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Runway Growth Finance Corp.

Runway Growth Finance Corp.

NASDAQ•RWAY
CEO: Mr. David R. Spreng
Sector: Financial Services
Industry: Financial - Credit Services
Listing Date: 2021-10-21
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, healthcare and information services, business services and select consumer services and products sectors. It prefers to investments in companies engaged in electronic equipment and instruments, systems software, hardware, storage and peripherals and specialized consumer services, application software, healthcare technology, internet software and services, data processing and outsourced services, internet retail, human resources and employment services, biotechnology, healthcare equipment and education services. It invests in senior secured loans between $10 million and $75 million.
Contact Information
2061 Avy Avenue, 2nd Floor, Menlo Park, CA, 94025, United States
650-645-9751
investors.runwaygrowth.com
Market Cap
$356.73M
P/E (TTM)
5.3
23.4
Dividend Yield
11.3%
52W High
$11.73
52W Low
$8.35
52W Range
44%
3.8
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Weak • 3.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2024

Financial Dashboard

Q2 2025 Data

Revenue

$33.64M-1.63%
4-Quarter Trend

EPS

$0.45+114.29%
4-Quarter Trend

FCF

-$297.00K-102.94%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Operating Cash Flow Surge Net cash from operations 73.3M USD, up 43.3M USD from 30.0M USD, primarily due to decreased investment purchases.
High Debt Portfolio Yield Debt investment portfolio dollar-weighted annualized yield 15.1% for six months, maintaining strong current income generation capability.
Improved Asset Coverage Ratio Asset coverage ratio 195% as of June 30, 2025, up from 192% in December 2024, maintaining compliance with BDC requirements.
Net Investment Income Decreased Net Investment Income 29.5M USD, down 3.7M USD from 33.3M USD; NII per share 0.79 USD, down 0.05 USD.

Risk Factors

Increased Unrealized Investment Loss Net change in unrealized loss 15.4M USD, worsening from 12.9M USD loss, driven by fair value decreases in several portfolio companies.
Investment Portfolio Value Decline Total investments fair value 1.02B USD, down 51.9M USD from 1.08B USD, reflecting market volatility and valuation risks.
Foreign Currency Forward Loss Unrealized loss 1.4M USD on foreign currency forward contracts, exposing the Company to currency exchange rate volatility risks.
Non-Accrual Investment Exposure Non-accrual investments fair value 2.4M USD, representing 0.23% of total portfolio, down from 5.6M USD previously.

Outlook

Q3 Distributions Declared Board declared 0.33 USD regular and 0.03 USD supplemental distributions per share, payable September 2, 2025.
Post-Period Debt Commitments Completed 20.0M USD additional debt commitments post-period, funding 16.8M USD upon closing, continuing investment strategy.
Manage Unfunded Commitments Total unfunded commitments 164.9M USD, including 135.5M USD debt financing, subject to portfolio company milestones.
Active Share Repurchase Program Fourth Repurchase Program authorized 25.0M USD; 8.1M USD repurchased through June 30, 2025, with 16.9M USD remaining.

Peer Comparison

Revenue (TTM)

Atlanticus Holdings CorporationATLC
$1.21B
+21.5%
Yiren Digital Ltd.YRD
$853.75M
+12.8%
Regional Management Corp.RM
$611.58M
+10.6%

Gross Margin (Latest Quarter)

Midland States Bancorp, Inc.MSBI
100.0%
+0.0 pp
Atlanticus Holdings CorporationATLC
96.6%
+5.6 pp
Regional Management Corp.RM
95.6%
-2.0 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ATLC$835.83M6.822.3%76.8%
RM$386.48M9.710.8%78.6%
SAR$356.86M10.58.5%51.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-2.8%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $33.64M-1.6%
    |
    EPS: $0.45+114.3%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 12, 2025|
    Revenue: $35.40M-11.5%
    |
    EPS: $0.42+40.0%
    Beat

  • Form 10-K/A - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 27, 2025|
    Revenue: $141.69M-2.8%
    |
    EPS: $1.89+73.4%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 20, 2025|Refer to amended data

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $36.65M-16.3%
    |
    EPS: $0.65+75.7%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $34.19M+43.2%
    |
    EPS: $0.21-61.8%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $40.01M+194.1%
    |
    EPS: $0.30+0.0%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 7, 2024|
    Revenue: $145.82M+36.7%
    |
    EPS: $1.09+38.0%
    Miss