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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $165.3M, roughly 1.6× INDEPENDENCE REALTY TRUST, INC.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% 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.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
BORR vs IRT — Head-to-Head
Income Statement — Q2 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $165.3M |
| Net Profit | $35.1M | — |
| Gross Margin | — | — |
| Operating Margin | 36.0% | — |
| Net Margin | 13.1% | — |
| Revenue YoY | -1.5% | 2.5% |
| Net Profit YoY | 10.7% | — |
| EPS (diluted) | $0.14 | $0.00 |
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.
| Q1 26 | — | $165.3M | ||
| Q4 25 | — | $167.1M | ||
| Q3 25 | — | $167.1M | ||
| Q2 25 | $267.7M | $162.2M | ||
| Q1 25 | — | $161.2M | ||
| Q4 24 | — | $161.0M | ||
| Q3 24 | — | $160.1M | ||
| Q2 24 | $271.9M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $33.3M | ||
| Q3 25 | — | $6.9M | ||
| Q2 25 | $35.1M | $8.0M | ||
| Q1 25 | — | $8.4M | ||
| Q4 24 | — | $-1.0M | ||
| Q3 24 | — | $12.4M | ||
| Q2 24 | $31.7M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 36.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | 13.1% | 5.0% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | -0.6% | ||
| Q3 24 | — | 7.7% | ||
| Q2 24 | 11.7% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | — | $0.14 | ||
| Q3 25 | — | $0.03 | ||
| Q2 25 | $0.14 | $0.03 | ||
| Q1 25 | — | $0.04 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | $0.12 | $0.05 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $3.4B |
| Total Assets | $3.4B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | — | $23.6M | ||
| Q3 25 | — | $23.3M | ||
| Q2 25 | $92.4M | $19.5M | ||
| Q1 25 | — | $29.1M | ||
| Q4 24 | — | $21.2M | ||
| Q3 24 | — | $17.6M | ||
| Q2 24 | $195.3M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | $1.0B | $3.4B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | $999.2M | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $6.1B | ||
| Q2 25 | $3.4B | $6.0B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | $3.2B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $282.1M | ||
| Q3 25 | — | $79.3M | ||
| Q2 25 | $6.3M | $82.2M | ||
| Q1 25 | — | $60.4M | ||
| Q4 24 | — | $259.8M | ||
| Q3 24 | — | $69.2M | ||
| Q2 24 | $16.0M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.48× | ||
| Q3 25 | — | 11.51× | ||
| Q2 25 | 0.18× | 10.22× | ||
| Q1 25 | — | 7.23× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.60× | ||
| Q2 24 | 0.50× | 8.02× |
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% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
