Burford Capital Ltd
BUR · Finance Services · 219.1M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$5M (gross $4M, SBC $9M)
Reference price $14.60 · est. market cap ~$3.2B — last insider sale, 2025-07-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Burford Capital — leading litigation-finance firm with lumpy, asset-rich returns.
Strengths
- Operating margin 56% (96th pct); large investment portfolio (90th); very long runway
- Dominant position in commercial litigation finance
Risks
- Highly lumpy, case-outcome-driven earnings (incl. YPF)
- Leverage (D/E 0.87); fair-value-mark volatility
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-29.3M)
- Strong balance sheetStrong balance sheet — $944M cash & investments, ~129 quarters of runway
- Revenue declineRevenue -52.1% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
56.2%
Net margin
15.1%
Return on equity
2.6%
Return on assets
0.9%
ROIC
4.0%
Revenue growth (QoQ)
-52.1%
Net-income growth
-57.3%
Debt / equity
0.9×
Free cash flow
-$29M
Tangible book value
$2.3B
Cash & investments
$944M
Cash runway
129q
Stock comp / revenue
3.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | BOGART CHRISTOPHER P | Option exercise | 122K | — |
| 2026-06-15 | BOGART CHRISTOPHER P | Tax withheld | 18K | $4.64 |
| 2026-06-15 | OCONNELL ELIZABETH | Option exercise | 42K | — |
| 2026-06-15 | OCONNELL ELIZABETH | Tax withheld | 9.3K | $4.64 |
| 2026-06-15 | Sievwright John P. | Grant | 32K | — |
| 2026-06-15 | Halmy Christopher A | Grant | 22K | — |
| 2026-06-15 | Noel Ricky J. | Grant | 7.1K | — |
| 2026-06-15 | Gillespie Robert Andrew Joseph | Grant | 11K | — |
| 2026-06-15 | Corrie Pamela B | Grant | 11K | — |
| 2026-06-15 | Dames Rukia Baruti | Grant | 11K | — |
| 2026-03-26 | Perla David | Option exercise | 2.7K | — |
| 2026-03-26 | Perla David | Tax withheld | 1.7K | $7.70 |
| 2026-03-26 | Molot Jonathan Todd | Tax withheld | 1.1K | $7.70 |
| 2026-03-26 | OCONNELL ELIZABETH | Option exercise | 18K | — |
| 2026-03-26 | OCONNELL ELIZABETH | Option exercise | 14K | — |
| 2026-03-26 | OCONNELL ELIZABETH | Tax withheld | 13K | $7.70 |
| 2026-03-26 | Utley Charles | Option exercise | 17K | — |
| 2026-03-26 | Utley Charles | Option exercise | 4.0K | — |
| 2026-03-26 | Utley Charles | Tax withheld | 8.5K | $7.70 |
| 2026-03-26 | Licht Jordan David | Option exercise | 18K | — |
| 2026-03-26 | Licht Jordan David | Option exercise | 14K | — |
| 2026-03-26 | Licht Jordan David | Option exercise | 3.8K | — |
| 2026-03-26 | Licht Jordan David | Tax withheld | 19K | $7.70 |
| 2026-03-26 | Arnott Craig | Option exercise | 18K | — |
| 2026-03-26 | Arnott Craig | Option exercise | 14K | — |
| 2026-03-26 | Arnott Craig | Option exercise | 3.8K | — |
| 2026-03-26 | Lenkner Travis | Option exercise | 1.1K | — |
| 2026-03-26 | Lenkner Travis | Tax withheld | 517 | $7.70 |
| 2026-03-26 | Klein Mark N. | Option exercise | 18K | — |
| 2026-03-26 | Klein Mark N. | Option exercise | 14K | — |
| 2026-03-26 | Klein Mark N. | Option exercise | 3.8K | — |
| 2026-03-26 | Klein Mark N. | Tax withheld | 18K | $7.70 |
| 2026-03-26 | BOGART CHRISTOPHER P | Tax withheld | 1.1K | $7.70 |
| 2025-10-01 | Licht Jordan David | Option exercise | 52K | — |
| 2025-10-01 | Licht Jordan David | Option exercise | 52K | — |
| 2025-10-01 | Licht Jordan David | Tax withheld | 53K | $12.11 |
| 2025-09-30 | BOGART CHRISTOPHER P | Gift | 96K | — |
| 2025-09-30 | OCONNELL ELIZABETH | Gift | 96K | — |
| 2025-08-21 | Molot Jonathan Todd | Gift | 21K | — |
| 2025-08-21 | Molot Jonathan Todd | Gift | 21K | — |
| 2025-07-09 | Perla David | Sell | 7.0K | $14.60 |
| 2025-07-09 | BOGART CHRISTOPHER P | Sell | 210K | $14.60 |
| 2025-07-09 | Molot Jonathan Todd | Sell | 210K | $14.60 |
| 2025-07-09 | Will Aviva O. | Sell | 18K | $14.60 |
| 2025-06-06 | Molot Jonathan Todd | Option exercise | 55K | — |
| 2025-06-06 | Molot Jonathan Todd | Tax withheld | 15K | $12.86 |
| 2025-06-06 | Perla David | Option exercise | 6.0K | — |
| 2025-06-06 | Perla David | Tax withheld | 1.3K | $12.86 |
| 2025-06-06 | BOGART CHRISTOPHER P | Option exercise | 50K | — |
| 2025-06-06 | BOGART CHRISTOPHER P | Tax withheld | 13K | $12.86 |
| 2025-06-05 | Dames Rukia Baruti | Grant | 3.7K | — |
| 2025-06-05 | Sievwright John P. | Grant | 11K | — |
| 2025-06-05 | Halmy Christopher A | Grant | 7.4K | — |
| 2025-06-05 | Gillespie Robert Andrew Joseph | Grant | 3.7K | — |
| 2025-06-05 | Corrie Pamela B | Grant | 3.7K | — |
| 2025-04-08 | BOGART CHRISTOPHER P | Tax withheld | 3.5K | $11.92 |
| 2025-04-08 | Molot Jonathan Todd | Tax withheld | 3.5K | $11.92 |
| 2025-04-08 | OCONNELL ELIZABETH | Tax withheld | 632 | $11.92 |
| 2025-04-08 | Will Aviva O. | Tax withheld | 632 | $11.92 |
| 2025-04-08 | Perla David | Tax withheld | 632 | $11.92 |
| 2025-04-08 | Arnott Craig | Option exercise | 13K | — |
| 2025-04-08 | Arnott Craig | Option exercise | 13K | — |
| 2025-04-08 | Klein Mark N. | Option exercise | 13K | — |
| 2025-04-08 | Klein Mark N. | Option exercise | 13K | — |
| 2025-04-08 | Klein Mark N. | Tax withheld | 14K | $11.92 |
| 2025-04-08 | Utley Charles | Option exercise | 12K | — |
| 2025-04-08 | Utley Charles | Tax withheld | 5.0K | $11.92 |
| 2025-03-10 | Lenkner Travis | Buy | 25K | $13.25 |
| 2025-01-28 | BOGART CHRISTOPHER P | Sell | 90K | $14.61 |
| 2025-01-28 | Molot Jonathan Todd | Sell | 90K | $14.61 |
| 2025-01-28 | Perla David | Sell | 3.0K | $14.61 |
| 2025-01-28 | Will Aviva O. | Sell | 7.5K | $14.61 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Shareholder vote | filing ↗ |
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-03-27 | Reg FDExhibits | filing ↗ |
| 2026-03-06 | Exec/director changeExhibits | filing ↗ |
| 2026-02-26 | ResultsOtherExhibits | filing ↗ |
| 2026-01-15 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2025-11-25 | Exec/director changeExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-13 | 0001714174-26-000071 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001714174-26-000067 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001714174-26-000068 ↗ |
| 8-K | 2026-03-27 | 2026-03-27 | 0001714174-26-000040 ↗ |
| 8-K | 2026-03-06 | 2026-03-03 | 0001714174-26-000010 ↗ |
| 8-K | 2026-02-26 | 2026-02-25 | 0001714174-26-000006 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001714174-26-000007 ↗ |
| 8-K | 2026-01-15 | 2026-01-15 | 0001714174-26-000002 ↗ |
| 8-K | 2025-11-25 | 2025-11-24 | 0001714174-25-000199 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001714174-25-000195 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001714174-25-000196 ↗ |
| 8-K | 2025-10-22 | 2025-10-22 | 0001714174-25-000191 ↗ |