AlTi Global, Inc. (ALTI) vs Runway Growth Finance Corp. (RWAY)

AlTi Global, Inc. and Runway Growth Finance Corp. are both Asset Management companies. AlTi Global, Inc. is the larger, with a market value of $360.2M against $273.3M — 1.3× the size. AlTi Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Runway Growth Finance Corp. trades at 57.5×. AlTi Global, Inc. grew revenue faster over the last twelve months: 33.3% against −5.47%. Runway Growth Finance Corp. has the higher net margin (5.82% vs −40.9%) and the higher return on invested capital (2.96% vs −4.52%). Across the 16 metrics below, AlTi Global, Inc. leads on 9 and Runway Growth Finance Corp. on 7.

Valuation

Metric ALTI RWAY Asset Management median
P/E n/m 57.55 13.99
P/S 1.03 2.00 2.76
P/B 0.56 0.53 0.85
Price to free cash flow 237.55 n/m 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (51.17%) 1.74% 4.72%
Free cash flow yield 0.42% (28.30%) 4.44%

Profitability

Metric ALTI RWAY Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin (22.22%) 75.26% 33.42%
Net margin (40.86%) 5.82% 13.37%
Free cash flow margin 0.44% (56.56%) 12.36%
Return on equity (19.38%) 1.55% 4.79%
Return on assets (9.62%) 0.69% 1.55%
Return on invested capital (4.52%) 2.96% 2.97%

Growth

Metric ALTI RWAY Asset Management median
Revenue growth (TTM) 33.25% (5.47%) 7.42%
EPS growth (last fiscal year) (0.65%) (50.79%) (6.67%)
Revenue growth, 5-year CAGR — 18.97% 12.51%
Net income growth, 5-year CAGR 0.00% (6.24%) 0.00%

Health

Metric ALTI RWAY Asset Management median
Debt to equity 0.01 1.38 0.44
Current ratio 0.97 0.93 1.30
Net debt to EBITDA 0.73 4.42 1.02

Dividend

Metric ALTI RWAY Asset Management median
Dividend yield — 20.85% 6.60%
Payout ratio — 12.00 0.94

Size

Metric ALTI RWAY Asset Management median
Market cap 360.23m 273.25m 694.86m

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