Hercules Capital (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 Oct 26, 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).
Hercules expanded its investment balance sheet in FY2025, but reported cash generation moved sharply away from accounting earnings.
The key disconnect is earnings versus cash conversion: net income rose from$263M in FY2024 to$340M in FY2025, while operating cash flow shifted from-$118M to-$426M . With capital expenditures of only$89K , FY2025 free cash flow of-$426M was driven almost entirely by cash movement rather than fixed-asset reinvestment.
The reported asset base reached
Dividends paid were
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), the one computable operating efficiency signal (asset turnover improving) does not pass.
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. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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 quarterly ROE was 5.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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-K | 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+26.8% | $24.2M+18.7% | $22.9M+19.7% | $19.7M+11.8% | $20.0M+15.0% | $20.4M+24.0% |
| 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-K | 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% |
| 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, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $297.9Mn/m | -$230.6Mn/m | -$55.6Mn/m | -$3.2M-103.4% | -$144.8M-343.4% | -$222.2Mn/m | -$29.2M-122.3% | $92.6Mn/m |
| 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 | $297.9Mn/m | -$230.7Mn/m | -$55.6Mn/m | -$3.2M-103.5% | -$144.8M-345.0% | -$222.2Mn/m | -$29.2M-122.4% | $92.5Mn/m |
| Investing Cash Flow | $0n/m | -$19Kn/m | -$33Kn/m | -$29Kn/m | -$19Kn/m | -$8Kn/m | -$5Kn/m | -$30Kn/m |
| Financing Cash Flow | -$292.4M-303.3% | $216.1M+35.0% | $64.6M-36.4% | $397Kn/m | $143.8Mn/m | $160.1M-13.7% | $101.7Mn/m | -$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-K | 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 |
| Liabilities-to-Equity | 1.06+0.1x | 1.17+0.2x | 1.07+0.1x | 1.010.0x | 0.990.0x | 1.01+0.1x | 0.930.0x | 0.970.0x |
| 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% | $3.1B | — |
| Golub Capital BDC, Inc. GBDC | FY2025 | N/A | $376.6M | N/A | $3.1B | — |
| ARTISAN PARTNERS ASSET MANAGEMENT INC. APAM | FY2025 | $1.2B | $290.3M | 24.3% | $2.4B | 84/100 |
| Cohen & Steers Inc. CNS | FY2025 | $556.1M | $153.2M | 27.6% | $3.7B | 58/100 |
| AllianceBernstein Holding, L.P. AB | FY2025 | N/A | $299.8M | N/A | $3.3B | — |
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 $383.2M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $339.7M, 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. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Hercules Capital, Inc.'s liabilities-to-equity ratio?
Hercules Capital, Inc. (HTGC) had a liabilities-to-equity ratio of 1.07 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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 8.0x earnings, its market capitalization divided by $383.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.1B as of Oct 26, 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 5.7x sales, its market capitalization divided by $537.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.1B as of Oct 26, 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.