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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 | 2.6% | -43.2% | -57.3% |
| 2024 | $341M | - | $146M | $216M | 6.1% | -60.1% | -76.0% |
| 2023 | $854M | - | $611M | $-278M | 26.7% | 336.5% | 1901.3% |
| 2022 | $196M | - | $31M | $-467M | 1.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 195.62 | 853.88 | 341.10 | 193.77 |
| Operating Revenue | - | 195.62 | 853.88 | 341.10 | 193.77 |
| Operating Expense | - | 86.61 | 115.60 | 87.52 | 109.74 |
| Selling General And Administration | - | 37.93 | 50.15 | 31.83 | 53.01 |
| Interest Income | - | 2.65 | 0 | 0 | 0 |
| Interest Expense | - | 74.99 | 94.60 | 131.02 | 146.08 |
| Net Interest Income | - | -72.34 | -94.60 | -131.02 | -146.08 |
| Pretax Income | - | 109.02 | 738.28 | 253.59 | 84.03 |
| Tax Provision | - | 11.56 | 20.08 | 24 | 11.84 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 97.46 | 718.20 | 229.58 | 72.19 |
| Net Income From Continuing And Discontinued Operation | - | 30.51 | 610.52 | 146.48 | 62.57 |
| Net Income From Continuing Operation Net Minority Interest | - | 30.51 | 610.52 | 146.48 | 62.57 |
| Net Income | - | 30.51 | 610.52 | 146.48 | 62.57 |
| Net Income Common Stockholders | - | 30.51 | 610.52 | 146.48 | 62.57 |
| Net Income Including Noncontrolling Interests | - | 97.46 | 718.20 | 229.58 | 72.19 |
| Normalized Income | - | 30.51 | 610.52 | 146.48 | 62.57 |
| Diluted NI Availto Com Stockholders | - | 30.51 | 610.52 | 146.48 | 62.57 |
| Basic Average Shares | - | 218.76 | 218.83 | 219.42 | 218.90 |
| Diluted Average Shares | - | 221.80 | 222.82 | 219.42 | 223.47 |
| Reconciled Depreciation | 3.19 | 4.36 | - | - | - |
| Minority Interests | - | -66.95 | -107.68 | -83.10 | -9.62 |
| Gain On Sale Of Security | - | 330.81 | 251.62 | 439.66 | 260.59 |
| Depreciation And Amortization In Income Statement | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 37.93 | 50.15 | 31.83 | 53.01 |
| Other Operating Expenses | - | 3.27 | 4.53 | 4.45 | -5.55 |
| Amortization | 0 | 0 | - | - | - |
| Depreciation Income Statement | 0 | 0 | - | - | - |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Burford Capital Limitedthis co. | BUR | $975M | 15.58↑ premium | 0.40 | 2.6% | - |
| Safety Insurance Group, Inc. | SAFT | $1.0B | 10.16 | 1.12 | 11.1% | - |
| Virtus Investment Partners, Inc. | VRTS | $995M | 7.19 | 1.06 | 14.8% | 8.13 |
| Universal Insurance Holdings, Inc. | UVE | $990M | 5.41 | 1.80 | 33.2% | - |
| Southside Bancshares, Inc. | SBSI |
| - |
| - |
| - |
| - |
| - |
| $980M |
| 14.15 |
| 1.16 |
| 8.2% |
| - |
| Capitol Federal Financial, Inc. | CFFN | $973M | 14.30 | 0.93 | 6.5% | - |
| Horizon Bancorp, Inc. | HBNC | $961M | -6.39 | 1.40 | -21.9% | - |
| MetroCity Bankshares, Inc. | MCBS | $960M | 14.01 | 1.76 | 12.6% | - |
| Trupanion, Inc. | TRUP | $949M | 48.82 | 2.47 | 5.1% | 17.88 |
| Peer Median | - | 12.09 | 1.28 | 9.6% | 13.01 | |