Demonstrações financeiras detalhadas de Burford Capital Limited (BUR): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Burford Capital Limited registou receitas de $339.9M no último exercício, com um CAGR de 5 anos de 1.4%. O lucro líquido atingiu $62.6M, com CAGR de 5 anos de -15.3%.
Margens dos últimos 12 meses: margem bruta -6.8%, margem operacional 98.3%, margem líquida 106.4%.
Ao preço atual de $3.87, BUR apresenta lucros negativos (P/L não significativo) e um ROE de -99.46%. A capitalização de mercado é de $848M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $149.8M | $319.1M | $387.6M | $327.6M | $316.7M | $108.1M | $270.6M | $1.08B | $472.2M | $339.9M |
| Custo da Receita | $39.0M | $53.6M | $71.8M | $11.2M | $4.8M | $56.5M | $75.0M | $16.5M | $131.0M | $146.1M |
| Lucro Bruto | $110.7M | $265.5M | $315.8M | $316.4M | $311.8M | $51.7M | $195.6M | $1.06B | $341.2M | $193.8M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $315000 | $348000 | $415000 | $9.6M | $99.3M | $46.7M | $37.9M | $254.7M | $31.8M | $53.0M |
| Despesas Operacionais | $45.7M | $69.9M | $82.5M | $102.1M | $108.0M | $48.9M | $86.6M | $246.7M | $87.6M | $109.7M |
| Lucro Operacional | $117.7M | $272.7M | $342.4M | $225.5M | $208.6M | $2.8M | $109.0M | $815.7M | $253.6M | $84.0M |
| EBITDA | $124.4M | $283.9M | $354.6M | 0 | $218.9M | $6.0M | $113.4M | $821.2M | $253.6M | $84.0M |
| Despesas com Juros | $13.6M | $23.5M | $38.5M | $38.4M | $39.0M | $56.5M | $75.0M | $94.6M | $131.0M | $146.1M |
| Lucro Antes de Impostos | $104.1M | $249.2M | $305.1M | $225.5M | $208.6M | $2.8M | $109.0M | $738.3M | $253.6M | $84.0M |
| Imposto | -$4.8M | -$123000 | -$12.5M | $13.4M | $36.9M | $9.7M | $11.6M | $20.1M | $24.0M | $11.8M |
| Lucro Líquido | $108.9M | $249.3M | $317.6M | $212.1M | $143.3M | -$28.8M | $30.5M | $610.5M | $146.5M | $62.6M |
| LPA | $0.53 | $1.20 | $1.51 | $0.97 | $0.65 | $-0.26 | $0.14 | $2.74 | $0.67 | $0.29 |
| LPA Diluído | $0.53 | $1.20 | $1.51 | $0.97 | $0.65 | $-0.26 | $0.14 | $2.74 | $0.66 | $0.28 |
| Ações em Circulação (Diluídas) | $204.7M | $208.4M | $210.8M | $219.6M | $219.6M | $219.0M | $218.6M | $223.0M | $219.4M | $224.6M |
Demonstração de Resultados (Trimestral)
| Ano | 2024-Q3 | 2025-Q2 | 2025-Q3 | 2026-Q2 |
|---|
| Receita | $227.3M | $174.9M | $53.3M | -$1.60B |
| Lucro Bruto | $194.0M | $140.9M | $13.1M | $92.5M |
| Lucro Operacional | $169.3M | $109.7M | -$16.5M | -$1.51B |
| EBITDA | $169.3M | $109.7M | -$16.5M | $14.0M |
| Lucro Líquido | $135.6M | $88.3M | -$19.2M | -$1.63B |
| LPA | $0.62 | $0.40 | $-0.09 | $0.01 |
| LPA Diluído | $0.61 | $0.39 | $-0.09 | $0.01 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $158.4M | $135.4M | $265.6M | $186.6M | $322.2M | $180.3M | $107.7M | $220.5M | $469.9M | $566.4M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $89.5M |
| Contas a Receber | $19.2M | $4.3M | $167.0M | $53.6M | $27.0M | $106.4M | $137.8M | $287.1M | $201.0M | $186.9M |
| Estoque | 0 | -$44.7M | 0 | 0 | -$24.3M | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $210.9M | $200.4M | $495.4M | $344.0M | $364.1M | $287.9M | $245.7M | $516.8M | $681.1M | $655.9M |
| Imobilizado | $2.2M | $2.4M | $1.9M | $20.2M | $14.6M | $13.1M | $14.0M | $17.4M | $16.2M | $14.3M |
| Ágio | $133.9M | $134.0M | $134.0M | $134.0M | $134.0M | $134.0M | $133.9M | $134.0M | $133.9M | $134.0M |
| Ativos Intangíveis | $39.4M | $27.7M | $18.2M | $8.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Totais | $968.2M | $1.50B | $2.32B | $2.65B | $2.73B | $3.74B | $4.29B | $5.84B | $6.18B | $6.64B |
| Contas a Pagar | $72.0M | $5.9M | $9.3M | $9.5M | $9.6M | $13.9M | $16.8M | $34.4M | $12.1M | $60.0M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $222.0M |
| Passivos Circulantes | $72.0M | $5.9M | $9.7M | $9.5M | $9.6M | $13.9M | $16.8M | $34.4M | $12.1M | $222.0M |
| Dívida de Longo Prazo | $43.8M | 0 | 0 | 0 | 0 | $1.03B | $1.27B | $1.55B | $1.78B | $1.91B |
| Passivos Totais | $372.1M | $5.9M | $955.8M | $1.12B | $1.03B | $1.63B | $1.90B | $2.63B | $2.92B | $3.51B |
| Reservas | $193.8M | $423.2M | $716.2M | $899.1M | $1.14B | $1.07B | $1.07B | $1.65B | $1.77B | $1.80B |
| Patrimônio Líquido | $596.2M | $798.6M | $1.36B | $1.53B | $1.70B | $1.70B | $1.74B | $2.29B | $2.42B | $2.45B |
| Dívida Total | $43.8M | $486.9M | $638.7M | $675.3M | $681.3M | $1.03B | $1.27B | $1.55B | $1.78B | $2.15B |
| Dívida Líquida | -$114.6M | $351.5M | $373.1M | $488.6M | $359.1M | $854.2M | $1.16B | $1.33B | $1.31B | $1.50B |
| Capital de Giro | $138.9M | $194.5M | $485.7M | $334.6M | $354.5M | $273.9M | $228.9M | $482.4M | $669.0M | $434.0M |
Balanço (Trimestral)
| Ano | 2024-Q3 | 2025-Q2 | 2025-Q3 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $574.0M | $372.2M | $677.7M | $696.9M |
| Ativos Totais | $6.27B | $6.33B | $6.69B | $4.27B |
| Passivos Totais | $2.98B | $3.10B | $3.50B | $2.80B |
| Patrimônio Líquido | $2.43B | $2.50B | $2.50B | $819.1M |
| Dívida Total | $1.79B | $1.79B | $2.16B | $2.42B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $104.1M | $249.2M | $305.1M | $225.5M | $208.6M | -$56.4M | $233.3M | $718.2M | $229.6M | $72.2M |
| Depreciação e Amortização | $578000 | $12.1M | $10.1M | $12.0M | $9.8M | $3.2M | $4.4M | $5.5M | 0 | 0 |
| Compensação em Ações | 0 | $1.7M | $1.7M | $4.5M | $5.3M | $9.3M | $10.3M | $14.1M | 0 | 0 |
| Variação Capital de Giro | $11.7M | $103.2M | -$456.8M | $77.1M | -$12.0M | $16.8M | $17.5M | $309.1M | $512.6M | $351.4M |
| Fluxo de Caixa Operacional | -$6.7M | -$102.3M | -$233.3M | -$8.3M | $180.7M | -$585.4M | -$466.1M | -$274.7M | $216.7M | -$29.0M |
| CapEx | -$1.6M | -$650000 | -$104000 | -$3.4M | -$360000 | -$285000 | -$407000 | -$3.2M | -$661000 | -$284000 |
| Aquisições | -$35.4M | -$57.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$8.5M |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | -$3.7M | -$8.0M | -$3.8M | -$5.1M | -$15.3M |
| Dividendos Pagos | -$17.7M | -$19.8M | -$24.6M | -$28.4M | 0 | -$41.0M | -$27.7M | -$27.5M | -$27.3M | -$27.4M |
| Fluxo de Caixa Livre | -$8.2M | -$103.0M | -$233.4M | -$11.7M | $180.3M | -$585.6M | -$466.5M | -$277.9M | $216.1M | -$29.3M |
Fluxo de Caixa (Trimestral)
| Ano | 2024-Q3 | 2025-Q2 | 2025-Q3 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $279.8M | -$84.2M | -$20.1M | -$84.7M |
| CapEx | -$51000 | -$103000 | -$58000 | -$96000 |
| Fluxo de Caixa Livre | $279.8M | -$84.3M | -$20.1M | -$84.7M |
| Dividendos Pagos | $121714 | -$13.7M | 0 | -$13.7M |
| Compensação em Ações | 0 | 0 | 0 | -$3.0M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +113.1% | +21.5% | -15.5% | -3.3% | -65.9% | +150.3% | +298.7% | -56.2% | -28.0% |
| Crescimento Lucro Líquido (anual) | | +129.0% | +27.4% | -33.2% | -32.5% | -120.1% | +206.1% | +1901.3% | -76.0% | -57.3% |
| Crescimento LPA (anual) | | +126.4% | +25.8% | -35.8% | -33.0% | -140.0% | +153.8% | +1857.1% | -75.5% | -56.7% |
| Variação de Ações (anual) | | +1.8% | +1.1% | +4.2% | +0.0% | -0.3% | -0.2% | +2.0% | -1.6% | +2.4% |
| Crescimento FCF (anual) | | -1150.0% | -126.7% | +95.0% | +1640.6% | -424.8% | +20.3% | +40.4% | +177.8% | -113.6% |
| Margem Bruta | 73.9% | 83.2% | 81.5% | 96.6% | 98.5% | 47.8% | 72.3% | 98.5% | 72.3% | 57.0% |
| Margem Operacional | 78.6% | 85.5% | 88.3% | 68.8% | 65.9% | 2.6% | 40.3% | 75.6% | 53.7% | 24.7% |
| Margem EBITDA | 83.1% | 89.0% | 91.5% | 0.0% | 69.1% | 5.5% | 41.9% | 76.1% | 53.7% | 24.7% |
| Margem Líquida | 72.7% | 78.1% | 81.9% | 64.7% | 45.2% | -26.6% | 11.3% | 56.6% | 31.0% | 18.4% |
| Margem FCF | -5.5% | -32.3% | -60.2% | -3.6% | 56.9% | -541.6% | -172.4% | -25.8% | 45.8% | -8.6% |
| Taxa Efetiva de Imposto | -4.6% | -0.0% | -4.1% | 5.9% | 17.7% | 348.8% | 10.6% | 2.7% | 9.5% | 14.1% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.04 | $-0.49 | $-1.11 | $-0.05 | $0.82 | $-2.67 | $-2.13 | $-1.25 | $0.98 | $-0.13 |
| Dividendo por Ação | $0.09 | $0.10 | $0.12 | $0.13 | $0.00 | $0.19 | $0.13 | $0.12 | $0.12 | $0.12 |
| Ações em Circulação (Básicas) | $204.7M | $208.2M | $210.8M | $218.6M | $218.9M | $219.0M | $218.6M | $222.8M | $219.2M | $219.1M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Rentabilidade
| Retorno sobre patrimônio | -99.46% |
| Retorno sobre capital investido | -205.66% |
| Retorno sobre ativos | -38.60% |
| Margem bruta | -6.81% |
| Margem operacional | 98.26% |
| Margem líquida | 106.35% |
Saúde financeira
| Dívida / Patrimônio | 2.95 |
| Liquidez corrente | 5.25 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 12.17 | 13.08 | 13.58 | 9.67 | 14.88 | -40.62 | 58.21 | 5.51 | 19.03 | 30.76 |
| P/VP | 2.21 | 4.09 | 3.17 | 1.34 | 1.25 | 1.36 | 1.02 | 1.47 | 1.16 | 0.80 |
| P/V | 8.82 | 10.25 | 11.15 | 6.26 | 6.68 | 21.39 | 6.58 | 3.12 | 5.92 | 5.75 |
| Margem Bruta | 73.9% | 83.2% | 81.5% | 96.6% | 98.5% | 47.8% | 72.3% | 98.5% | 72.3% | 57.0% |
| Margem Operacional | 78.6% | 85.5% | 88.3% | 68.8% | 65.9% | 2.6% | 40.3% | 75.6% | 53.7% | 24.7% |
| Margem Líquida | 72.7% | 78.1% | 81.9% | 64.7% | 45.2% | -26.6% | 11.3% | 56.6% | 31.0% | 18.4% |