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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $189.5M, roughly 1.4× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 13.1%, a 51.4% gap on every dollar of revenue.
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.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
BORR vs MRP — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $189.5M |
| Net Profit | $35.1M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | 36.0% | 84.8% |
| Net Margin | 13.1% | 64.5% |
| Revenue YoY | -1.5% | — |
| Net Profit YoY | 10.7% | 285.8% |
| EPS (diluted) | $0.14 | $0.74 |
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 | — | $189.5M | ||
| Q3 25 | — | $179.3M | ||
| Q2 25 | $267.7M | $149.0M | ||
| Q1 25 | — | $82.7M | ||
| Q2 24 | $271.9M | — | ||
| Q2 23 | $187.5M | — | ||
| Q2 22 | $105.3M | — |
| Q4 25 | — | $122.2M | ||
| Q3 25 | — | $105.1M | ||
| Q2 25 | $35.1M | $112.8M | ||
| Q1 25 | — | $39.8M | ||
| Q2 24 | $31.7M | — | ||
| Q2 23 | $800.0K | — | ||
| Q2 22 | $-165.3M | — |
| Q4 25 | — | 84.8% | ||
| Q3 25 | — | 85.3% | ||
| Q2 25 | 36.0% | 85.1% | ||
| Q1 25 | — | 55.2% | ||
| Q2 24 | 38.4% | — | ||
| Q2 23 | 31.9% | — | ||
| Q2 22 | -116.8% | — |
| Q4 25 | — | 64.5% | ||
| Q3 25 | — | 58.6% | ||
| Q2 25 | 13.1% | 75.7% | ||
| Q1 25 | — | 48.1% | ||
| Q2 24 | 11.7% | — | ||
| Q2 23 | 0.4% | — | ||
| Q2 22 | -157.0% | — |
| Q4 25 | — | $0.74 | ||
| Q3 25 | — | $0.63 | ||
| Q2 25 | $0.14 | $0.68 | ||
| Q1 25 | — | $0.39 | ||
| Q2 24 | $0.12 | — | ||
| Q2 23 | $0.00 | — | ||
| Q2 22 | $-1.09 | — |
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 | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $5.9B |
| Total Assets | $3.4B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $35.0M | ||
| Q3 25 | — | $242.6M | ||
| Q2 25 | $92.4M | $66.6M | ||
| Q1 25 | — | $89.5M | ||
| Q2 24 | $195.3M | — | ||
| Q2 23 | $83.8M | — | ||
| Q2 22 | $29.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | $281.8M | — |
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | $1.0B | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q2 24 | $999.2M | — | ||
| Q2 23 | $906.2M | — | ||
| Q2 22 | $711.5M | — |
| Q4 25 | — | $9.3B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | $3.4B | $8.0B | ||
| Q1 25 | — | $7.2B | ||
| Q2 24 | $3.2B | — | ||
| Q2 23 | $3.0B | — | ||
| Q2 22 | $3.0B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | 0.40× | — |
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 | $3.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.18× | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $123.1M | ||
| Q2 25 | $6.3M | $109.1M | ||
| Q1 25 | — | $21.3M | ||
| Q2 24 | $16.0M | — | ||
| Q2 23 | $2.4M | — | ||
| Q2 22 | $-8.5M | — |
| Q4 25 | — | 30.05× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | 0.18× | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q2 24 | 0.50× | — | ||
| Q2 23 | 3.00× | — | ||
| Q2 22 | — | — |
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% |
MRP
Segment breakdown not available.
