NYSE : HTGC
Hercules Capital, Inc. — Financial statements
Financials · Asset Management · United States
Last price 16.59 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.06B
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Financial statements
Hercules Capital, Inc. (HTGC) reported revenue of 568.20M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 78.10M | 80.53M | 77.67M | 50.91M | 14.43M | 27.62M |
| Other Revenue | 490.10M | 451.96M | 415.93M | 409.75M | 307.26M | 253.36M |
| Revenue | 568.20M | 532.49M | 493.59M | 460.67M | 321.69M | 280.98M |
| Gross Profit | 568.20M | 532.49M | 493.59M | 460.67M | 321.69M | 280.98M |
| Selling, General & Admin | 81.15M | 81.78M | 75.97M | 73.09M | 65.86M | 59.98M |
| Other Operating Expenses | 7.16M | 5.80M | 5.83M | 6.07M | 5.42M | 7.93M |
| Operating Expenses | 89.47M | 87.59M | 81.80M | 79.17M | 71.27M | 67.90M |
| Operating Income | 478.73M | 444.90M | 411.79M | 381.50M | 250.41M | 213.07M |
| Interest Expense | -123.38M | -103.19M | -85.96M | -77.47M | -62.35M | -63.10M |
| EBT Excluding Unusual Items | 355.35M | 341.72M | 325.83M | 304.04M | 188.07M | 149.97M |
| Gain (Loss) on Sale of Investments | 1.79M | -1.80M | -62.70M | 33.45M | -82.30M | 28.61M |
| Other Unusual Items | -66.00K | -184.00K | -171.00K | -3.69M | -4.42M | |
| Pretax Income | 357.08M | 339.74M | 262.97M | 337.48M | 102.08M | 174.16M |
| Net Income | 357.08M | 339.74M | 262.97M | 337.48M | 102.08M | 174.16M |
| Preferred Dividends & Other Adjustments | 2.71M | 2.71M | 2.83M | 3.34M | 2.20M | 1.71M |
| Net Income to Common | 354.37M | 337.02M | 260.13M | 334.14M | 99.88M | 172.44M |
| Shares Outstanding (Basic) | 184.24M | 177.39M | 161.08M | 144.09M | 125.19M | 114.74M |
| Shares Outstanding (Diluted) | 198.30M | 188.86M | 161.60M | 144.83M | 126.66M | 115.95M |
| EPS (Basic) | 1.92 | 1.90 | 1.61 | 2.32 | 0.80 | 1.50 |
| EPS (Diluted) | 1.87 | 1.85 | 1.61 | 2.31 | 0.79 | 1.49 |
| Free Cash Flow | -154.01M | -425.89M | -118.79M | 67.39M | -424.91M | 128.51M |
| Free Cash Flow Per Share | -0.78 | -2.25 | -0.73 | 0.47 | -3.35 | 1.11 |
| Dividend Per Share | 1.60 | 1.60 | 1.60 | 1.59 | 1.43 | 1.31 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 84.25% | 83.55% | 83.43% | 82.82% | 77.84% | 75.83% |
| Profit Margin | 62.37% | 63.29% | 52.70% | 72.53% | 31.05% | 61.37% |
| Free Cash Flow Margin | -27.11% | -79.98% | -24.07% | 14.63% | -132.09% | 45.74% |
| EBITDA | 479.06M | 445.24M | 412.26M | 381.69M | 250.62M | 213.39M |
| EBITDA Margin | 84.31% | 83.61% | 83.52% | 82.86% | 77.91% | 75.95% |
| D&A For EBITDA | 334.00K | 337.00K | 466.00K | 190.00K | 204.00K | 317.00K |
| EBIT | 478.73M | 444.90M | 411.79M | 381.50M | 250.41M | 213.07M |
| EBIT Margin | 84.25% | 83.55% | 83.43% | 82.82% | 77.84% | 75.83% |
| Revenue as Reported | 568.20M | 532.49M | 493.59M | 460.67M | 321.69M | 280.98M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 48.33M | 56.99M | 113.12M | 98.90M | 15.80M | 133.12M |
| Cash & Short-Term Investments | 48.33M | 56.99M | 113.12M | 98.90M | 15.80M | 133.12M |
| Receivables | 38.31M | 37.26M | 32.58M | 32.74M | 31.68M | 17.36M |
| Restricted Cash | 2.23M | 2.47M | 3.30M | 17.11M | 10.08M | 3.15M |
| Other Current Assets | 168.00K | 152.00K | 10.89M | 875.00K | 561.00K | |
| Total Current Assets | 88.87M | 96.88M | 149.15M | 159.64M | 58.43M | 154.19M |
| Property, Plant & Equipment | 13.32M | 14.84M | 16.78M | 4.79M | 4.99M | 6.76M |
| Long-Term Investments | 4.85B | 4.47B | 3.66B | 3.25B | 2.96B | 2.43B |
| Long-Term Deferred Charges | 2.16M | |||||
| Other Long-Term Assets | 4.52M | 5.65M | 5.68M | 4.45M | 1.48M | 2.38M |
| Total Assets | 4.95B | 4.58B | 3.83B | 3.42B | 3.03B | 2.60B |
| Accounts Payable | 62.92M | 65.26M | 54.36M | 50.79M | 46.34M | 42.08M |
| Accrued Expenses | 500.00K | 2.60M | 1.20M | 5.70M | ||
| Current Portion of Long-Term Debt | 424.27M | 169.83M | 104.83M | 379.30M | ||
| Current Portion of Leases | 3.18M | |||||
| Other Current Liabilities | 766.00K | |||||
| Total Current Liabilities | 62.92M | 492.71M | 224.69M | 158.98M | 47.54M | 427.08M |
| Long-Term Debt | 2.55B | 1.86B | 1.60B | 1.45B | 1.57B | 857.00M |
| Long-Term Leases | 14.50M | 13.09M | 18.19M | 5.20M | 5.51M | 7.38M |
| Total Liabilities | 2.63B | 2.37B | 1.84B | 1.61B | 1.63B | 1.29B |
| Common Stock | 190.00K | 183.00K | 171.00K | 158.00K | 134.00K | 117.00K |
| Additional Paid-In Capital | 2.22B | 2.11B | 1.90B | 1.66B | 1.34B | 1.09B |
| Retained Earnings | 104.75M | 101.15M | 88.92M | 140.01M | 59.91M | 216.52M |
| Shareholders' Equity | 2.32B | 2.22B | 1.99B | 1.80B | 1.40B | 1.31B |
| Total Liabilities & Equity | 4.95B | 4.58B | 3.83B | 3.42B | 3.03B | 2.60B |
| Total Debt | 2.56B | 2.30B | 1.79B | 1.56B | 1.58B | 1.24B |
| Net Cash (Debt) | -2.52B | -2.25B | -1.67B | -1.46B | -1.56B | -1.11B |
| Net Cash Per Share | -12.69 | -11.89 | -10.36 | -10.09 | -12.35 | -9.58 |
| Filing Date Shares Outstanding | 189.55M | 181.51M | 171.09M | 156.50M | 135.52M | 118.73M |
| Total Common Shares Outstanding | 189.60M | 180.51M | 168.51M | 155.88M | 132.09M | 115.58M |
| Working Capital | 25.94M | -395.83M | -75.54M | 658.00K | 10.89M | -272.89M |
| Book Value Per Share | 12.26 | 12.28 | 11.81 | 11.56 | 10.61 | 11.32 |
| Tangible Book Value | 2.32B | 2.22B | 1.99B | 1.80B | 1.40B | 1.31B |
| Tangible Book Value Per Share | 12.26 | 12.28 | 11.81 | 11.56 | 10.61 | 11.32 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 357.08M | 339.74M | 262.97M | 337.48M | 102.08M | 174.16M |
| Depreciation & Amortization | 334.00K | 337.00K | 466.00K | 190.00K | 204.00K | 317.00K |
| Other Amortization | 11.56M | 9.50M | 6.96M | 6.98M | 5.67M | 7.04M |
| Loss (Gain) From Sale of Assets | -7.45M | -7.17M | -4.64M | -6.94M | -4.70M | -3.84M |
| Loss (Gain) From Sale of Investments | -1.79M | 1.80M | 62.70M | -33.45M | 82.30M | -28.61M |
| Stock-Based Compensation | 15.93M | 14.79M | 12.48M | 11.93M | 10.83M | 10.38M |
| Other Operating Activities | -535.56M | -790.70M | -474.44M | -230.75M | -604.96M | -44.22M |
| Change in Accounts Receivable | -2.60M | -5.34M | 62.00K | -1.05M | -14.21M | 1.71M |
| Change in Other Net Operating Assets | 8.53M | 11.24M | 15.36M | -16.12M | -2.01M | 11.68M |
| Operating Cash Flow | -153.96M | -425.80M | -118.09M | 68.28M | -424.80M | 128.62M |
| Capital Expenditures | -52.00K | -89.00K | -705.00K | -887.00K | -114.00K | -106.00K |
| Investing Cash Flow | -52.00K | -89.00K | -705.00K | -887.00K | -114.00K | -106.00K |
| Long-Term Debt Issued | 2.00B | 1.33B | 659.00M | 1.27B | 1.74B | |
| Long-Term Debt Repaid | -1.48B | -1.12B | -683.00M | -931.20M | -1.79B | |
| Net Debt Issued (Repaid) | 400.99M | 511.52M | 213.63M | -24.00M | 343.04M | -50.07M |
| Issuance of Common Stock | 108.30M | 206.79M | 220.88M | 344.35M | 232.09M | 10.83M |
| Repurchase of Common Stock | -5.90M | -6.49M | -3.43M | -12.70M | -4.53M | -2.82M |
| Common Dividends Paid | -289.14M | -276.06M | -251.44M | -226.82M | -169.32M | -145.38M |
| Other Financing Activities | -10.24M | -16.91M | -8.40M | -11.22M | -10.95M | -12.32M |
| Financing Cash Flow | 154.08M | 368.92M | 119.20M | 22.75M | 314.52M | -229.87M |
| Net Cash Flow | 65.00K | -56.97M | 408.00K | 90.14M | -110.39M | -101.36M |
| Free Cash Flow | -154.01M | -425.89M | -118.79M | 67.39M | -424.91M | 128.51M |
| Free Cash Flow Margin | -27.11% | -79.98% | -24.07% | 14.63% | -132.09% | 45.74% |
| Free Cash Flow Per Share | -0.78 | -2.25 | -0.73 | 0.47 | -3.35 | 1.11 |
| Levered Free Cash Flow | 277.12M | 244.65M | 248.62M | 198.06M | 114.88M | 161.75M |
| Unlevered Free Cash Flow | 342.67M | 299.64M | 295.39M | 239.49M | 148.18M | 194.15M |
| Cash Interest Paid | 102.17M | 83.45M | 77.85M | 67.15M | 52.08M | 51.47M |
| Cash Income Tax Paid | 5.86M | 6.41M | 5.25M | 5.27M | 7.38M | 3.76M |
| Change in Working Capital | 5.92M | 5.90M | 15.42M | -17.17M | -16.23M | 13.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.06B | 3.38B | 3.32B | 2.49B | 1.71B | 1.91B |
| Enterprise Value | 5.58B | 5.52B | 5.04B | 4.09B | 3.18B | 3.09B |
| Last Close Price | 16.59 | 17.21 | 16.62 | 12.47 | 8.72 | 9.64 |
| PE Ratio | 8.86 | 10.02 | 12.77 | 7.45 | 17.09 | 11.05 |
| Forward PE | 8.55 | 9.36 | 10.06 | 8.29 | 7.87 | 12.14 |
| PS Ratio | 5.39 | 6.34 | 6.73 | 5.40 | 5.30 | 6.78 |
| PB Ratio | 1.35 | 1.52 | 1.67 | 1.38 | 1.22 | 1.46 |
| P/TBV Ratio | 1.32 | 1.52 | 1.67 | 1.38 | 1.22 | 1.46 |
| P/FCF Ratio | 36.93 | 14.82 | ||||
| P/OCF Ratio | 36.45 | 14.81 | ||||
| PEG Ratio | 0.52 | 0.52 | 0.52 | 0.52 | 0.49 | |
| EV/Sales Ratio | 9.82 | 10.36 | 10.21 | 8.89 | 9.88 | 10.98 |
| EV/EBITDA Ratio | 11.65 | 12.39 | 12.23 | 10.73 | 12.68 | 14.46 |
| EV/EBIT Ratio | 11.65 | 12.40 | 12.24 | 10.73 | 12.69 | 14.48 |
| EV/FCF Ratio | 60.76 | 24.01 | ||||
| Debt / Equity Ratio | 1.10 | 1.04 | 0.90 | 0.86 | 1.13 | 0.95 |
| Debt / EBITDA Ratio | 5.32 | 5.13 | 4.30 | 4.05 | 6.22 | 5.74 |
| Debt / FCF Ratio | 23.15 | 9.68 | ||||
| Net Debt / Equity Ratio | 1.08 | 1.01 | 0.84 | 0.81 | 1.12 | 0.85 |
| Net Debt / EBITDA Ratio | 5.25 | 5.04 | 4.06 | 3.83 | 6.24 | 5.20 |
| Net Debt / FCF Ratio | -16.34 | -5.27 | -14.09 | 21.68 | -3.68 | 8.64 |
| Asset Turnover | 0.12 | 0.13 | 0.14 | 0.14 | 0.11 | 0.11 |
| Quick Ratio | 1.38 | 0.19 | 0.65 | 0.83 | 1.00 | 0.35 |
| Current Ratio | 1.41 | 0.20 | 0.66 | 1.00 | 1.23 | 0.36 |
| Return on Equity (ROE) | 15.82% | 16.16% | 13.87% | 21.07% | 7.53% | 13.40% |
| Return on Assets (ROA) | 6.39% | 6.61% | 7.10% | 7.40% | 5.56% | 5.10% |
| Return on Capital Employed (ROCE) | 9.80% | 10.90% | 11.40% | 11.70% | 8.40% | 9.80% |
| Earnings Yield | 11.29% | 10.06% | 7.92% | 13.56% | 5.98% | 9.14% |
| FCF Yield | -5.03% | -12.61% | -3.58% | 2.71% | -24.90% | 6.74% |
| Dividend Yield | 11.33% | 8.55% | 8.12% | 9.96% | 11.07% | 7.95% |
| Payout Ratio | 100.37% | 81.26% | 95.62% | 67.21% | 165.87% | 83.47% |
| Buyback Yield / Dilution | -9.50% | -16.87% | -11.58% | -14.34% | -9.23% | -3.28% |
| Total Shareholder Return | 1.83% | -8.32% | -3.46% | -4.38% | 1.84% | 4.66% |