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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. 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%
Market cap
$3.1B
P/E
7.8×
Fwd P/E
8.8×
Dividend yield
11.5%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.09%

Capital & Financial Ratios $m

Market Cap 3,120.00
Revenue 566.17
Net Income 383.20
Free Cash Flow 8.43
Net Debt 2,284.80
Current Ratio 1.37
Debt/Equity 1.03
P/E ratio 7.83
Fwd P/E 8.80
P/S ratio 5.36
P/B ratio 1.34
Past 5Y EPS Growth (1.65%) (below 0%: weak)
This Y EPS Growth 0.64%
Next Y EPS Growth 0.94%
Next Y revenue growth 9.32%
Next 5Y EPS Growth 0.11%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 15.52%
10-year low 10-year high
P/S against its own 10 years 24.29%
10-year low 10-year high
P/B against its own 10 years 49.50%
10-year low 10-year high

Dividends

Payout Ratio 0.94
Annual Dividend Rate 1.88
Annual Dividend Yield 11.48%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.69
0.47
0.47
0.47
2025 1.88
0.47
0.47
0.47
0.47
2024 1.92
0.48
0.48
0.48
0.48
2023 1.90
0.47
0.47
0.48
0.48
2022 1.97
0.48
0.48
0.50
0.51
2021 1.55
0.37
0.39
0.39
0.40
2020 1.38
0.40
0.32
0.32
0.34
2019 1.33
0.31
0.33
0.34
0.35
2018 1.26
0.31
0.31
0.31
0.33
2017 1.24
0.31
0.31
0.31
0.31
2016 1.24
0.31
0.31
0.31
0.31
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 116 116 59 50
Receivables 33 33 37 37
Inventory — — — —
Other — — — —
149 149 97 87
2023 2024 2025 Q'26
Payables 54 55 65 64
ST’ Debt — — — —
Other — — — —
54 55 65 64

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%

Revenue $m

Mar Jun Sep Dec Year
’26 142 149 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.67 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 9.92 11.64 10.57 10.95 5.42 14.01 11.16 10.94 16.51 15.65

Analyst estimates 2026–2028

Powerpack
High 14.34 15.68 13.70 14.53 16.40 18.20 19.09 18.05 21.78 22.04
People
People Employees 64 67 69 77 — 53 50 100 100 100
Revenue/emp, $m 2.74 2.85 3.01 3.48 0.00 5.30 6.43 4.61 4.94 5.32
Income, $m
Income, $m Revenue 175 191 208 268 287 281 322 461 494 532
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 100 96 109 143 157 150 188 304 326 342
EBT margin, % 57.32 50.53 52.34 53.48 54.70 53.37 58.46 66.00 66.01 64.17
Net income 69 79 76 174 227 174 102 337 263 340
Depreciation 4 8 6 6 6 7 6 7 7 9
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
Earnings 0.91 0.95 0.83 1.72 2.02 1.50 0.80 2.32 1.61 1.90
Cash flow (1.88) (0.22) (2.74) (2.38) 1.86 1.12 (3.39) 0.47 (0.73) (2.40)
Capex 0.00 0.00 (0.01) (0.01) 0.00 0.00 0.00 (0.01) 0.00 0.00
Free cash flow (1.88) (0.23) (2.74) (2.39) 1.85 1.12 (3.39) 0.47 (0.74) (2.40)
Book value 10.68 10.19 10.51 11.20 11.53 11.40 11.19 12.51 12.35 12.49
Shares, m 74 83 91 101 112 115 125 144 161 177
Valuation, ×
Valuation, × P/E 15.63 13.95 13.00 8.10 7.28 11.06 17.27 7.21 12.40 9.96
P/S 6.06 5.73 4.84 5.29 5.62 6.77 5.18 5.23 6.56 6.27
P/B 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/FCF (12.22) (95.60) (7.50) (10.30) 12.83 23.37 (7.56) 57.12 (41.15) (13.07)
Cash, $m
Cash, $m Operating cash flow (138) (18) (249) (241) 208 129 (425) 68 (118) (426)
Capex 0 0 0 (1) 0 0 0 (1) (1) 0
Free cash flow (139) (19) (249) (241) 208 129 (425) 67 (119) (426)
Balance, $m
Balance, $m Working capital 12 80 37 105 220 106 10 95 94 31
Total debt 655 787 911 1,183 1,287 1,236 1,574 1,555 1,769 2,286
Net debt 633 692 865 1,068 1,049 1,100 1,548 1,439 1,653 2,227
Shareholders’ equity 788 841 955 1,133 1,292 1,309 1,401 1,803 1,990 2,216
Returns, %
Returns, % ROA 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
ROE 8.96 9.63 8.45 16.62 18.75 13.40 7.53 21.07 13.87 16.16
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
CNS Cohen & Steers Inc $3.6B 21.3× 22.3× +12.20% (above 0%: growing) +33.33% (above 0%: growing) +194.97% (above 0%: growing) 100.00% 34.55% Compare
AAMI Acadian Asset Management Inc. $3.3B 32.5× — (loss-making) +45.29% (above 0%: growing) +175.00% (above 0%: growing) −65.25% (below 0%: shrinking) 100.00% 17.50% Compare
WT WisdomTree, Inc. $3.3B 38.1× 23.9× +57.31% (above 0%: growing) +76.47% (above 0%: growing) +95.88% (above 0%: growing) 100.00% 40.53% Compare
AB AllianceBernstein Holding L.P. $3.2B 10.3× — — +20.31% (above 0%: growing) −13.25% (below 0%: shrinking) — — Compare
GBDC Golub Capital BDC, Inc. $3.2B 18.6× 15.6× −14.02% (below 0%: shrinking) −35.29% (below 0%: shrinking) +196.17% (above 0%: growing) 100.00% 77.88% Compare
HTGC Hercules Capital, Inc. $3.1B 7.8× 8.8× +8.48% (above 0%: growing) +59.09% (above 0%: growing) +305.69% (above 0%: growing) 100.00% 77.89%
FSK FS KKR Capital Corp. $3.0B — (loss-making) — (loss-making) −27.14% (below 0%: shrinking) n/m +618.52% (above 0%: growing) 100.00% 76.90% Compare
SII Sprott Inc. $2.9B 26.5× 13.0× +23.09% (above 0%: growing) +155.77% (above 0%: growing) +64.22% (above 0%: growing) 100.00% 56.77% Compare
APAM Artisan Partners Asset Management Inc. $2.7B 7.8× 10.2× +8.90% (above 0%: growing) +18.09% (above 0%: growing) +126.73% (above 0%: growing) 40.90% 27.48% Compare
Median of peers $3.2B 21.3× 15.6× +12.20% +33.33% +111.31% 100.00% 40.53%

All 120 Asset Management stocks →

Hercules Capital, Inc. (HTGC) key facts

  • Strength: Hercules Capital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $532.5 million, up 7.88% from fiscal 2024.
  • Strength: Net income was $339.7 million, or $1.90 per share (basic), a net margin of 63.8%.
  • Hercules Capital, Inc. (HTGC) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, HTGC traded at $16.37, a market capitalization of $3.1 billion.
  • At that price the stock trades at 7.8× trailing-twelve-month earnings and 5.4× sales; its P/E is higher than 16% of its own readings over the past ten years.
  • Hercules Capital, Inc. pays an annual dividend of $1.88 per share, a yield of 11.5%, with a payout ratio of 93.5%.
  • Return on equity was 16.2% and debt-to-equity 1.03.
  • Its Piotroski F-score is 2 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Hercules Capital, Inc. (HTGC) Latest News

23 May

Impact 5 ·
stockrow.com/HTGC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com