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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and Compass Diversified Holdings (CODI). Click either name above to swap in a different company.
Compass Diversified Holdings is the larger business by last-quarter revenue ($468.6M vs $267.7M, roughly 1.8× Borr Drilling Ltd). Borr Drilling Ltd runs the higher net margin — 13.1% vs -16.8%, a 29.9% gap on every dollar of revenue. On growth, Borr Drilling Ltd posted the faster year-over-year revenue change (-1.5% vs -5.1%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American markets.
BORR vs CODI — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $468.6M |
| Net Profit | $35.1M | $-78.8M |
| Gross Margin | — | 43.1% |
| Operating Margin | 36.0% | 9.8% |
| Net Margin | 13.1% | -16.8% |
| Revenue YoY | -1.5% | -5.1% |
| Net Profit YoY | 10.7% | -14.4% |
| EPS (diluted) | $0.14 | $-0.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $468.6M | ||
| Q3 25 | — | $472.6M | ||
| Q2 25 | $267.7M | $478.7M | ||
| Q1 25 | — | $453.8M | ||
| Q4 24 | — | $493.9M | ||
| Q3 24 | — | $456.6M | ||
| Q2 24 | $271.9M | $426.7M | ||
| Q1 24 | — | $410.8M |
| Q4 25 | — | $-78.8M | ||
| Q3 25 | — | $-74.0M | ||
| Q2 25 | $35.1M | $-51.2M | ||
| Q1 25 | — | $-30.0M | ||
| Q4 24 | — | $-68.9M | ||
| Q3 24 | — | $-36.0M | ||
| Q2 24 | $31.7M | $-73.1M | ||
| Q1 24 | — | $-56.2M |
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 44.0% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 44.1% | ||
| Q1 24 | — | 42.6% |
| Q4 25 | — | 9.8% | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | 36.0% | -5.7% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | 38.4% | 1.8% | ||
| Q1 24 | — | -2.9% |
| Q4 25 | — | -16.8% | ||
| Q3 25 | — | -15.7% | ||
| Q2 25 | 13.1% | -10.7% | ||
| Q1 25 | — | -6.6% | ||
| Q4 24 | — | -13.9% | ||
| Q3 24 | — | -7.9% | ||
| Q2 24 | 11.7% | -17.1% | ||
| Q1 24 | — | -13.7% |
| Q4 25 | — | $-0.91 | ||
| Q3 25 | — | $-1.21 | ||
| Q2 25 | $0.14 | $-0.88 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | — | $-0.57 | ||
| Q3 24 | — | $-0.62 | ||
| Q2 24 | $0.12 | $-1.12 | ||
| Q1 24 | — | $-1.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $92.4M | $68.0M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.0B | $442.0M |
| Total Assets | $3.4B | $3.0B |
| Debt / EquityLower = less leverage | — | 4.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $68.0M | ||
| Q3 25 | — | $61.1M | ||
| Q2 25 | $92.4M | $73.8M | ||
| Q1 25 | — | $146.2M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | — | $64.9M | ||
| Q2 24 | $195.3M | $61.5M | ||
| Q1 24 | — | $59.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | — | $442.0M | ||
| Q3 25 | — | $519.2M | ||
| Q2 25 | $1.0B | $601.9M | ||
| Q1 25 | — | $680.7M | ||
| Q4 24 | — | $678.6M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | $999.2M | $711.3M | ||
| Q1 24 | — | $799.7M |
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | $3.4B | $3.3B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $3.2B | $3.2B | ||
| Q1 24 | — | $3.3B |
| Q4 25 | — | 4.25× | ||
| Q3 25 | — | 3.62× | ||
| Q2 25 | — | 3.09× | ||
| Q1 25 | — | 2.73× | ||
| Q4 24 | — | 2.61× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | 2.42× | ||
| Q1 24 | — | 2.15× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.3M | $47.0M |
| Free Cash FlowOCF − Capex | — | $36.9M |
| FCF MarginFCF / Revenue | — | 7.9% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | 0.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-51.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $47.0M | ||
| Q3 25 | — | $10.7M | ||
| Q2 25 | $6.3M | $-35.2M | ||
| Q1 25 | — | $-29.3M | ||
| Q4 24 | — | $-16.1M | ||
| Q3 24 | — | $-48.4M | ||
| Q2 24 | $16.0M | $-61.3M | ||
| Q1 24 | — | $-25.4M |
| Q4 25 | — | $36.9M | ||
| Q3 25 | — | $481.0K | ||
| Q2 25 | — | $-46.0M | ||
| Q1 25 | — | $-42.4M | ||
| Q4 24 | — | $-39.0M | ||
| Q3 24 | — | $-63.5M | ||
| Q2 24 | — | $-72.2M | ||
| Q1 24 | — | $-33.1M |
| Q4 25 | — | 7.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | -9.6% | ||
| Q1 25 | — | -9.4% | ||
| Q4 24 | — | -7.9% | ||
| Q3 24 | — | -13.9% | ||
| Q2 24 | — | -16.9% | ||
| Q1 24 | — | -8.1% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
