Saturday 17 October 2026
Export HTGC’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 8.48%, EPS grew 59.1%, free cash flow grew 305.7% and total debt rose 13.1%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
16.37
0.29
−1.74%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
15.63 | 13.95 | 13.00 | 8.10 | 7.28 | 11.06 | 17.27 | 7.21 | 12.40 | 9.96 |
Piotroski F-Score |
3 | 3 | 1 | 4 | 5 | 3 | 2 | 6 | 1 | 2 |
P/S ratio |
6.06 | 5.73 | 4.84 | 5.29 | 5.62 | 6.77 | 5.18 | 5.23 | 6.56 | 6.27 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 7.78 | 14.81 | 0.00 | 35.77 | 0.00 | 0.00 |
P/Operating CF |
(13.28) | (11.51) | (7.52) | (101.92) | 6.97 | 19.05 | (25.65) | 18.42 | (110.66) | (60.04) |
P/B ratio |
1.35 | 1.30 | 1.05 | 1.25 | 1.25 | 1.45 | 1.19 | 1.34 | 1.63 | 1.51 |
Price to Tangible BV |
1.35 | 1.30 | 1.05 | 1.25 | 1.25 | 1.45 | 1.19 | 1.34 | 1.63 | 1.51 |
EV/Sales |
9.68 | 9.35 | 9.00 | 9.28 | 9.27 | 10.69 | 9.99 | 8.36 | 9.90 | 10.45 |
EV/EBITDA |
13.20 | 12.57 | 12.10 | 12.18 | 11.98 | 14.58 | 13.37 | 10.41 | 12.23 | 13.02 |
EV/Operating CF |
(12.24) | (97.02) | (7.51) | (10.33) | 12.82 | 23.35 | (7.56) | 56.38 | (41.40) | (13.07) |
EV/FCF |
(12.22) | (95.60) | (7.50) | (10.30) | 12.83 | 23.37 | (7.56) | 57.12 | (41.15) | (13.07) |
Quick Ratio |
1.54 | 3.99 | 2.42 | 4.46 | 7.06 | 3.22 | 1.21 | 2.75 | 2.72 | 1.48 |
Current Ratio |
1.54 | 3.99 | 2.42 | 4.46 | 7.06 | 3.22 | 1.21 | 2.75 | 2.72 | 1.48 |
Net Debt/EBITDA |
4.94 | 4.87 | 5.60 | 5.24 | 4.72 | 5.34 | 6.44 | 3.89 | 4.14 | 5.21 |
Debt/Assets |
44.72% | 47.55% | 46.82% | 48.06% | 49.03% | 47.55% | 51.98% | 45.50% | 46.17% | 49.88% |
Debt/Equity |
0.83 | 0.94 | 0.95 | 1.04 | 1.00 | 0.94 | 1.12 | 0.86 | 0.89 | 1.03 |
Asset Turnover |
0.13 | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 | 0.11 | 0.14 | 0.14 | 0.13 |
Operating CF/Net income |
(2.05) | (0.23) | (3.28) | (1.39) | 0.91 | 0.74 | (4.16) | 0.20 | (0.45) | (1.25) |
Capex/Depreciation |
(0.06) | (0.04) | (0.08) | (0.10) | (0.02) | (0.02) | (0.02) | (0.12) | (0.09) | (0.01) |
Interest Coverage |
3.88 | 3.55 | 3.76 | 3.62 | 3.64 | 3.66 | 4.28 | 5.36 | 5.08 | 4.54 |
| 8.96% | 9.63% | 8.45% | 16.62% | 18.75% | 13.40% | 7.53% | 21.07% | 13.87% | 16.16% | |
| 4.84% | 5.03% | 4.22% | 7.88% | 8.94% | 6.67% | 3.63% | 10.47% | 7.26% | 8.07% | |
ROIC |
4.06% | 3.93% | 3.73% | 4.07% | 4.20% | 3.76% | 3.81% | 5.69% | 5.41% | 4.59% |
Return on Tangible Assets |
585.53% | 97.59% | 206.00% | 165.49% | 103.13% | 164.53% | 1,018.87% | 356.76% | 279.34% | 1,080.14% |
Average Days of Receivables |
24.22 | 23.45 | 29.80 | 27.53 | 24.24 | 22.56 | 35.95 | 25.94 | 24.09 | 25.54 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
26.08% | 24.84% | 24.72% | 22.66% | 20.52% | 23.14% | 23.06% | 17.84% | 17.57% | 18.22% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
4.07% | 3.80% | 5.42% | 3.23% | 2.95% | 3.70% | 3.37% | 2.59% | 2.53% | 2.78% |
Graham Net Nets |
(0.61) | (0.65) | (0.92) | (0.84) | (0.67) | (0.60) | (0.94) | (0.61) | (0.52) | (0.68) |
Graham Number |
14.87 | 14.76 | 14.18 | 20.88 | 22.67 | 19.62 | 13.93 | 25.56 | 21.22 | 23.05 |
Earnings Yield |
6.40% | 7.17% | 7.69% | 12.34% | 13.73% | 9.04% | 5.79% | 13.87% | 8.06% | 10.04% |
Free Cash Flow Yield |
(13.07%) | (1.71%) | (24.83%) | (17.02%) | 12.86% | 6.75% | (25.52%) | 2.80% | (3.67%) | (12.76%) |
Revenue per Share |
2.37 | 2.31 | 2.28 | 2.65 | 2.57 | 2.45 | 2.57 | 3.20 | 3.06 | 3.00 |
Operating CF per Share |
(1.88) | (0.22) | (2.74) | (2.38) | 1.86 | 1.12 | (3.39) | 0.47 | (0.73) | (2.40) |
Capex per Share |
0.00 | 0.00 | (0.01) | (0.01) | 0.00 | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 |
Free Cash Flow per Share |
(1.88) | (0.23) | (2.74) | (2.39) | 1.85 | 1.12 | (3.39) | 0.47 | (0.74) | (2.40) |
Cash per Share |
0.29 | 1.15 | 0.50 | 1.14 | 2.12 | 1.19 | 0.21 | 0.81 | 0.72 | 0.34 |
Shareholders Equity per Share |
10.68 | 10.19 | 10.51 | 11.20 | 11.53 | 11.40 | 11.19 | 12.51 | 12.35 | 12.49 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
10.68 | 10.19 | 10.51 | 11.20 | 11.53 | 11.40 | 11.19 | 12.51 | 12.35 | 12.49 |
Free Cash Flow |
(138.64) | (18.67) | (249.44) | (241.26) | 207.67 | 128.52 | (424.91) | 67.39 | (118.79) | (425.89) |
Working Capital |
11.52 | 80.36 | 36.86 | 104.90 | 220.36 | 105.85 | 10.02 | 94.60 | 94.14 | 31.45 |
Capital Expenditures |
(0.25) | (0.27) | (0.47) | (0.59) | (0.14) | (0.11) | (0.11) | (0.89) | (0.70) | (0.09) |
Net Current Asset Value |
(643.28) | (706.49) | (926.93) | (1,193.72) | (1,075.59) | (1,137.84) | (1,569.84) | (1,465.47) | (1,693.01) | (2,271.26) |
EV/EBIT |
13.62 | 13.29 | 12.62 | 12.56 | 12.29 | 15.06 | 13.70 | 10.62 | 12.46 | 13.29 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
11.49 | 11.34 | 9.24 | 9.90 | 10.28 | 13.13 | 9.26 | 8.17 | 10.27 | 10.23 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
(9.47%) | (1.08%) | (13.05%) | (9.92%) | 7.37% | 4.79% | (14.16%) | 1.94% | (3.07%) | (9.34%) |
Accounts Receivable Turnover |
16.79 | 15.99 | 14.22 | 14.42 | 14.62 | 15.42 | 13.12 | 14.30 | 15.11 | 15.25 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
10.43 | 11.94 | 14.61 | 18.58 | 19.64 | 18.22 | 24.52 | 32.21 | 32.66 | 34.92 |
Average Payables |
19.35 | 24.18 | 26.43 | 28.13 | 33.32 | 42.06 | 47.66 | 50.85 | 54.51 | 60.06 |
Average Assets |
1,394.09 | 1,559.46 | 1,799.95 | 2,203.58 | 2,542.98 | 2,612.01 | 2,814.43 | 3,222.89 | 3,624.26 | 4,207.81 |
Average Common Equity |
752.54 | 814.46 | 898.21 | 1,044.25 | 1,212.38 | 1,300.13 | 1,355.00 | 1,602.08 | 1,896.14 | 2,102.82 |
Columns are period end dates