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Runway Growth Finance Corp.

RWAY Financial Asset Management

Runway Growth Finance Corp.’s revenue for fiscal 2025 (year ended December 2025) was $137.3 million, down 5.05% from fiscal 2024.

Revenue
+10.4%
EPS
+18.2%
Free cash flow
+62.6%
Total debt
+34.5%

Quarter to September 2026, against a year earlier

6.70 0.58 +9.48%
Market cap
$256.5M
P/E
41.1×
Fwd P/E
16.6×
Dividend yield
21.4%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 18.21%

Capital & Financial Ratios $m

Size
Market Cap 256.49
Revenue ttm 137.08
Net income ttm 10.45
Free cash flow ttm (17.54)
Net debt Q (3.62)
Valuation
P/E 41.13 (above 35: high)
Forward P/E 16.60
Price / sales 1.89
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.52
Financial health
Current ratio Q 0.00
Debt / equity Q 0.00
Interest coverage Q 2.20
Growth
Revenue growth Q +10.39% (above 0%: growing)
Operating income growth Q +0.93% (above 0%: growing)
EPS, this year −9.48% (below 0%: weak)
EPS, next year A −4.47% (below 0%: weak)
Revenue, next year A +14.89% (at or above 10%: strong)
EPS, past 5 yrs −11.38% (below 0%: weak)
EPS, next 5 yrs A −12.74% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 92.52%
10-year low 10-year high
P/S against its own 10 years 7.50%
10-year low 10-year high
P/B against its own 10 years 4.34%
10-year low 10-year high

Dividends

Yield
21.4%
Annual rate
1.32
Payout ratio
880.0%
Growth, 2021–25
+53.8%/yr
  1. 0.25 ’21
  2. 1.26 ’22 +404
  3. 1.36 ’23 +8
  4. 1.79 ’24 +32
  5. 1.40 ’25 −22
  6. 1.46 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3 6 18 4
Receivables 8 8 8 10
Inventory — — — —
Other — — — —
11 14 26 14
2023 2024 2025 Q'26
Payables 7 8 7 11
ST’ Debt — — — —
Other — — — —
22 24 25 —

Compound Annual Growth %

10y 5y 3y
Sales — 18.97% 8.42%
Cash Flow 0.00% 0.00% 0.00%
Earnings — (6.24%) 1.83%
Book Value 168.40% 0.79% (5.58%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.29 Actual 0.43

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.38 0.43 Beat by 0.05
Q4 FY25 0.36 0.32 Miss by 0.04
Q1 FY26 0.31 0.29 Miss by 0.02
Q2 FY26 0.29 0.43 Beat by 0.14
Q3 FY26 0.33 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.96) 0.65 0.26 — —
’25 0.05 0.45 0.22 0.20 0.93
’24 0.30 0.21 0.65 0.75 1.89
’23 0.30 0.55 0.37 (0.12) 1.09
’22 0.07 (0.02) 0.29 0.46 0.79
’21 0.30 0.21 0.31 0.49 1.33
’20 0.07 0.51 0.40 0.72 1.70
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 29 37 41 — —
’25 35 35 37 30 137
’24 40 34 37 34 145
’23 39 42 44 39 164
’22 19 25 27 36 108
’21 16 19 19 17 71
’20 15 12 14 17 58
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 6 (194) 150 — —
’25 74 0 92 21 186
’24 69 (39) 26 14 70
’23 (19) 90 102 (62) 112
’22 (19) (54) (91) (196) (360)
’21 16 7 (17) (66) (61)
’20 59 (32) (26) (106) (106)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 6 (194) 150 — —
’25 74 0 92 21 186
’24 69 (39) 26 14 70
’23 (19) 90 102 (62) 112
’22 (19) (54) (91) (196) (360)
’21 16 7 (17) (66) (61)
’20 59 (32) (26) (106) (106)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 3 21 55 58 71 108 164 145 137 137 +60.0% 158 166 136 (0.2%)
Gross margin, % — 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT (1) (1) 12 28 47 46 32 44 74 34 10 n/m
EBT margin, % 0.00 (45.03) 56.65 50.14 81.53 64.17 29.93 27.00 50.89 24.79 7.62 +24.8 pt
Net income (1) (1) 12 28 47 46 32 44 74 34 10 n/m
Per share, $
Per share, $ Revenue 0.00 1.14 2.23 2.95 2.09 2.08 2.63 4.05 3.72 3.74 3.27 n/m
Earnings (82.09) (0.51) 1.26 1.48 1.70 1.33 0.79 1.09 1.89 0.93 0.15 n/m
Cash flow (298.09) (42.20) (18.59) (7.14) (3.84) (1.79) (8.78) 2.78 1.80 5.08 (0.42) n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (298.09) (42.20) (18.59) (7.14) (3.84) (1.79) (8.78) 2.78 1.80 5.08 (0.42) n/m
Book value 316.06 45.45 17.99 20.12 16.88 17.73 14.06 13.50 13.25 13.22 11.81 (29.7%)
Shares, m 0 3 9 19 28 34 41 41 39 37 39 +146.3%
Valuation, ×
Valuation, × P/E — 8.38 8.38 8.38 8.38 9.83 14.99 11.55 5.74 9.71 41.13 9.5
P/S — 6.06 6.06 6.06 6.06 6.16 4.56 3.13 2.94 2.39 1.89 4.8
P/B — 0.85 0.85 0.85 0.85 0.72 0.85 0.94 0.83 0.68 0.52 0.8
EV/Sales — 7.16 7.16 7.16 7.16 7.22 9.60 6.22 6.72 5.53 — 7.1
EV/FCF — (4.99) (4.99) (4.99) (4.99) (8.38) (2.87) 9.09 13.94 4.08 — (0.5)
Cash, $m
Cash, $m Operating cash flow (3) (118) (173) (134) (106) (61) (360) 112 70 186 (18) n/m
Capex — — — — — — — — — — — —
Free cash flow (3) (118) (173) (134) (106) (61) (360) 112 70 186 (18) n/m
Balance, $m
Balance, $m Working capital 0 (11) 2 43 11 (1) (2) (11) (10) 1 14 +11.3%
Net debt (1) (8) 57 14 83 75 543 507 547 432 (4) n/m
Shareholders’ equity 3 127 167 376 466 606 576 547 515 485 495 +73.1%
Returns, %
Returns, % ROA (42.89) (1.87) 5.14 6.71 8.13 6.62 3.43 3.99 6.78 3.32 1.02 +46.2 pt
ROIC (23.16) (0.97) 3.26 5.83 4.34 4.08 3.34 4.64 3.75 3.88 7.17 +27.0 pt
ROE (51.57) (2.20) 7.99 10.17 11.15 8.51 5.46 7.90 13.86 6.81 2.12 +58.4 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Runway Growth Finance Corp. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CCAP Crescent Capital BDC, Inc. $348.2M — (loss-making) 45.6× −15.51% (below 0%: shrinking) n/m −72.97% (below 0%: shrinking) 59.08% 37.45% Compare
CION CION Investment Corporation $324.7M — (loss-making) 9.1× −38.63% (below 0%: shrinking) n/m +591.27% (above 0%: growing) 100.00% 25.33% Compare
PSBD Palmer Square Capital BDC Inc. $303.1M — (loss-making) — (loss-making) −13.83% (below 0%: shrinking) +360.00% (above 0%: growing) +227.26% (above 0%: growing) 100.00% 83.11% Compare
CYPH Cypherpunk Technologies Inc. $266.2M — (loss-making) — (loss-making) 0.00% n/m +15.53% (above 0%: growing) 0.00% 0.00% Compare
HRZN Horizon Technology Finance Corporation $265.5M — (loss-making) — (loss-making) +2.14% (above 0%: growing) n/m −97.72% (below 0%: shrinking) 100.00% 93.70% Compare
RWAY Runway Growth Finance Corp. $256.5M 41.1× 16.6× +10.39% (above 0%: growing) +18.18% (above 0%: growing) +62.58% (above 0%: growing) 100.00% 71.90%
PNNT PennantPark Investment Corporation $212.9M 20.9× 9.6× −16.21% (below 0%: shrinking) −41.67% (below 0%: shrinking) −2.70% (below 0%: shrinking) 78.27% 72.21% Compare
LIEN Chicago Atlantic BDC, Inc. $207.4M 6.5× 6.5× +6.81% (above 0%: growing) −28.95% (below 0%: shrinking) +1,591.22% (above 0%: growing) 100.00% 61.95% Compare
SAR Saratoga Investment Corp $200.7M — (loss-making) 108× +1.77% (above 0%: growing) n/m −43.85% (below 0%: shrinking) 100.00% 68.55% Compare
Median of peers $265.8M — 9.6× −6.91% −28.95% +6.42% 100.00% 65.25%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together 1.01%
OCM Growth Holdings, LLC 16.55%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Runway Growth Finance Corp. (RWAY) Latest News

6 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · GlobeNewswire

27 Oct

Impact 3 · · PR Newswire

13 Oct

Impact 4 · · GlobeNewswire

25 Sep

Impact 3 · · GlobeNewswire

23 Sep

Impact 3 · · GlobeNewswire

7 Aug

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

6 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

15 Jun

Impact 3 ·

8 May

Impact 4 · · MarketBeat
Impact 4 · · Moby

7 May

Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

7 Apr

Impact 4 · · GlobeNewswire

13 Mar

Impact 4 · · Moby

12 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · The Motley Fool transcript

9 Mar

Impact 4 · · 24/7 Wall St.

5 Mar

Impact 3 · · Zacks

3 Feb

Impact 3 · · GlobeNewswire

27 Jan

Impact 3 ·
stockrow.com/RWAY · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com