Borr Drilling Limited
BORR Energy Oil & Gas Drilling
Borr Drilling Limited’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 1.01% from fiscal 2024. In the quarter to June 2026, revenue fell 13.2%, EPS fell 626.7%, free cash flow fell 323.9% and total debt rose 21.1%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Borr Drilling Limited (BORR) Altman Z-score
Borr Drilling Limited's Altman Z-score for fiscal 2025 is 0.50, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.50 | 0.09 |
| FY2024 | 0.41 | (0.02) |
| FY2023 | 0.44 | 0.95 |
| FY2022 | −0.51 | (0.10) |
| FY2021 | −0.41 | 0.03 |
| FY2020 | −0.44 | (0.45) |
| FY2019 | 0.01 | (0.35) |
| FY2018 | 0.36 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | (0.34) | — | −0.48 | |
| EBIT / total assets | 0.09 | — | 0.29 | |
| Market value of equity / total liabilities | 0.44 | — | 0.26 | |
| Sales / total assets | 0.28 | — | 0.28 | |
| Altman Z-score | Distress zone | 0.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.78 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VAL Valaris Limited compare | 2.5× |
| SDRL Seadrill Limited compare | 2.0× |
| NE Noble Corporation PLC compare | 1.7× |
| HP Helmerich & Payne, Inc. compare | 1.6× |
| PTEN Patterson-UTI Energy, Inc. compare | 1.2× |
| NBR Nabors Industries Ltd. compare | 0.9× |
| BORR Borr Drilling Limited | 0.5× |
| RIG Transocean Ltd. compare | −0.5× |
| SOC Sable Offshore Corp. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets