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Hercules Capital (HTGC) Financials

Hercules Capital logo
$19.44 -0.09 (-0.46%)
Closing price 09/12/2025 03:59 PM Eastern
Extended Trading
$19.43 -0.01 (-0.07%)
As of 09/12/2025 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Hercules Capital

Annual Income Statements for Hercules Capital

This table shows Hercules Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 227 174 379 610 624
Consolidated Net Income / (Loss)		 441 174 379 610 624
Net Income / (Loss) Continuing Operations		 441 173 379 610 624
Total Pre-Tax Income 		441 150 379 610 624
Total Revenue		 444 304 443 679 698
Net Interest Income / (Expense)		 263 281 253 367 403
Total Interest Income		 263 281 307 434 481
Total Interest Expense		 0.00 0.00 55 68 77
Long-Term Debt Interest Expense		 - - 55 68 77
Total Non-Interest Income		 181 23 191 312 294
Net Realized & Unrealized Capital Gains on Investments		 157 -4.42 191 312 294
Total Non-Interest Expense		 130 131 64 69 74
Salaries and Employee Benefits		 40 49 44 50 54
Other Operating Expenses		 30 28 17 19 20
Other Special Charges		 60 54 3.69 0.00 0.17
Basic Earnings per Share		 $2.02 $1.50 $0.80 $2.32 $1.61
Weighted Average Basic Shares Outstanding		 111.99M 114.74M 125.19M 144.09M 161.08M
Diluted Earnings per Share		 $2.01 $1.49 $0.79 $2.31 $1.61
Weighted Average Diluted Shares Outstanding		 112.27M 115.96M 126.66M 144.83M 161.60M
Weighted Average Basic & Diluted Shares Outstanding		 - - 136.48M 158.38M 173.15M

Quarterly Income Statements for Hercules Capital

This table shows Hercules Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 53 184 238 259 260 -147 280 274 284 -213 157
Consolidated Net Income / (Loss)		 53 148 238 259 260 -147 280 274 284 -213 157
Net Income / (Loss) Continuing Operations		 53 148 238 259 260 -147 280 274 284 -213 157
Total Pre-Tax Income 		50 151 238 259 260 -147 280 274 284 -213 157
Total Revenue		 87 145 257 277 278 -133 301 292 300 -196 175
Net Interest Income / (Expense)		 84 -7.09 183 201 204 -221 214 216 218 -244 100
Total Interest Income		 84 23 200 218 221 -204 232 235 238 -224 119
Total Interest Expense		 0.00 30 17 17 16 17 18 19 20 20 20
Long-Term Debt Interest Expense		 - - 17 17 16 17 18 19 20 20 20
Total Non-Interest Income		 2.82 153 73 76 74 89 87 77 83 48 76
Net Realized & Unrealized Capital Gains on Investments		 0.00 158 73 76 74 89 87 77 83 48 76
Total Non-Interest Expense		 33 -1.24 19 18 18 14 21 19 17 17 19
Salaries and Employee Benefits		 13 6.60 15 13 14 9.20 16 14 12 11 14
Other Operating Expenses		 4.68 2.97 4.13 5.15 4.59 4.83 5.06 4.48 4.60 5.54 4.81
Other Special Charges		 14 - - - - - - - - - 0.02
Basic Earnings per Share		 $0.41 $0.51 $0.69 $0.66 $0.19 $0.78 $0.57 $0.26 $0.42 $0.36 $0.29
Weighted Average Basic Shares Outstanding		 127.48M 125.19M 135.25M 141.39M 146.90M 144.09M 157.45M 160.75M 161.02M 161.08M 171.49M
Diluted Earnings per Share		 $0.41 $0.50 $0.68 $0.66 $0.19 $0.78 $0.57 $0.25 $0.42 $0.37 $0.29
Weighted Average Diluted Shares Outstanding		 129.33M 126.66M 137.06M 142.08M 147.11M 144.83M 157.92M 161.31M 161.52M 161.60M 175.38M
Weighted Average Basic & Diluted Shares Outstanding		 130.15M 136.48M 142.43M 144.60M 151.14M 158.38M 162.18M 162.38M 162.45M 173.15M 175.43M

Annual Cash Flow Statements for Hercules Capital

This table details how cash moves in and out of Hercules Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 123 -101 -110 90 0.41
Net Cash From Operating Activities		 208 129 -425 68 -118
Net Cash From Continuing Operating Activities		 208 129 -425 68 -118
Net Income / (Loss) Continuing Operations		 227 174 102 337 263
Consolidated Net Income / (Loss)		 227 174 102 337 263
Depreciation Expense		 -126 0.32 0.20 0.19 32
Amortization Expense		 -24 2.53 0.87 0.04 2.32
Non-Cash Adjustments to Reconcile Net Income		 125 -62 -512 -252 -430
Changes in Operating Assets and Liabilities, net		 5.74 13 -16 -17 15
Net Cash From Investing Activities		 -0.14 -0.11 -0.11 -0.89 -0.71
Net Cash From Continuing Investing Activities		 -0.14 -0.11 -0.11 -0.89 -0.71
Purchase of Investment Securities		 -0.14 -0.11 -0.11 -0.89 -0.71
Net Cash From Financing Activities		 -85 -230 315 23 119
Net Cash From Continuing Financing Activities		 -85 -230 315 23 119
Issuance of Debt		 824 1,737 1,274 659 1,332
Issuance of Common Equity		 77 11 232 344 221
Repayment of Debt		 -832 -1,799 -940 -688 -1,124
Repurchase of Common Equity		 -1.84 -2.82 -4.53 -13 -3.43
Payment of Dividends		 -152 -176 -245 -274 -303
Other Financing Activities, Net		 -0.30 -0.21 -2.43 -6.13 -2.55
Cash Interest Paid		 58 51 52 67 78
Cash Income Taxes Paid		 2.46 3.76 7.38 5.27 5.25

Quarterly Cash Flow Statements for Hercules Capital

This table details how cash moves in and out of Hercules Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 -53 -40 53 - -37 79 -56 - 5.10 72 -62
Net Cash From Operating Activities		 -53 -65 -81 - -115 131 -241 - 93 -29 -222
Net Cash From Continuing Operating Activities		 -53 -65 -81 - -115 131 -241 - 93 -29 -222
Net Income / (Loss) Continuing Operations		 53 63 95 - 28 120 91 - 69 61 50
Consolidated Net Income / (Loss)		 53 63 95 - 28 120 91 - 69 61 50
Depreciation Expense		 0.05 -87 0.04 - 6.34 0.02 0.19 - 45 -14 26
Amortization Expense		 12 -0.30 0.09 - -0.38 0.16 0.86 - 0.53 0.25 0.73
Non-Cash Adjustments to Reconcile Net Income		 -112 -48 -165 - -149 32 -326 - -30 -78 -280
Changes in Operating Assets and Liabilities, net		 -7.18 7.87 -11 - 0.17 -22 -6.91 - 7.90 0.61 -19
Net Cash From Investing Activities		 -0.01 -0.03 -0.09 - -0.01 -0.50 -0.29 - -0.03 -0.01 -0.01
Net Cash From Continuing Investing Activities		 -0.01 -0.03 -0.09 - -0.01 -0.50 -0.29 - -0.03 -0.01 -0.01
Purchase of Investment Securities		 -0.01 -0.03 -0.09 - -0.01 -0.50 -0.29 - -0.03 -0.01 -0.01
Net Cash From Financing Activities		 -0.08 25 134 - 79 -52 185 - -87 102 160
Net Cash From Continuing Financing Activities		 -0.08 25 134 - 79 -52 185 - -87 102 160
Issuance of Debt		 45 105 225 - 153 126 403 - 283 393 569
Issuance of Common Equity		 43 40 66 - 111 101 67 - - 154 40
Repayment of Debt		 -24 -53 -91 - -110 -205 -207 - -294 -365 -366
Repurchase of Common Equity		 -0.57 0.21 -1.38 - -0.51 -0.58 -2.70 - -1.09 -1.04 -3.47
Payment of Dividends		 -63 -66 -64 - -71 -72 -74 - -75 -78 -79
Other Financing Activities, Net		 -0.44 -0.38 -0.83 - -3.72 -0.83 -0.87 - -0.09 -1.56 -0.74
Cash Interest Paid		 22 7.69 24 - 24 9.74 24 - 29 14 26
Cash Income Taxes Paid		 0.06 0.04 4.76 - 0.05 0.06 4.90 - 0.03 0.07 6.03

Annual Balance Sheets for Hercules Capital

This table presents Hercules Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 4,826 3,029 3,417 3,832
Cash and Due from Banks		 - 16 98 43
Restricted Cash		 - 10 17 3.30
Trading Account Securities		 - 2,964 3,248 3,660
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Other Assets		 4,826 39 49 126
Total Liabilities & Shareholders' Equity		 -1,211 3,029 3,417 3,832
Total Liabilities		 -1,211 1,627 1,614 1,842
Long-Term Debt		 -2,282 1,574 1,555 1,769
Other Long-Term Liabilities		 1,071 53 54 73
Commitments & Contingencies		 - - 0.00 0.00
Total Equity & Noncontrolling Interests		 0.00 1,401 1,803 1,990
Total Preferred & Common Equity		 0.00 1,401 1,803 1,990
Total Common Equity		 0.00 1,401 1,803 1,990
Common Stock		 - 1,342 1,663 1,901
Retained Earnings		 - 60 140 89

Quarterly Balance Sheets for Hercules Capital

This table presents Hercules Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 2,925 3,252 3,225 3,336 3,696 3,672 3,656 4,031
Cash and Due from Banks		 57 71 62 32 50 28 39 51
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 2,867 43 38 38 64 65 3,617 3,980
Total Liabilities & Shareholders' Equity		 2,925 3,252 3,225 3,336 3,696 3,672 3,656 4,031
Total Liabilities		 1,562 1,753 1,639 1,684 1,810 1,816 1,805 2,031
Long-Term Debt		 1,521 1,714 1,589 1,633 1,752 1,747 1,739 1,977
Other Long-Term Liabilities		 41 4.97 3.89 52 58 68 65 54
Total Equity & Noncontrolling Interests		 1,363 1,409 1,586 1,652 1,886 1,857 1,852 2,001
Total Preferred & Common Equity		 1,288 1,409 1,586 1,652 1,886 1,857 1,852 2,001
Total Common Equity		 1,288 1,409 1,586 1,652 1,886 1,857 1,852 2,001
Common Stock		 1,288 1,409 1,468 1,580 1,731 1,738 1,742 1,943
Retained Earnings		 - - 117 73 155 119 110 58

Annual Metrics And Ratios for Hercules Capital

This table displays calculated financial ratios and metrics derived from Hercules Capital's official financial filings.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - -
Revenue Growth		 0.00% -31.55% 45.75% 53.22% 2.73%
EBITDA Growth		 0.00% 7.13% 119.14% 60.71% 7.72%
EBIT Growth		 0.00% -44.90% 118.78% 61.10% 2.19%
NOPAT Growth		 0.00% -52.28% 152.62% 61.10% 2.19%
Net Income Growth		 0.00% -60.46% 117.54% 61.10% 2.19%
EPS Growth		 0.00% -25.87% -46.98% 192.41% -30.30%
Operating Cash Flow Growth		 0.00% -38.10% -430.27% 116.07% -272.95%
Free Cash Flow Firm Growth		 0.00% 0.00% 75.51% 357.05% -90.18%
Invested Capital Growth		 0.00% 0.00% 33.60% -33.07% 11.94%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -46.28% 22.59%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -45.66% 51.89%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -49.60% 51.96%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -49.78% 62.34%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -49.65% 49.34%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 13.79% -20.30%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -63.42% 153.54% -380.94%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -42.02%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00%
Profitability Metrics		 - - - - -
EBITDA Margin		 36.97% 57.86% 85.70% 89.88% 94.26%
EBIT Margin		 70.72% 56.93% 85.45% 89.85% 89.38%
Profit (Net Income) Margin		 99.12% 57.26% 85.45% 89.85% 89.38%
Tax Burden Percent		 100.00% 116.13% 100.00% 100.00% 100.00%
Interest Burden Percent		 140.16% 86.60% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 7.99% 8.64% 14.58% 17.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 9.28% 8.64% 14.58% 17.53%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 53.14% 15.36%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 67.71% 32.89%
Cash Return on Invested Capital (CROIC)		 0.00% -192.01% -20.13% 54.20% 6.26%
Operating Return on Assets (OROA)		 0.00% 3.59% 7.02% 13.00% 17.21%
Return on Assets (ROA)		 0.00% 3.61% 7.02% 13.00% 17.21%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 67.71% 32.89%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 33.86% 31.35%
Net Operating Profit after Tax (NOPAT)		 314 150 379 610 624
NOPAT Margin		 70.72% 49.30% 85.45% 89.85% 89.38%
Net Nonoperating Expense Percent (NNEP)		 0.00% -1.29% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 9.01% 16.08% 9.89% 7.40% 7.77%
Operating Expenses to Revenue		 29.28% 43.07% 14.55% 10.15% 10.62%
Earnings before Interest and Taxes (EBIT)		 314 173 379 610 624
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 164 176 380 611 658
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.26 1.64
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.26 1.64
Price to Revenue (P/Rev)		 0.00 0.00 3.10 3.35 4.68
Price to Earnings (P/E)		 0.00 0.00 3.63 3.73 5.23
Dividend Yield		 13.48% 11.30% 12.98% 8.43% 7.57%
Earnings Yield		 0.00% 0.00% 27.58% 26.79% 19.11%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.11 1.33
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 5.47 7.15
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 6.09 7.58
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 6.09 8.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 6.09 8.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 54.45 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 1.64 22.39
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.00 0.00 0.86 0.89
Long-Term Debt to Equity		 0.00 0.00 0.00 0.86 0.89
Financial Leverage		 0.00 0.00 0.00 3.65 0.88
Leverage Ratio		 0.00 0.00 0.00 5.21 1.91
Compound Leverage Factor		 0.00 0.00 0.00 5.21 1.91
Debt to Total Capital		 0.00% 100.00% 100.00% 46.31% 47.07%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 100.00% 100.00% 46.31% 47.07%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 53.69% 52.94%
Debt to EBITDA		 0.00 -12.96 -7.87 2.55 2.69
Net Debt to EBITDA		 0.00 -12.96 -7.87 2.36 2.62
Long-Term Debt to EBITDA		 0.00 -12.96 -7.87 2.55 2.69
Debt to NOPAT		 0.00 -15.21 -7.89 2.55 2.84
Net Debt to NOPAT		 0.00 -15.21 -7.89 2.36 2.76
Long-Term Debt to NOPAT		 0.00 -15.21 -7.89 2.55 2.84
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -3,605 -883 2,269 223
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -16.12 33.56 2.89
Operating Cash Flow to Interest Expense		 0.00 0.00 -7.76 1.01 -1.53
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -7.76 1.01 -1.53
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.06 0.08 0.14 0.19
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 3,755 5,017 3,358 3,759
Invested Capital Turnover		 0.00 0.16 0.10 0.16 0.20
Increase / (Decrease) in Invested Capital		 0.00 3,755 1,262 -1,659 401
Enterprise Value (EV)		 0.00 0.00 -1,616 3,718 4,987
Market Capitalization		 0.00 0.00 1,373 2,278 3,264
Book Value per Share		 $0.00 $0.00 $0.00 $11.93 $12.25
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $11.93 $12.25
Total Capital		 0.00 -2,282 -2,990 3,358 3,759
Total Debt		 0.00 -2,282 -2,990 1,555 1,769
Total Long-Term Debt		 0.00 -2,282 -2,990 1,555 1,769
Net Debt		 0.00 -2,282 -2,990 1,440 1,723
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -126 -24 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 3,755 5,017 1,555 1,769
Total Depreciation and Amortization (D&A)		 -150 2.84 1.07 0.23 34
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.80 $2.32 $1.61
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 125.19M 144.09M 161.08M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.79 $2.31 $1.61
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 126.66M 144.83M 161.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 136.48M 158.38M 173.15M
Normalized Net Operating Profit after Tax (NOPAT)		 262 143 268 427 437
Normalized NOPAT Margin		 58.89% 47.04% 60.40% 62.89% 62.59%
Pre Tax Income Margin		 99.12% 49.30% 85.45% 89.85% 89.38%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 0.00 6.92 9.03 8.08
NOPAT to Interest Expense		 0.00 0.00 6.92 9.03 8.08
EBIT Less CapEx to Interest Expense		 0.00 0.00 6.92 9.03 8.08
NOPAT Less CapEx to Interest Expense		 0.00 0.00 6.92 9.03 8.08
Payout Ratios		 - - - - -
Dividend Payout Ratio		 34.60% 100.77% 64.70% 44.84% 48.66%
Augmented Payout Ratio		 35.02% 102.39% 65.90% 46.92% 49.21%

Quarterly Metrics And Ratios for Hercules Capital

This table displays calculated financial ratios and metrics derived from Hercules Capital's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -34.18% 0.00% 341.43% 199.36% 219.88% -191.08% 0.00% 5.70% 7.86% -48.12% 35.23%
EBITDA Growth		 -26.52% 0.00% 6,338.95% 1,889.09% 285.33% -346.70% 17.58% 5.65% 23.65% -54.92% 107.16%
EBIT Growth		 -42.11% 0.00% 17,799.55% 3,190.59% 378.20% -199.87% 17.65% 5.74% 8.96% -45.56% 79.42%
NOPAT Growth		 -48.52% 0.00% 17,799.55% 4,515.12% 437.73% -167.86% 17.65% 5.74% 8.96% -45.56% 79.42%
Net Income Growth		 -43.42% 0.00% 17,799.55% 2,607.39% 389.20% -199.04% 0.00% 5.74% 8.96% -45.56% 79.42%
EPS Growth		 105.00% 0.00% 2,366.67% 833.33% -53.66% 56.00% 0.00% -62.12% 121.05% -52.56% -49.12%
Operating Cash Flow Growth		 0.00% -164.96% 57.12% 213.17% -116.96% 301.60% 0.00% 0.00% 180.23% -122.34% 7.76%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 95.04% 0.00% -1,511.64% 94.65% 83.89% -135.36% 45.83%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 13.90% -33.07% 0.00% 13.53% 9.32% 11.94% 9.33%
Revenue Q/Q Growth		 -5.82% 67.13% 76.39% 0.00% 0.63% -147.59% 327.35% -2.92% 2.69% -165.35% 189.38%
EBITDA Q/Q Growth		 577.32% -14.13% 301.21% 8.80% 2.81% -156.30% 291.22% -2.25% 20.33% -168.88% 180.75%
EBIT Q/Q Growth		 750.16% 169.60% 62.12% 8.76% 0.60% -156.30% 290.99% -2.25% 3.66% -175.22% 173.46%
NOPAT Q/Q Growth		 925.98% 212.30% 57.38% 8.76% 0.60% -139.41% 372.84% -2.25% 3.66% -152.65% 204.94%
Net Income Q/Q Growth		 615.62% 178.10% 60.78% 0.00% 0.60% -156.30% 290.99% -2.25% 3.66% -175.22% 173.46%
EPS Q/Q Growth		 555.56% 21.95% 36.00% 0.00% -71.21% 310.53% -26.92% -56.14% 68.00% -11.90% -21.62%
Operating Cash Flow Q/Q Growth		 54.97% -22.09% -24.58% 0.00% 0.00% 213.45% 0.00% 0.00% 0.00% -131.60% -659.80%
Free Cash Flow Firm Q/Q Growth		 0.00% -100.00% 0.00% -1,325.55% 95.18% 498.02% -315.76% 95.36% 85.48% -294.04% 66.81%
Invested Capital Q/Q Growth		 0.00% 0.00% -35.94% 0.00% 3.49% 0.00% 8.35% -0.94% -0.35% 0.00% 5.82%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 79.37% 40.78% 92.75% 93.58% 95.60% 0.00% 92.90% 93.54% 109.61% 0.00% 104.36%
EBIT Margin		 62.52% 100.86% 92.70% 93.50% 93.47% 0.00% 92.90% 93.54% 94.42% 0.00% 89.32%
Profit (Net Income) Margin		 61.12% 101.70% 92.70% 93.50% 93.47% 0.00% 92.90% 93.54% 94.42% 0.00% 89.32%
Tax Burden Percent		 106.40% 97.88% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 91.87% 103.01% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 3.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 9.18% 37.03% 0.00% 30.83% 0.00% 0.00% 0.00% 20.92% 0.00% 17.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 9.12% 37.03% 0.00% 30.83% 0.00% 0.00% 0.00% 20.92% 0.00% 17.44%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 47.40% 0.00% 32.26% 0.00% 0.00% 0.00% 20.13% 0.00% 16.73%
Return on Equity (ROE)		 0.00% 0.00% 84.43% 0.00% 63.09% 0.00% 0.00% 0.00% 41.04% 0.00% 34.17%
Cash Return on Invested Capital (CROIC)		 0.00% -17.60% 0.00% 0.00% 0.00% 54.20% -200.00% -12.68% 11.18% 6.26% 9.29%
Operating Return on Assets (OROA)		 0.00% 8.28% 18.30% 0.00% 30.38% 0.00% 0.00% 0.00% 20.57% 0.00% 17.19%
Return on Assets (ROA)		 0.00% 8.35% 18.30% 0.00% 30.38% 0.00% 0.00% 0.00% 20.57% 0.00% 17.19%
Return on Common Equity (ROCE)		 0.00% 0.00% 84.43% 0.00% 61.54% 0.00% 0.00% 0.00% 41.04% 0.00% 34.17%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 43.67% 0.00% 66.07% 0.00% 0.00% 0.00% 37.29% 0.00% 34.64%
Net Operating Profit after Tax (NOPAT)		 48 151 238 259 260 -103 280 274 284 -149 157
NOPAT Margin		 55.60% 103.90% 92.70% 93.50% 93.47% 0.00% 92.90% 93.54% 94.42% 0.00% 89.32%
Net Nonoperating Expense Percent (NNEP)		 -2.71% 0.06% 0.00% 0.00% 0.00% 1.34% 0.00% 0.00% 0.00% 3.85% 0.00%
SG&A Expenses to Revenue		 15.44% 4.53% 5.70% 4.64% 4.89% 0.00% 5.43% 4.93% 4.05% 0.00% 7.93%
Operating Expenses to Revenue		 37.48% -0.86% 7.30% 6.50% 6.53% 0.00% 7.10% 6.46% 5.58% 0.00% 10.68%
Earnings before Interest and Taxes (EBIT)		 54 147 238 259 260 -147 280 274 284 -213 157
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 69 59 238 259 266 -146 280 274 329 -227 183
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 1.00 1.11 1.23 1.26 1.41 1.62 1.64 1.64 1.66
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.00 1.11 1.23 1.26 1.41 1.62 1.64 1.64 1.66
Price to Revenue (P/Rev)		 0.00 3.10 2.21 0.00 2.00 3.35 0.00 0.00 4.00 4.68 4.47
Price to Earnings (P/E)		 0.00 3.63 2.30 0.00 1.87 3.73 0.00 0.00 4.41 5.23 4.82
Dividend Yield		 15.35% 12.98% 10.80% 9.56% 8.73% 8.43% 7.59% 7.15% 7.68% 7.57% 9.94%
Earnings Yield		 0.00% 27.58% 43.48% 0.00% 53.56% 26.79% 0.00% 0.00% 22.69% 19.11% 20.73%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.95 1.03 1.11 1.11 1.19 1.31 1.32 1.33 1.32
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.75 0.00 3.57 5.47 0.00 0.00 6.23 7.15 7.06
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 4.91 0.00 3.32 6.09 0.00 0.00 6.48 7.58 6.98
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 4.96 0.00 3.34 6.09 0.00 0.00 6.87 8.00 7.58
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 4.96 0.00 3.32 6.09 0.00 0.00 6.87 8.00 7.58
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 54.45 0.00 0.00 112.85 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 1.64 0.00 0.00 12.34 22.39 14.85
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.12 0.00 1.22 1.00 0.99 0.86 0.93 0.94 0.94 0.89 0.99
Long-Term Debt to Equity		 1.12 0.00 1.22 1.00 0.99 0.86 0.93 0.94 0.94 0.89 0.99
Financial Leverage		 0.14 0.00 1.28 1.00 1.05 3.65 0.53 0.97 0.96 0.88 0.96
Leverage Ratio		 1.16 0.00 2.31 2.03 2.08 5.21 2.11 2.00 2.00 1.91 1.99
Compound Leverage Factor		 1.06 0.00 2.31 2.03 2.08 5.21 2.11 2.00 2.00 1.91 1.99
Debt to Total Capital		 52.75% 100.00% 54.88% 50.05% 49.71% 46.31% 48.16% 48.48% 48.43% 47.07% 49.70%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 52.75% 100.00% 54.88% 50.05% 49.71% 46.31% 48.16% 48.48% 48.43% 47.07% 49.70%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 2.57% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 44.68% 0.00% 45.12% 49.95% 50.29% 53.69% 51.84% 51.52% 51.57% 52.94% 50.30%
Debt to EBITDA		 0.00 -7.87 2.76 -21.95 1.49 2.55 -63.71 0.00 2.38 2.69 2.63
Net Debt to EBITDA		 0.00 -7.87 2.63 -20.93 1.46 2.36 -61.52 0.00 2.32 2.62 2.56
Long-Term Debt to EBITDA		 0.00 -7.87 2.76 -21.95 1.49 2.55 -63.71 0.00 2.38 2.69 2.63
Debt to NOPAT		 0.00 -7.89 2.79 0.00 1.49 2.55 0.00 0.00 2.52 2.84 2.85
Net Debt to NOPAT		 0.00 -7.89 2.66 0.00 1.46 2.36 0.00 0.00 2.46 2.76 2.78
Long-Term Debt to NOPAT		 0.00 -7.89 2.79 0.00 1.49 2.55 0.00 0.00 2.52 2.84 2.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 2.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,836 0.00 -2,976 -2,915 -141 1,556 -3,358 -156 -23 -550 -183
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -178.98 -169.66 -8.56 89.54 -190.54 -8.14 -1.11 -27.52 -9.27
Operating Cash Flow to Interest Expense		 0.00 -2.14 -4.86 7.78 -7.02 7.53 0.00 0.00 4.54 -1.46 -11.28
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -2.14 -4.86 7.78 -7.02 7.53 0.00 0.00 4.54 -1.46 -11.28
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.08 0.20 0.00 0.33 0.14 0.00 0.00 0.22 0.19 0.19
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,884 5,017 3,213 3,174 3,285 3,358 3,638 3,604 3,591 3,759 3,977
Invested Capital Turnover		 0.00 0.09 0.40 0.00 0.33 0.16 0.00 0.00 0.22 0.20 0.20
Increase / (Decrease) in Invested Capital		 2,884 0.00 3,213 3,174 401 -1,659 3,638 430 306 401 339
Enterprise Value (EV)		 0.00 -1,616 3,051 3,272 3,632 3,718 4,343 4,719 4,744 4,987 5,252
Market Capitalization		 0.00 1,373 1,415 1,758 2,037 2,278 2,651 3,011 3,043 3,264 3,326
Book Value per Share		 $10.11 $0.00 $10.33 $11.13 $11.42 $11.93 $11.91 $11.55 $11.40 $12.25 $11.55
Tangible Book Value per Share		 $10.11 $0.00 $10.33 $11.13 $11.42 $11.93 $11.91 $11.55 $11.40 $12.25 $11.55
Total Capital		 2,884 -2,990 3,124 3,174 3,285 3,358 3,638 3,604 3,591 3,759 3,977
Total Debt		 1,521 -2,990 1,714 1,589 1,633 1,555 1,752 1,747 1,739 1,769 1,977
Total Long-Term Debt		 1,521 -2,990 1,714 1,589 1,633 1,555 1,752 1,747 1,739 1,769 1,977
Net Debt		 1,464 -2,990 1,636 1,515 1,596 1,440 1,692 1,708 1,700 1,723 1,925
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -4.80 3.20 0.00 0.00 0.00 44 0.00 0.00 0.00 64 0.00
Net Nonoperating Obligations (NNO)		 1,521 5,017 1,804 1,589 1,633 1,555 1,752 1,747 1,739 1,769 1,977
Total Depreciation and Amortization (D&A)		 15 -87 0.13 0.24 5.96 0.18 0.00 0.00 46 -13 26
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.41 $0.51 $0.69 $0.66 $0.19 $0.78 $0.57 $0.26 $0.42 $0.36 $0.29
Adjusted Weighted Average Basic Shares Outstanding		 127.48M 125.19M 135.25M 141.39M 146.90M 144.09M 157.45M 160.75M 161.02M 161.08M 171.49M
Adjusted Diluted Earnings per Share		 $0.41 $0.50 $0.68 $0.66 $0.19 $0.78 $0.57 $0.25 $0.42 $0.37 $0.29
Adjusted Weighted Average Diluted Shares Outstanding		 129.33M 126.66M 137.06M 142.08M 147.11M 144.83M 157.92M 161.31M 161.52M 161.60M 175.38M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 130.15M 136.48M 142.43M 144.60M 151.14M 158.38M 162.18M 162.38M 162.45M 173.15M 175.43M
Normalized Net Operating Profit after Tax (NOPAT)		 62 106 167 181 182 -103 196 192 199 -149 110
Normalized NOPAT Margin		 71.72% 72.73% 64.89% 65.45% 65.43% 0.00% 65.03% 65.48% 66.09% 0.00% 62.53%
Pre Tax Income Margin		 57.44% 103.90% 92.70% 93.50% 93.47% 0.00% 92.90% 93.54% 94.42% 0.00% 89.32%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 4.83 14.31 15.06 15.84 -8.43 15.88 14.28 13.92 -10.67 7.95
NOPAT to Interest Expense		 0.00 4.97 14.31 15.06 15.84 -5.90 15.88 14.28 13.92 -7.47 7.95
EBIT Less CapEx to Interest Expense		 0.00 4.83 14.31 15.06 15.84 -8.43 15.88 14.28 13.92 -10.67 7.95
NOPAT Less CapEx to Interest Expense		 0.00 4.97 14.31 15.06 15.84 -5.90 15.88 14.28 13.92 -7.47 7.95
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 64.70% 40.96% 0.00% 24.55% 44.84% 0.00% 0.00% 43.09% 48.66% 44.45%
Augmented Payout Ratio		 0.00% 65.90% 41.39% 0.00% 25.64% 46.92% 0.00% 0.00% 43.52% 49.21% 45.06%

Key Financial Trends

Hercules Capital (NYSE:HTGC) has demonstrated notable financial trends across its quarterly statements from Q3 2022 through Q1 2025.

  • The company showed substantial net income growth over the last several quarters, with Q1 2025 net income reaching $156.7 million compared to prior negative quarters in late 2024, indicating a strong recovery and improved profitability.
  • Total interest income increased significantly to $119.2 million in Q1 2025, up from $23.3 million in Q4 2022, highlighting expansion in revenue-generating activities.
  • Net interest income was positive $99.5 million in Q1 2025, reversing negative values seen in Q4 2024 (-$244.1 million), which suggests favorable shifts in interest spreads or portfolio performance.
  • Net realized and unrealized capital gains on investments remained robust, with $75.9 million in Q1 2025, supporting substantial non-interest income streams.
  • Total common equity grew from $1.41 billion in Q1 2023 to approximately $2.0 billion by Q1 2025, signifying solid equity base growth and potential capacity for future investments or lending.
  • Cash and equivalents increased to $51.2 million by Q1 2025, up from $27.7 million in Q2 2024, improving liquidity.
  • Long-term debt levels rose from approximately $1.52 billion in Q3 2022 to nearly $2.0 billion in Q1 2025, which could imply increased leverage; however, this needs to be assessed in context of asset growth and earnings.
  • Operating cash flow was negative $222 million in Q1 2025, reflecting cash usage despite strong earnings, likely due to changes in portfolio or working capital.
  • Hercules experienced a substantial loss in Q4 2024 with net income of -$213.3 million, indicating volatility or impairment challenges that investors should be aware of.
  • The company paid increasing dividends, reaching approximately $78.9 million in Q1 2025, which may pressure cash flows if not supported by consistent earnings and operating cash generation.

Summary: Hercules Capital has rebounded strongly in early 2025 after a difficult Q4 2024, showing improved profitability and capital base expansion. Despite increased leverage and some operating cash flow challenges, the company’s growth in net interest income and capital gains supports an optimistic outlook. Investors should monitor continued stabilization of earnings and cash flow to sustain the recovery trajectory.

09/15/25 02:59 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Hercules Capital's Financials

When does Hercules Capital's fiscal year end?

According to the most recent income statement we have on file, Hercules Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Hercules Capital's net income changed over the last 4 years?

Hercules Capital's net income appears to be on an upward trend, with a most recent value of $623.72 million in 2024, rising from $440.51 million in 2020. The previous period was $610.33 million in 2023. View Hercules Capital's forecast to see where analysts expect Hercules Capital to go next.

How has Hercules Capital's revenue changed over the last 4 years?

Over the last 4 years, Hercules Capital's total revenue changed from $444.40 million in 2020 to $697.79 million in 2024, a change of 57.0%.

How much debt does Hercules Capital have?

Hercules Capital's total liabilities were at $1.84 billion at the end of 2024, a 14.1% increase from 2023, and a 252.1% decrease since 2021.

How much cash does Hercules Capital have?

In the past 3 years, Hercules Capital's cash and equivalents has ranged from $0.00 in 2021 to $98.10 million in 2023, and is currently $42.68 million as of their latest financial filing in 2024.

How has Hercules Capital's book value per share changed over the last 4 years?

Over the last 4 years, Hercules Capital's book value per share changed from 0.00 in 2020 to 12.25 in 2024, a change of 1,224.7%.


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This page (NYSE:HTGC) was last updated on 9/15/2025 by MarketBeat.com Staff
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