BLK
BlackRock, Inc.
BLK has the edge over RWAY overall, supported by stronger valuation and stronger fundamentals.
RWAY
Runway Growth Finance Corp.
RWAY offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
RWAY Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
RWAY's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like RWAY.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK has the edge over RWAY in the historical PE scenario, which offers more potential upside but is not a forecast.
RWAY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.9x | $6.66 | — |
| Cheap | 6.4x | $1.02 | -85% |
| Fair | 11x | $1.76 | -74% |
| Expensive | 15x | $2.45 | -63% |
| Current | 42x | $6.66 | — |
Historical ranges are pointers, not guarantees.
RWAY's PE is in its expensive range at 42x. If earnings grow as analysts expect, today's price would be 4.9x next year's earnings, in its cheap range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
RWAY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RWAY, but weaker profitability.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK has the edge over RWAY on earnings, with stronger typical year-over-year growth.
RWAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.35 | +745% |
| Q3 2026 | $0.16 | -89% |
| Q2 2026 | $0.12 | -94% |
| Q1 2026 | -$0.08 | -105% |
| Q4 2025 | $0.93 | -51% |
| Q3 2025 | $1.45 | +41% |
| Q2 2025 | $1.88 | +151% |
| Q1 2025 | $1.64 | +50% |
| Q4 2024 | $1.89 | +73% |
RWAY's earnings per share have fallen from their peak: $0.16 over the past year, against $1.89 in late 2024.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the stronger quarterly revenue trend. Revenue is up 19% for BLK versus down 64% for RWAY.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
RWAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $3.2M | -64% |
| Q1 2022 | $5.7M | -49% |
| Q4 2021 | $20.9M | -6.4% |
| Q3 2021 | $13.1M | +7.2% |
| Q2 2021 | $9M | -39% |
| Q1 2021 | $11.3M | +267% |
RWAY's revenue has slid since its 2020 peak: $3M last quarter, down 64% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -25% | -100 points |
| Q1 2022 | 50% | -33 points |
| Q4 2021 | 92% | -0.6 points |
| Q3 2021 | 78% | -11 points |
| Q2 2021 | 75% | -17 points |
| Q1 2021 | 83% | N/A |
| Q4 2020 | 93% | +36 points |
| Q3 2020 | 89% | N/A |
RWAY's operating margin was −25% last quarter, down 100 points from the same quarter a year ago, near the bottom of its range since 2020.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK has the edge over RWAY on cash generation, producing positive trailing cash flow while its opponent burns cash.
RWAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $150.2M | +63% |
| Q2 2026 | -$194.3M | -$194.1M |
| Q1 2026 | $5.9M | -92% |
| Q4 2025 | $20.6M | +49% |
| Q3 2025 | $92.4M | +257% |
| Q2 2025 | -$297K | +$38.3M |
| Q1 2025 | $73.6M | +7.2% |
| Q4 2024 | $13.9M | +$75.5M |
RWAY's free cash flow was −$18M over the past year, against $180M the year before. Free cash flow isn't a meaningful measure for financial services companies like RWAY.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over RWAY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
RWAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -188K shares |
| 1 year | +16% | +5.7M shares |
| 3 years | +3.4% | +1.4M shares |
| 5 years | +26% | +8.7M shares |
| Available history | +1.2% | +506K shares |
RWAY has 42M diluted shares, up 16% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.8M |
| Q4 2025 | — |
| Q3 2025 | $4.4M |
| Q4 2024 | $5.8M |
| Q3 2024 | $6.7M |
| Q2 2024 | $12.8M |
| Q1 2024 | $10.6M |
| Q4 2022 | $1.5M |
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
RWAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 5.4x | High |
| Q1 2022 | 3.1x | Elevated |
| Q4 2021 | 1.5x | Healthy |
| Q3 2021 | 1.7x | Healthy |
| Q2 2021 | 2.4x | Moderate |
| Q1 2021 | 2.5x | Moderate |
RWAY's net debt is about 5.4 years of its operating earnings (EBITDA), up from 2.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like RWAY.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
RWAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 72.1 | Neutral |
RWAY's weekly RSI is 51 (neutral) and its Stochastic is 72 (neutral).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK has the edge over RWAY on valuation relative to its sector.
RWAY PE vs Financial Services Sector
| Metric | RWAY | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 220% above |
| PE % | 94 | 64 | 30 pts above |
RWAY is trading at 42x earnings, a 220% premium to the Financial Services sector's median of 13x.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over RWAY on trend strength, trading above more of its moving averages.
RWAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.55 | 1.7% above |
| 20 week MA | $6.33 | 5.2% above |
| 50 week MA | $7.06 | 5.7% below |
| 100 week MA | $8.74 | 24% below |
| 200 week MA | $10.4 | 36% below |
RWAY has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 36% below its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over RWAY on returns for 2026, with the stronger performance.
RWAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $12.5 | $13.4 | +7.3% |
| 2022 | $13.4 | $12.2 | -9.4% |
| 2023 | $12.2 | $12.6 | +3.6% |
| 2024 | $12.6 | $10.9 | -13% |
| 2025 | $10.9 | $8.93 | -18% |
| 2026 YTD | $8.93 | $6.66 | -25% |
RWAY has finished lower in three of the last five years. It's down 25% so far in 2026.