What is Hercules Capital, Inc. 6.25% Notes due 2033's earnings per share (EPS)?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported diluted earnings per share of $1.85 for fiscal year 2025. This represents a 14.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) Financials

HCXY

Trailing 12 months to June 30, 2026

Revenue $537.2M +12.1% YoY

Net Income $383.2M +47.7% YoY

EPS (Diluted) $2.01 +33.1% YoY

Free Cash Flow $8.4M +102.8% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HCXY SEC filings page.

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported $537.2M in revenue over the twelve months to Jun 30, 2026, up 12.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HCXY FY2025 2026-08-29

Reported profits coexist with recurring cash outflows, making balance-sheet expansion and financing activity the dominant operating mechanic.

Profitability improved more than scale alone explains: from FY2024 to FY2025, revenue rose to $507.9M while net income reached $339.7M, lifting net margin from 56.3% to 66.9% and ROA from 6.9% to 7.4%. That combination indicates better earnings generated per dollar of revenue and assets, rather than improvement coming only from enlarging the balance sheet.

Accounting earnings and cash generation diverged sharply: FY2025 net income was $339.7M while operating cash flow was -$425.8M, following another mismatch in FY2024. The pattern suggests reported cash flow is heavily shaped by capital deployment and portfolio movements, so profit is not translating directly into distributable cash in these periods.

Leverage is increasingly supporting asset growth: total assets expanded from $3.8B in FY2024 to $4.6B in FY2025, while long-term debt rose from $1.8B to $2.3B and debt-to-equity moved from 0.9x to 1.0x. A $368.9M financing cash inflow alongside $326.0M of dividends shows external financing was important while the asset base expanded.

Financial Health Signals

Financial health score not available

Hercules Capital, Inc. 6.25% Notes due 2033 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/7

Hercules Capital, Inc. 6.25% Notes due 2033 passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing

$1.25used

For every $1 of reported earnings, Hercules Capital, Inc. 6.25% Notes due 2033 used $1.25 of operating cash (-$425.8M OCF vs $339.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$138.0M

YoY+6.5%

QoQ+1.2%

Hercules Capital, Inc. 6.25% Notes due 2033 generated $138.0M in revenue in Q2 2026. This represents an increase of 6.5% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.

Net Income

$130.2M

YoY+65.0%

QoQ+206.3%

Hercules Capital, Inc. 6.25% Notes due 2033 reported $130.2M in net income in Q2 2026. This represents an increase of 65.0% from the same quarter a year earlier. Against the prior quarter it is up 206.3%.

EPS (Diluted)

$0.67

YoY+55.8%

QoQ+191.3%

Hercules Capital, Inc. 6.25% Notes due 2033 earned $0.67 per diluted share (EPS) in Q2 2026. This represents an increase of 55.8% from the same quarter a year earlier. Against the prior quarter it is up 191.3%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$297.9M

YoY+305.7%

QoQ+229.2%

Hercules Capital, Inc. 6.25% Notes due 2033 generated $297.9M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 305.7% from the same quarter a year earlier. Against the prior quarter it is up 229.2%.

Cash & Debt

$48.2M

YoY-7.8%

QoQ+13.7%

Hercules Capital, Inc. 6.25% Notes due 2033 held $48.2M in cash against $2.3B in long-term debt as of Q2 2026.

Shares Outstanding

187M

YoY+3.0%

QoQ0.0%

Hercules Capital, Inc. 6.25% Notes due 2033 had 187M shares outstanding in Q2 2026. This represents an increase of 3.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin

94.3%

YoY+33.4pp

QoQ+63.2pp

Hercules Capital, Inc. 6.25% Notes due 2033's net profit margin was 94.3% in Q2 2026, showing the share of revenue converted to profit. This is up 33.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 63.2 percentage points.

Return on Equity

5.7%

YoY+2.0pp

QoQ+3.8pp

Hercules Capital, Inc. 6.25% Notes due 2033's ROE was 5.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$819K

YoY-20.2%

QoQ-75.7%

Hercules Capital, Inc. 6.25% Notes due 2033 spent $819K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 20.2% from the same quarter a year earlier. Against the prior quarter it is down 75.7%.

Capital Expenditures

YoY-100.0%

QoQ-100.0%

Hercules Capital, Inc. 6.25% Notes due 2033 reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

R&D Spending

Not reported for Q2 2026.

HCXY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HCXY quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Revenue	$537.2M	$507.9M+8.7%	$467.2M+7.5%	$434.4M+41.4%	$307.3M+21.3%	$253.4M	N/A
SG&A Expenses	$18.8M	$19.0M-3.3%	$19.7M+5.2%	$18.7M+10.3%	$16.9M+5.2%	$16.1M-14.8%	$18.9M
Interest Expense	$105.8M	$92.2M+19.5%	$77.2M-0.4%	$77.5M+24.2%	$62.3M-7.7%	$67.5M+1.0%	$66.9M
Net Income	$383.2M	$339.7M+29.2%	$263.0M-22.1%	$337.5M+230.6%	$102.1M-41.4%	$174.2M-23.4%	$227.3M
EPS (Basic)	N/A	$1.90+18.0%	$1.61-30.6%	$2.32+190.0%	$0.80-46.7%	$1.50-25.7%	$2.02
EPS (Diluted)	$2.01	$1.85+14.9%	$1.61-30.3%	$2.31+192.4%	$0.79-47.0%	$1.49-25.9%	$2.01
Diluted Shares (Avg)	N/A	189M+16.9%	162M+11.6%	145M+14.3%	127M+9.2%	116M+3.3%	112M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$138.0M+6.5%	$136.4M+18.0%	$131.6M+14.6%	$131.2M+10.2%	$129.6M+10.2%	$115.6M-0.2%	$114.8M-0.3%	$119.0M+7.9%
SG&A Expenses	$4.9M-4.5%	$4.8M-0.2%	$4.6M-16.3%	$4.5M-2.6%	$5.1M+13.9%	$4.8M-4.9%	$5.5M+14.7%	$4.6M+0.1%
Interest Expense	$28.1M+22.7%	$28.1M+42.9%	$25.4M+44.1%	$24.2M+18.7%	$22.9M+19.7%	$19.7M-1.6%	$17.6M-11.6%	$20.4M+7.5%
Net Income	$130.2M+65.0%	$42.5M-15.6%	$90.8M+47.8%	$119.7M+74.2%	$78.9M+88.5%	$50.3M-44.7%	$61.4M-48.9%	$68.7M+145.7%
EPS (Basic)	$0.70+59.1%	$0.23-20.7%	$0.49+36.1%	$0.66+57.1%	$0.44+69.2%	$0.29-49.1%	$0.36-55.0%	$0.42+121.1%
EPS (Diluted)	$0.67+55.8%	$0.23-20.7%	$0.48+29.7%	$0.63+50.0%	$0.43+72.0%	$0.29-49.1%	$0.37-53.8%	$0.42+121.1%
Diluted Shares (Avg)	200M+4.6%	197M+12.2%	N/A	194M+20.3%	191M+18.3%	175M+11.1%	N/A	162M+9.8%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.

HCXY Balance Sheet

HCXY quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Total Assets	$4.6B+19.6%	$3.8B+12.1%	$3.4B+12.8%	$3.0B+16.5%	$2.6B	N/A
Cash & Equivalents	$57.0M+33.5%	$42.7M-56.5%	$98.1M+571.0%	$14.6M-89.0%	$133.1M-32.9%	$198.3M
Short-Term Investments	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0
Total Liabilities	$2.4B+28.6%	$1.8B+14.1%	$1.6B-0.8%	$1.6B+26.0%	$1.3B	N/A
Long-Term Debt	$2.3B+29.3%	$1.8B+13.8%	$1.6B-1.2%	$1.6B+27.3%	$1.2B	N/A
Total Equity	$2.2B+11.4%	$2.0B+10.4%	$1.8B+28.6%	$1.4B+7.1%	$1.3B+1.3%	$1.3B
Retained Earnings	$101.2M+13.8%	$88.9M-36.5%	$140.0M+133.7%	$59.9M-72.3%	$216.5M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.7B+9.4%	$4.8B+19.7%	$4.6B+19.6%	$4.4B+20.6%	$4.3B+16.7%	$4.0B+9.1%	$3.8B+12.1%	$3.7B+9.6%
Cash & Equivalents	$48.2M-7.8%	$42.4M-17.2%	$57.0M+33.5%	$29.3M-24.6%	$52.2M+97.9%	$51.2M+3.2%	$42.7M-56.5%	$38.8M+21.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$2.4B+13.1%	$2.6B+28.0%	$2.4B+28.6%	$2.2B+23.0%	$2.1B+17.5%	$2.0B+12.2%	$1.8B+14.1%	$1.8B+7.1%
Long-Term Debt	$2.3B+13.1%	$2.5B+28.5%	$2.3B+29.3%	$2.2B+23.7%	$2.1B+18.1%	$2.0B+12.8%	$1.8B+13.8%	$1.7B+6.5%
Total Equity	$2.3B+5.7%	$2.2B+11.3%	$2.2B+11.4%	$2.2B+18.3%	$2.2B+15.9%	$2.0B+6.1%	$2.0B+10.4%	$1.9B+12.1%
Retained Earnings	$99.2M+84.7%	$56.9M-1.6%	$101.2M+13.8%	$88.0M-19.8%	$53.7M-54.9%	$57.9M-62.6%	$88.9M-36.5%	$109.7M+51.2%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.

HCXY Cash Flow Statement

HCXY quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Operating Cash Flow	$8.5M	-$425.8M-260.6%	-$118.1M-273.0%	$68.3M+116.1%	-$424.8M-430.3%	$128.6M-38.1%	$207.8M
Depreciation & Amortization	N/A	$337K-27.7%	$466K+145.3%	$190K-6.9%	$204K-35.6%	$317K-23.6%	$415K
Stock-Based Compensation	N/A	$14.8M+18.5%	$12.5M+4.7%	$11.9M+10.1%	$10.8M+4.3%	$10.4M+22.6%	$8.5M
Capital Expenditures	$81K	$89K-87.4%	$705K-20.5%	$887K+678.1%	$114K+7.5%	$106K-22.6%	$137K
Free Cash Flow	$8.4M	-$425.9M-258.5%	-$118.8M-276.3%	$67.4M+115.9%	-$424.9M-430.6%	$128.5M-38.1%	$207.7M
Investing Cash Flow	-$81K	-$89K+87.4%	-$705K+20.5%	-$887K-678.1%	-$114K-7.5%	-$106K+22.6%	-$137K
Financing Cash Flow	-$11.3M	$368.9M+209.5%	$119.2M+424.1%	$22.7M-92.8%	$314.5M+236.8%	-$229.9M-170.3%	-$85.0M
Dividends Paid	$337.0M	$326.0M+7.4%	$303.5M+10.9%	$273.7M+11.6%	$245.1M+39.7%	$175.5M+15.1%	$152.4M
Share Buybacks	$6.2M	$6.5M+89.2%	$3.4M-73.0%	$12.7M+180.3%	$4.5M+60.9%	$2.8M+53.3%	$1.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$297.9M+305.7%	-$230.6M-3.8%	-$55.6M-90.2%	-$3.2M-103.4%	-$144.8M-343.4%	-$222.2M+7.8%	-$29.2M-122.3%	$92.6M+180.2%
Depreciation & Amortization	$84K+3.7%	$85K-4.5%	$83K-10.8%	$84K-7.7%	$81K-15.6%	$89K-52.2%	$93K+304.3%	$91K+54.2%
Stock-Based Compensation	$3.9M+5.4%	$4.2M+15.1%	N/A	$3.7M+15.6%	$3.7M+12.1%	$3.6M+29.3%	N/A	$3.2M-3.0%
Capital Expenditures	$0-100.0%	$19K+137.5%	$33K+560.0%	$29K-3.3%	$19K-95.0%	$8K-97.3%	$5K-99.0%	$30K+172.7%
Free Cash Flow	$297.9M+305.7%	-$230.7M-3.8%	-$55.6M-90.2%	-$3.2M-103.5%	-$144.8M-345.0%	-$222.2M+7.9%	-$29.2M-122.4%	$92.5M+180.2%
Investing Cash Flow	$0+100.0%	-$19K-137.5%	-$33K-560.0%	-$29K+3.3%	-$19K+95.0%	-$8K+97.3%	-$5K+99.0%	-$30K-172.7%
Financing Cash Flow	-$292.4M-303.3%	$216.1M+35.0%	$64.6M-36.4%	$397K+100.5%	$143.8M+278.7%	$160.1M-13.7%	$101.7M+297.0%	-$87.4M-211.3%
Dividends Paid	$86.0M+6.7%	$84.4M+7.0%	$82.9M+6.5%	$83.6M+10.8%	$80.5M+6.2%	$78.9M+6.2%	$77.9M+8.3%	$75.5M+5.6%
Share Buybacks	$819K-20.2%	$3.4M-3.0%	$1.0M-1.4%	$974K-10.6%	$1.0M-26.5%	$3.5M+28.4%	$1.0M+79.4%	$1.1M+112.9%

HCXY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HCXY quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Net Margin	66.9%+10.6pp	56.3%-21.4pp	77.7%+44.5pp	33.2%-35.5pp	68.7%	N/A
Return on Equity	15.3%+2.1pp	13.2%-5.5pp	18.7%+11.4pp	7.3%-6.0pp	13.3%-4.3pp	17.6%
Return on Assets	7.4%+0.6pp	6.9%-3.0pp	9.9%+6.5pp	3.4%-3.3pp	6.7%	N/A
Debt-to-Equity	1.03+0.1x	0.890.0x	0.86-0.3x	1.12+0.2x	0.94	N/A
Asset Turnover	0.110.0x	0.120.0x	0.130.0x	0.100.0x	0.10	N/A
FCF Margin	-83.9%-58.4pp	-25.4%-40.9pp	15.5%	-138.3%	50.7%	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	94.3%+33.4pp	31.2%-12.4pp	69.0%+15.5pp	91.3%+33.5pp	60.9%+25.3pp	43.5%-35.0pp	53.5%	57.7%+32.4pp
Return on Equity	5.7%+2.0pp	1.9%-0.6pp	4.1%+1.0pp	5.5%+1.8pp	3.7%+1.4pp	2.5%-2.3pp	3.1%-3.6pp	3.7%+2.0pp
Return on Assets	2.8%+0.9pp	0.9%-0.4pp	2.0%+0.4pp	2.7%+0.8pp	1.8%+0.7pp	1.3%-1.2pp	1.6%-1.9pp	1.9%+1.0pp
Debt-to-Equity	1.03+0.1x	1.14+0.2x	1.03+0.1x	0.980.0x	0.960.0x	0.99+0.1x	0.890.0x	0.940.0x
Asset Turnover	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x
FCF Margin	215.8%	-169.1%	-42.3%-16.8pp	-2.4%-80.2pp	-111.8%	-192.3%	-25.5%	77.7%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

Where Hercules Capital, Inc. 6.25% Notes due 2033 Ranks

Frequently Asked Questions

What is Hercules Capital, Inc. 6.25% Notes due 2033's annual revenue?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported $507.9M in total revenue for fiscal year 2025. This represents a 8.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hercules Capital, Inc. 6.25% Notes due 2033's revenue growing?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) revenue grew by 8.7% year-over-year, from $467.2M to $507.9M in fiscal year 2025.

Is Hercules Capital, Inc. 6.25% Notes due 2033 profitable?

Yes, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) reported a net income of $339.7M in fiscal year 2025, with a net profit margin of 66.9%.

How much debt does Hercules Capital, Inc. 6.25% Notes due 2033 have?

As of fiscal year 2025, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had $57.0M in cash and equivalents against $2.3B in long-term debt.

What is Hercules Capital, Inc. 6.25% Notes due 2033's net profit margin?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a net profit margin of 66.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hercules Capital, Inc. 6.25% Notes due 2033's return on equity (ROE)?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) has a return on equity of 15.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hercules Capital, Inc. 6.25% Notes due 2033's free cash flow?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) recorded an outflow of $425.9M in free cash flow during fiscal year 2025. This represents a -258.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hercules Capital, Inc. 6.25% Notes due 2033's operating cash flow?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) recorded an outflow of $425.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Hercules Capital, Inc. 6.25% Notes due 2033's total assets?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had $4.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hercules Capital, Inc. 6.25% Notes due 2033's capital expenditures?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) invested $89K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Hercules Capital, Inc. 6.25% Notes due 2033 buy back shares?

Yes, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) spent $6.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Hercules Capital, Inc. 6.25% Notes due 2033 have outstanding?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had 184M shares outstanding as of fiscal year 2025.

What is Hercules Capital, Inc. 6.25% Notes due 2033's debt-to-equity ratio?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a debt-to-equity ratio of 1.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Hercules Capital, Inc. 6.25% Notes due 2033's return on assets (ROA)?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) had a return on assets of 7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Hercules Capital, Inc. 6.25% Notes due 2033's Piotroski F-Score?

Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hercules Capital, Inc. 6.25% Notes due 2033's earnings high quality?

For every $1 of reported earnings, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) used $1.25 of operating cash (-$425.8M OCF vs $339.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.