Hercules Capital, Inc. HTGC
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.90 | 1.61 | 2.32 | 0.80 | 1.50 | 2.02 | — | — | — | — |
| EPS, diluted | 1.85 | 1.61 | 2.31 | 0.79 | 1.49 | 2.01 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $188.9M | $161.6M | $144.8M | $125.2M | $114.7M | $112.0M | $101.1M | $90.9M | $82.5M | $73.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.