Hercules Capital Inc Financials

HTGC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Hercules Capital Inc (HTGC) financial statements, including the 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).

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Hercules Capital Inc's revenue grew 8.7% year-over-year to $507.9M, a solid pace of expansion. This earns a growth score of 53/100.

Leverage

Hercules Capital Inc carries a low D/E ratio of 1.03, meaning only $1.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

While Hercules Capital Inc generated -$425.8M in operating cash flow, capex of $89K consumed most of it, leaving -$425.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Hercules Capital Inc's ROE of 15.3% shows moderate profitability relative to equity, earning a score of 61/100. This is up from 13.2% the prior year.

Piotroski F-Score Weak

2/9

Hercules Capital Inc passes 2 of 9 financial strength tests. 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 Low Quality

-1.25x

For every $1 of reported earnings, Hercules Capital Inc generates $-1.25 in operating cash flow (-$425.8M OCF vs $339.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Revenue

$507.9M

YoY+8.7%

Hercules Capital Inc generated $507.9M in revenue in fiscal year 2025. This represents an increase of 8.7% from the prior year.

EBITDA

N/A

Free Cash Flow

-$425.9M

YoY-258.5%

Hercules Capital Inc generated -$425.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 258.5% from the prior year.

Net Income

$339.7M

YoY+29.2%

5Y CAGR+8.4%

Hercules Capital Inc reported $339.7M in net income in fiscal year 2025. This represents an increase of 29.2% from the prior year.

EPS (Diluted)

$1.85

YoY+14.9%

5Y CAGR-1.6%

Hercules Capital Inc earned $1.85 per diluted share (EPS) in fiscal year 2025. This represents an increase of 14.9% from the prior year.

Cash & Debt

$56.9M

YoY+33.3%

5Y CAGR-22.1%

Hercules Capital Inc held $56.9M in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

184M

YoY+6.1%

Hercules Capital Inc had 184M shares outstanding in fiscal year 2025. This represents an increase of 6.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

66.9%

YoY+10.6pp

Hercules Capital Inc's net profit margin was 66.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.6 percentage points from the prior year.

Return on Equity

15.3%

YoY+2.1pp

5Y CAGR-2.3pp

Hercules Capital Inc's ROE was 15.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$6.5M

YoY+89.2%

5Y CAGR+28.7%

Hercules Capital Inc spent $6.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 89.2% from the prior year.

Capital Expenditures

$89K

YoY-87.4%

5Y CAGR-8.3%

Hercules Capital Inc invested $89K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 87.4% from the prior year.

HTGC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$507.9M+8.7%	$467.2M+7.5%	$434.4M+41.4%	$307.3M+21.3%	$253.4M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$19.0M-3.3%	$19.7M+5.2%	$18.7M+10.3%	$16.9M+5.2%	$16.1M-14.8%	$18.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$92.2M+19.5%	$77.2M-0.4%	$77.5M+24.2%	$62.3M-7.7%	$67.5M+1.0%	$66.9M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$339.7M+29.2%	$263.0M-22.1%	$337.5M+230.6%	$102.1M-41.4%	$174.2M-23.4%	$227.3M
EPS (Diluted)	$1.85+14.9%	$1.61-30.3%	$2.31+192.4%	$0.79-47.0%	$1.49-25.9%	$2.01

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$131.6M+0.3%	$131.2M+1.2%	$129.6M+12.1%	$115.6M+0.6%	$114.8M-3.5%	$119.0M+1.3%	$117.5M+1.5%	$115.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.6M+3.6%	$4.5M-12.3%	$5.1M+6.0%	$4.8M-13.1%	$5.5M+20.5%	$4.6M+2.6%	$4.5M-11.4%	$5.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$25.4M+4.8%	$24.2M+5.5%	$22.9M+16.4%	$19.7M+11.9%	$17.6M-13.6%	$20.4M+6.3%	$19.2M-4.3%	$20.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$90.8M-24.1%	$119.7M+51.7%	$78.9M+56.7%	$50.3M-18.1%	$61.4M-10.6%	$68.7M+64.2%	$41.9M-54.0%	$91.0M
EPS (Diluted)	$0.50-20.6%	$0.63+46.5%	$0.43+48.3%	$0.29-21.6%	$0.37-11.9%	$0.42+68.0%	$0.25-56.1%	$0.57

HTGC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.6B+19.6%	$3.8B+12.1%	$3.4B+12.8%	$3.0B+16.5%	$2.6B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$56.9M+33.3%	$42.7M-56.5%	$98.1M+571.0%	$14.6M-89.0%	$133.1M-32.9%	$198.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B+28.6%	$1.8B+14.1%	$1.6B-0.8%	$1.6B+26.0%	$1.3B	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$4.6B+3.9%	$4.4B+2.9%	$4.3B+6.3%	$4.0B+5.2%	$3.8B+4.8%	$3.7B-0.4%	$3.7B-0.6%	$3.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$56.9M+94.3%	$29.3M-43.9%	$52.1M+5.6%	$49.4M+15.7%	$42.7M+10.0%	$38.8M+47.0%	$26.4M-46.8%	$49.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B+6.7%	$2.2B+4.1%	$2.1B+5.1%	$2.0B+10.2%	$1.8B+2.1%	$1.8B-0.6%	$1.8B+0.3%	$1.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.3B+6.3%	$2.2B+4.2%	$2.1B+4.4%	$2.0B+11.7%	$1.8B+1.7%	$1.7B-0.5%	$1.7B-0.3%	$1.8B
Total Equity	$2.2B+1.2%	$2.2B+1.8%	$2.2B+7.5%	$2.0B+0.6%	$2.0B+7.4%	$1.9B-0.3%	$1.9B-1.6%	$1.9B
Retained Earnings	$101.2M+15.0%	$88.0M+63.9%	$53.7M-7.3%	$57.9M-34.9%	$88.9M-18.9%	$109.7M-7.8%	$118.9M-23.3%	$154.9M

HTGC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$425.8M-260.6%	-$118.1M-273.0%	$68.3M+116.1%	-$424.8M-430.3%	$128.6M-38.1%	$207.8M
Capital Expenditures	$89K-87.4%	$705K-20.5%	$887K+678.1%	$114K+7.5%	$106K-22.6%	$137K
Free Cash Flow	-$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	-$89K+87.4%	-$705K+20.5%	-$887K-678.1%	-$114K-7.5%	-$106K+22.6%	-$137K
Financing Cash Flow	$368.9M+209.5%	$119.2M+424.1%	$22.7M-92.8%	$314.5M+236.8%	-$229.9M-170.3%	-$85.0M
Dividends Paid	$326.0M+7.4%	$303.5M+10.9%	$273.7M+11.6%	$245.1M+39.7%	$175.5M+15.1%	$152.4M
Share Buybacks	$6.5M+89.2%	$3.4M-73.0%	$12.7M+180.3%	$4.5M+60.9%	$2.8M+53.3%	$1.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$55.6M-1652.5%	-$3.2M+97.8%	-$144.8M+34.8%	-$222.2M-659.8%	-$29.2M-131.6%	$92.6M+55.6%	$59.5M+124.7%	-$240.9M
Capital Expenditures	$33K+13.8%	$29K+52.6%	$19K+137.5%	$8K+60.0%	$5K-83.3%	$30K-92.1%	$378K+29.5%	$292K
Free Cash Flow	-$55.6M-1637.7%	-$3.2M+97.8%	-$144.8M+34.8%	-$222.2M-659.7%	-$29.2M-131.6%	$92.5M+56.5%	$59.1M+124.5%	-$241.2M
Investing Cash Flow	-$33K-13.8%	-$29K-52.6%	-$19K-137.5%	-$8K-60.0%	-$5K+83.3%	-$30K+92.1%	-$378K-29.5%	-$292K
Financing Cash Flow	$64.6M+16173.0%	$397K-99.7%	$143.8M-10.2%	$160.1M+57.5%	$101.7M+216.3%	-$87.4M-8.6%	-$80.5M-143.4%	$185.5M
Dividends Paid	$82.9M-0.8%	$83.6M+3.8%	$80.5M+2.1%	$78.9M+1.3%	$77.9M+3.2%	$75.5M-0.5%	$75.8M+2.1%	$74.3M
Share Buybacks	$1.0M+4.8%	$974K-5.1%	$1.0M-70.4%	$3.5M+235.2%	$1.0M-5.0%	$1.1M+178.1%	-$1.4M-151.7%	$2.7M

HTGC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
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
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.03+0.1	0.89+0.0	0.86-0.3	1.12+0.2	0.94	N/A
FCF Margin	-83.9%-58.4pp	-25.4%-40.9pp	15.5%+153.8pp	-138.3%-189.0pp	50.7%	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	69.0%-22.2pp	91.3%+30.4pp	60.9%+17.3pp	43.5%-10.0pp	53.5%-4.2pp	57.7%+22.1pp	35.6%-43.0pp	78.6%
Return on Equity	4.1%-1.4pp	5.5%+1.8pp	3.7%+1.2pp	2.5%-0.6pp	3.1%-0.6pp	3.7%+1.5pp	2.3%-2.6pp	4.8%
Return on Assets	2.0%-0.7pp	2.7%+0.9pp	1.8%+0.6pp	1.3%-0.3pp	1.6%-0.3pp	1.9%+0.7pp	1.1%-1.3pp	2.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.03+0.0	0.98+0.0	0.96-0.0	0.99+0.1	0.89-0.1	0.940.0	0.94+0.0	0.93
FCF Margin	-42.3%-39.8pp	-2.4%+109.3pp	-111.8%+80.5pp	-192.3%-166.8pp	-25.5%-103.2pp	77.7%+27.4pp	50.3%+258.6pp	-208.3%

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Frequently Asked Questions

What is Hercules Capital Inc's annual revenue?

Hercules Capital Inc (HTGC) 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's revenue growing?

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

Is Hercules Capital Inc profitable?

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

What is Hercules Capital Inc's earnings per share (EPS)?

Hercules Capital Inc (HTGC) 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.

How much debt does Hercules Capital Inc have?

As of fiscal year 2025, Hercules Capital Inc (HTGC) had $56.9M in cash and equivalents against $2.3B in long-term debt.

What is Hercules Capital Inc's net profit margin?

Hercules Capital Inc (HTGC) 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's return on equity (ROE)?

Hercules Capital Inc (HTGC) 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's free cash flow?

Hercules Capital Inc (HTGC) generated -$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's operating cash flow?

Hercules Capital Inc (HTGC) generated -$425.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hercules Capital Inc's total assets?

Hercules Capital Inc (HTGC) had $4.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hercules Capital Inc's capital expenditures?

Hercules Capital Inc (HTGC) invested $89K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Hercules Capital Inc buy back shares?

Yes, Hercules Capital Inc (HTGC) 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 have outstanding?

Hercules Capital Inc (HTGC) had 184M shares outstanding as of fiscal year 2025.

What is Hercules Capital Inc's debt-to-equity ratio?

Hercules Capital Inc (HTGC) 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's return on assets (ROA)?

Hercules Capital Inc (HTGC) 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's cash runway?

Based on fiscal year 2025 data, Hercules Capital Inc (HTGC) had $56.9M in cash against an annual operating cash burn of $425.8M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Hercules Capital Inc's Piotroski F-Score?

Hercules Capital Inc (HTGC) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hercules Capital Inc's earnings high quality?

Hercules Capital Inc (HTGC) has an earnings quality ratio of -1.25x, considered low quality (accrual-driven). 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.

How financially healthy is Hercules Capital Inc?

Hercules Capital Inc (HTGC) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.