six months the shares fell 44.6%, against -6.8% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 12 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +11.0%); the operating margin is 20.8% (peer median 8.1%).
Valuation It trades at 3.2× enterprise value to sales against a peer median of 1.3× (4th most expensive of 12).
Capital Return on invested capital runs 1.5 points below its cost of capital (6.7% WACC).
Backlog Backlog (remaining performance obligations) was $886M at 30 Jun 2026. Backlog detail →
Short interest Short interest is 11.2% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.02B | $1.02B | $1.01B | $772M | $444M |
| Revenue growth | — | +1% | +31% | +74% | — |
| Gross profit | $266M | $372M | $423M | $296M | $62.4M |
| EBITDA | $373M | $470M | $505M | $367M | $142M |
| Net income | -$241M | $45.0M | $82.1M | $22.1M | -$293M |
| Free cash flow | -$147M | $127M | -$332M | -$165M | -$20.8M |
| Capital expenditure | $282M | $124M | $409M | $114M | $83.3M |
| Total debt | $2.49B | $2.15B | $2.11B | $1.70B | $1.64B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Borr Drilling BORR | $1,000M | -45% | +3% | 21% | 3.2× | n/a |
| Valaris VAL | $5.54B | -16% | -12% | 11% | 2.9× | n/a |
| Noble NE | $6.53B | -18% | -13% | 11% | 2.7× | 19.0% |
| Seadrill SDRL | $2.63B | -13% | +17% | 10% | 1.8× | 16.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BORR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.7% | -5.8% | lowest of 12 |
| 6-month return | -44.6% | -6.8% | lowest of 12 |
| Distance from 52-week high | -51.3% | -23.9% | lowest of 12 |
| Revenue growth (TTM) | +2.7% | +11.0% | 3rd lowest of 12 |
| Operating margin | 20.8% | 8.1% | 5th highest of 12 |
| EV / Sales | 3.2× | 1.3× | 4th most expensive of 12 |
| ROIC minus cost of capital | -1.5 pp | -3.4 pp | 5th highest of 12 |
| EV / EBITDA | 8.7× | 6.2× | 4th most expensive of 12 |
| Net debt / EBITDA | 6.1× | 0.7× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Borr Drilling BORR | United States | $1,000M | -45% | +3% | 21% | 3.2× | n/a | n/a |
| Nabors Industries NBR | United States | $1.11B | -25% | +5% | 8% | 1.1× | 4.0% | +8.3% |
| Major Drilling Group International MDI.TO | Canada | $893M | -5% | +23% | 6% | 1.3× | 21.7% | +15.5% |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 1.2× | 11.6% | +14.5% |
| Sed Energy ENH.OL | Norway | $520M | -25% | +91% | 36% | 2.0× | -10.9% | +38.2% |
| Ensign Energy Services ESI.TO | Canada | $517M | +6% | -1% | 1% | 1.0× | 41.1% | +11.8% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 3.2× | n/a | n/a |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 1.8× | 16.0% | +6.3% |
| Ventura Offshore VTURA.OL | Norway | $371M | +3% | -2% | 34% | 5.2× | 3.6% | -2.5% |
| PHX Energy Services PHX.TO | Canada | $342M | -9% | +7% | 4% | 0.7× | n/a | n/a |
| Akastor AKAST.OL | Norway | $316M | -31% | +67% | 34% | 4.2× | n/a | n/a |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 1.3× | 19.9% | +16.1% |
Borr Drilling reported $886M of remaining performance obligations at 30 Jun 2026.