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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $240.4M, roughly 1.1× NNN REIT, INC.). NNN REIT, INC. runs the higher net margin — 39.1% vs 13.1%, a 26.0% gap on every dollar of revenue. On growth, NNN REIT, INC. posted the faster year-over-year revenue change (4.1% 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.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
BORR vs NNN — Head-to-Head
Income Statement — Q2 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $240.4M |
| Net Profit | $35.1M | $94.0M |
| Gross Margin | — | — |
| Operating Margin | 36.0% | 61.0% |
| Net Margin | 13.1% | 39.1% |
| Revenue YoY | -1.5% | 4.1% |
| Net Profit YoY | 10.7% | -2.6% |
| EPS (diluted) | $0.14 | $0.50 |
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 | — | $240.4M | ||
| Q4 25 | — | $238.4M | ||
| Q3 25 | — | $230.2M | ||
| Q2 25 | $267.7M | $226.8M | ||
| Q1 25 | — | $230.9M | ||
| Q4 24 | — | $218.5M | ||
| Q3 24 | — | $218.6M | ||
| Q2 24 | $271.9M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | — | $96.0M | ||
| Q3 25 | — | $96.8M | ||
| Q2 25 | $35.1M | $100.5M | ||
| Q1 25 | — | $96.5M | ||
| Q4 24 | — | $97.9M | ||
| Q3 24 | — | $97.9M | ||
| Q2 24 | $31.7M | $106.7M |
| Q1 26 | — | 61.0% | ||
| Q4 25 | — | 62.3% | ||
| Q3 25 | — | 64.0% | ||
| Q2 25 | 36.0% | 66.0% | ||
| Q1 25 | — | 62.3% | ||
| Q4 24 | — | 65.8% | ||
| Q3 24 | — | 65.7% | ||
| Q2 24 | 38.4% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 42.1% | ||
| Q2 25 | 13.1% | 44.3% | ||
| Q1 25 | — | 41.8% | ||
| Q4 24 | — | 44.8% | ||
| Q3 24 | — | 44.8% | ||
| Q2 24 | 11.7% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.51 | ||
| Q3 25 | — | $0.51 | ||
| Q2 25 | $0.14 | $0.54 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $0.53 | ||
| Q2 24 | $0.12 | $0.58 |
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 | $4.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $4.4B |
| Total Assets | $3.4B | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | — | $5.0M | ||
| Q3 25 | — | $157.9M | ||
| Q2 25 | $92.4M | $6.0M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | — | $8.7M | ||
| Q3 24 | — | $173.5M | ||
| Q2 24 | $195.3M | $2.1M |
| Q1 26 | — | $4.4B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | $1.0B | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | $999.2M | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | — | $9.4B | ||
| Q3 25 | — | $9.5B | ||
| Q2 25 | $3.4B | $9.1B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | $3.2B | $8.7B |
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 | — | $667.1M | ||
| Q3 25 | — | $218.3M | ||
| Q2 25 | $6.3M | $119.4M | ||
| Q1 25 | — | $203.3M | ||
| Q4 24 | — | $635.5M | ||
| Q3 24 | — | $206.6M | ||
| Q2 24 | $16.0M | $120.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.95× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | 0.18× | 1.19× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 0.50× | 1.13× |
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% |
NNN
Segment breakdown not available.
