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Hercules Capital, Inc.

HTGC Financial Asset Management

Hercules Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $532.5 million, up 7.88% from fiscal 2024.

Revenue
+1.46%
EPS
−24.2%
Free cash flow
−5,073.1%
Total debt
+18.6%

Quarter to September 2026, against a year earlier

16.38 0.25 −1.50%
Market cap
$3.1B
P/E
8.5×
Fwd P/E
8.7×
Dividend yield
4.88%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.07%

Capital & Financial Ratios $m

Size
Market Cap 3,100.00
Revenue ttm 568.20
Net income ttm 357.08
Free cash flow ttm (154.01)
Net debt Q 2,499.91
Valuation
P/E 8.49
Forward P/E 8.73
Price / sales 5.36
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.31
Financial health
Current ratio Q 1.41
Debt / equity Q 1.10
Interest coverage Q 3.76
Growth
Revenue growth Q +1.46% (above 0%: growing)
Operating income growth Q −2.20% (below 0%: shrinking)
EPS, this year +0.23%
EPS, next year A +1.35%
Revenue, next year A +9.22%
EPS, past 5 yrs −1.65% (below 0%: weak)
EPS, next 5 yrs A +1.12%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 23.80%
10-year low 10-year high
P/S against its own 10 years 24.24%
10-year low 10-year high
P/B against its own 10 years 43.64%
10-year low 10-year high

Dividends raised 2 years running

Yield
4.88%
Annual rate
0.80
Payout ratio
43.0%
Growth, 2017–25
−0.41%/yr
  1. 1.24 ’17
  2. 0.93 ’18 −25
  3. 0.95 ’19 +2
  4. 0.96 ’20 +1
  5. 0.96 ’21 +0
  6. 0.71 ’22 −26
  7. 0.39 ’23 −45
  8. 0.80 ’24 +105
  9. 1.20 ’25 +50
  10. 1.69 ’26e +41
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 116 116 59 51
Receivables 33 33 37 38
Inventory — — — —
Other — — — —
149 149 97 89
2023 2024 2025 Q'26
Payables 54 55 65 63
ST’ Debt — — — —
Other — — — —
54 55 65 63

Compound Annual Growth %

10y 5y 3y
Sales 12.98% 13.14% 18.29%
Cash Flow 0.00% 0.00% 0.00%
Earnings 23.42% 8.37% 49.30%
Book Value 11.94% 11.40% 16.50%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.49 Actual 0.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.48 0.48 Met by 0.00
Q1 FY26 0.47 0.48 Beat by 0.01
Q2 FY26 0.50 0.50 Met by 0.00
Q3 FY26 0.49 0.47 Miss by 0.02
Q4 FY26 0.48 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.67 0.48 — —
’25 0.29 0.43 0.63 0.48 1.85
’24 0.57 0.25 0.42 0.37 1.61
’23 0.68 0.66 0.19 0.78 2.31
’22 (0.03) (0.09) 0.41 0.47 0.79
’21 0.55 0.65 0.20 0.03 1.49
’20 (0.27) 0.55 0.38 1.31 2.01
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 142 149 140 — —
’25 120 137 138 137 532
’24 122 125 125 122 494
’23 105 116 117 123 461
’22 65 72 84 100 322
’21 69 70 70 72 281
’20 74 68 70 75 287
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (231) 298 (166) — —
’25 (222) (145) (3) (56) (426)
’24 (241) 59 93 (29) (118)
’23 (81) 134 (115) 131 68
’22 (189) (118) (53) (65) (425)
’21 (50) 38 41 100 129
’20 (25) 12 (11) 232 208
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (231) 298 (166) — —
’25 (222) (145) (3) (56) (426)
’24 (241) 59 93 (29) (119)
’23 (81) 133 (115) 130 67
’22 (189) (118) (53) (65) (425)
’21 (50) 38 41 100 129
’20 (25) 12 (11) 232 208
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 175 191 208 268 287 281 322 461 494 532 568 +13.2% 582 627 674 +8.2%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 100 96 109 143 157 150 188 304 326 342 355 +14.6%
EBT margin, % 57.32 50.53 52.34 53.48 54.70 53.37 58.46 66.00 66.01 64.17 62.54 +6.9 pt
Net income 69 79 76 174 227 174 102 337 263 340 357 +19.4%
Per share, $
Per share, $ Revenue 2.37 2.31 2.28 2.65 2.57 2.45 2.57 3.20 3.06 3.00 3.06 +2.6%
Earnings 0.91 0.95 0.83 1.72 2.02 1.50 0.80 2.32 1.61 1.90 1.93 +8.5%
Cash flow (1.88) (0.22) (2.74) (2.38) 1.86 1.12 (3.39) 0.47 (0.73) (2.40) (0.83) +2.8%
Capex 0.00 0.00 (0.01) (0.01) 0.00 0.00 0.00 (0.01) 0.00 0.00 0.00 (19.2%)
Free cash flow (1.88) (0.23) (2.74) (2.39) 1.85 1.12 (3.39) 0.47 (0.74) (2.40) (0.83) +2.8%
Book value 10.68 10.19 10.51 11.20 11.53 11.40 11.19 12.51 12.35 12.49 12.50 +1.8%
Shares, m 74 83 91 101 112 115 125 144 161 177 183 +10.2%
Valuation, ×
Valuation, × P/E 15.63 13.95 13.00 8.10 7.28 11.06 17.27 7.21 12.40 9.96 8.49 11.6
P/S 6.06 5.73 4.84 5.29 5.62 6.77 5.18 5.23 6.56 6.27 5.36 5.8
P/B 1.35 1.30 1.05 1.25 1.25 1.45 1.19 1.34 1.63 1.51 1.31 1.3
EV/Sales 9.68 9.35 9.00 9.28 9.27 10.69 9.99 8.36 9.90 10.45 — 9.6
EV/FCF (12.22) (95.60) (7.50) (10.30) 12.83 23.37 (7.56) 57.12 (41.15) (13.07) — (9.4)
Cash, $m
Cash, $m Operating cash flow (138) (18) (249) (241) 208 129 (425) 68 (118) (426) (154) +13.3%
Capex 0 0 0 (1) 0 0 0 (1) (1) 0 0 (10.9%)
Free cash flow (139) (19) (249) (241) 208 129 (425) 67 (119) (426) (154) +13.3%
Balance, $m
Balance, $m Working capital 12 80 37 105 220 106 10 95 94 31 26 +11.8%
Net debt 633 692 865 1,068 1,049 1,100 1,548 1,439 1,653 2,227 2,500 +15.0%
Shareholders’ equity 788 841 955 1,133 1,292 1,309 1,401 1,803 1,990 2,216 2,325 +12.2%
Returns, %
Returns, % ROA 4.84 5.03 4.22 7.88 8.94 6.67 3.63 10.47 7.26 8.07 7.63 +3.2 pt
ROIC 4.06 3.93 3.73 4.07 4.20 3.76 3.81 5.69 5.41 4.59 4.36 +0.5 pt
ROE 8.96 9.63 8.45 16.62 18.75 13.40 7.53 21.07 13.87 16.16 15.82 +7.2 pt
People
People Employees 64 67 69 77 — 53 50 100 100 100 — +5.1%
Revenue/emp, $m 2.74 2.85 3.01 3.48 0.00 5.30 6.43 4.61 4.94 5.32 — +7.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Hercules Capital, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GBDC Golub Capital BDC, Inc. $3.4B 19.9× 20.6× −14.02% (below 0%: shrinking) −35.29% (below 0%: shrinking) +196.17% (above 0%: growing) 100.00% 77.88% Compare
AAMI Acadian Asset Management Inc. $3.3B 26.2× — (loss-making) +32.59% (above 0%: growing) +155.52% (above 0%: growing) −65.25% (below 0%: shrinking) 100.00% 26.41% Compare
APAM Artisan Partners Asset Management Inc. $3.2B 9.4× 9.7× +3.73% (above 0%: growing) +11.83% (above 0%: growing) +168.53% (above 0%: growing) 48.10% 35.13% Compare
FSK FS KKR Capital Corp. $3.2B — (loss-making) — (loss-making) −21.18% (below 0%: shrinking) −65.79% (below 0%: shrinking) −42.86% (below 0%: shrinking) 100.00% 0.00% Compare
AB AllianceBernstein Holding L.P. $3.2B 10.3× — — −0.09% (below 0%: shrinking) +7.24% (above 0%: growing) — — Compare
HTGC Hercules Capital, Inc. $3.1B 8.5× 8.7× +1.46% (above 0%: growing) −24.24% (below 0%: shrinking) −5,073.08% (below 0%: shrinking) 100.00% 80.30%
SII Sprott Inc. $2.9B 27.5× 13.0× +23.09% (above 0%: growing) +155.77% (above 0%: growing) +64.22% (above 0%: growing) 100.00% 56.77% Compare
WT WisdomTree, Inc. $2.9B 25.3× 27.5× +42.80% (above 0%: growing) +138.21% (above 0%: growing) +24.39% (above 0%: growing) 100.00% 41.32% Compare
ASST Strive, Inc. $2.6B — (loss-making) — (loss-making) +94.64% (above 0%: growing) n/m −10,264.43% (below 0%: shrinking) 100.00% (8,780.99%) Compare
Median of peers $3.2B 22.6× 16.8× +23.09% +11.83% +15.82% 100.00% 35.13%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.67m 9.69m 224.93
2024 9.08m 12.30m 217.46
2023 8.89m 11.87m 162.94
2022 7.37m 12.51m 114.14
2021 7.41m 11.96m 126.14

Ownership

Directors and executive officers, together 2.00%
Kingdom Holding Company 5.03%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Hercules Capital, Inc. (HTGC) Latest News

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HTGC metrics, ten years each

stockrow.com/HTGC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com