Hercules Capital Inc (HTGC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
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 HTGC SEC filings page.
Hercules Capital Inc (HTGC) 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).
Asset growth is increasingly debt-supported, while reported earnings coexist with negative operating cash flow and large shareholder distributions.
The key earnings-quality break is that FY2025 net income of$339.7M coincided with operating cash flow of-$425.8M , after another negative operating-cash-flow year in FY2024; accounting profit therefore was not a reliable measure of internally generated funding. From FY2024 to FY2025, assets expanded 20.0% while debt-to-equity rose to 1.0x, indicating that balance-sheet growth relied increasingly on liabilities alongside equity.
FY2025 financing cash flow was
Revenue increased
Financial Health Signals
Hercules Capital Inc 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.
Hercules Capital Inc 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.
For every $1 of reported earnings, Hercules Capital Inc 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
Earnings & Revenue
Hercules Capital Inc 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%.
Hercules Capital Inc 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%.
Hercules Capital Inc 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%.
Not reported for Q2 2026.
Cash & Balance Sheet
Hercules Capital Inc 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%.
Hercules Capital Inc held $48.2M in cash against $2.3B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Hercules Capital Inc'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.
Hercules Capital Inc'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.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Hercules Capital Inc 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%.
Hercules Capital Inc 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%.
Not reported for Q2 2026.
HTGC 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.
| 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.
HTGC Balance Sheet
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.
| 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.
HTGC Cash Flow 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.
| 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% |
HTGC 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.
| 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Hercules Capital Inc HTGC | FY2025 | $507.9M | $339.7M | 66.9% | $3.3B | — |
| Golub Cap Bdc Inc GBDC | FY2025 | N/A | $376.6M | N/A | $3.3B | — |
| Artisan Partners Asset Mgmt In APAM | FY2025 | $1.2B | $290.3M | 24.3% | $2.9B | 57/100 |
| Cohen & Steers Inc CNS | FY2025 | $556.1M | $153.2M | 27.6% | $4.0B | 39/100 |
| Alliancebernstein Hldg L P AB | FY2025 | N/A | $299.8M | N/A | $3.5B | — |
Where Hercules Capital Inc Ranks
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%.
How much debt does Hercules Capital Inc have?
As of fiscal year 2025, Hercules Capital Inc (HTGC) had $57.0M 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) 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's operating cash flow?
Hercules Capital Inc (HTGC) 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'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.
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 P/E ratio?
Hercules Capital Inc (HTGC) trades at 8.6x earnings, its market capitalization divided by net income of $383.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.3B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hercules Capital Inc's price-to-sales ratio?
Hercules Capital Inc (HTGC) trades at 6.1x sales, its market capitalization divided by revenue of $537.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.3B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hercules Capital Inc's Piotroski F-Score?
Hercules Capital Inc (HTGC) 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's earnings high quality?
For every $1 of reported earnings, Hercules Capital Inc (HTGC) 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.