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BUR

Burford Capital Limited

BUR

Burford Capital Limited • NYSE
$9.57 ▲ 0.42% (+0.04)
Market Cap $2.09 B
52w High $15.73
52w Low $8.19
Dividend Yield 0.13%
P/E 23.93
Volume 1.47M
Outstanding Shares 218.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $69.803M ▼ $33.801M ▲ $-20.27M ▼ -29.039% ▼ $-0.09 ▼ $-16.495M ▼
Q2-2025 $174.852M ▲ $31.126M ▲ $88.296M ▲ 50.498% ▲ $0.4 ▲ $109.747M ▲
Q4-2024 $18.234M ▼ $-27.545M ▼ $-12.968M ▼ -71.12% ▼ $-0.059 ▼ $16.189M ▼
Q2-2024 $141.695M ▼ $20.26M ▲ $53.746M ▼ 37.931% ▼ $0.25 ▼ $86.969M ▼
Q4-2023 $153.913M $-14.496M $100.095M 65.033% $0.46 $144.494M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $756.735M ▲ $6.685B ▲ $3.497B ▲ $2.497B ▼
Q2-2025 $372.248M ▼ $6.327B ▲ $3.098B ▲ $2.503B ▲
Q4-2024 $469.93M ▼ $6.175B ▲ $2.918B ▲ $2.419B ▲
Q2-2024 $483.597M ▲ $6.121B ▲ $2.888B ▲ $2.303B ▲
Q4-2023 $220.549M $5.837B $2.63B $2.291B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.695M ▼ $153.781M ▲ $-7.817M ▼ $278.411M ▲ $305.405M ▲ $154.221M ▲
Q2-2025 $105.153M ▲ $-84.231M ▼ $-103K ▲ $-31.358M ▲ $-114.391M ▼ $-84.334M ▼
Q4-2024 $13.945M ▼ $-18.661M ▲ $-522K ▼ $-83.429M ▼ $-104.084M ▼ $-19.183M ▲
Q2-2024 $23.809M ▼ $-44.416M ▲ $-88K ▲ $214.834M ▲ $390.673M ▲ $-44.504M ▲
Q4-2023 $139.96M $-70.431M $-255K $34.384M $-35.019M $-70.686M

Revenue by Products

Product Q3-2022Q1-2025Q2-2025Q3-2025
Asset Management
Asset Management
 $0 ▲$0 ▲$0 ▲$0 ▲
Management Fee Income
Management Fee Income
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Performance Fee Income
Performance Fee Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Capital provision income
Capital provision income
 $320.00M ▲$0 ▼$0 ▲$0 ▲
Services income
Services income
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Burford’s income statement shows a business with strong underlying economics but very lumpy results. Revenue and profit have grown meaningfully over the five‑year period, but they swing up and down depending on when big legal cases are resolved. After a soft patch a few years ago, performance improved sharply in 2023 and stayed profitable in 2024, although below the exceptional level of the prior year. Margins look high in good years, reflecting the attractive economics when cases are successful, but investors should expect volatility rather than a smooth growth trend, because case outcomes and timing drive the top and bottom line.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and shareholder equity both rising over time. This reflects growth in Burford’s portfolio of funded cases and legal assets. At the same time, the company has been using more debt to finance that growth, so leverage has increased. Cash balances are modest relative to total assets, which is typical for an asset manager funding long‑dated claims but means the firm relies on its financing lines and capital markets access. Overall, the company appears better capitalized than a few years ago, but with a more leveraged structure that requires continued prudent risk and liquidity management.

Cash Flow

Cash Flow Cash flow highlights the timing mismatch in Burford’s model. For several years, operating cash flow was negative as the company poured money into new cases and portfolios, effectively building its future earnings base. That reversed in the most recent year, with cash flow turning positive as some investments were realized and converted to cash. Free cash flow mirrors this pattern, since traditional capital expenditures are minimal. This reinforces that cash generation can be strong when cases resolve favorably, but can be weak in periods of heavy deployment, making access to external funding and careful pacing of new commitments important.

Competitive Edge

Competitive Edge Burford occupies a leading position in the niche of legal finance. Its scale, global reach, and ability to fund very large, complex disputes set it apart from smaller rivals. A major advantage is its deep proprietary database of commercial case outcomes, built over many years, which gives it an information edge in assessing risk and pricing deals. The firm’s brand is well established with top law firms and large corporates, helping it see high‑quality opportunities first. Its in‑house legal and financial expertise, asset recovery capabilities, insurance solutions, and portfolio‑based products create a full‑service offering that is hard to replicate quickly. The flip side is exposure to legal, regulatory, and reputational risks, and to competition as the asset class becomes more mainstream.

Innovation and R&D

Innovation and R&D Innovation at Burford is centered on data, analytics, and product design rather than traditional laboratory R&D. The company has spent years building proprietary models and increasingly uses artificial intelligence and machine learning to help evaluate and source cases, while still relying on human judgment for final decisions. It has pioneered portfolio funding, claim monetization, and integrated services such as asset recovery and risk insurance, effectively turning legal claims into a flexible corporate finance tool for clients. Looking forward, Burford is exploring equity stakes in law firms, deeper involvement in bankruptcy and restructuring situations, broader funding of the litigation ecosystem, and expansion into new regions such as parts of Asia. Continued investment in data and AI is a core theme and could further widen its analytical edge, though the impact and regulatory environment for these tools are still evolving.

Summary

Burford Capital is a specialized asset manager built around financing legal disputes, turning them into investable assets. Over the last five years it has grown meaningfully in size and profitability, but its results are inherently uneven, with standout years when major cases conclude and quieter periods when capital is mainly being deployed. The balance sheet has scaled up, supported by rising equity and increased use of debt, giving the firm the capacity to underwrite large, complex matters while also increasing its sensitivity to funding conditions. Cash flows reflect the same pattern: cash is consumed when building the portfolio and released when cases resolve, creating a stop‑start rhythm rather than a smooth stream. Strategically, Burford benefits from a strong competitive position built on proprietary data, brand, and expertise, and it is pushing the frontier of legal finance through new products, AI‑driven analytics, and potential moves into law firm ownership and adjacent services. Key opportunities lie in continued institutionalization of legal finance and geographic and product expansion, while key risks stem from case concentration, legal and regulatory shifts, and the need to balance aggressive growth with conservative risk and liquidity management.

NEWS

November 7, 2025 · 8:00 AM UTC

Pound Sterling Conversion Rate for 2025 Interim Dividend

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November 5, 2025 · 8:00 AM UTC

Burford Reports 3Q25 and YTD25 Financial Results

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October 23, 2025 · 8:00 AM UTC

Burford Announces Date for Release of 3Q25 Financial Results and Results Call Registration and Participation Details

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October 22, 2025 · 8:00 AM UTC

Burford Capital YPF Matter Update

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October 16, 2025 · 2:00 PM UTC

Inside the New Burford Quarterly: Navigating Global Business Disputes

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