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Friday 6 November 2026
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Burford Capital Limited
BUR Financial Asset Management
Burford Capital Limited’s revenue for fiscal 2025 (year ended December 2025) was $413.4 million, down 24.3% from fiscal 2024.
- Revenue
- +110.5%
- EPS
- +222.2%
- Free cash flow
- −531.5%
- Total debt
- +7.31%
Quarter to September 2026, against a year earlier
3.62
0.34
−8.59%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 69 | 164 | 197 | 101 | 359 | 217 | 319 | 1,087 | 546 | 413 | (1,429) | +22.0% | (1,433) | 557 | 533 | +8.9% | |
| Gross margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | +100.0 pt | ||||||
| EBT | 95 | 261 | 293 | 233 | 210 | 3 | 109 | 738 | 254 | 84 | (1,632) | (1.4%) | ||||||
| EBT margin, % | 138.11 | 159.07 | 148.82 | 229.53 | 58.54 | 1.28 | 34.15 | 67.93 | 46.44 | 20.33 | 114.19 | (117.8) pt | ||||||
| Net income | 100 | 0 | 305 | 219 | 173 | (7) | 97 | 718 | 230 | 72 | (1,639) | (3.5%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.34 | 0.79 | 0.94 | 0.46 | 1.64 | 0.99 | 1.46 | 4.97 | 2.49 | 1.89 | (6.51) | +21.1% | |||||
| Earnings | 0.48 | 1.26 | 1.45 | 1.00 | 0.78 | (0.13) | 0.14 | 2.79 | 0.66 | 0.28 | (7.51) | (5.8%) | ||||||
| Cash flow | (0.37) | 0.57 | (0.59) | 0.10 | 0.25 | (2.67) | (2.13) | (1.25) | 0.99 | (0.13) | (1.33) | (10.8%) | ||||||
| Capex | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | (0.37) | 0.57 | (0.59) | 0.10 | 0.24 | (2.67) | (2.13) | (1.27) | 0.99 | (0.13) | (1.33) | (10.7%) | ||||||
| Book value | 2.91 | 3.83 | 6.51 | 6.96 | 8.70 | 9.62 | 10.91 | 14.66 | 14.86 | 14.27 | 6.87 | +19.3% | ||||||
| Shares, m | 205 | 208 | 211 | 219 | 219 | 219 | 219 | 219 | 219 | 219 | 219 | +0.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 2.41 | 2.41 | 2.41 | 2.41 | 5.61 | 24.57 | 19.32 | 5.41 | 19.03 | 31.86 | 0.00 | 11.5 | |||||
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 7.07 | 10.60 | 6.01 | 3.04 | 5.12 | 4.73 | 0.00 | 3.7 | ||||||
| P/B | 0.00 | 0.00 | 0.00 | 1.35 | 1.11 | 1.11 | 0.77 | 1.03 | 0.86 | 0.63 | 0.58 | 0.7 | ||||||
| EV/Sales | 7.72 | 7.72 | 7.72 | 7.72 | 8.16 | 13.65 | 9.33 | 4.15 | 7.34 | 8.29 | — | 8.2 | ||||||
| EV/FCF | (43.72) | (43.72) | (43.72) | (43.72) | 68.84 | (6.56) | (6.08) | (16.23) | 18.56 | (116.96) | — | (23.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (76) | 118 | (123) | 22 | 54 | (585) | (466) | (275) | 217 | (29) | (292) | (10.1%) | |||||
| Capex | (1) | (1) | 0 | (4) | 0 | 0 | 0 | (3) | (1) | 0 | 0 | (16.5%) | ||||||
| Free cash flow | (76) | 118 | (123) | 22 | 53 | (586) | (467) | (278) | 216 | (29) | (292) | (10.0%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 329 | 342 | 227 | 294 | 537 | 596 | (44) | +12.6% | |||||
| Net debt | 105 | 311 | 333 | 417 | 329 | 667 | 1,008 | 1,207 | 1,215 | 1,472 | 2,300 | +34.1% | ||||||
| Shareholders’ equity | 595 | 797 | 1,372 | 1,522 | 1,905 | 2,108 | 2,387 | 3,208 | 3,257 | 3,128 | 1,508 | +20.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 8.04 | 21.22 | 15.94 | 8.81 | 5.74 | (0.84) | 0.76 | 12.06 | 2.44 | 0.98 | (30.20) | (7.1) pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 6.67 | 1.54 | 3.59 | 11.55 | 5.46 | 3.15 | (23.34) | +3.2 pt | ||||||
| ROE | 14.23 | 37.58 | 28.15 | 15.12 | 9.63 | (1.43) | 1.36 | 21.82 | 4.53 | 1.96 | (70.01) | (12.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 140 | 158 | 16 | 160 | 172 | — | +5.3% | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.55 | 2.02 | 67.93 | 3.41 | 2.40 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Burford Capital Limited vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| RPC Ridgepost Capital, Inc. | $1.0B | 29.6× | 35.2× | +17.11% (above 0%: growing) | +350.00% (above 0%: growing) | +447.90% (above 0%: growing) | 100.00% | 28.63% | Compare |
| GSBD Goldman Sachs BDC, Inc. | $990.6M | 34.0× | 11.6× | −7.97% (below 0%: shrinking) | n/m | +465.71% (above 0%: growing) | 100.00% | 87.38% | Compare |
| BBDC BARINGS BDC, INC. | $915.1M | 10.3× | 9.9× | −11.20% (below 0%: shrinking) | +9.09% (above 0%: growing) | −250.65% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| BUR Burford Capital Limited | $869.6M | — (loss-making) | — (loss-making) | +110.46% (above 0%: growing) | n/m | −531.48% (below 0%: shrinking) | 100.00% | 66.57% | |
| MFIC MidCap Financial Investment Corporation | $846.0M | — (loss-making) | 56.7× | −24.94% (below 0%: shrinking) | n/m | +21.89% (above 0%: growing) | 100.00% | 0.00% | Compare |
| KBDC Kayne Anderson BDC, Inc. | $841.3M | 15.2× | 10.9× | −2.78% (below 0%: shrinking) | −71.43% (below 0%: shrinking) | +221.15% (above 0%: growing) | 86.61% | 84.68% | Compare |
| VRTS Virtus Investment Partners, Inc. | $827.0M | 7.0× | — (loss-making) | −4.35% (below 0%: shrinking) | +9.87% (above 0%: growing) | −24.42% (below 0%: shrinking) | 100.00% | 13.57% | Compare |
| FDUS Fidus Investment Corporation | $775.5M | 9.4× | 9.4× | +23.25% (above 0%: growing) | −3.24% (below 0%: shrinking) | +118.22% (above 0%: growing) | 100.00% | 71.60% | Compare |
| PSEC Prospect Capital Corporation | $739.3M | — (loss-making) | 4.2× | −3.73% (below 0%: shrinking) | n/m | +36.81% (above 0%: growing) | 74.32% | 70.51% | Compare |
| Median of peers | $843.6M | 12.7× | 10.9× | −4.04% | +9.09% | +77.52% | 100.00% | 49.57% |
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 11.42m | 11.25m | 71.00 |
| 2024 | 11.75m | 10.35m | 82.00 |
| 2023 | 11.73m | 19.34m | 193.00 |
| 2022 | 5.73m | 4.66m | 78.00 |
Ownership
Directors and executive officers, together
8.91%
Orbis Investment Management Limited
8.20%
Conifer Management, L.L.C.
5.55%
BlackRock, Inc.
5.18%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement