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Burford Capital Ltd

BUR Clue Score60
Guernsey Fiscal year ends December CIK 0001714174
$3.58 +4.07% Close, 9 Oct 2026
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Price $3.58 −66.13% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue425.0Operating income343.7Net income317.6EPS, diluted150.30Fiscal year 2019Revenue379.2 −10.8%Operating income396.4Net income300.5 −5.4%EPS, diluted1.37Fiscal year 2020Revenue359.1 −5.3%Operating income208.8Net income143.3 −52.3%EPS, diluted0.65Fiscal year 2021Revenue152.2 −57.6%Operating income68.6Net income−28.8 −120.1%EPS, diluted−0.13Fiscal year 2022Revenue319.2 +109.8%Operating income195.0Net income30.5EPS, diluted0.14Fiscal year 2023Revenue1,086.9 +240.5%Operating income815.7Net income610.5 +1,901.3%EPS, diluted2.74Fiscal year 2024Revenue546.1 −49.8%Operating income390.6Net income146.5 −76.0%EPS, diluted0.66Fiscal year 2025Revenue413.4 −24.3%Operating income232.1Net income62.6 −57.3%EPS, diluted0.28
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 425.0 379.2 359.1 152.2 319.2 1,086.9 546.1 413.4
Growth −10.8% −5.3% −57.6% +109.8% +240.5% −49.8% −24.3%
Operating income 343.7 396.4 208.8 68.6 195.0 815.7 390.6 232.1
Net income 317.6 300.5 143.3 −28.8 30.5 610.5 146.5 62.6
Growth −5.4% −52.3% −120.1% +1,901.3% −76.0% −57.3%
EPS, diluted 150.30 1.37 0.65 −0.13 0.14 2.74 0.66 0.28

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2018Operating margin80.9%Net margin74.7%Free cash flow margin−54.9%Fiscal year 2019Operating margin104.5%Net margin79.3%Free cash flow margin−73.0%Fiscal year 2020Operating margin58.1%Net margin39.9%Free cash flow margin14.9%Fiscal year 2021Operating margin45.1%Net margin−18.9%Free cash flow margin−384.9%Fiscal year 2022Operating margin61.1%Net margin9.6%Free cash flow margin−146.1%Fiscal year 2023Operating margin75.0%Net margin56.2%Free cash flow margin−25.6%Fiscal year 2024Operating margin71.5%Net margin26.8%Free cash flow margin39.6%Fiscal year 2025Operating margin56.2%Net margin15.1%Free cash flow margin−7.1%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 80.9% 104.5% 58.1% 45.1% 61.1% 75.0% 71.5% 56.2%
Net margin 74.7% 79.3% 39.9% −18.9% 9.6% 56.2% 26.8% 15.1%
Free cash flow margin −54.9% −73.0% 14.9% −384.9% −146.1% −25.6% 39.6% −7.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow−233.3Capital expenditure−0.1Free cash flow−233.4Dividends paid−24.6Fiscal year 2019Operating cash flow−273.6Capital expenditure−3.4Free cash flow−277.0Dividends paid−28.4Fiscal year 2020Operating cash flow53.8Capital expenditure−0.4Free cash flow53.5Fiscal year 2021Operating cash flow−585.4Capital expenditure−0.3Free cash flow−585.6 −1,195.3%Dividends paid−41.1Fiscal year 2022Operating cash flow−466.1Capital expenditure−0.4Free cash flow−466.5Buybacks−3.7Dividends paid−27.7Fiscal year 2023Operating cash flow−274.7Capital expenditure−3.2Free cash flow−277.9Buybacks−3.8Dividends paid−27.5Fiscal year 2024Operating cash flow216.7Capital expenditure−0.7Free cash flow216.1Buybacks−5.1Fiscal year 2025Operating cash flow−29.0Capital expenditure−0.3Free cash flow−29.3 −113.6%Buybacks−15.3
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −233.3 −273.6 53.8 −585.4 −466.1 −274.7 216.7 −29.0
Capital expenditure −0.1 −3.4 −0.4 −0.3 −0.4 −3.2 −0.7 −0.3
Free cash flow −233.4 −277.0 53.5 −585.6 −466.5 −277.9 216.1 −29.3
Growth −1,195.3% −113.6%
Buybacks n/a n/a n/a n/a −3.7 −3.8 −5.1 −15.3
Dividends paid −24.6 −28.4 n/a −41.1 −27.7 −27.5 n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash395.5Shareholders’ equity1,500.1Fiscal year 2019Cash178.2Total debt665.3Net cash (debt)−487.2Shareholders’ equity1,872.6Debt to equity0.36Fiscal year 2020Cash322.1Total debt677.4Net cash (debt)−355.3Shareholders’ equity1,762.8Debt to equity0.38Fiscal year 2021Cash180.3Total debt1,036.5Net cash (debt)−856.2Shareholders’ equity1,695.9Debt to equity0.61Fiscal year 2022Cash107.7Total debt1,269.1Net cash (debt)−1,161.4Shareholders’ equity1,742.6Debt to equity0.73Fiscal year 2023Cash220.5Total debt1,534.7Net cash (debt)−1,314.2Shareholders’ equity2,290.9Debt to equity0.67Fiscal year 2024Cash469.9Total debt1,763.6Net cash (debt)−1,293.7Shareholders’ equity2,419.4Debt to equity0.73Fiscal year 2025Cash566.4Total debt2,127.8Net cash (debt)−1,561.4Shareholders’ equity2,448.0Debt to equity0.87
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 395.5 178.2 322.1 180.3 107.7 220.5 469.9 566.4
Total debt n/a 665.3 677.4 1,036.5 1,269.1 1,534.7 1,763.6 2,127.8
Net cash (debt) n/a −487.2 −355.3 −856.2 −1,161.4 −1,314.2 −1,293.7 −1,561.4
Shareholders’ equity 1,500.1 1,872.6 1,762.8 1,695.9 1,742.6 2,290.9 2,419.4 2,448.0
Debt to equity n/a 0.36 0.38 0.61 0.73 0.67 0.73 0.87

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
80.9% 104.5% 58.1% 45.1% 61.1% 75.0% 71.5% 56.2%
71.8% 94.8% 50.3% 1.8% 34.2% 67.9% 46.4% 20.3%
74.7% 79.3% 39.9% −18.9% 9.6% 56.2% 26.8% 15.1%
−54.9% −73.0% 14.9% −384.9% −146.1% −25.6% 39.6% −7.1%
Spending
n/a 5.9% 6.0% 20.0% 9.3% 3.1% 5.7% 9.3%
0.0% 0.9% 0.1% 0.2% 0.1% 0.3% 0.1% 0.1%
−4.1% 8.9% 13.0% 348.8% 10.6% 2.7% 9.5% 14.1%
Returns
21.2% 16.0% 8.1% −1.7% 1.8% 26.7% 6.1% 2.6%
12.5% 9.9% 4.6% n/a n/a n/a n/a n/a
Balance and payout
n/a 0.36 0.38 0.61 0.73 0.67 0.73 0.87
46.5% 50.6% 46.7% n/a n/a n/a n/a n/a
7.7% 9.5% n/a n/a 90.7% 4.5% n/a n/a
n/a n/a n/a n/a n/a n/a 2.4% n/a