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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $217.5M, roughly 1.2× Clearwater Analytics Holdings, Inc.). Borr Drilling Ltd runs the higher net margin — 13.1% vs -5.4%, a 18.5% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs -1.5%).
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.
Clearwater Analytics Holdings, Inc. is an American software-as-a-service (SaaS) fintech company that provides automated investment accounting, performance, compliance, and risk reporting worldwide. Clearwater is a publicly traded company headquartered in Boise, Idaho, with additional offices in London, Edinburgh, New York City and Noida.
BORR vs CWAN — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $217.5M |
| Net Profit | $35.1M | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | 36.0% | -3.1% |
| Net Margin | 13.1% | -5.4% |
| Revenue YoY | -1.5% | 72.0% |
| Net Profit YoY | 10.7% | -102.8% |
| EPS (diluted) | $0.14 | $-0.04 |
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 | — | $217.5M | ||
| Q3 25 | — | $205.1M | ||
| Q2 25 | $267.7M | $181.9M | ||
| Q1 25 | — | $126.9M | ||
| Q4 24 | — | $126.5M | ||
| Q3 24 | — | $115.8M | ||
| Q2 24 | $271.9M | $106.8M | ||
| Q1 24 | — | $102.7M |
| Q4 25 | — | $-11.8M | ||
| Q3 25 | — | $-10.3M | ||
| Q2 25 | $35.1M | $-23.2M | ||
| Q1 25 | — | $6.5M | ||
| Q4 24 | — | $419.3M | ||
| Q3 24 | — | $3.6M | ||
| Q2 24 | $31.7M | $-430.0K | ||
| Q1 24 | — | $1.9M |
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 65.6% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | 73.3% | ||
| Q4 24 | — | 73.5% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 72.0% | ||
| Q1 24 | — | 72.6% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | 36.0% | -8.0% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | 38.4% | 3.6% | ||
| Q1 24 | — | -0.2% |
| Q4 25 | — | -5.4% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | 13.1% | -12.8% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 331.5% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | 11.7% | -0.4% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | — | $-0.04 | ||
| Q2 25 | $0.14 | $-0.09 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $1.65 | ||
| Q3 24 | — | $0.02 | ||
| Q2 24 | $0.12 | $0.00 | ||
| Q1 24 | — | $0.01 |
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 | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $1.0B | $2.0B |
| Total Assets | $3.4B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $91.2M | ||
| Q3 25 | — | $64.1M | ||
| Q2 25 | $92.4M | $71.9M | ||
| Q1 25 | — | $282.9M | ||
| Q4 24 | — | $255.5M | ||
| Q3 24 | — | $305.8M | ||
| Q2 24 | $195.3M | $257.9M | ||
| Q1 24 | — | $267.6M |
| Q4 25 | — | $822.6M | ||
| Q3 25 | — | $838.9M | ||
| Q2 25 | — | $878.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | $999.2M | $380.6M | ||
| Q1 24 | — | $406.2M |
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | $3.4B | $3.0B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $623.5M | ||
| Q2 24 | $3.2B | $585.1M | ||
| Q1 24 | — | $547.8M |
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $55.3M |
| Free Cash FlowOCF − Capex | — | $52.3M |
| FCF MarginFCF / Revenue | — | 24.0% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 0.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $55.3M | ||
| Q3 25 | — | $49.0M | ||
| Q2 25 | $6.3M | $47.1M | ||
| Q1 25 | — | $24.5M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | — | $49.6M | ||
| Q2 24 | $16.0M | $43.9M | ||
| Q1 24 | — | $10.0M |
| Q4 25 | — | $52.3M | ||
| Q3 25 | — | $44.9M | ||
| Q2 25 | — | $44.1M | ||
| Q1 25 | — | $23.0M | ||
| Q4 24 | — | $-30.0M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $42.4M | ||
| Q1 24 | — | $8.6M |
| Q4 25 | — | 24.0% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 18.2% | ||
| Q4 24 | — | -23.7% | ||
| Q3 24 | — | 41.5% | ||
| Q2 24 | — | 39.7% | ||
| Q1 24 | — | 8.4% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | — | 13.66× | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | — | 5.29× |
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% |
CWAN
Segment breakdown not available.
