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 $341.5M against $273.3M — 1.2× the size. Runway Growth Finance Corp. trades at the lower P/E: 57.5× against 110×. CION Investment Corporation grew revenue faster over the last twelve months: 2.65% against −5.47%. Runway Growth Finance Corp. has the higher net margin (5.82% vs 1.17%) and the lower return on invested capital (2.96% vs 7.94%). Both pay a dividend; CION Investment Corporation yields more (23.6% vs 20.9%). Across the 19 metrics below, CION Investment Corporation leads on 10 and Runway Growth Finance Corp. on 9.

Valuation

Metric CION RWAY Asset Management median
P/E 110.00 57.55 13.99
P/S 1.41 2.00 2.76
P/B 0.49 0.53 0.85
Price to free cash flow 7.39 n/m 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 0.91% 1.74% 4.72%
Free cash flow yield 13.52% (28.30%) 4.44%

Profitability

Metric CION RWAY Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 36.19% 75.26% 33.42%
Net margin 1.17% 5.82% 13.37%
Free cash flow margin 19.12% (56.56%) 12.36%
Return on equity 0.38% 1.55% 4.79%
Return on assets 0.15% 0.69% 1.55%
Return on invested capital 7.94% 2.96% 2.97%

Growth

Metric CION RWAY Asset Management median
Revenue growth (TTM) 2.65% (5.47%) 7.42%
EPS growth (last fiscal year) (161.90%) (50.79%) (6.67%)
Revenue growth, 5-year CAGR 8.01% 18.97% 12.51%
Net income growth, 5-year CAGR 0.00% (6.24%) 0.00%

Health

Metric CION RWAY Asset Management median
Debt to equity 0.00 1.38 0.44
Current ratio 0.04 0.93 1.30
Net debt to EBITDA (0.08) 4.42 1.02

Dividend

Metric CION RWAY Asset Management median
Dividend yield 23.64% 20.85% 6.60%
Payout ratio 26.00 12.00 0.94

Size

Metric CION RWAY Asset Management median
Market cap 341.46m 273.25m 694.86m

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