Burford Capital Financials
Burford Capital (BUR) reported $413.4M in revenue for fiscal year 2025, down 24.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Burford’s reported earnings and cash generation move on different clocks, while a growing balance sheet leans more on debt-funded capital.
In FY2025, net income stayed positive at$63M even as operating cash flow turned negative at-$29M , extending a mismatch also visible in FY2023 and indicating that accounting gains and cash collections arrive in different periods. Meanwhile, total assets grew7.6% and long-term debt grew20.7% , so the larger balance sheet was financed faster by borrowing than by internally generated cash.
This is not a business where overhead drives the story. In FY2025, interest expense of
Cash balances rose to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Burford Capital's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Burford Capital has an operating margin of 56.1%, meaning the company retains $56 of operating profit per $100 of revenue. This strong profitability earns a score of 91/100, reflecting efficient cost management and pricing power. This is down from 71.5% the prior year.
Burford Capital's revenue declined 24.3% year-over-year, from $546.1M to $413.4M. This contraction results in a growth score of 2/100.
Burford Capital has a moderate D/E ratio of 0.87. This balance of debt and equity financing earns a leverage score of 49/100.
Not available for Burford Capital, and counted as zero in the overall score.
Burford Capital's operations used $29.0M of cash, and capex of $284K added to the outflow, for a free cash flow shortfall of $29.3M. This results in a cash flow score of 40/100.
Not available for Burford Capital, and counted as zero in the overall score.
Burford Capital passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Burford Capital used $0.46 of operating cash (-$29.0M OCF vs $62.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Burford Capital earns $1.59 in operating income for every $1 of interest expense ($232.1M vs $146.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Burford Capital generated $413.4M in revenue in fiscal year 2025. This represents a decrease of 24.3% from the prior year.
Burford Capital reported $62.6M in net income in fiscal year 2025. This represents a decrease of 57.3% from the prior year.
Burford Capital earned $0.28 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 57.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Burford Capital recorded an outflow of $29.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 113.6% from the prior year.
Burford Capital held $566.4M in cash against $2.1B in long-term debt as of fiscal year 2025.
Burford Capital paid $12.50 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Margins & Returns
Burford Capital's operating margin was 56.1% in fiscal year 2025, reflecting core business profitability. This is down 15.4 percentage points from the prior year.
Burford Capital's net profit margin was 15.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.7 percentage points from the prior year.
Burford Capital's ROE was 2.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Burford Capital spent $15.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 200.8% from the prior year.
Burford Capital invested $284K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 57.0% from the prior year.
Not reported for fiscal year 2025.
BUR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $413.4M-24.3% | $546.1M-49.8% | $1.1B+240.5% | $319.2M+46.9% | $217.3M-33.7% | $327.9M-38.7% | $534.5M |
| SG&A Expenses | $37.6M | $38.4M+23.6% | $31.0M-7.8% | $33.7M+13.4% | $29.7M-2.6% | $30.5M+41.9% | $21.5M-4.4% | $22.4M |
| Operating Income | -$1.5B | $232.1M-40.6% | $390.6M-52.1% | $815.7M+318.4% | $195.0M+184.3% | $68.6M-67.1% | $208.8M-47.3% | $396.4M |
| Interest Expense | $176.3M | $146.1M+11.5% | $131.0M+32.2% | $99.1M+28.1% | $77.4M+32.0% | $58.6M+50.2% | $39.0M+0.8% | $38.7M |
| Income Tax | $1.8M | $11.8M-50.7% | $24.0M+19.5% | $20.1M+73.8% | $11.6M+18.8% | $9.7M-58.6% | $23.5M-26.4% | $31.9M |
| Net Income | -$1.7B | $62.6M-57.3% | $146.5M-76.0% | $610.5M+1901.3% | $30.5M+206.1% | -$28.8M-120.1% | $143.3M-52.3% | $300.5M |
| EPS (Diluted) | — | $0.28-57.6% | $0.66-75.9% | $2.74+1857.1% | $0.14+207.7% | -$0.13-120.0% | $0.65-52.6% | $1.37 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BUR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $6.6B+7.5% | $6.2B+5.8% | $5.8B+36.1% | $4.3B+14.6% | $3.7B+14.5% | $3.3B | N/A |
| Cash & Equivalents | $566.4M+20.5% | $469.9M+113.1% | $220.5M+104.9% | $107.7M-40.3% | $180.3M-44.0% | $322.1M+80.8% | $178.2M |
| Goodwill | $134.0M+0.1% | $133.9M0.0% | $134.0M0.0% | $133.9M-0.1% | $134.0M0.0% | $134.0M0.0% | $134.0M |
| Total Liabilities | $3.5B+20.4% | $2.9B+11.0% | $2.6B+38.3% | $1.9B+16.4% | $1.6B+31.3% | $1.2B | N/A |
| Long-Term Debt | $2.1B+20.7% | $1.8B+14.9% | $1.5B+20.9% | $1.3B+22.4% | $1.0B+53.0% | $677.4M+1.8% | $665.3M |
| Total Equity | $2.4B+1.2% | $2.4B+5.6% | $2.3B+31.5% | $1.7B+2.8% | $1.7B-3.8% | $1.8B-5.9% | $1.9B |
| Retained Earnings | $1.8B+1.9% | $1.8B+7.1% | $1.6B+53.5% | $1.1B+0.6% | $1.1B-6.0% | $1.1B | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
BUR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$184.6M | -$29.0M-113.4% | $216.7M+178.9% | -$274.7M+41.1% | -$466.1M+20.4% | -$585.4M-1187.5% | $53.8M+119.7% | -$273.6M |
| Capital Expenditures | $253K | $284K-57.0% | $661K-79.4% | $3.2M+689.2% | $407K+42.8% | $285K-20.8% | $360K-89.4% | $3.4M |
| Free Cash Flow | -$184.9M | -$29.3M-113.6% | $216.1M+177.8% | -$277.9M+40.4% | -$466.5M+20.3% | -$585.6M-1195.3% | $53.5M+119.3% | -$277.0M |
| Investing Cash Flow | -$11.7M | -$8.8M-1231.2% | -$661K+79.4% | -$3.2M-689.2% | -$407K-42.8% | -$285K+20.8% | -$360K+89.4% | -$3.4M |
| Financing Cash Flow | $521.4M | $132.4M+291.4% | $33.8M-91.3% | $389.5M-2.4% | $399.1M-10.3% | $444.8M+8561.7% | -$5.3M-103.4% | $154.7M |
| Dividends Paid | N/A | N/A | N/A | $27.5M-0.6% | $27.7M-32.6% | $41.0M | N/A | $28.4M |
| Share Buybacks | $3.7M | $15.3M+200.8% | $5.1M+35.4% | $3.8M+0.3% | $3.7M | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BUR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | 56.1%-15.4pp | 71.5%-3.5pp | 75.0%+14.0pp | 61.1%+29.5pp | 31.6%-32.1pp | 63.7%-10.5pp | 74.2% |
| Net Margin | 15.1%-11.7pp | 26.8%-29.3pp | 56.2%+46.6pp | 9.6%+22.8pp | -13.2%-56.9pp | 43.7%-12.5pp | 56.2% |
| Return on Equity | 2.6%-3.5pp | 6.0%-20.6pp | 26.7%+24.9pp | 1.8%+3.5pp | -1.7%-9.8pp | 8.1%-7.9pp | 16.1% |
| Return on Assets | 0.9%-1.4pp | 2.4%-8.1pp | 10.5%+9.8pp | 0.7%+1.5pp | -0.8%-5.1pp | 4.4% | N/A |
| Debt-to-Equity | 0.87+0.1x | 0.73+0.1x | 0.67-0.1x | 0.73+0.1x | 0.61+0.2x | 0.380.0x | 0.36 |
| FCF Margin | -7.1%-46.7pp | 39.6%+65.1pp | -25.6% | -146.1% | -269.5% | 16.3%+68.1pp | -51.8% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
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Where Burford Capital Ranks
Frequently Asked Questions
What is Burford Capital's annual revenue?
Burford Capital (BUR) reported $413.4M in total revenue for fiscal year 2025. This represents a -24.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Burford Capital's revenue growing?
Burford Capital (BUR) revenue declined by 24.3% year-over-year, from $546.1M to $413.4M in fiscal year 2025.
Is Burford Capital profitable?
Yes, Burford Capital (BUR) reported a net income of $62.6M in fiscal year 2025, with a net profit margin of 15.1%.
How much debt does Burford Capital have?
As of fiscal year 2025, Burford Capital (BUR) had $566.4M in cash and equivalents against $2.1B in long-term debt.
What is Burford Capital's operating margin?
Burford Capital (BUR) had an operating margin of 56.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Burford Capital's net profit margin?
Burford Capital (BUR) had a net profit margin of 15.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Burford Capital pay dividends?
Yes, Burford Capital (BUR) paid $12.50 per share in dividends during fiscal year 2025.
What is Burford Capital's return on equity (ROE)?
Burford Capital (BUR) has a return on equity of 2.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Burford Capital's free cash flow?
Burford Capital (BUR) recorded an outflow of $29.3M in free cash flow during fiscal year 2025. This represents a -113.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Burford Capital's operating cash flow?
Burford Capital (BUR) recorded an outflow of $29.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Burford Capital's total assets?
Burford Capital (BUR) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Burford Capital's capital expenditures?
Burford Capital (BUR) invested $284K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Burford Capital's debt-to-equity ratio?
Burford Capital (BUR) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Burford Capital's return on assets (ROA)?
Burford Capital (BUR) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Burford Capital's cash runway?
Based on fiscal year 2025 data, Burford Capital (BUR) had $566.4M in cash against an annual operating cash burn of $29.0M. This gives an estimated cash runway of approximately 234 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Burford Capital's Piotroski F-Score?
Burford Capital (BUR) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Burford Capital's earnings high quality?
For every $1 of reported earnings, Burford Capital (BUR) used $0.46 of operating cash (-$29.0M OCF vs $62.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Burford Capital cover its interest payments?
Burford Capital (BUR) has an interest coverage ratio of 1.59x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Burford Capital?
Burford Capital (BUR) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.