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Side-by-side financial comparison of Burford Capital Ltd (BUR) and FiscalNote Holdings, Inc. (NOTE). Click either name above to swap in a different company.
Burford Capital Ltd is the larger business by last-quarter revenue ($33.4M vs $22.2M, roughly 1.5× FiscalNote Holdings, Inc.). FiscalNote Holdings, Inc. produced more free cash flow last quarter ($-1.9M vs $-29.3M).
Burford Capital is a financial services company that provides specialized finance to the legal market. Founded in 2009, it offers financing to corporate legal departments and law firms engaged in litigation and arbitration, asset recovery and other legal finance and advisory activities. It operates internationally with headquarters in Guernsey.
FiscalNote Holdings, Inc., or commonly FiscalNote, is a publicly traded software, data, and media company headquartered in Washington, D.C. The company was founded by Timothy Hwang, Gerald Yao, and Jonathan Chen in 2013. FiscalNote provides software tools, platforms, data services, and news through the FiscalNote Government Relationship Management (GRM) service, its core product. The company also uses an artificial intelligence platform to analyze proposed U.S. legislation based on key phrase...
BUR vs NOTE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $33.4M | $22.2M |
| Net Profit | $-37.5M | — |
| Gross Margin | — | — |
| Operating Margin | -37.9% | -83.7% |
| Net Margin | -112.2% | — |
| Revenue YoY | — | -24.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.16 | $-2.81 |
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 | $33.4M | $22.2M | ||
| Q3 25 | $69.8M | $22.4M | ||
| Q2 25 | $191.3M | $23.3M | ||
| Q1 25 | $118.9M | $27.5M | ||
| Q4 24 | — | $29.5M | ||
| Q3 24 | $159.7M | $29.4M | ||
| Q2 24 | $44.3M | $29.2M | ||
| Q1 24 | — | $32.1M |
| Q4 25 | $-37.5M | — | ||
| Q3 25 | $-19.2M | $-24.9M | ||
| Q2 25 | $88.3M | $-13.3M | ||
| Q1 25 | $30.9M | $-4.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $53.7M | $-14.9M | ||
| Q2 24 | $-29.9M | $-12.8M | ||
| Q1 24 | — | $50.6M |
| Q4 25 | -37.9% | -83.7% | ||
| Q3 25 | 35.5% | -43.4% | ||
| Q2 25 | 74.3% | -31.9% | ||
| Q1 25 | 65.4% | -50.0% | ||
| Q4 24 | — | -19.4% | ||
| Q3 24 | 76.1% | -23.1% | ||
| Q2 24 | 32.0% | -27.2% | ||
| Q1 24 | — | -35.6% |
| Q4 25 | -112.2% | — | ||
| Q3 25 | -27.4% | -110.8% | ||
| Q2 25 | 46.2% | -57.0% | ||
| Q1 25 | 26.0% | -15.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 33.7% | -50.7% | ||
| Q2 24 | -67.6% | -43.6% | ||
| Q1 24 | — | 157.6% |
| Q4 25 | $-0.16 | $-2.81 | ||
| Q3 25 | $-0.09 | $-1.73 | ||
| Q2 25 | $0.39 | $-0.08 | ||
| Q1 25 | $0.14 | $-0.03 | ||
| Q4 24 | — | $1.88 | ||
| Q3 24 | $0.24 | $-1.33 | ||
| Q2 24 | $-0.14 | $-0.09 | ||
| Q1 24 | — | $0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $943.5M | $26.3M |
| Total DebtLower is stronger | $2.1B | $128.4M |
| Stockholders' EquityBook value | $2.4B | $62.0M |
| Total Assets | $6.6B | $255.1M |
| Debt / EquityLower = less leverage | 0.87× | 2.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $26.3M | ||
| Q3 25 | $677.7M | $31.2M | ||
| Q2 25 | $372.2M | $38.5M | ||
| Q1 25 | $486.6M | $46.3M | ||
| Q4 24 | — | $34.6M | ||
| Q3 24 | — | $32.7M | ||
| Q2 24 | — | $37.7M | ||
| Q1 24 | — | $43.6M |
| Q4 25 | $2.1B | $128.4M | ||
| Q3 25 | $2.1B | $131.5M | ||
| Q2 25 | $1.8B | $116.7M | ||
| Q1 25 | $1.8B | $118.0M | ||
| Q4 24 | — | $147.1M | ||
| Q3 24 | — | $152.2M | ||
| Q2 24 | — | $145.9M | ||
| Q1 24 | — | $153.0M |
| Q4 25 | $2.4B | $62.0M | ||
| Q3 25 | $2.5B | $75.5M | ||
| Q2 25 | $2.5B | $95.1M | ||
| Q1 25 | $2.4B | $98.7M | ||
| Q4 24 | — | $97.8M | ||
| Q3 24 | $3.2B | $98.5M | ||
| Q2 24 | $3.1B | $106.9M | ||
| Q1 24 | — | $106.1M |
| Q4 25 | $6.6B | $255.1M | ||
| Q3 25 | $6.7B | $273.9M | ||
| Q2 25 | $6.3B | $288.3M | ||
| Q1 25 | $6.2B | $299.7M | ||
| Q4 24 | — | $326.2M | ||
| Q3 24 | — | $337.9M | ||
| Q2 24 | — | $346.3M | ||
| Q1 24 | — | $357.8M |
| Q4 25 | 0.87× | 2.07× | ||
| Q3 25 | 0.86× | 1.74× | ||
| Q2 25 | 0.71× | 1.23× | ||
| Q1 25 | 0.72× | 1.20× | ||
| Q4 24 | — | 1.50× | ||
| Q3 24 | — | 1.54× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.44× |
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 | $-29.0M | $-279.0K |
| Free Cash FlowOCF − Capex | $-29.3M | $-1.9M |
| FCF MarginFCF / Revenue | -87.7% | -8.7% |
| Capex IntensityCapex / Revenue | 0.8% | 7.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $21.4M | $-18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.0M | $-279.0K | ||
| Q3 25 | $-20.1M | $-8.3M | ||
| Q2 25 | $-84.2M | $-6.2M | ||
| Q1 25 | $155.2M | $3.3M | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | $-97.4M | $-3.0M | ||
| Q2 24 | $53.0M | $-3.7M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $-29.3M | $-1.9M | ||
| Q3 25 | $-20.1M | $-10.4M | ||
| Q2 25 | $-84.3M | $-7.7M | ||
| Q1 25 | $155.1M | $1.3M | ||
| Q4 24 | — | $-3.4M | ||
| Q3 24 | $-97.4M | $-5.4M | ||
| Q2 24 | $52.9M | $-6.5M | ||
| Q1 24 | — | $1.0M |
| Q4 25 | -87.7% | -8.7% | ||
| Q3 25 | -28.8% | -46.2% | ||
| Q2 25 | -44.1% | -33.0% | ||
| Q1 25 | 130.5% | 4.7% | ||
| Q4 24 | — | -11.4% | ||
| Q3 24 | -61.0% | -18.4% | ||
| Q2 24 | 119.5% | -22.1% | ||
| Q1 24 | — | 3.3% |
| Q4 25 | 0.8% | 7.4% | ||
| Q3 25 | 0.1% | 9.3% | ||
| Q2 25 | 0.1% | 6.4% | ||
| Q1 25 | 0.0% | 7.2% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | 0.0% | 8.3% | ||
| Q2 24 | 0.1% | 9.4% | ||
| Q1 24 | — | 5.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.95× | — | ||
| Q1 25 | 5.02× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1.81× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BUR
| Principal Finance Segment | $29.1M | 87% |
| Other | $3.5M | 10% |
| Management Fee Income | $878.0K | 3% |
NOTE
| Subscription | $21.2M | 95% |
| Advisory Advertising And Other | $1.0M | 5% |
