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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
TIC Solutions, Inc. is the larger business by last-quarter revenue ($508.3M vs $267.7M, roughly 1.9× Borr Drilling Ltd). Borr Drilling Ltd runs the higher net margin — 13.1% vs -9.3%, a 22.4% 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.
BORR vs TIC — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $508.3M |
| Net Profit | $35.1M | $-47.2M |
| Gross Margin | — | 35.2% |
| Operating Margin | 36.0% | -3.8% |
| Net Margin | 13.1% | -9.3% |
| Revenue YoY | -1.5% | — |
| Net Profit YoY | 10.7% | — |
| EPS (diluted) | $0.14 | — |
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 | — | $508.3M | ||
| Q3 25 | — | $473.9M | ||
| Q2 25 | $267.7M | $313.9M | ||
| Q1 25 | — | $234.2M | ||
| Q2 24 | $271.9M | — | ||
| Q2 23 | $187.5M | — | ||
| Q2 22 | $105.3M | — |
| Q4 25 | — | $-47.2M | ||
| Q3 25 | — | $-13.9M | ||
| Q2 25 | $35.1M | $-233.0K | ||
| Q1 25 | — | $-25.8M | ||
| Q2 24 | $31.7M | — | ||
| Q2 23 | $800.0K | — | ||
| Q2 22 | $-165.3M | — |
| Q4 25 | — | 35.2% | ||
| Q3 25 | — | 32.2% | ||
| Q2 25 | — | 23.6% | ||
| Q1 25 | — | 18.6% | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | -3.8% | ||
| Q3 25 | — | -1.4% | ||
| Q2 25 | 36.0% | 5.8% | ||
| Q1 25 | — | -4.0% | ||
| Q2 24 | 38.4% | — | ||
| Q2 23 | 31.9% | — | ||
| Q2 22 | -116.8% | — |
| Q4 25 | — | -9.3% | ||
| Q3 25 | — | -2.9% | ||
| Q2 25 | 13.1% | -0.1% | ||
| Q1 25 | — | -11.0% | ||
| Q2 24 | 11.7% | — | ||
| Q2 23 | 0.4% | — | ||
| Q2 22 | -157.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | — | — | ||
| 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 | $439.5M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $1.0B | $2.2B |
| Total Assets | $3.4B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $439.5M | ||
| Q3 25 | — | $164.4M | ||
| Q2 25 | $92.4M | $130.1M | ||
| Q1 25 | — | $155.7M | ||
| Q2 24 | $195.3M | — | ||
| Q2 23 | $83.8M | — | ||
| Q2 22 | $29.7M | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $751.3M | ||
| Q1 25 | — | $752.4M | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | $281.8M | — |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q2 24 | $999.2M | — | ||
| Q2 23 | $906.2M | — | ||
| Q2 22 | $711.5M | — |
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | $3.4B | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q2 24 | $3.2B | — | ||
| Q2 23 | $3.0B | — | ||
| Q2 22 | $3.0B | — |
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.67× | ||
| 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 | $49.7M |
| Free Cash FlowOCF − Capex | — | $37.1M |
| FCF MarginFCF / Revenue | — | 7.3% |
| Capex IntensityCapex / Revenue | — | 2.5% |
| Cash ConversionOCF / Net Profit | 0.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $49.7M | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | $6.3M | $-6.5M | ||
| Q1 25 | — | $32.8M | ||
| Q2 24 | $16.0M | — | ||
| Q2 23 | $2.4M | — | ||
| Q2 22 | $-8.5M | — |
| Q4 25 | — | $37.1M | ||
| Q3 25 | — | $10.3M | ||
| Q2 25 | — | $-14.5M | ||
| Q1 25 | — | $28.3M | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | 7.3% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -4.6% | ||
| Q1 25 | — | 12.1% | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.9% | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | — | ||
| 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% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
