# Burford Capital (BUR.US)

Canonical: https://gigainvestors.com/s/BUR

Analysis as of: 2026-10-16T07:27:08.559Z. Financial observations: FY2011–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.29 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.79×

- FY2017: 0.85×

- FY2018: 0.81×

- FY2019: 0.42×

- FY2020: 0.64×

- FY2021: 0.01×

- FY2022: 0.34×

- FY2023: 0.75×

- FY2024: 0.46×

- FY2025: 0.20×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 21.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.9%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 21.3 pp

- Typical gross margin (annual median): 68.2%

- Recent gross margin (lower of latest and 3-year median): 46.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: -3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.9%

- FY2017: 26.8%

- FY2018: 21.4%

- FY2019: 11.2%

- FY2020: 8.6%

- FY2021: 0.1%

- FY2022: 3.5%

- FY2023: 22.8%

- FY2024: 6.4%

- FY2025: 1.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$941M

- Net income, five-year total: $821M

- Return on incremental invested capital: -0.1%

- Working capital / revenue, annual change: 6.0 pp

- Working capital / revenue, change between three-year averages: 33.7 pp

- Working capital / revenue, final three-year average: 29.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 20.69×

- FY2022: -4.89×

- FY2023: -0.48×

- FY2024: 0.90×

- FY2025: -0.60×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 26.8% vs 6.4%

- Per-share earnings: 0.53 to 0.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: $631M

- Cumulative retained earnings: $1.6B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.7%

- Per-share value change: $0.12

- Per-share value, starting three-year median: $0.53

- Per-share value, ending three-year median: $0.66

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $172M

- Cumulative net income, 10 years: $1.9B

- ROIC, first three-year median: 26.8%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.53

- FY2017: $1.19

- FY2018: $1.48

- FY2019: $0.97

- FY2020: $0.65

- FY2021: -$0.13

- FY2022: $0.14

- FY2023: $2.74

- FY2024: $0.66

- FY2025: $0.28

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 1.4%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 11.9%

- FY2017: 23.5%

- FY2018: 23.8%

- FY2019: 8.3%

- FY2020: -1.4%

- FY2021: 14.9%

- FY2022: 11.6%

- FY2023: 15.2%

- FY2024: -1.1%

- FY2025: 1.4%

## Holders

## Price story

Down 79% since Mar 2024 · "Expenses: $40 million, higher due to increased long-term incentive compensation and case-related expenditures." (finance.yahoo.com, May 2025) · sales -24.3%

Story as of 2026-10-16T09:58:26.267Z; price observation 2026-10-15.

- 2025-08-08: Burford signals robust portfolio growth as new business commitments surge 71% year-to-date ([seekingalpha.com](https://seekingalpha.com/news/4482306-burford-signals-robust-portfolio-growth-as-new-business-commitments-surge-71-percent-year-to?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -24.3%; source https://www.sec.gov/Archives/edgar/data/1714174/000171417426000007/bur-20251231.htm; observed 2026-02-26.

- FY2016: $150M 

- FY2017: $319M 

- FY2018: $425M 

- FY2019: $534M 

- FY2020: $328M 

- FY2021: $217M 

- FY2022: $319M 

- FY2023: $1.1B 

- FY2024: $546M 

- FY2025: $413M 

### Gross margin · FY2025

gross margin 46.9%; source https://www.sec.gov/Archives/edgar/data/1714174/000171417426000007/bur-20251231.htm; observed 2026-02-26.

- FY2016: 73.9% 

- FY2017: 83.2% 

- FY2018: 74.3% 

- FY2019: 59.2% 

- FY2020: 95.1% 

- FY2021: 23.8% 

- FY2022: 61.3% 

- FY2023: 97.7% 

- FY2024: 62.5% 

- FY2025: 46.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 413.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1714174/000171417426000007/bur-20251231.htm#000171417426000007 (filed 2026-02-26); FY2025: revenue 413360000; grossProfit 193770000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BUR.US: 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.

### Why customers stay

Margins ranged from 46.9% to 97.7% during 2023–25; it earns 9.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 97.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 62.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1714174/000171417426000007/bur-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.3385470906716225],[2017,0.2683793641701556],[2018,0.2137225067434229],[2019,0.11236617555986546],[2020,0.08637280789346995],[2021,0.0007503359821460722],[2022,0.03521607193316032],[2023,0.22755764578622653],[2024,0.06387975248658384],[2025,0.01893370060536959]]; median 0.0993694917266677. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 15.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 509888.480982176; upkeep 1060111.519017824; owner earnings 108387888.48098217. Growth capex / owner earnings = 0.004704293884935691.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 3398000; owner earnings 221311000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 360000; owner earnings 153604000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 661000; owner earnings 132316238.36259653. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,17659000],[2017,19845000],[2018,24579000],[2019,28424000],[2020,41050000],[2021,41050000],[2022,27665000],[2023,27499000],[2024,27327000],[2025,27387000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1714174/000171417426000007/bur-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 15310000 USD.

### Are managers owners

Insiders own 9.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BUR.US SharesStats.PercentInsiders = 9.237 percentage points; cache date 2026-10-15.

### What the price says

The price is 1.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 3.29 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.8406027509138605; price multiple 1.787457939181343. FY2025 cash earnings/share -0.16650095113870803. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $5.86 per share

- 2016-11: $6.00 per share

- 2016-12: $6.45 per share

- 2017-01: $8.22 per share

- 2017-02: $8.05 per share

- 2017-03: $9.69 per share

- 2017-04: $10.15 per share

- 2017-05: $11.84 per share

- 2017-06: $11.25 per share

- 2017-07: $14.49 per share

- 2017-08: $14.00 per share

- 2017-09: $14.80 per share

- 2017-10: $16.04 per share

- 2017-11: $16.10 per share

- 2017-12: $14.74 per share

- 2018-01: $16.90 per share

- 2018-02: $14.70 per share

- 2018-03: $19.90 per share

- 2018-04: $20.40 per share

- 2018-05: $21.06 per share

- 2018-06: $19.24 per share

- 2018-07: $24.35 per share

- 2018-08: $26.15 per share

- 2018-09: $25.67 per share

- 2018-10: $20.50 per share

- 2018-11: $19.40 per share

- 2018-12: $19.92 per share

- 2019-01: $24.49 per share

- 2019-02: $22.30 per share

- 2019-03: $21.85 per share

- 2019-04: $21.45 per share

- 2019-05: $21.10 per share

- 2019-06: $19.30 per share

- 2019-07: $18.45 per share

- 2019-08: $8.60 per share

- 2019-09: $9.94 per share

- 2019-10: $11.23 per share

- 2019-11: $10.70 per share

- 2019-12: $9.38 per share

- 2020-01: $8.15 per share

- 2020-02: $7.20 per share

- 2020-03: $5.06 per share

- 2020-04: $6.40 per share

- 2020-05: $5.59 per share

- 2020-06: $5.67 per share

- 2020-07: $7.10 per share

- 2020-08: $7.55 per share

- 2020-09: $7.95 per share

- 2020-10: $8.85 per share

- 2020-11: $10.19 per share

- 2020-12: $9.67 per share

- 2021-01: $8.49 per share

- 2021-02: $8.56 per share

- 2021-03: $9.00 per share

- 2021-04: $12.87 per share

- 2021-05: $12.00 per share

- 2021-06: $10.39 per share

- 2021-07: $10.80 per share

- 2021-08: $11.99 per share

- 2021-09: $10.99 per share

- 2021-10: $10.50 per share

- 2021-11: $10.41 per share

- 2021-12: $10.56 per share

- 2022-01: $9.42 per share

- 2022-02: $9.76 per share

- 2022-03: $9.19 per share

- 2022-04: $8.46 per share

- 2022-05: $8.83 per share

- 2022-06: $10.09 per share

- 2022-07: $10.66 per share

- 2022-08: $9.34 per share

- 2022-09: $7.50 per share

- 2022-10: $8.09 per share

- 2022-11: $9.21 per share

- 2022-12: $8.15 per share

- 2023-01: $9.13 per share

- 2023-02: $8.15 per share

- 2023-03: $11.06 per share

- 2023-04: $13.32 per share

- 2023-05: $13.26 per share

- 2023-06: $12.18 per share

- 2023-07: $13.48 per share

- 2023-08: $13.77 per share

- 2023-09: $14.00 per share

- 2023-10: $12.44 per share

- 2023-11: $13.89 per share

- 2023-12: $15.60 per share

- 2024-01: $15.04 per share

- 2024-02: $15.13 per share

- 2024-03: $15.97 per share

- 2024-04: $15.29 per share

- 2024-05: $14.44 per share

- 2024-06: $13.05 per share

- 2024-07: $14.11 per share

- 2024-08: $13.51 per share

- 2024-09: $13.26 per share

- 2024-10: $13.50 per share

- 2024-11: $13.63 per share

- 2024-12: $12.75 per share

- 2025-01: $14.04 per share

- 2025-02: $15.60 per share

- 2025-03: $13.21 per share

- 2025-04: $13.58 per share

- 2025-05: $12.86 per share

- 2025-06: $14.26 per share

- 2025-07: $12.85 per share

- 2025-08: $14.00 per share

- 2025-09: $11.96 per share

- 2025-10: $9.95 per share

- 2025-11: $9.57 per share

- 2025-12: $8.92 per share

- 2026-01: $9.69 per share

- 2026-02: $8.44 per share

- 2026-03: $4.52 per share

- 2026-04: $4.92 per share

- 2026-05: $4.64 per share

- 2026-06: $4.10 per share

- 2026-07: $4.12 per share

- 2026-08: $4.15 per share

- 2026-09: $3.92 per share

- 2026-10: $3.29 per share

## Annual estimated value (USD per share)

- FY2016: low $6.33 per share, central $7.10 per share, high $8.12 per share

- FY2017: low $12.59 per share, central $14.24 per share, high $16.44 per share

- FY2019: low $11.84 per share, central $13.37 per share, high $15.39 per share

- FY2020: low $8.19 per share, central $9.12 per share, high $10.36 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1714174/000171417426000007/bur-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# BUR — Burford Capital Ltd

Held by 1 investor · USD 16,368,842 total · 2025 Q4 · reported price USD 8.92 (split-adjusted).
Page: https://gigainvestors.com/s/BUR

## Holders (2025 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Josh Tarasoff (https://gigainvestors.com/GLC) | USD 16,368,842 | 4.8% | hold |

## Total held by quarter

- 2021 Q4: USD 3,752,834 · 1 holder · USD 5.05
- 2022 Q1: USD 5,042,774 · 1 holder · USD 4.39
- 2022 Q2: USD 5,314,453 · 1 holder · USD 4.82
- 2022 Q3: USD 4,885,628 · 1 holder · USD 3.59
- 2022 Q4: USD 11,328,843 · 1 holder · USD 11.06
- 2023 Q1: USD 8,884,144 · 1 holder · USD 11.06
- 2023 Q2: USD 9,570,532 · 1 holder · USD 12.18
- 2023 Q3: USD 13,782,552 · 1 holder · USD 14.00
- 2023 Q4: USD 15,872,532 · 1 holder · USD 15.60
- 2024 Q1: USD 16,535,019 · 1 holder · USD 15.97
- 2024 Q2: USD 13,511,709 · 1 holder · USD 13.05
- 2024 Q3: USD 13,826,931 · 1 holder · USD 13.26
- 2024 Q4: USD 11,276,164 · 1 holder · USD 12.75
- 2025 Q1: USD 10,441,250 · 1 holder · USD 13.21
- 2025 Q2: USD 45,727,579 · 1 holder · USD 13.60
- 2025 Q3: USD 19,708,673 · 1 holder · USD 10.74
- 2025 Q4: USD 16,368,842 · 1 holder · USD 8.92
- 2026 Q1: USD 0 · 0 holders