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Burford Capital Limited provides legal finance products and services worldwide. The company operates in two segments, Principal Finance, and Asset Management and Other Services. The Principal Finance segment provides capital against the underlying value of high-value single or multiple litigation and arbitration matters at any stage of the process from before filing to after a final judgment has been entered; and to a law firm that has agreed to take a case on a contingent fee or alternative fee basis, as well as directly to the client. This segment also offers legal risk management and adverse legal cost insurance services. The Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, as well as provides other services to the legal industry. The company was incorporated in 2009 and is based in Saint Peter Port, Guernsey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $194M | - | $63M | $-29M | 2.0% | -43.2% | -57.3% |
| 2024 | $341M | - | $146M | $216M | 4.5% | -60.1% | -76.0% |
| 2023 | $854M | - | $611M | $-278M | 19.0% | 336.5% | 1901.3% |
| 2022 | $196M | - | $31M | $-467M | 1.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 195.62 | 853.88 | 341.10 | 193.77 |
| Operating Expense | 86.61 | 115.60 | 87.52 | 109.74 |
| Pretax Income | 109.02 | 738.28 | 253.59 | 84.03 |
| Tax Provision | 11.56 | 20.08 | 24 | 11.84 |
| Net Income | 30.51 | 610.52 | 146.48 | 62.57 |
| Net Income Common Stockholders | 30.51 | 610.52 | 146.48 | 62.57 |
| Interest Expense | 74.99 | 94.61 | 131.02 | 146.08 |
| Interest Income | 2.65 | 0 | 0 | 0 |
| Selling General And Administration | 37.93 | 50.15 | 31.83 | 53.01 |
| Normalized Income | 30.51 | 610.52 | 146.48 | 62.57 |
| Basic EPS | 0.14 | 2.79 | 1.05 | 0.29 |
| Diluted EPS | 0.14 | 2.74 | 1.05 | 0.28 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.11 | 0.03 | 0.09 | 0.14 |
| Net Income From Continuing Operation Net Minority Interest | 30.51 | 610.52 | 146.48 | 62.57 |
| Reconciled Depreciation | 4.36 | 0 | 0 | 0 |
| Net Interest Income | -72.34 | -94.61 | -131.02 | -146.08 |
| Net Income From Continuing And Discontinued Operation | 30.51 | 610.52 | 146.48 | 62.57 |
| Diluted Average Shares | 221.80 | 222.82 | 219.42 | 223.47 |
| Basic Average Shares | 218.76 | 218.83 | 219.42 | 218.90 |
| Diluted NI Availto Com Stockholders | 30.51 | 610.52 | 146.48 | 62.57 |
| Minority Interests | -66.95 | -107.68 | -83.10 | -9.62 |
| Net Income Including Noncontrolling Interests | 97.46 | 718.20 | 229.58 | 72.19 |
| Net Income Continuous Operations | 97.46 | 718.20 | 229.58 | 72.19 |
| Gain On Sale Of Security | 330.81 | 251.62 | 439.67 | 260.59 |
| Other Operating Expenses | 3.27 | 4.53 | 4.45 | -5.55 |
| Depreciation And Amortization In Income Statement | 0 | 0 | 0 | 0 |
| Amortization | 0 | 0 | 0 | 0 |
| Depreciation Income Statement | 0 | 0 | 0 | 0 |
| General And Administrative Expense | 37.93 | 50.15 | 31.83 | 53.01 |
| Operating Revenue | 195.62 | 853.88 | 341.10 | 193.77 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Burford Capital Limitedthis co. | BUR | $1.1B | 17.32↑ premium | 0.43 | 2.0% | - |
| Metropolitan Bank Holding Corp. | MCB | $1.1B | 10.96 | 1.20 | 9.6% | - |
| Universal Insurance Holdings, Inc. | UVE | $1.1B | 5.80 | 1.99 | 33.2% | 2.18 |
| OceanFirst Financial Corp. | OCFC | $1.1B | 16.00 | 0.65 | 4.3% | - |
| Old Second Bancorp, Inc. | OSBC |
| $1.1B |
| 12.28 |
| 1.20 |
| 9.0% |
| - |
| Northeast Bank | NBN | $1.1B | 11.96 | 1.87 | 16.9% | - |
| Strive Asset Management, LLC | ASST | $1.0B | - | 1.11 | -92.5% | -4.30 |
| Univest Financial Corporation | UVSP | $1.0B | 11.34 | 1.12 | 9.6% | - |
| HBT Financial, Inc. | HBT | $1.0B | 12.83 | 1.43 | 12.5% | - |
| Peer Median | - | 11.96 | 1.20 | 9.6% | -1.06 | |