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Hercules Capital (HTGC) Financials

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$17.12 +0.44 (+2.61%)
As of 12:35 PM Eastern
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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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 227 174 379 330 624 340
Consolidated Net Income / (Loss)		 441 174 379 337 624 340
Net Income / (Loss) Continuing Operations		 441 173 379 330 624 341
Total Pre-Tax Income 		441 150 379 304 624 347
Total Revenue		 444 304 443 487 698 430
Net Interest Income / (Expense)		 263 281 253 461 403 -92
Total Interest Income		 263 281 307 461 481 0.00
Total Interest Expense		 0.00 0.00 55 0.00 77 92
Long-Term Debt Interest Expense		 - - 55 - 77 92
Total Non-Interest Income		 181 23 191 26 294 522
Other Non-Interest Income		 - - - - - 522
Total Non-Interest Expense		 130 131 64 157 74 83
Salaries and Employee Benefits		 40 49 44 64 54 63
Other Operating Expenses		 30 28 17 26 20 19
Other Special Charges		 60 54 3.69 68 0.17 0.18
Income Tax Expense		 - - - - - 5.81
Basic Earnings per Share		 $2.02 $1.50 $0.80 $2.32 $1.61 $1.90
Weighted Average Basic Shares Outstanding		 111.99M 114.74M 125.19M 144.09M 161.08M 177.39M
Diluted Earnings per Share		 $2.01 $1.49 $0.79 $2.31 $1.61 $1.85
Weighted Average Diluted Shares Outstanding		 112.27M 115.96M 126.66M 144.83M 161.60M 188.86M
Weighted Average Basic & Diluted Shares Outstanding		 - - 136.48M 158.38M 173.15M 183.70M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -147 91 160 168 -213 50 79 176 -112 57 130
Consolidated Net Income / (Loss)		 -147 87 160 168 -213 76 53 176 -112 43 162
Net Income / (Loss) Continuing Operations		 -147 87 160 168 -213 76 53 176 -111 57 162
Total Pre-Tax Income 		-147 87 160 168 -213 76 53 176 -105 57 162
Total Revenue		 -133 130 178 185 -196 118 151 197 -84 219 276
Net Interest Income / (Expense)		 -221 116 102 102 -244 116 130 110 -412 112 138
Total Interest Income		 -204 116 121 123 -224 116 130 135 -387 140 138
Investment Securities Interest Income		 - 116 - - - 116 130 - - - 138
Total Interest Expense		 17 0.00 19 20 20 0.00 0.00 24 25 28 0.00
Total Non-Interest Income		 89 14 77 83 48 2.38 21 87 328 107 138
Net Realized & Unrealized Capital Gains on Investments		 89 8.17 77 83 48 -1.56 21 87 - -48 138
Total Non-Interest Expense		 14 42 19 17 17 42 98 21 21 159 114
Salaries and Employee Benefits		 9.20 19 14 12 11 18 20 17 16 43 22
Other Operating Expenses		 4.83 5.29 4.48 4.60 5.54 4.84 55 4.48 4.64 116 64
Other Special Charges		 - 18 0.00 0.00 - 20 23 0.08 0.06 - 28
Basic Earnings per Share		 $0.78 $0.57 $0.26 $0.42 $0.36 $0.29 $0.44 $0.66 $0.51 $0.23 $0.70
Weighted Average Basic Shares Outstanding		 144.09M 157.45M 160.75M 161.02M 161.08M 171.49M 176.81M 180.36M 177.39M 182.76M 185.52M
Diluted Earnings per Share		 $0.78 $0.57 $0.25 $0.42 $0.37 $0.29 $0.43 $0.63 $0.50 $0.23 $0.67
Weighted Average Diluted Shares Outstanding		 144.83M 157.92M 161.31M 161.52M 161.60M 175.38M 190.78M 194.36M 188.86M 196.82M 199.58M
Weighted Average Basic & Diluted Shares Outstanding		 158.38M 162.18M 162.38M 162.45M 173.15M 175.43M 181.68M 181.72M 183.70M 187.12M 187.16M

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 123 -101 -110 90 0.41 -57
Net Cash From Operating Activities		 208 129 -425 68 -118 -426
Net Cash From Continuing Operating Activities		 208 129 -425 68 -118 -426
Net Income / (Loss) Continuing Operations		 227 174 102 337 263 340
Consolidated Net Income / (Loss)		 227 174 102 337 263 340
Depreciation Expense		 -126 0.32 0.20 -25 0.47 -38
Amortization Expense		 -24 2.53 0.87 0.04 2.32 2.33
Non-Cash Adjustments to Reconcile Net Income		 125 -62 -512 -1,230 -1,355 -1,583
Changes in Operating Assets and Liabilities, net		 5.74 13 -16 985 971 854
Net Cash From Investing Activities		 -0.14 -0.11 -0.11 -0.89 -0.71 -0.09
Net Cash From Continuing Investing Activities		 -0.14 -0.11 -0.11 -0.89 -0.71 -0.09
Purchase of Investment Securities		 -0.14 -0.11 -0.11 -0.89 -0.71 -0.09
Net Cash From Financing Activities		 -85 -230 315 23 119 369
Net Cash From Continuing Financing Activities		 -85 -230 315 23 119 369
Issuance of Debt		 824 1,737 1,274 659 1,332 1,996
Issuance of Common Equity		 77 11 232 344 221 207
Repayment of Debt		 -832 -1,799 -940 -688 -1,124 -1,499
Repurchase of Common Equity		 -1.84 -2.82 -4.53 -13 -3.43 -6.49
Payment of Dividends		 -152 -176 -245 -274 -303 -326
Other Financing Activities, Net		 -0.30 -0.21 -2.43 -6.13 -2.55 -2.36
Cash Interest Paid		 58 51 52 67 78 83
Cash Income Taxes Paid		 2.46 3.76 7.38 5.27 5.25 6.41

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 79 -56 - 5.10 72 -62 -1.03 -2.81 8.96 -15 5.50
Net Cash From Operating Activities		 131 -241 - 93 -29 -222 -145 -3.17 -56 -231 298
Net Cash From Continuing Operating Activities		 131 -241 - 93 -29 -222 -145 -3.17 -56 -231 298
Net Income / (Loss) Continuing Operations		 120 91 - 69 61 50 79 120 91 43 130
Consolidated Net Income / (Loss)		 120 91 - 69 61 50 79 120 91 43 130
Depreciation Expense		 0.02 0.19 - 45 -14 0.09 -48 -33 16 45 -45
Amortization Expense		 0.16 0.86 - 0.53 0.25 0.80 -0.42 0.52 1.50 0.72 0.74
Non-Cash Adjustments to Reconcile Net Income		 32 -326 - -30 -78 -399 -605 -355 -343 -522 -428
Changes in Operating Assets and Liabilities, net		 -22 -6.91 - 7.90 0.61 126 430 265 178 203 640
Net Cash From Financing Activities		 -52 185 - -87 102 160 144 0.40 65 216 -292
Net Cash From Continuing Financing Activities		 -52 185 - -87 102 160 144 0.40 65 216 -292
Issuance of Debt		 126 403 - 283 393 569 932 163 332 730 349
Repayment of Debt		 -205 -207 - -294 -365 -366 -856 -78 -199 -478 -555
Repurchase of Common Equity		 -0.58 -2.70 - -1.09 -1.04 -3.47 -1.03 -0.97 -1.02 -3.37 -0.82
Payment of Dividends		 -72 -74 - -75 -78 -79 -81 -84 -83 -84 -86
Other Financing Activities, Net		 -0.83 -0.87 - -0.09 -1.56 -0.74 -1.32 -0.01 -0.29 -0.86 -0.01
Cash Interest Paid		 9.74 24 - 29 14 26 11 30 17 32 18
Cash Income Taxes Paid		 0.06 4.90 - 0.03 0.07 6.03 0.26 0.06 0.06 5.49 0.20

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,826 3,029 3,417 3,832 4,584
Cash and Due from Banks		 - 16 98 43 57
Restricted Cash		 - 10 17 3.30 2.47
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00
Other Assets		 4,826 39 49 3,786 4,525
Total Liabilities & Shareholders' Equity		 -1,211 3,029 3,417 3,832 4,584
Total Liabilities		 -1,211 1,627 1,614 1,842 2,368
Long-Term Debt		 -2,282 1,574 1,555 1,769 2,286
Other Long-Term Liabilities		 1,071 53 54 73 82
Total Equity & Noncontrolling Interests		 0.00 1,401 1,803 1,990 2,216
Total Preferred & Common Equity		 0.00 1,401 1,803 1,990 2,216
Total Common Equity		 0.00 1,401 1,803 1,990 2,216
Common Stock		 - 1,342 1,663 1,901 2,115
Retained Earnings		 - 60 140 89 101

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 3,252 3,225 3,336 3,696 3,672 3,656 4,031 4,284 4,410 4,826 4,688
Cash and Due from Banks		 71 62 32 50 28 39 51 52 29 42 48
Restricted Cash		 7.82 12 5.25 10 11 - - - 21 2.56 2.25
Trading Account Securities		 3,135 3,118 3,261 3,572 3,569 - - - 4,326 4,742 4,604
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 43 38 38 64 65 3,617 3,980 4,232 54 60 54
Total Liabilities & Shareholders' Equity		 3,252 3,225 3,336 3,696 3,672 3,656 4,031 4,284 4,410 4,826 4,688
Total Liabilities		 1,753 1,639 1,684 1,810 1,816 1,805 2,031 2,133 2,220 2,599 2,414
Other Short-Term Payables		 33 47 - - - - - - 53 45 64
Long-Term Debt		 1,714 1,589 1,633 1,752 1,747 1,739 1,977 2,064 2,151 2,539 2,335
Other Long-Term Liabilities		 4.97 3.89 52 58 68 65 54 69 17 15 15
Total Equity & Noncontrolling Interests		 1,409 1,586 1,652 1,886 1,857 1,852 2,001 2,151 2,190 2,227 2,274
Total Preferred & Common Equity		 1,409 1,586 1,652 1,886 1,857 1,852 2,001 2,151 2,190 2,227 2,274
Total Common Equity		 1,409 1,586 1,652 1,886 1,857 1,852 2,001 2,151 2,190 2,227 2,274
Common Stock		 1,409 1,468 1,580 1,731 1,738 1,742 1,943 2,097 2,102 2,170 2,175
Retained Earnings		 - 117 73 155 119 110 58 54 88 57 99

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 181,718,075.00
DEI Adjusted Shares Outstanding		 - - - - - 181,718,075.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 1.87
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.80 $2.32 $1.61 $1.90
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 125.19M 144.09M 161.08M 177.39M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.79 $2.31 $1.61 $1.85
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 126.66M 144.83M 161.60M 188.86M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 183.70M
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Hercules Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 181,718,075.00 183,695,437.00 187,118,590.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 181,718,075.00 183,695,437.00 187,118,590.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.62 0.23 0.87
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -191.08% 0.00% 5.70% 7.86% -48.12% 35.23% -20.89% 6.70% - 85.48% 82.95%
EBITDA Growth		 -346.70% 17.58% 5.65% 23.65% -54.92% 107.16% -55.57% -32.75% - 37.29% 123.61%
EBIT Growth		 -199.87% 17.65% 5.74% 8.96% -45.56% 79.42% -25.18% 4.78% - -21.45% 207.35%
NOPAT Growth		 -167.86% 17.65% 5.74% 8.96% -45.56% 79.42% -25.18% 4.78% - -21.45% 207.35%
Net Income Growth		 -199.04% 0.00% 5.74% 8.96% -45.56% 79.42% -25.18% 4.78% - -44.00% 207.35%
EPS Growth		 56.00% 0.00% -62.12% 121.05% -52.56% -49.12% 72.00% 50.00% - -20.69% 55.81%
Operating Cash Flow Growth		 301.60% 0.00% 0.00% 180.23% -122.34% 7.76% -343.43% -103.43% - -3.80% 305.71%
Free Cash Flow Firm Growth		 0.00% -1,511.64% 94.65% 83.89% -135.36% 45.83% -82.27% -315.28% - -176.81% 58.42%
Invested Capital Growth		 -33.07% 0.00% 13.53% 9.32% 11.94% 9.33% 16.97% 20.89% - 19.83% 9.35%
Revenue Q/Q Growth		 -147.59% 327.35% -2.92% 2.69% -165.35% 189.38% -19.55% 39.69% - 359.92% 26.12%
EBITDA Q/Q Growth		 -156.30% 291.22% -2.25% 20.33% -168.88% 180.75% -61.10% 101.75% - 221.01% 11.67%
EBIT Q/Q Growth		 -156.30% 290.99% -2.25% 3.66% -175.22% 173.46% -23.84% 47.52% - 156.72% 171.56%
NOPAT Q/Q Growth		 -139.41% 372.84% -2.25% 3.66% -152.65% 204.94% -23.84% 47.52% - 181.03% 171.56%
Net Income Q/Q Growth		 -156.30% 290.99% -2.25% 3.66% -175.22% 173.46% -23.84% 47.52% - 137.84% 280.92%
EPS Q/Q Growth		 310.53% -26.92% -56.14% 68.00% -11.90% -21.62% 48.28% 46.51% - -54.00% 191.30%
Operating Cash Flow Q/Q Growth		 213.45% 0.00% 0.00% 0.00% -131.60% -659.80% 34.82% 97.81% - -314.75% 229.17%
Free Cash Flow Firm Q/Q Growth		 498.02% -315.76% 95.36% 85.48% -294.04% 66.81% -169.52% -16.60% - 10.81% 68.13%
Invested Capital Q/Q Growth		 0.00% 8.35% -0.94% -0.35% 0.00% 5.82% 5.98% 2.98% - 5.85% -3.28%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% 92.90% 93.54% 109.61% 0.00% 104.36% 50.46% 72.87% - 48.19% 42.66%
EBIT Margin		 0.00% 92.90% 93.54% 94.42% 0.00% 89.32% 84.56% 89.30% - 27.25% 58.68%
Profit (Net Income) Margin		 0.00% 92.90% 93.54% 94.42% 0.00% 89.32% 84.56% 89.30% - 19.43% 58.68%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 74.64% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 95.51% 100.00%
Effective Tax Rate		 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% 0.00% 0.00% 20.92% 0.00% 17.44% 15.28% 16.18% - 3.31% 8.72%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 20.92% 0.00% 17.44% 15.28% 16.18% - 2.55% 8.72%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 20.13% 0.00% 16.73% 14.53% 15.57% - 2.72% 8.66%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 41.04% 0.00% 34.17% 29.80% 31.75% - 6.03% 17.38%
Cash Return on Invested Capital (CROIC)		 54.20% -200.00% -12.68% 11.18% 6.26% 9.29% 1.06% -2.25% - -10.54% 0.97%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 20.57% 0.00% 17.19% 15.01% 15.91% - 3.26% 8.57%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 20.57% 0.00% 17.19% 15.01% 15.91% - 2.33% 8.57%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 41.04% 0.00% 34.17% 29.80% 31.75% - 6.03% 17.38%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 37.29% 0.00% 34.64% 30.35% 30.18% - 13.76% 18.27%
Net Operating Profit after Tax (NOPAT)		 -103 280 274 284 -149 157 119 176 - 60 162
NOPAT Margin		 0.00% 92.90% 93.54% 94.42% 0.00% 89.32% 84.56% 89.30% - 27.25% 58.68%
Net Nonoperating Expense Percent (NNEP)		 1.34% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 0.00% - 0.76% 0.00%
SG&A Expenses to Revenue		 0.00% 5.43% 4.93% 4.05% 0.00% 7.93% 11.81% 8.39% - 19.60% 8.08%
Operating Expenses to Revenue		 0.00% 7.10% 6.46% 5.58% 0.00% 10.68% 15.44% 10.70% - 72.75% 41.32%
Earnings before Interest and Taxes (EBIT)		 -147 280 274 284 -213 157 119 176 - 60 162
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -146 280 274 329 -227 183 71 144 - 105 118
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.26 1.41 1.62 1.64 1.64 1.66 1.49 1.57 - 1.22 1.30
Price to Tangible Book Value (P/TBV)		 1.26 1.41 1.62 1.64 1.64 1.66 1.49 1.57 - 1.22 1.30
Price to Revenue (P/Rev)		 3.35 0.00 0.00 4.00 4.68 4.47 4.54 4.78 - 5.12 4.50
Price to Earnings (P/E)		 3.73 0.00 0.00 4.41 5.23 4.82 4.94 5.23 - 7.83 7.42
Dividend Yield		 8.43% 7.59% 7.15% 7.68% 7.57% 9.94% 10.39% 9.99% - 12.73% 0.00%
Earnings Yield		 26.79% 0.00% 0.00% 22.69% 19.11% 20.73% 20.25% 19.13% - 12.77% 13.48%
Enterprise Value to Invested Capital (EV/IC)		 1.11 1.19 1.31 1.32 1.33 1.32 1.24 1.28 - 1.09 1.14
Enterprise Value to Revenue (EV/Rev)		 5.47 0.00 0.00 6.23 7.15 7.06 7.39 7.70 - 9.82 7.99
Enterprise Value to EBITDA (EV/EBITDA)		 6.09 0.00 0.00 6.48 7.58 6.98 7.87 9.33 - 15.34 12.94
Enterprise Value to EBIT (EV/EBIT)		 6.09 0.00 0.00 6.87 8.00 7.58 7.99 8.38 - 15.75 11.90
Enterprise Value to NOPAT (EV/NOPAT)		 6.09 0.00 0.00 6.87 8.00 7.58 7.99 8.38 - 15.88 11.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 54.45 0.00 0.00 112.85 0.00 0.00 0.00 0.00 - 0.00 615.53
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.64 0.00 0.00 12.34 22.39 14.85 126.24 0.00 - 0.00 122.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.86 0.93 0.94 0.94 0.89 0.99 0.96 0.98 - 1.14 1.03
Long-Term Debt to Equity		 0.86 0.93 0.94 0.94 0.89 0.99 0.96 0.98 - 1.14 1.03
Financial Leverage		 3.65 0.53 0.97 0.96 0.88 0.96 0.95 0.96 - 1.07 0.99
Leverage Ratio		 5.21 2.11 2.00 2.00 1.91 1.99 1.99 2.00 - 2.10 2.03
Compound Leverage Factor		 5.21 2.11 2.00 2.00 1.91 1.99 1.99 2.00 - 2.00 2.03
Debt to Total Capital		 46.31% 48.16% 48.48% 48.43% 47.07% 49.70% 48.97% 49.55% - 53.27% 50.66%
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%
Long-Term Debt to Total Capital		 46.31% 48.16% 48.48% 48.43% 47.07% 49.70% 48.97% 49.55% - 53.27% 50.66%
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%
Noncontrolling Interests to Total Capital		 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		 53.69% 51.84% 51.52% 51.57% 52.94% 50.30% 51.03% 50.45% - 46.73% 49.34%
Debt to EBITDA		 2.55 -63.71 0.00 2.38 2.69 2.63 3.11 3.63 - 7.48 5.77
Net Debt to EBITDA		 2.36 -61.52 0.00 2.32 2.62 2.56 3.03 3.54 - 7.35 5.65
Long-Term Debt to EBITDA		 2.55 -63.71 0.00 2.38 2.69 2.63 3.11 3.63 - 7.48 5.77
Debt to NOPAT		 2.55 0.00 0.00 2.52 2.84 2.85 3.16 3.25 - 7.74 5.34
Net Debt to NOPAT		 2.36 0.00 0.00 2.46 2.76 2.78 3.08 3.18 - 7.60 5.23
Long-Term Debt to NOPAT		 2.55 0.00 0.00 2.52 2.84 2.85 3.16 3.25 - 7.74 5.34
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,556 -3,358 -156 -23 -550 -183 -492 -574 - -729 -232
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%
Free Cash Flow to Firm to Interest Expense		 89.54 -190.54 -8.14 -1.11 -27.52 -9.27 -21.47 -23.73 - -25.91 0.00
Operating Cash Flow to Interest Expense		 7.53 0.00 0.00 4.54 -1.46 -11.28 -6.32 -0.13 - -8.19 0.00
Operating Cash Flow Less CapEx to Interest Expense		 7.53 0.00 0.00 4.54 -1.46 -11.28 -6.32 -0.13 - -8.19 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.00 0.00 0.22 0.19 0.19 0.18 0.18 - 0.12 0.15
Fixed Asset Turnover		 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		 3,358 3,638 3,604 3,591 3,759 3,977 4,215 4,341 - 4,766 4,610
Invested Capital Turnover		 0.16 0.00 0.00 0.22 0.20 0.20 0.18 0.18 - 0.12 0.15
Increase / (Decrease) in Invested Capital		 -1,659 3,638 430 306 401 339 612 750 - 789 394
Enterprise Value (EV)		 3,718 4,343 4,719 4,744 4,987 5,252 5,219 5,536 - 5,207 5,236
Market Capitalization		 2,278 2,651 3,011 3,043 3,264 3,326 3,207 3,435 - 2,713 2,951
Book Value per Share		 $11.93 $11.91 $11.55 $11.40 $12.25 $11.55 $12.26 $12.05 - $12.12 $12.15
Tangible Book Value per Share		 $11.93 $11.91 $11.55 $11.40 $12.25 $11.55 $12.26 $12.05 - $12.12 $12.15
Total Capital		 3,358 3,638 3,604 3,591 3,759 3,977 4,215 4,341 - 4,766 4,610
Total Debt		 1,555 1,752 1,747 1,739 1,769 1,977 2,064 2,151 - 2,539 2,335
Total Long-Term Debt		 1,555 1,752 1,747 1,739 1,769 1,977 2,064 2,151 - 2,539 2,335
Net Debt		 1,440 1,692 1,708 1,700 1,723 1,925 2,012 2,101 - 2,494 2,285
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 44 0.00 0.00 0.00 64 0.00 0.00 0.00 - 17 0.00
Net Nonoperating Obligations (NNO)		 1,555 1,752 1,747 1,739 1,769 1,977 2,064 2,151 - 2,539 2,335
Total Depreciation and Amortization (D&A)		 0.18 0.00 0.00 46 -13 26 -48 -32 - 46 -44
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.78 $0.57 $0.26 $0.42 $0.36 $0.29 $0.44 $0.66 $0.51 $0.23 $0.70
Adjusted Weighted Average Basic Shares Outstanding		 144.09M 157.45M 160.75M 161.02M 161.08M 171.49M 176.81M 180.36M 177.39M 182.76M 185.52M
Adjusted Diluted Earnings per Share		 $0.78 $0.57 $0.25 $0.42 $0.37 $0.29 $0.43 $0.63 $0.50 $0.23 $0.67
Adjusted Weighted Average Diluted Shares Outstanding		 144.83M 157.92M 161.31M 161.52M 161.60M 175.38M 190.78M 194.36M 188.86M 196.82M 199.58M
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		 158.38M 162.18M 162.38M 162.45M 173.15M 175.43M 181.68M 181.72M 183.70M 187.12M 187.16M
Normalized Net Operating Profit after Tax (NOPAT)		 -103 196 192 199 -149 110 84 123 - 42 133
Normalized NOPAT Margin		 0.00% 65.03% 65.48% 66.09% 0.00% 62.53% 59.20% 62.54% - 19.08% 48.21%
Pre Tax Income Margin		 0.00% 92.90% 93.54% 94.42% 0.00% 89.32% 84.56% 89.30% - 26.03% 58.68%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -8.43 15.88 14.28 13.92 -10.67 7.95 5.20 7.28 - 2.12 0.00
NOPAT to Interest Expense		 -5.90 15.88 14.28 13.92 -7.47 7.95 5.20 7.28 - 2.12 0.00
EBIT Less CapEx to Interest Expense		 -8.43 15.88 14.28 13.92 -10.67 7.95 5.20 7.28 - 2.12 0.00
NOPAT Less CapEx to Interest Expense		 -5.90 15.88 14.28 13.92 -7.47 7.95 5.20 7.28 - 2.12 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 44.84% 0.00% 0.00% 43.09% 48.66% 44.45% 47.91% 48.56% - 108.23% 81.08%
Augmented Payout Ratio		 46.92% 0.00% 0.00% 43.52% 49.21% 45.06% 48.92% 49.54% - 110.31% 82.57%

Financials Breakdown Chart

Key Financial Trends

Hercules Capital (NYSE: HTGC) showed a much stronger operating environment in Q1 2026 than it did a year ago, but the latest quarter also came with some notable balance sheet and cash flow pressure. Revenue and earnings rebounded sharply from the weak Q4 2025 period, while leverage remains high and operating cash flow was deeply negative in Q1 2026.

  • Profitability improved sharply year over year. Q1 2026 net income attributable to common shareholders was $56.9 million, up from $50.3 million in Q1 2025 and well above the loss seen in Q4 2025.
  • Interest income remained strong. Total interest income was $139.8 million in Q1 2026, continuing HTGC’s pattern of generating substantial investment income.
  • Non-interest income rebounded from the prior quarter. Q1 2026 non-interest income was $107.1 million versus $327.9 million in Q4 2025, but the Q4 figure was unusually boosted by gains and looked less repeatable.
  • Operating cash inflow from financing remained supportive. HTGC issued $729.8 million of debt and $52.9 million of equity in Q1 2026, helping offset repayments and dividends.
  • Equity increased quarter over quarter. Total common equity rose to $2.23 billion from $2.19 billion in Q3 2025 and $2.00 billion in Q1 2025.
  • Revenue remains highly sensitive to investment gains. HTGC’s earnings have been helped at times by net realized and unrealized capital gains, which can swing sharply quarter to quarter.
  • Share count remains elevated versus early 2024. Diluted weighted average shares in Q1 2026 were 196.8 million, above the 175.4 million level in Q1 2025.
  • Retained earnings are still modest. Retained earnings were only $56.9 million in Q1 2026, suggesting most equity growth continues to come from stock issuance and portfolio performance.
  • Operating cash flow was deeply negative in Q1 2026. Net cash from operating activities was -$230.6 million, compared with -$55.6 million in Q4 2025 and -$144.8 million in Q2 2025.
  • Leverage is still heavy. Long-term debt increased to $2.54 billion at the end of Q1 2026, up from $2.15 billion in Q3 2025.
  • Interest expense remains meaningful. HTGC paid $28.1 million in interest expense in Q1 2026, which continues to pressure margins.
  • Cash declined during the quarter. Cash and equivalents fell to $42.4 million from $29.3 million in Q3 2025, but net change in cash for Q1 2026 was still negative at -$14.5 million.

Bottom line: HTGC continues to generate solid earnings, and the latest quarter shows a recovery from late-2025 weakness. Still, the company depends heavily on debt financing, carries a large liability load, and produced negative operating cash flow, so investors should watch whether earnings quality and cash generation stay stable in coming quarters.

08/06/26 12:35 PM ETAI Generated. May Contain Errors.

Hercules Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hercules Capital's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Hercules Capital's net income appears to be on an upward trend, with a most recent value of $339.74 million in 2025, falling from $440.51 million in 2020. The previous period was $623.72 million in 2024. See Hercules Capital's forecast for analyst expectations on what's next for the company.

Over the last 5 years, Hercules Capital's total revenue changed from $444.40 million in 2020 to $429.53 million in 2025, a change of -3.3%.

Hercules Capital's total liabilities were at $2.37 billion at the end of 2025, a 28.6% increase from 2024, and a 295.5% decrease since 2021.

In the past 4 years, Hercules Capital's cash and equivalents has ranged from $0.00 in 2021 to $98.10 million in 2023, and is currently $56.99 million as of their latest financial filing in 2025.


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Financial statements for NYSE:HTGC last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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