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Runway Growth Finance Corp (RWAY) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Runway Growth Finance Corp stock $11.37, price $6.69, upside +70.0%, quality 60 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

RG Runway Growth Finance Corp logo Broad data Nov 8, 2026

Runway Growth Finance Corp

RWAY · US
Undervalued, but in a downtrend

The stock costs 41% less than our calculation considers fair.

Fair value $11.37 · Strongly undervalued
Quality 60/100
Healthy Growth (revenue 5y +22.2 %/yr in USD)
Generates free cash flow
19.7% dividend yield · Sustainable
Upbeat coverage
Broad data
Thin margins · 7.6% net margin (TTM)
Moderate debt
Mixed vs. peers (8/15)
Moderate moat 50/100
Insiders bought $259,590 (6M)
Wide range: only $3.46 in the cautious scenario.
⚠ Dilution
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$9.17 $5.01 Fair Value $11.37 Oct 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $5.01 – $9.17 · fair‑value band $3.46 – $18.56 · the $6.69 price screens below the $11.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Runway Growth Finance Corp. is a business development company specializing investments in senior-secured loans to late stage and growth companies.

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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.

Stock analysis

Runway Growth Finance Corp (RWAY) currently trades at $6.69, while our model-based Fair Value estimate is $11.37, implying the stock looks roughly 41% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $83.95 per share, and 11 of the 11 models we run sit above the $6.69 price.

Bear case: the Asset-Based group reads lowest at $7.75, and 0 of the 11 models stay below the price. Data coverage for this calculation is high.

Scenario range: $3.46 (bear) to $18.56 (bull), the price of $6.69 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Runway Growth Finance Corp reported revenue of $140M in FY2025 versus $51.7M in FY2021, a compound +28.3%/yr. Reported net income was $34.0M in FY2025, compounding −7.1%/yr from FY2021.

Key figures

Market cap $281M Micro · P/E ratio 23.1 · P/S ratio 2.05 · EPS (TTM) $0.2900 · Net margin 7.6% · Return on equity 2.1% · Return on assets (EBIT) 5.6% (5-year average) · Operating margin 71.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 70%, RWAY screens cheaper than that median.

Fair Value models

Bear $3.46 Fair Value $11.37 Bull $18.56
Price $6.69 · Upside +70.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $8.80 $9.11 $9.77 76
Growth DCF $47.02 $83.95 $150.85 75
5Y P/E Exit $13.99 $29.99 $48.95 68
All 11 models by family
DCF Models
5Y P/E Exit $13.99 $29.99 $48.95 68
10Y P/E Exit $27.07 $50.41 $82.57 62
Earnings-Based
Graham-Dodd $5.52 $38.53 $54.07 63
Lynch FV $14.21 $20.30 $26.39 61
Dividend Discount
Gordon GGM $9.12 $15.93 $21.35 68
DDM Multi-Stage $9.12 $14.79 $17.07 67
Multiples
P/E Multiple $7.92 $10.56 $13.20 63
P/B Multiple $7.18 $9.57 $11.96 55
Asset-Based
NCAV (Graham) $5.79 $7.75 $11.57 54
Growth DCF
Growth DCF $47.02 $83.95 $150.85 75
Economic Profit
Residual Income $8.80 $9.11 $9.77 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 60/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 38
How much profit the company makes from its sales and capital
Quality Growth 50
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 34
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 72
How calm the share price moves, does not count
Price momentum 40
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 32
Distance to the 52-week high, does not count
New shares 35
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 5 officers or directors bought shares worth $259,590, most recently on Sep 22, 2026. Buying cluster

  • BuyEdward J. GoldthorpeDirector10,000 shares at $6.75$67,450Sep 22, 2026
  • BuyMichael RovnerCo-Chief Executive Officer7,000 shares at $6.57$45,990Sep 9, 2026
  • BuyR David SprengPresident and Co-CEO, Director2× since May 20, 2026: 4,000 shares, avg. $6.50$26,000Aug 14, 2026
  • BuyCarmela ThomsonCFO, Treasurer and Secretary8,000 shares at $6.97$55,760Aug 13, 2026
  • BuyThomas B. RatermanCFO, COO10,000 shares at $6.44$64,390May 20, 202610b5-1 plan
  • SaleCarlson Capital, L.P.10% owner560,105 shares at $6.59$3.7MApr 9, 2026
  • SaleOaktree Capital Group Holdings GP, LLC10% owner1,250,000 shares at $9.05$11.3MNov 17, 2025

Plus 3 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.2%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−32.3%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+17.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.4%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.91% → 55%

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Earlier news

News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks

Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 60 · Below median
Fair Value upside +70.0% · Above median
Profitability
Return on equity (12 months) 2.1% · Below median
Return on assets 3.6% · Below median
Net margin (12 months) 7.6% · Bottom 25%
Operating margin (12 months) 71.9% · Above median
Growth and dividend
Revenue growth (quarter YoY) 10.4% · Above median
Dividend yield (12 months) 19.7% · Top 25%
Balance sheet
Debt / equity 1.13× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 23.1× · Priciest 25%
P/B 0.58× · Cheapest 25%
P/S (12 months) 2.05× · Cheapest 25%
Price / free cash flow (fiscal year) 1.5× · Cheapest 25%
EV/EBITDA 10.6× · Pricier than median
PEG 1.16× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 57
FUTURE (revenue growth)52 · sector 38
PAST (return on equity)8 · sector 29
HEALTH (low debt)43 · sector 96
DIVIDEND (yield)100 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €74.35 €139.37 +87% vs RWAY
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs RWAY
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs RWAY
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs RWAY
State Street Corporation STT $165.56 $139.37 −16% vs RWAY
Ares Management Corporation ARES $133.98 $99.35 −26% vs RWAY
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs RWAY
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs RWAY
Blackstone Inc BX $119.50 $52.29 −56% vs RWAY
KKR & Co KKR $96.48 $27.32 −72% vs RWAY

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Runway Growth Finance Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Runway Growth Finance Corp Fair Value". https://www.fairvalue-calculator.com/stock/RWAY

Frequently asked questions

Is Runway Growth Finance Corp (RWAY) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $11.37 versus a price of $6.69, about +70% upside (undervalued).
What is the fair value of RWAY?
Our model-based fair value for Runway Growth Finance Corp is $11.37 (as of Nov 8, 2026), built from audited fundamentals. The current price: $6.69.
What is the quality score of RWAY?
Runway Growth Finance Corp has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Runway Growth Finance Corp (RWAY)?
Our model-based price target is the fair value of $11.37 (as of Nov 8, 2026) from 11 valuation models. Cautious scenario $3.46, optimistic scenario $18.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Runway Growth Finance Corp stock forecast for 2026?
Our models put fair value at $11.37, about +70% upside versus a price of $6.69 (undervalued). Cautious scenario $3.46, optimistic scenario $18.56. The calculation is refreshed regularly with new filings.
What is the revenue of Runway Growth Finance Corp (RWAY)?
Runway Growth Finance Corp reported trailing-twelve-month revenue of about $137M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Runway Growth Finance Corp (RWAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Runway Growth Finance Corp it is $11.37 per share (as of Nov 8, 2026), against a price of $6.69. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Runway Growth Finance Corp stock overvalued or undervalued in 2026?
As of Nov 8, 2026, RWAY trades below its calculated fair value: price $6.69, fair value $11.37, a gap of about +70% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RWAY?
No. The price is what the market pays today ($6.69); the fair value is what the company's own numbers justify ($11.37). For Runway Growth Finance Corp the two are $4.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Runway Growth Finance Corp worth?
The market values Runway Growth Finance Corp at about $281M (market capitalisation, as of Nov 8, 2026). Per share that is $6.69; our models calculate a fair value of $11.37 per share.
What do the bullish and bearish scenarios say about RWAY?
Our models span a range for Runway Growth Finance Corp: cautious scenario $3.46, base $11.37, optimistic $18.56 per share (as of Nov 8, 2026, price $6.69). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RWAY?
Runway Growth Finance Corp trades at a price-to-earnings ratio of 23.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.37 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 4.3 (reported for FY2025: 7.2). Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), earnings ex one-offs: 7.0. Other multiples: PEG 1.2, P/B 0.6, P/S 2.1, EV/EBITDA 10.6.
What is the PEG ratio of RWAY?
The PEG ratio of Runway Growth Finance Corp is 1.16 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Runway Growth Finance Corp (RWAY)?
Balance-sheet figures for Runway Growth Finance Corp (as of Nov 8, 2026): return on equity 2.1%, debt of 1.13 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is RWAY from its 52-week high?
Runway Growth Finance Corp trades at $6.69, about 20% below its 52-week high of $8.36 and 34% above the low of $5.01 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $11.37 is for.
Which stocks are comparable to Runway Growth Finance Corp?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Runway Growth Finance Corp stock attractive at the current price?
The data as of Nov 8, 2026: price $6.69, calculated fair value $11.37 (+70%), Quality Score 60/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RWAY calculated?
We run Runway Growth Finance Corp through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $11.37 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Runway Growth Finance Corp currently trades 41% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Runway Growth Finance Corp (RWAY)?
The closing price on Nov 6, 2026 was $6.69. Our model-based fair value is $11.37, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Runway Growth Finance Corp right now?
The model range is unusually wide ($3.46 to $18.56). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Runway Growth Finance Corp

How large is the market capitalisation of Runway Growth Finance Corp (RWAY)?
The market capitalisation of Runway Growth Finance Corp is $281M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Runway Growth Finance Corp (RWAY)?
The price-to-sales ratio of Runway Growth Finance Corp is 2.05 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Runway Growth Finance Corp (RWAY)?
Earnings per share at Runway Growth Finance Corp are $0.2900 (price ÷ EPS = P/E 23.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Runway Growth Finance Corp (RWAY)?
The net margin of Runway Growth Finance Corp is 7.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Runway Growth Finance Corp (RWAY)?
The return on equity (ROE) of Runway Growth Finance Corp is 2.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Runway Growth Finance Corp (RWAY)?
On an EBIT basis the return on assets of Runway Growth Finance Corp is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Runway Growth Finance Corp (RWAY)?
The operating margin of Runway Growth Finance Corp is 71.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Runway Growth Finance Corp (RWAY)?
Revenue at Runway Growth Finance Corp is growing +10.4% versus a year earlier (3y avg +36.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Runway Growth Finance Corp (RWAY)?
Earnings per share at Runway Growth Finance Corp are growing +15.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Runway Growth Finance Corp (RWAY) generate?
The free cash flow of Runway Growth Finance Corp is $186M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Runway Growth Finance Corp (RWAY) carry?
The net debt of Runway Growth Finance Corp is $432M (fiscal year 2025, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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