RWAY

MKT CAP:$233M

Runway Growth Finance Corp.

Market Cap

$233M

Financial Services·Financial - Credit Services·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$6.76-$2.28 (-25.22%)

Apr 17, 2026

Company Details

Runway Growth Finance Corp. is a business development company specializing investments in senior-secured loans to late stage and growth companies. It prefers to make investments in companies engaged in the technology, life sciences, healthc...

CEO

David R. Spreng

IPO Date

Oct 21, 2021

Website

investors.runwaygrowth.com

Key Metrics TTM

Revenue

$106M

+16.9% YoY

Net Income

$55M

EPS (Diluted)

$1.84

Free Cash Flow

$42M

Revenue / Share

$2.94

Gross Margin

64.1%

Operating Margin

51.6%

Net Margin

51.6%

FCF Margin

39.8%

P/S

2.2x

P/E

4.2x

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 6, 2025

$21M-44.7%EPS $0.22

Q2 2025

Aug 7, 2025

$31M+50.4%EPS $0.45

Q1 2025

May 12, 2025

$14M-44.6%EPS $0.42

FY 2024

Mar 20, 2025

$124M+31.4%EPS $1.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$21M	$21M	$19M
Q1 22	$6M	$5M	$3M
Q2 22	$3M	$2M	-$817.0K
Q3 22	$18M	$14M	$12M
Q4 22	$29M	$21M	$18M
Q1 23	$25M	$14M	$12M
Q2 23	$35M	$25M	$22M
Q3 23	$27M	$17M	$15M
Q4 23	$8M	-$978.0K	-$5M
Q1 24	$25M	$16M	$12M
Q2 24	$20M	$11M	$8M
Q3 24	$38M	$28M	$25M
Q4 24	$41M	$31M	$28M
Q1 25	$14M	$5M	$2M
Q2 25	$31M	$20M	$17M
Q3 25	$21M	$12M	$8M

Valuation

Quarter	P/S	P/E
Q4 21	4.3x	5.1x
Q1 22	4.8x	6.0x
Q2 22	5.4x	7.4x
Q3 22	4.9x	7.1x
Q4 22	4.2x	7.2x
Q1 23	3.1x	5.6x
Q2 23	2.2x	3.6x
Q3 23	2.0x	3.4x
Q4 23	2.5x	5.3x
Q1 24	2.5x	5.3x
Q2 24	2.9x	7.7x
Q3 24	2.6x	5.7x
Q4 24	1.9x	3.2x
Q1 25	2.1x	3.7x
Q2 25	1.9x	3.2x
Q3 25	2.2x	4.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$66M	-$66M
Q1 22	-$19M	-$19M
Q2 22	$10M	$10M
Q3 22	-$91M	-$91M
Q4 22	$16M	$16M
Q1 23	-$19M	-$19M
Q2 23	$90M	$90M
Q3 23	$102M	$102M
Q4 23	-$62M	-$62M
Q1 24	$69M	$69M
Q2 24	$10M	$10M
Q3 24	$26M	$26M
Q4 24	$14M	$14M
Q1 25	$10M	$10M
Q2 25	-$297.0K	-$297.0K
Q3 25	$19M	$19M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$3
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-6.4%	+1.3%
Q1 22	-49.2%	+51.3%
Q2 22	-63.9%	+77.2%
Q3 22	+34.0%	+103.0%
Q4 22	+38.6%	+563.4%
Q1 23	+328.6%	+337.2%
Q2 23	+986.9%	+219.0%
Q3 23	+52.3%	+104.0%
Q4 23	-72.5%	+21.8%
Q1 24	+1.0%	+1.5%
Q2 24	-42.5%	-7.4%
Q3 24	+42.0%	+8.5%
Q4 24	+417.2%	+1.5%
Q1 25	-44.6%	-6.8%
Q2 25	+50.4%	+14.4%
Q3 25	-44.7%	+0.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$1M
Q1 22	$1M
Q2 22	$2M
Q3 22	$1M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$2M
Q1 24	$2M
Q2 24	$1M
Q3 24	$2M
Q4 24	$1M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4M	$0	$4M
Q2 22	$7M	$0	$7M
Q3 22	$6M	$0	$6M
Q4 22	$6M	$0	$6M
Q1 23	$3M	$0	$3M
Q2 23	$38M	$0	$38M
Q3 23	$15M	$0	$15M
Q4 23	$3M	$42M	$45M
Q1 24	$7M	$0	$7M
Q2 24	$9M	$0	$9M
Q3 24	$4M	$0	$4M
Q4 24	$6M	$0	$6M
Q1 25	$18M	$0	$18M
Q2 25	$6M	$0	$6M
Q3 25	$8M	$0	$8M
Q4 25	$18M	$0	$18M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	41M	+24.8%	0.0%
Q1 22	41M	-0.0%	-0.0%
Q2 22	41M	-0.4%	-0.4%
Q3 22	41M	-1.1%	+23.0%
Q4 22	41M	-0.6%	-2.1%
Q1 23	41M	-0.1%	-2.1%
Q2 23	41M	0.0%	-1.7%
Q3 23	41M	0.0%	-0.6%
Q4 23	41M	0.0%	-0.1%
Q1 24	40M	-0.3%	-0.3%
Q2 24	39M	-3.0%	-3.3%
Q3 24	38M	-2.0%	-5.2%
Q4 24	37M	-2.4%	-7.5%
Q1 25	37M	-0.3%	-7.5%
Q2 25	37M	-0.7%	-5.3%
Q3 25	36M	-2.4%	-5.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$20.9K	1K
Q1 22	$5.7K	1K
Q2 22	$3.2K	1K
Q3 22	$17.6K	1K
Q4 22	$27.6K	1K
Q1 23	$23.4K	1K
Q2 23	$33.6K	1K
Q3 23	$25.5K	1K
Q4 23	$15.9K	500
Q1 24	$49.5K	500
Q2 24	$40.6K	500
Q3 24	$76.0K	500
Q4 24	$82.3K	500
Q1 25	$27.5K	500
Q2 25	$61.1K	500
Q3 25	$42.0K	500

Revenue / Employee