BORR (Borr Drilling) Beneish M-Score: -2.46 (As of Jun. 25, 2026)

What is Borr Drilling Beneish M-Score?

Borr Drilling BORR -0.92% 71 Beneish M-Score is -2.46 as of Jun. 25, 2026. GuruFocus rates BORR with a GF Score™ of 71/100 and a GF Value™ of $5.40 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, Borr Drilling ranks worse than 62.9% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Borr Drilling's Beneish M-Score or its related term are showing as below:

BORR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.22 Max: 1164.26
Current: -2.46

During the past 10 years, the highest Beneish M-Score of Borr Drilling was 1164.26. The lowest was -2.86. And the median was -2.22.

Borr Drilling Beneish M-Score Related Terms

Borr Drilling Beneish M-Score Historical Data

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The historical data trend for Borr Drilling's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Borr Drilling Beneish M-Score Chart

Borr Drilling Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.63

-1.99

-1.73

-2.09

-2.75

Borr Drilling Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.52	-2.43	-2.75	-2.46

BORR vs NBR, SOC, VTDRF: Beneish M-Score Comparison

For the Oil & Gas Drilling subindustry, Borr Drilling's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Borr Drilling Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Borr Drilling's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Borr Drilling's Beneish M-Score falls into.

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71GF Score

Borr Drilling Ltd BORR

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Borr Drilling Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Borr Drilling for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2429

0.528 * 1.0127

0.404 * 0.7425

0.892 * 1.0584

0.115 * 0.9581

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0697

4.679 * -0.032763

0.327 * 0.9609

-2.46

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $378 Mil.
Revenue was 247 + 259.4 + 277.1 + 267.7 = $1,051 Mil.
Gross Profit was 204.5 + 221.6 + 239.5 + 231 = $897 Mil.
Total Current Assets was $671 Mil.
Total Assets was $3,803 Mil.
Property, Plant and Equipment(Net PPE) was $3,070 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General, & Admin. Expense(SGA) was $53 Mil.
Total Current Liabilities was $412 Mil.
Long-Term Debt & Capital Lease Obligation was $2,176 Mil.
Net Income was -29 + -1 + 27.8 + 35.1 = $33 Mil.
Non Operating Income was -1.8 + -0.3 + -2.9 + 1.2 = $-4 Mil.
Cash Flow from Operations was 48.1 + 34.8 + 72.1 + 6.3 = $161 Mil.

Total Receivables was $288 Mil.
Revenue was 216.6 + 263.1 + 241.6 + 271.9 = $993 Mil.
Gross Profit was 180.7 + 227.4 + 209.8 + 240 = $858 Mil.
Total Current Assets was $517 Mil.
Total Assets was $3,402 Mil.
Property, Plant and Equipment(Net PPE) was $2,810 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $47 Mil.
Total Current Liabilities was $412 Mil.
Long-Term Debt & Capital Lease Obligation was $1,997 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(378.2 / 1051.2)	/	(287.5 / 993.2)
	=	0.359779	/	0.289468
	=	1.2429

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(857.9 / 993.2)	/	(896.6 / 1051.2)
	=	0.863774	/	0.85293
	=	1.0127

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (670.7 + 3069.9) / 3803.1)	/	(1 - (516.9 + 2810) / 3402.2)
	=	0.016434	/	0.022133
	=	0.7425

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1051.2	/	993.2
	=	1.0584

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(135.3 / (135.3 + 2810))	/	(154.6 / (154.6 + 3069.9))
	=	0.045938	/	0.047945
	=	0.9581

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(53.1 / 1051.2)	/	(46.9 / 993.2)
	=	0.050514	/	0.047221
	=	1.0697

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((2175.6 + 412.1) / 3803.1)	/	((1996.6 + 412.4) / 3402.2)
	=	0.680419	/	0.708071
	=	0.9609

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(32.9 - -3.8	-	161.3)	/	3803.1
	=	-0.032763

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Borr Drilling has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.46 mean?

Borr Drilling (BORR) has a Beneish M-Score of -2.46 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Borr Drilling and its competitors. According to the industry distribution chart, Borr Drilling ranks #517 out of 822 companies in the Oil & Gas industry, placing it in the top 62.9%.

Is Borr Drilling's Beneish M-Score too high?

Borr Drilling's current Beneish M-Score is -2.46. Based on the distribution chart, Borr Drilling ranks #517 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Borr Drilling has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Borr Drilling's Beneish M-Score compare to NBR and SOC?

According to the Oil & Gas industry distribution chart, Borr Drilling ranks #517 out of 822 companies for Beneish M-Score. This places Borr Drilling in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Borr Drilling and its competitors. Borr Drilling's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Borr Drilling stock overvalued right now?

Based on GuruFocus' analysis, Borr Drilling (BORR) is currently considered Modestly Undervalued. The stock's GF Value™ is $5.40, compared to a current price of $4.33 — trading 19.8% below its estimated fair value. The current Beneish M-Score is -2.46. Borr Drilling's overall GF Score™ is 71/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Borr Drilling (BORR), the current Beneish M-Score is -2.46 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Borr Drilling (BORR) Overvalued in 2026?

Based on GuruFocus' analysis, Borr Drilling stock appears to be undervalued. The current stock price of $4.33 is trading 19.8% below its estimated GF Value™ of $5.40. GuruFocus considers Borr Drilling to be Modestly Undervalued.

Key valuation signals for BORR:

Beneish M-Score: -2.46
GF Value™: $5.40 vs. price of $4.33 (19.8% below fair value)
GF Score™: 71/100 with 5 warning signs

No single metric tells the full story. See the BORR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Borr Drilling Business Description

Industry Energy Oil & Gas

Comparable Companies NBR SOC VTDRF SDRL HP PTEN VAL RIG NE ADX:ADNOCDRILL SAU:2382 SHSE:600871 OSL:ODL SAU:2381 TSX:PD MUS:ABRJ OSL:PLSV STC:PVD XKLS:5243 TSX:ESI

Other Exchanges BDRILLo:Sweden BORR:Norway B2W:Germany

Address 9 Par-la-Ville Road, S.E. Pearman Building, 2nd Floor, Hamilton, BMU, HM11

Website https://www.borrdrilling.com

Borr Drilling Ltd is an offshore shallow-water drilling contractor providing services to the oil and gas industry. Its operations focus on the ownership, contracting, and operation of jack-up rigs in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production (E&P) customers. The company contracts its rigs on a dayrate basis to drill wells for integrated oil companies, state-owned national oil companies, and independent oil and gas companies. It operates in one reportable segment.

71GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$4.33

Price

$5.40

GF Value

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