Borr Drilling Limited

BORR

Oil & Gas Drilling · Energy

Price

$4.16

-0.03 (-0.72%)

Market Cap

$1.09B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+96.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 134.7M (2021) → 264.5M (2025)

Borr Drilling is a company that rents out oil rigs to energy companies so they can drill for oil and gas in shallow coastal waters. These rigs are called "jack-up rigs" because they have legs that jack down to the seafloor to hold the platform steady. Its customers are large oil companies and national energy firms that need drilling equipment but prefer to hire it rather than own it.

Borr makes money by charging a daily rate, called a "day rate," for each rig it operates. The company works across multiple regions including the Middle East, Southeast Asia, West Africa, and Europe, and it owns one of the largest fleets of modern jack-up rigs in the world. Borr's fleet is relatively young compared to competitors, which helps it win contracts, but the business is heavily tied to oil prices — if energy companies cut spending when oil prices fall, Borr's revenue and ability to service its significant debt load could come under pressure.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-103.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~5 years

$381M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$381M cash & investments at current burn rate

Revenue declining

Borr Drilling Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

31.4%

Modest — 31.4% gross margin

Operating Margin

25.9%

Excellent — 25.9% operating margin

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.0%

Nearly flat sales (1.0% YoY)

EPS YoY

-44.0%

Earnings shrinking (-44.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

529%

Turns 529% of profit into real cash

FCF Margin

12.5%

Converts sales into free cash efficiently (12.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.76

Elevated debt (1.76)

Interest Cover

1.36x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

22.2x

Growth-priced — P/E 22.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+7.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.2 → 15.0)

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Dividends

Not applicable for this business.

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