Hercules Capital, Inc. HTGC

NYSE

Hercules Capital, Inc. is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology and life sciences industries. We make investments in companies that are active across a variety of technology-related industry sub-sectors or are characterized by products or services that require advanced technologies, including, but not limited to, computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure or services, consumer and business services, telecommunications, telecommunications equipment and media. Within the life sciences sub-sector, we generally focus on medical devices, bio-pharmaceutical, drug discovery and development, drug delivery, health care services and information systems companies. We refer to such companies in the technology and life sciences sub-sectors described herein as "technology-related" companies.

Last close 16.41 2026-10-26
Market cap $3.07B 2026-06-30 share count
52-week range 13.70 - 19.13

Valuation FY2025 figures against the last close

P/S6.0x
P/E8.9x
P/FCF—
EV/EBITDA—
Dividend yield10.6%
Diluted EPS1.85

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $507.9M$467.2M$434.4M$307.3M$253.4M—————
SG&A $19.0M$19.7M$18.7M$16.9M$16.1M$18.9M————
Total operating expenses $206.0M$178.5M$165.7M$141.9M$136.0M$130.1M————
Interest expense ——$77.5M$62.3M$67.5M$66.9M————
Net income $339.7M$263.0M$337.5M$102.1M$174.2M$227.3M————
EPS, basic 1.901.612.320.801.502.02————
EPS, diluted 1.851.612.310.791.492.01————
Shares, diluted (wtd. avg.) 188.9M161.6M144.8M125.2M114.7M112.0M101.1M90.9M82.5M73.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $56.9M$42.7M$98.1M$25.9M$136.3M$237.6M$115.0M———
Total assets $4.58B$3.83B$3.42B$3.03B$2.60B—————
Long-term debt $2.29B$1.77B$1.55B$1.57B$1.24B—————
Total liabilities $2.37B$1.84B$1.61B$1.63B$1.29B—————
Retained earnings $101.2M$88.9M$140.0M$59.9M$216.5M—————
Total equity $2.22B$1.99B$1.80B$1.40B$1.31B$1.29B$1.13B$955.4M$841.0M$787.9M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$425.8M-$118.1M$68.3M-$424.8M$128.6M$207.8M————
Stock-based compensation $14.8M$12.5M$11.9M$10.8M$10.4M$8.5M————
Capital expenditure $89.0K$705.0K$887.0K$114.0K$106.0K$137.0K————
Investing cash flow -$89.0K-$705.0K-$887.0K-$114.0K-$106.0K-$137.0K————
Financing cash flow $368.9M$119.2M$22.7M$314.5M-$229.9M-$85.0M————
Dividends paid $326.0M$303.5M$273.7M$245.1M$175.5M$152.4M————
Buybacks $6.5M$3.4M$12.7M$4.5M$2.8M$1.8M————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001280784-26-000015.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Net income, FY2020: 227.3M Revenue, FY2021: 253.4M Net income, FY2021: 174.2M Revenue, FY2022: 307.3M Net income, FY2022: 102.1M Revenue, FY2023: 434.4M Net income, FY2023: 337.5M Revenue, FY2024: 467.2M Net income, FY2024: 263M Revenue, FY2025: 507.9M Net income, FY2025: 339.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — $253.4M $307.3M $434.4M $467.2M $507.9M
Gross profit — — — — — — — — — —
Net income — — — — $227.3M $174.2M $102.1M $337.5M $263.0M $339.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.