Burford Capital Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Burford Capital Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	425	534	359	217	319	1,087	546	413
General and administrative		22.4	21.5	30.5	29.7	33.7	31	38.4
Operating expenses		138	119	149	124	271	155	181
Operating income	344	396	209	68.6	195	816	391	232
Interest expense	38.5	38.7	39	58.6	77.4	99.1	136	151
Other non-operating income		-36.8	-28.3	-65.8	-85.9	-77.4	-137	-148
Pre-tax income	305	360	180	2.79	109	738	254	84
Income tax	-12.5	31.9	23.5	9.73	11.6	20.1	24	11.8
Net income to minority interests		27.2	13.7	21.8	67	108	83.1	9.62
Net income	318	301	143	-28.8	30.5	611	146	62.6
EBITDA		409	219	71.8	199	821
EPS, basic	2.51	1.37	0.65	-0.13	0.14	2.79	0.67	0.29
EPS, diluted	2.50	1.37	0.65	-0.13	0.14	2.74	0.66	0.28
Shares, basic (weighted)		219	219	219	219	219	219	219
Shares, diluted (weighted)		219	220	219	222	223	223	225
Dividend per share					12.50	12.50	12.50	12.50

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	395	178	322	180	108	221	470	566
Short-term investments			5.3	21.6	1	13	320	377
Property, plant and equipment		20.2	2.84	2.12	1.31	3.56	3.43	3
Lease right-of-use assets			12.4	10.9	12.7	13.9	12.8	11.3
Goodwill		134	134	134	134	134	134	134
Intangible assets	18.2	8.7
Total assets		3,039	3,268	3,742	4,288	5,837	6,175	6,641
Total liabilities		1,538	1,244	1,633	1,901	2,630	2,918	3,513
Total debt		665	677	1,036	1,269	1,535	1,764	2,128
Paid-in capital			22.5	26.4	26.3	36.5	42.4	56.8
Retained earnings		923	1,136	1,068	1,074	1,649	1,766	1,801
Treasury stock					-3.75	-4.48	-9.57	-24.9
Other comprehensive income			5.14	2.92	47	7.31	10.1	-0.2
Shareholders' equity			1,763	1,696	1,743	2,291	2,419	2,448
Minority interests			260	412	644	917	837	680
Total equity	1,500	1,873	2,023	2,108	2,387	3,208	3,257	3,128
Total liabilities and equity		3,410	3,268	3,742	4,288	5,837	6,175	6,641
Shares outstanding			219	219	219	219	219	219

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	318	328	157	-6.94	97.5	718	230	72.2
Depreciation and amortization		12.6	10.7	3.19	4.36	5.53
Stock-based compensation		4.52	5.33	8.82	7.78	8.75	8.69	13.8
Deferred income tax		27.9	21.1	11.6	9.36	5.86	-16.9	13.3
Cash from operations	-233	-274	53.8	-585	-466	-275	217	-29
Capital expenditures	-0.1	-3.4	-0.36	-0.29	-0.41	-3.21	-0.66	-0.28
Purchases of investments			-3.17	-570	-61.6	-40.4	-103	-158
Sales and maturities of investments			54.9	410	89.5	74.9	136	157
Cash from investing	-0.1	-3.4	-0.36	-0.29	-0.41	-3.21	-0.66	-8.8
Debt issued	180			400	357	394	285	500
Debt repaid			-4.96	-33.9	-79.9	-130
Stock issued	250
Share buybacks					-3.75	-3.76	-5.09	-15.3
Dividends paid	-24.6	-28.4		-41.1	-27.7	-27.5	-27.3	-27.4
Cash from financing	365	155	-5.26	445	399	390	33.8	132
Exchange rate effect	-1.33	0.2	0.47	-1.01	-5.22	1.25	-0.52	1.91
Net change in cash		-122	48.2	-141	-67.4	112	250	94.6
Free cash flow	-233	-277	53.5	-586	-467	-278	216	-29.3
Interest paid		37.6	37.9	51.3	70.8	77.2	154	97.9
Income taxes paid	2.27	0.69	11	1.31	1.84	13.3	19.3	22

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-205.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-39.5%	Net income / average total assets.
Return on invested capital (ROIC)	-46.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-24.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-40.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-57.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-15.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-57.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-15.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-113.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-113.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	1.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.93x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	56.3%	Total debt / total assets.
Liabilities / assets	65.6%	Total liabilities / total assets.
Net debt	$1.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-8.19x	Operating income / interest expense.
Goodwill and intangibles / assets	3.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$685.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	-0.35x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$7.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	-$6.69	Revenue / diluted weighted shares.
FCF per share	-$0.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.82	Cash from operations / diluted weighted shares.
Book value per share	$3.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.12	Tangible book value / shares outstanding.
Cash per share	$3.17	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$796.5M	Share price x shares outstanding.
Enterprise value	$2.50B	Market cap + total debt - cash - short-term investments.
P/B	0.97x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.16x	Market cap / tangible book value, when positive.
FCF yield	-23.2%	Free cash flow / market cap.
Earnings yield	-211.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.

What was Burford Capital Ltd's revenue in fiscal 2025?

Burford Capital Ltd reported revenue of $413.4M for fiscal 2025, 24.3% lower than the year before.

Was Burford Capital Ltd profitable in fiscal 2025?

Yes. Net income was $62.6M, a net margin of 15.1%.

How much free cash flow did Burford Capital Ltd generate in fiscal 2025?

Cash from operations of $29.0M minus capital expenditures of $284.0K left free cash flow of -$29.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Burford Capital Ltd