CION Investment Corporation (CION) vs Runway Growth Finance Corp. (RWAY)

CION Investment Corporation and Runway Growth Finance Corp. are both Asset Management companies. CION Investment Corporation is the larger, with a market value of $324.7M against $256.5M — 1.3× the size. CION Investment Corporation has negative trailing earnings, so its P/E is not meaningful; Runway Growth Finance Corp. trades at 41.1×. Runway Growth Finance Corp. grew revenue faster over the last twelve months: −2.83% against −17.8%. Runway Growth Finance Corp. has the higher net margin (7.62% vs −18.2%) and the higher return on invested capital (7.17% vs 5.73%). Both pay a dividend; Runway Growth Finance Corp. yields more (21.4% vs 20.6%). Across the 17 metrics below, Runway Growth Finance Corp. leads on 10 and CION Investment Corporation on 7.

Valuation

Metric CION RWAY Asset Management median
P/E n/m 41.13 13.38
P/S 1.61 1.89 2.99
P/B 0.50 0.52 0.91
Price to free cash flow 1.06 n/m 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (10.59%) 2.43% 4.67%
Free cash flow yield 94.31% (6.79%) 4.85%

Profitability

Metric CION RWAY Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 28.63% 75.20% 27.27%
Net margin (18.23%) 7.62% 11.89%
Free cash flow margin 152.28% (12.79%) 5.96%
Return on equity (5.16%) 2.12% 4.57%
Return on assets (2.14%) 1.02% 1.40%
Return on invested capital 5.73% 7.17% 2.12%

Growth

Metric CION RWAY Asset Management median
Revenue growth (TTM) (17.76%) (2.83%) 7.26%
EPS growth (last fiscal year) (161.90%) (50.79%) (5.64%)
Revenue growth, 5-year CAGR 8.01% 18.97% 11.84%
Net income growth, 5-year CAGR 0.00% (6.24%) 0.00%

Health

Metric CION RWAY Asset Management median
Debt to equity 0.00 0.00 0.40
Current ratio 0.04 0.00 1.23
Net debt to EBITDA (0.08) 4.42 1.06

Dividend

Metric CION RWAY Asset Management median
Dividend yield 20.57% 21.39% 6.43%
Payout ratio 26.00 8.80 0.91

Size

Metric CION RWAY Asset Management median
Market cap 324.74m 256.49m 692.54m

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