Runway Growth Finance Corp. (RWAY) Financial Ratios
10 years of historical data (2016–2025) · Financial Services · Financial - Credit Services
EV/EBITDA
↓
8.71
↓-52% vs avg
5yr avg: 18.08
30Y Low9.9·High31.6
P/FCF
↓
1.27
↓-79% vs avg
5yr avg: 6.11
30Y Low1.8·High9.7
P/B Ratio
↓
0.49
↓-40% vs avg
5yr avg: 0.82
30Y Low0.7·High0.9
ROE
↓
6.8%
-20% vs avg
5yr avg: 8.5%
30Y Low-26%·High14%
Debt/EBITDA
↑
5.86
↓-33% vs avg
5yr avg: 8.73
30Y Low1.7·High17.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
RWAY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Runway Growth Finance Corp. trades at 7.0x earnings, 31% below its 5-year average of 10.3x, sitting at the 20th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.2x, the stock trades at a discount of 47%. On a free-cash-flow basis, the stock trades at 1.3x P/FCF, 79% below the 5-year average of 6.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $236M | $328M | $426M | $511M | $475M | $508M | — | — | — | — | — |
| Enterprise Value | $668M | $759M | $972M | $1.0B | $1.0B | $582M | — | — | — | — | — |
| P/E Ratio → | 7.03 | 9.60 | 5.80 | 11.58 | 14.67 | 9.64 | — | — | — | — | — |
| P/S Ratio | 1.69 | 2.34 | 3.43 | 5.41 | 8.61 | 9.40 | — | — | — | — | — |
| P/B Ratio | 0.49 | 0.68 | 0.83 | 0.93 | 0.82 | 0.84 | — | — | — | — | — |
| P/FCF | 1.27 | 1.76 | 8.43 | 4.55 | 9.70 | — | — | — | — | — | — |
| P/OCF | 1.27 | 1.76 | 8.43 | 4.55 | 9.70 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
RWAY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Runway Growth Finance Corp.'s enterprise value stands at 8.7x EBITDA, 52% below its 5-year average of 18.1x. The Financial Services sector median is 11.4x, placing the stock at a 24% discount on an enterprise-value basis.
| 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 | 8.71 | 9.90 | 13.21 | 22.97 | 31.57 | 12.77 | — | — | — | — | — |
| EV / EBIT | 8.71 | 9.90 | 13.21 | 22.97 | 31.57 | 12.77 | — | — | — | — | — |
| EV / FCF | — | 4.08 | 19.26 | 9.06 | 20.79 | — | — | — | — | — | — |
RWAY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Runway Growth Finance Corp. earns an operating margin of 54.7%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 46.9% to 54.7% over the past 3 years, signaling improving operational efficiency. ROE of 6.8% is modest, trailing the sector median of 9.4%. ROIC of 5.7% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
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% | — |
Return on Capital
| 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% |
RWAY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Runway Growth Finance Corp. carries a Debt/EBITDA ratio of 5.9x, which is highly leveraged (41% above the sector average of 4.1x). Net debt stands at $432M ($450M total debt minus $18M cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
RWAY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio has improved from 1.66x to 1.79x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
RWAY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Runway Growth Finance Corp. returns 26.7% to shareholders annually — split between a 21.4% dividend yield and 5.3% buyback yield. The payout ratio exceeds 100% at 151.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 14.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 21.4% | 15.7% | 16.4% | 12.7% | 10.9% | 3.5% | — | — | — | — | — |
| Payout Ratio | 151.1% | 151.1% | — | 146.2% | — | 39.3% | 15.5% | 29.6% | 12.1% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.2% | 10.4% | 17.2% | 8.6% | 6.8% | 10.4% | — | — | — | — | — |
| FCF Yield | 78.8% | 56.9% | 11.9% | 22.0% | 10.3% | — | — | — | — | — | — |
| Buyback Yield | 5.3% | 3.8% | 8.4% | 0.0% | 2.3% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 26.7% | 19.5% | 24.8% | 12.7% | 13.1% | 3.5% | — | — | — | — | — |
| Shares Outstanding | — | $37M | $39M | $41M | $41M | $40M | $41M | $41M | $41M | $3M | $10774 |
Peer Comparison
Compare RWAY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 RWAYYou | $236M | 7.0 | 8.7 | 1.3 | 78.5% | 54.7% | 6.8% | 5.7% | 5.9 |
 TPVG | $234M | 4.7 | 9.0 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 HRZN | $200M | 4.3 | — | 3.5 | 18.0% | -4.0% | -0.8% | -0.2% | — |
 HTGC | $3B | 8.7 | 14.4 | — | 87.2% | 66.7% | 16.2% | 6.6% | 6.3 |
 ARCC | $14B | 10.2 | 13.1 | 12.0 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 GBDC | $3B | 9.3 | 12.1 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 OBDC | $6B | 9.2 | 12.0 | 3.2 | 75.3% | 73.2% | 9.4% | 6.1% | 7.5 |
 FSCO | $1B | 5.4 | 6.5 | 15.2 | 81.3% | 77.5% | 13.5% | 8.1% | 2.3 |
 SLRC | $736M | 7.9 | 11.4 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
 CGBD | $840M | 7.3 | 19.4 | 8.1 | 59.2% | 54.7% | 9.8% | 3.7% | 10.6 |
 WAL | $9B | 9.4 | 9.8 | — | 61.1% | 22.9% | 13.2% | 6.5% | 5.4 |
| Financial Services Median | — | 13.2 | 11.4 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonRWAY — Frequently Asked Questions
Quick answers to the most common questions about buying RWAY stock.
What is Runway Growth Finance Corp.'s P/E ratio?
Runway Growth Finance Corp.'s current P/E ratio is 7.0x. The historical average is 10.3x. This places it at the 20th percentile of its historical range.
What is Runway Growth Finance Corp.'s EV/EBITDA?
Runway Growth Finance Corp.'s current EV/EBITDA is 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
What is Runway Growth Finance Corp.'s ROE?
Runway Growth Finance Corp.'s return on equity (ROE) is 6.8%. The historical average is 3.8%.
Is RWAY stock overvalued?
Based on historical data, Runway Growth Finance Corp. is trading at a P/E of 7.0x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Runway Growth Finance Corp.'s dividend yield?
Runway Growth Finance Corp.'s current dividend yield is 21.44% with a payout ratio of 151.1%.
What are Runway Growth Finance Corp.'s profit margins?
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.
How much debt does Runway Growth Finance Corp. have?
Runway Growth Finance Corp.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.