Borr Drilling Limited (BORR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Borr Drilling Limited stock NOK 49.70, price NOK 31.29, upside +58.8%, quality 33 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range kr 7.07 – kr 85.66 · fair‑value band kr 34.79 – kr 64.61 · the kr 31.29 price screens below the kr 49.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry in the Americas, Southeast Asia, West Africa, the Middle East, North Africa, and Europe.
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It owns, contracts, and operates jack-up rigs for operations in shallow-water areas, such as the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.
It serves oil and gas exploration and production companies, such as integrated oil companies, state-owned national oil companies, and independent oil and gas companies. The company was formerly known as Magni Drilling Limited and changed its name to Borr Drilling Limited in December 2016.
Borr Drilling Limited was incorporated in 2016 and is based in Hamilton, Bermuda.
Stock analysis
Borr Drilling Limited (BORR) currently trades at kr 31.29, while our model-based Fair Value estimate is kr 49.70, implying the stock looks roughly 37% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 108.14 per share, and 17 of the 25 models we run sit above the kr 31.29 price.
Bear case: the Asset-Based group reads lowest at kr 24.57, and 8 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 34.79 (bear) to kr 64.61 (bull), the price of kr 31.29 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 33/100 (below-average quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Borr Drilling Limited reported revenue of $1.0B in FY2025 versus $245M in FY2021, a compound +42.8%/yr. Reported net income was $45.0M in FY2025.
Key figures
Market cap 11.6B NOK (≈ $1.2B) Small · P/S ratio 11.4 · EPS (TTM) kr −7.68 · Dividend yield 0.4% · Net margin 4.4% · Return on equity −24.7% · Return on assets (EBIT) 4.3% (5-year average) · Operating margin 0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (low confidence).
What moves the price
For context, the median of 10 Energy peers we cover trades at −39% fair-value upside, at 59%, BORR screens cheaper than that median.
Fair Value models
Bearkr 34.79Fair Value kr 49.70Bullkr 64.61
Price kr 31.29 · Upside +58.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.1%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+217.0%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+24.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.1%
Dividend (yield on the price)0.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−61% → 32%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.7%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +11.3% a year for the price and +10.1% for the forecasts.
AI conclusion: Contract commitments for jack-up rigs in West Africa and Europe provide revenue visibility yet the business remains exposed to limited durable moat, weak returns and high leverage in a cyclical sector.
Main risk: Operational incidents such as the Prospector 5 rig event offshore Gabon threaten rig utilization and contract momentum in this leveraged drilling business.
Borr Drilling continues to add contract commitments for its jack-up rigs in West Africa and Europe. The recent incident with the Prospector 5 rig offshore Gabon shows the operational risks that come with the business. Our models see it as undervalued. Will the backlog of work keep utilization high despite these events, or will recovery and safety priorities slow momentum?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Drilling · 34 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside+58.8% · Top 25%
Profitability
Return on assets1.2% · Above median
Net margin (12 months)−24.0% · Bottom 25%
Operating margin (12 months)0.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−13.2% · Bottom 25%
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity1.65× · Highest 25%
Valuation Multiplesvs Oil & Gas Drilling median · lower = cheaper
P/B1.00× · Cheaper than median
P/S (12 months)1.21× · Cheaper than median
Price / free cash flow (fiscal year)9.6× · Cheaper than median
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Is Borr Drilling Limited (BORR) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 49.70 versus a price of kr 31.29, about +59% upside (undervalued).
What is the fair value of BORR?
Our model-based fair value for Borr Drilling Limited is kr 49.70 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 31.29.
What is the quality score of BORR?
Borr Drilling Limited has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Borr Drilling Limited (BORR)?
Our model-based price target is the fair value of kr 49.70 (as of Nov 7, 2026) from 25 valuation models. Cautious scenario kr 34.79, optimistic scenario kr 64.61. It is a calculation from audited fundamentals, not an analyst target.
What is the Borr Drilling Limited stock forecast for 2026?
Our models put fair value at kr 49.70, about +59% upside versus a price of kr 31.29 (undervalued). Cautious scenario kr 34.79, optimistic scenario kr 64.61. The calculation is refreshed regularly with new filings.
What is the revenue of Borr Drilling Limited (BORR)?
Borr Drilling Limited reported trailing-twelve-month revenue of about $1.0B (latest available figure, as of Nov 7, 2026).
Does Borr Drilling Limited pay a dividend?
Borr Drilling Limited currently shows a dividend yield of 0.38% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Borr Drilling Limited (BORR)?
Borr Drilling Limited has a dividend yield of 0.4%.
What growth is priced into Borr Drilling Limited (BORR)?
For today's price to be fair in a discounted-cash-flow model, Borr Drilling Limited would have to grow free cash flow by +13.9 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.1 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of BORR use?
Our models discount Borr Drilling Limited at 11.2 %: a base by market capitalisation (small), damped by beta 1.07, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Borr Drilling Limited that is +13.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Borr Drilling Limited (BORR) delivered so far?
Over the past 5 years revenue at Borr Drilling Limited grew +27.1 % a year. The price currently implies free-cash-flow growth of +13.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Borr Drilling Limited (BORR) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Borr Drilling Limited (+13.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Borr Drilling Limited (BORR)?
The free-cash-flow yield on the price is 14.55 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Borr Drilling Limited produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Borr Drilling Limited (BORR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Borr Drilling Limited it is kr 49.70 per share (as of Nov 7, 2026), against a price of kr 31.29. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Borr Drilling Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BORR trades below its calculated fair value: price kr 31.29, fair value kr 49.70, a gap of about +59% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BORR?
No. The price is what the market pays today (kr 31.29); the fair value is what the company's own numbers justify (kr 49.70). For Borr Drilling Limited the two are kr 18.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is Borr Drilling Limited worth?
The market values Borr Drilling Limited at about 11.6B NOK (market capitalisation, as of Nov 7, 2026). Per share that is kr 31.29; our models calculate a fair value of kr 49.70 per share.
What do the bullish and bearish scenarios say about BORR?
Our models span a range for Borr Drilling Limited: cautious scenario kr 34.79, base kr 49.70, optimistic kr 64.61 per share (as of Nov 7, 2026, price kr 31.29). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Borr Drilling Limited (BORR)?
Balance-sheet figures for Borr Drilling Limited (as of Nov 7, 2026): return on equity −24.7%, debt of 1.65 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
Which stocks are comparable to Borr Drilling Limited?
From the same area (Energy) we also value Noble Corporation, Transocean Ltd, Valaris Limited, Sinopec Oilfield Service Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Borr Drilling Limited stock attractive at the current price?
The data as of Nov 7, 2026: price kr 31.29, calculated fair value kr 49.70 (+59%), Quality Score 33/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BORR calculated?
We run Borr Drilling Limited through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 49.70 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Borr Drilling Limited currently trades 37% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Borr Drilling Limited (BORR)?
The closing price on Nov 6, 2026 was kr 31.29. Our model-based fair value is kr 49.70, about +59% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Borr Drilling Limited right now?
The large discount to fair value meets weak quality (33/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 34.79). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 34.79 to kr 64.61) leaves room in how you read the outcome.
Key figures of Borr Drilling Limited
How large is the market capitalisation of Borr Drilling Limited (BORR)?
The market capitalisation of Borr Drilling Limited is 11.6B NOK (≈ $1.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Borr Drilling Limited (BORR)?
The price-to-sales ratio of Borr Drilling Limited is 11.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Borr Drilling Limited (BORR)?
Earnings per share at Borr Drilling Limited are kr −7.68. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Borr Drilling Limited (BORR)?
The dividend yield of Borr Drilling Limited is 0.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Borr Drilling Limited (BORR)?
The net margin of Borr Drilling Limited is 4.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Borr Drilling Limited (BORR)?
The return on equity (ROE) of Borr Drilling Limited is −24.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Borr Drilling Limited (BORR)?
On an EBIT basis the return on assets of Borr Drilling Limited is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Borr Drilling Limited (BORR)?
The operating margin of Borr Drilling Limited is 0.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Borr Drilling Limited (BORR)?
Revenue at Borr Drilling Limited is growing −13.2% versus a year earlier (3y avg +32.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Borr Drilling Limited (BORR) carry?
The net debt of Borr Drilling Limited is $1.8B (fiscal year 2025, ≈ 13.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026