Burford Capital Ltd BUR
Burford is the world's largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, which we colloquially call legal finance.
We are a global firm that serves the legal industry by providing an array of financial products and services. Our largest business is providing capital to clients engaged in ongoing legal disputes, which they can use both to pay the legal fees and expenses associated with disputes and to monetize the expected future value of disputes. Our focus is on large, complex disputes, not on small-scale litigation typically pursued by consumers or small businesses. We rarely engage in transactions in which we are providing less than $5.0 million in capital, and we frequently provide multiples of that amount up to hundreds of millions of dollars. Since our inception in 2009, we made commitments of more than $12.1 billion into legal finance assets on a group-wide basis.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $413.4M | $546.1M | $1.09B | $319.2M | $217.3M | $327.9M | $534.5M | — |
| SG&A | $38.4M | $31.0M | $33.7M | $29.7M | $30.5M | $21.5M | $22.4M | — |
| Total operating expenses | $181.2M | $155.5M | $271.2M | $124.3M | $148.7M | $119.1M | $138.1M | — |
| Operating income | $232.1M | $390.6M | $815.7M | $195.0M | $68.6M | $208.8M | $396.4M | $343.7M |
| Interest expense | $151.0M | $135.6M | $99.1M | $78.3M | $58.6M | $39.0M | $38.7M | — |
| Pre-tax income | $84.0M | $253.6M | $738.3M | $109.0M | $2.8M | $180.5M | $359.6M | — |
| Income tax | $11.8M | $24.0M | $20.1M | $11.6M | $9.7M | $23.5M | $31.9M | — |
| Net income | $62.6M | $146.5M | $610.5M | $30.5M | -$28.8M | $143.3M | $300.5M | $317.6M |
| EPS, basic | 0.29 | 0.67 | 2.79 | 0.14 | -0.13 | 0.65 | 1.37 | — |
| EPS, diluted | 0.28 | 0.66 | 2.74 | 0.14 | -0.13 | 0.65 | 1.37 | — |
| Shares, diluted (wtd. avg.) | $224.6M | $223.2M | $223.0M | $221.8M | $219.0M | $219.6M | $219.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $566.4M | $469.9M | $220.5M | $107.7M | $180.3M | $322.1M | $273.4M | $395.5M |
| Short-term investments | $377.1M | $319.9M | $13.0M | $1.0M | $21.6M | $5.3M | — | — |
| Property, plant and equipment | $3.0M | $3.4M | $3.6M | $1.3M | $2.1M | $2.8M | — | — |
| Goodwill | $134.0M | $133.9M | $134.0M | $133.9M | $134.0M | $134.0M | $134.0M | — |
| Total assets | $6.64B | $6.18B | $5.84B | $4.29B | $3.74B | $3.27B | $3.04B | $2.55B |
| Long-term debt | $2.13B | $1.76B | $1.53B | $1.27B | $1.04B | $677.4M | $665.3M | — |
| Total liabilities | $3.51B | $2.92B | $2.63B | $1.90B | $1.63B | $1.24B | — | — |
| Retained earnings | $1.80B | $1.77B | $1.65B | $1.07B | $1.07B | $1.14B | — | — |
| Total equity | $2.45B | $2.42B | $3.21B | $2.39B | $2.11B | $2.02B | $1.87B | $1.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$29.0M | $216.7M | -$274.7M | -$466.1M | -$585.4M | $53.8M | -$273.6M | — |
| Depreciation and amortisation | — | — | $5.5M | $4.4M | $3.2M | $10.7M | $12.6M | — |
| Stock-based compensation | $13.8M | $8.7M | $8.7M | $7.8M | $8.8M | $5.3M | $4.5M | — |
| Capital expenditure | $284.0K | $661.0K | $3.2M | $407.0K | $285.0K | $360.0K | $3.4M | — |
| Investing cash flow | -$8.8M | -$661.0K | -$3.2M | -$407.0K | -$285.0K | -$360.0K | -$3.4M | — |
| Financing cash flow | $132.4M | $33.8M | $389.5M | $399.1M | $444.8M | -$5.3M | $154.7M | — |
| Dividends paid | — | — | $27.5M | $27.7M | $41.0M | — | $28.4M | — |
| Buybacks | $15.3M | $5.1M | $3.8M | $3.7M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001714174-26-000007.
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