Latest Ratios: P/E Ratio 5.7x · EV/EBITDA 8.1x · ROE 6.8%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $192M | $328M | $426M | $511M | $475M | $508M | — | — | — | — | — |
| Enterprise Value | $623M | $759M | $972M | $1.0B | $1.0B | $582M | — | — | — | — | — |
| P/E Ratio → | 5.70 | 9.60 | 5.80 | 11.58 | 14.67 | 9.64 | — | — | — | — | — |
| P/S Ratio | 1.37 | 2.34 | 3.43 | 5.41 | 8.61 | 9.40 | — | — | — | — | — |
| P/B Ratio | 0.40 | 0.68 | 0.83 | 0.93 | 0.82 | 0.84 | — | — | — | — | — |
| P/FCF | 1.03 | 1.76 | 8.43 | 4.55 | 9.70 | — | — | — | — | — | — |
| P/OCF | 1.03 | 1.76 | 8.43 | 4.55 | 9.70 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.42 | 7.83 | 10.77 | 18.46 | 10.78 | — | — | — | — | — |
| EV / EBITDA | 8.12 | 9.90 | 13.21 | 22.97 | 31.57 | 12.77 | — | — | — | — | — |
| EV / EBIT | 8.12 | 9.90 | 13.21 | 22.97 | 31.57 | 12.77 | — | — | — | — | — |
| EV / FCF | — | 4.08 | 19.26 | 9.06 | 20.79 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.5% | 78.5% | 69.1% | 59.1% | 75.1% | 92.2% | 98.0% | 96.4% | 96.3% | 100.0% | — |
| Operating Margin | 54.7% | 54.7% | 59.3% | 46.9% | 58.5% | 84.5% | 89.6% | 84.1% | 80.6% | -57.7% | — |
| Net Profit Margin | 24.3% | 24.3% | 59.3% | 46.9% | 58.5% | 84.5% | 89.6% | 84.1% | 80.6% | -45.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 13.9% | 7.9% | 5.5% | 8.5% | 11.2% | 7.5% | 4.8% | -2.2% | -26.0% |
| ROA | 3.3% | 3.3% | 6.8% | 4.0% | 3.4% | 6.6% | 8.1% | 8.4% | 8.2% | -1.9% | -25.5% |
| ROIC | 5.7% | 5.7% | 5.2% | 3.0% | 2.7% | 5.5% | 7.0% | 4.4% | 2.8% | -2.1% | -19.5% |
| ROCE | 7.5% | 7.5% | 6.8% | 4.0% | 3.5% | 7.2% | 9.3% | 12.6% | 18.3% | -2.8% | -26.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 1.07 | 0.93 | 0.95 | 0.13 | 0.21 | 0.16 | 0.38 | — | — |
| Debt / EBITDA | 5.86 | 5.86 | 7.50 | 11.50 | 17.02 | 1.74 | 2.07 | 2.17 | 11.82 | — | — |
| Net Debt / Equity | — | 0.89 | 1.06 | 0.93 | 0.94 | 0.12 | 0.18 | 0.04 | 0.37 | -0.06 | -0.30 |
| Net Debt / EBITDA | 5.63 | 5.63 | 7.43 | 11.44 | 16.84 | 1.64 | 1.76 | 0.51 | 11.60 | — | — |
| Debt / FCF | — | 2.32 | 10.83 | 4.51 | 11.09 | — | — | — | — | — | — |
| Interest Coverage | 1.80 | 1.80 | 1.66 | 1.15 | 2.34 | 10.88 | 44.15 | 23.30 | 22.07 | — | -1865.66 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 1.79 | 1.66 | 2.34 | 0.18 | 0.26 | 0.64 | 0.60 | 4.21 | 69.55 |
| Quick Ratio | — | — | 1.79 | 1.66 | 2.34 | 0.18 | 0.26 | 0.64 | 0.60 | 4.21 | 69.55 |
| Cash Ratio | — | — | 0.74 | 0.44 | 0.93 | 0.10 | 0.21 | 0.61 | 0.02 | 0.42 | 17.28 |
| Asset Turnover | — | 0.15 | 0.11 | 0.09 | 0.05 | 0.07 | 0.08 | 0.06 | 0.10 | 0.02 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 26.5% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 151.1% | 151.1% | — | 146.2% | — | 39.3% | 15.5% | 29.6% | 12.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.5% | 10.4% | 17.2% | 8.6% | 6.8% | 10.4% | — | — | — | — | — |
| FCF Yield | 97.3% | 56.9% | 11.9% | 22.0% | 10.3% | — | — | — | — | — | — |
| Buyback Yield | 6.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 33.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $37M | $39M | $41M | $41M | $40M | $41M | $41M | $41M | $3M | $10774 |
Portfolio credit quality volatility
According to current market data, RWAY trades at a P/B ratio of 0.40, a significant discount compared to peers like HTGC, which trades at 1.37, suggesting that investors are pricing in substantial skepticism regarding the underlying fair value of the firm's loan portfolio.
The forward P/E of 4.30 implies that the market expects a contraction in earnings or a high probability of credit-related write-downs. This valuation gap relative to larger, more established BDCs suggests that the market views RWAY's growth-stage focus as inherently riskier than the broader credit services sector.
Based on reported financial figures, RWAY's ROE has fluctuated wildly from a peak of 5.5% in 2024Q4 to a negative 7.5% in 2026Q1, indicating that the firm is struggling to consistently compound capital in its specialized venture-debt niche.
The erratic ROIC trend suggests that the firm's ability to generate returns is highly sensitive to the timing of loan exits and warrant realizations. Investors should monitor whether management can stabilize these returns as the portfolio matures, as current performance appears heavily influenced by non-recurring credit events.
As reported in recent filings, RWAY's DSO has shown extreme variance, spiking to 95 days in 2023Q4 before moderating, which highlights the inherent difficulty in predicting cash inflows from a portfolio of late-stage growth companies with limited liquidity.
The lack of consistent asset turnover, which has remained near 0.02 to 0.04, suggests that the firm's capital is tied up in long-duration, illiquid assets. This inefficiency in converting interest income to cash flow may necessitate higher reliance on external financing to maintain dividend distributions.
Compared to industry peers like Hercules Capital, which maintains a more stable ROE of 13.2%, RWAY's performance appears structurally weaker, as evidenced by its negative ROE and significantly lower net margin in recent periods.
While RWAY shares a similar senior-secured focus, its smaller scale and recent entry into public markets appear to limit its operational flexibility compared to larger competitors. The persistent gap in profitability metrics suggests that RWAY may face higher relative costs of capital or less favorable loan pricing power.
Investors frequently misapply the 26.5% dividend yield as a signal of value, failing to recognize that such high yields in the BDC sector often reflect market concerns regarding the sustainability of payouts given the firm's negative retained earnings and volatile cash flow.
Relying on dividend yield as a primary valuation metric obscures the underlying credit risks and the potential for future dividend cuts. A more appropriate metric for this business model would be the 'Core Net Investment Income' adjusted for PIK interest, which provides a clearer view of cash-based earnings available for distribution.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RWAY stock.
Runway Growth Finance Corp.'s current P/E ratio is 5.7x. The historical average is 10.3x.
Runway Growth Finance Corp.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Runway Growth Finance Corp.'s return on equity (ROE) is 6.8%. The historical average is 3.8%.
Based on historical data, Runway Growth Finance Corp. is trading at a P/E of 5.7x. Compare with industry peers and growth rates for a complete picture.
Runway Growth Finance Corp.'s current dividend yield is 26.45% with a payout ratio of 151.1%.
Runway Growth Finance Corp. has 78.5% gross margin and 54.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Runway Growth Finance Corp.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.