If you do not add any regularity condition (such as monotonicity, continuity etc.), then of course, there plenty of counterexamples.
Take $f(x)=e^{g(x)}$ where $g(x)$ is an additive function that is not continuous. Then,
$$\frac{f(x+c)}{f(x)}=e^{g(x+c)-g(x)}=e^{g(c)}.$$
Once you add some regularity one can get an effective description.
Added later: Since the OP specified that we are interested in continuous positive functions, here is the proof that all such functions are of the form $f(x)=ke^{bx}.$
Indeed, since $f>0$ we can let $f(x)=e^{g(x)}.$ Our functional equation can be rewritten as
$$e^{g(x+c)-g(c)}=e^{h(c)},$$
where $e^{h(c)}$ is the constant that depends on $c.$ In other words,
$$g(x+c)=g(x)+h(c).$$
The rest depends on whether your $c$ is fixed or you let it vary. If $c$ is fixed there are plenty of counter examples. Namely, take $h(c)=0$ and let $g(x)$ to be any periodic function with period $c.$
Now, if your equality holds for all $c,$ then we have $$g(x+y)=g(x)+h(y)$$ for all $x,y\in\mathbb{R}.$ Taking $x=0$ we get $g(y)=g(0)+h(y)$ and thus
$$g(x+y)=g(x)+g(y)-g(0).$$
Introduce, $g_1(x)=g(x)- g(0),$ and note that the last equation implies
$$g_1(x+y)=g_1(x)+g_1(y).$$
This is Cauchy functional equation and once you have continuity, it implies that $g_1(x)=kx.$