BUR

MKT CAP:$1B

Burford Capital Limited

Market Cap

$1B

Financial Services·Asset Management· Guernsey·NYSE

Financials·Asset Management·NYSE

Stock Price

$4.96-$3.79 (-43.31%)

Apr 17, 2026

Company Details

Burford Capital Limited, through its subsidiaries, provides legal finance products and services. The company offers asset management services, including core legal finance, complex strategies, and post-settlement finance. The company was in...

CEO

Christopher Peter Bogart

IPO Date

Oct 19, 2020

Website

www.burfordcapital.com

Key Metrics TTM

Revenue

$580M

-26.6% YoY

Net Income

$136M

EPS (Diluted)

$0.62

Free Cash Flow

-$532M

Revenue / Share

$2.65

Gross Margin

86.9%

Operating Margin

53.6%

Net Margin

23.5%

FCF Margin

-91.7%

P/S

1.8x

P/E

7.7x

Earnings Reports

FY 2025

Feb 26, 2026

$400MEPS $0.28

Q4 2021

Dec 30, 2021

$128M+29.8%EPS -$0.00

Q2 2021

Jun 29, 2021

$95M-63.5%EPS -$0.13

Q4 2020

Dec 30, 2020

$98M+37.1%EPS $0.06

Q2 2020

Jun 29, 2020

$259M-11.2%EPS $0.69

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 13	$20M	$10M	$4M
Q4 13	$41M	$40M	$28M
Q4 16	$87M	$63M	$62M
Q2 17	$175M	$154M	$145M
Q4 17	$166M	$133M	$127M
Q2 18	$207M	$184M	$179M
Q4 18	$219M	$170M	$166M
Q2 19	$292M	$252M	$247M
Q4 19	$72M	$23M	$16M
Q2 20	$259M	$222M	$213M
Q4 20	$98M	$66M	$24M
Q2 21	$95M	$92M	$10M
Q4 21	$128M	$125M	$64M

Valuation

Quarter	P/S	P/E
Q2 13	—	—
Q4 13	—	—
Q4 16	—	—
Q2 17	3.3x	5.5x
Q4 17	2.2x	3.2x
Q2 18	1.7x	2.3x
Q4 18	1.4x	1.9x
Q2 19	1.2x	1.6x
Q4 19	1.3x	2.0x
Q2 20	1.3x	2.0x
Q4 20	1.5x	2.8x
Q2 21	2.0x	8.2x
Q4 21	1.8x	7.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 11	$13M	$13M
Q2 12	$25M	$25M
Q4 12	$25M	$25M
Q2 13	$12M	$12M
Q4 13	$30M	$30M
Q4 16	$109M	$108M
Q2 17	-$64M	-$64M
Q4 17	-$39M	-$39M
Q2 18	-$41M	-$41M
Q4 18	-$192M	-$193M
Q2 19	$7M	$6M
Q4 19	-$15M	-$18M
Q2 20	$94M	$94M
Q4 20	-$40M	-$41M
Q2 21	-$646M	-$646M
Q4 21	$61M	$61M

Capital Expenditures

Quarter	CapEx
Q4 11	$6.8K
Q2 12	$13.5K
Q4 12	$13.5K
Q2 13	$76.0K
Q4 13	$160.0K
Q4 16	$1M
Q2 17	$205.0K
Q4 17	$445.0K
Q2 18	$64.0K
Q4 18	$40.0K
Q2 19	$860.0K
Q4 19	$3M
Q2 20	$144.0K
Q4 20	$216.0K
Q2 21	$187.0K
Q4 21	$98.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	+735.1%	+147.3%
Q2 18	+411.2%	+131.6%
Q4 18	+151.3%	+115.3%
Q2 19	+67.2%	+49.9%
Q4 19	-56.8%	+42.7%
Q2 20	+25.1%	+65.7%
Q4 20	-55.1%	+39.1%
Q2 21	-67.6%	+86.6%
Q4 21	+78.0%	+15.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 11	$0	—
Q2 12	$0	—
Q4 12	$0	—
Q2 13	$0	0.0%
Q4 13	$0	0.0%
Q4 16	$0	0.0%
Q2 17	$0	0.0%
Q4 17	$2M	1.0%
Q2 18	$0	0.0%
Q4 18	$2M	0.8%
Q2 19	$2M	0.6%
Q4 19	$3M	3.9%
Q2 20	$0	0.0%
Q4 20	$5M	5.4%
Q2 21	$4M	4.5%
Q4 21	$5M	3.9%

OpEx Breakdown

Quarter	G&A	S&M
Q4 13	$957.0K	$5M
Q2 17	$4M	—
Q4 20	$21M	$78M
Q2 21	$14M	$68M
Q4 21	$16M	$45M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 20	$260M	$0	$260M
Q4 20	$322M	$0	$322M
Q2 21	$193M	$0	$193M
Q4 21	$180M	$0	$180M
Q2 22	$353M	$0	$353M
Q4 22	$108M	$0	$108M
Q2 23	$365M	$0	$365M
Q4 23	$221M	$0	$221M
Q1 24	$482M	$103M	$585M
Q2 24	$391M	$93M	$484M
Q3 24	$574M	$0	$574M
Q4 24	$470M	$0	$470M
Q1 25	$487M	$0	$487M
Q2 25	$372M	$0	$372M
Q3 25	$678M	$79M	$757M
Q4 25	$566M	$89M	$656M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 13	193M	—	—
Q4 13	205M	+6.0%	—
Q4 16	205M	+0.2%	—
Q2 17	223M	+9.0%	—
Q4 17	209M	-6.5%	+8.3%
Q2 18	209M	-0.1%	+2.0%
Q4 18	214M	+2.5%	+4.4%
Q2 19	219M	+2.5%	-1.8%
Q4 19	220M	+0.2%	+5.3%
Q2 20	220M	-0.1%	+5.3%
Q4 20	219M	-0.3%	+2.4%
Q2 21	219M	-0.0%	-0.1%
Q4 21	219M	0.0%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 13	—	—
Q4 13	—	—
Q4 16	—	—
Q2 17	—	—
Q4 17	—	—
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	$739.6K	133
Q2 21	$711.7K	133
Q4 21	$912.1K	140

Revenue / Employee