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