Hercules Capital, Inc.
HTGC NYSE Financials FY2020–FY2025
Last close · Oct 23, 2026
$16.41
0.5%
Revenue
Total sales reported in the income statement.
$532M
7.9%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$340M
29.2%
Free cash flow
Cash from operations minus capital spending.
−$426M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$3.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
8.1x
On $2.03 EPS (TTM)
What Hercules Capital, Inc. does
No business description yet.
- Legal name
- Hercules Capital, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001280784-26-000009
0001280784
Revenue and margins
Hercules Capital, Inc. had $532M of revenue in fiscal 2025, up 7.9% on the year before.
FY20
Revenue $287M
FY21
Revenue $281M
FY22
Revenue $322M
FY23
Revenue $461M
FY24
Revenue $494M
FY25
Revenue $532M
Q3 '23
Revenue $117M
Q4 '23
Revenue $123M
Q1 '24
Revenue $122M
Q2 '24
Revenue $125M
Q3 '24
Revenue $125M
Q4 '24
Revenue $122M
Q1 '25
Revenue $120M
Q2 '25
Revenue $137M
Q3 '25
Revenue $138M
Q4 '25
Revenue $137M
Q1 '26
Revenue $142M
Q2 '26
Revenue $149M
FY20
Gross —
Operating —
Net 79.1%
FCF 72.3%
FY21
Gross —
Operating —
Net 62.0%
FCF 45.7%
FY22
Gross —
Operating —
Net 31.7%
FCF −132.1%
FY23
Gross —
Operating —
Net 73.3%
FCF 14.6%
FY24
Gross —
Operating —
Net 53.3%
FCF −24.1%
FY25
Gross —
Operating —
Net 63.8%
FCF −80.0%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 24.0%
FCF −98.8%
Q4 '23
Gross —
Operating —
Net 98.0%
FCF 106.3%
Q1 '24
Gross —
Operating —
Net 74.8%
FCF −198.4%
Q2 '24
Gross —
Operating —
Net 33.5%
FCF 47.3%
Q3 '24
Gross —
Operating —
Net 54.9%
FCF 73.9%
Q4 '24
Gross —
Operating —
Net 50.4%
FCF −24.0%
Q1 '25
Gross —
Operating —
Net 42.1%
FCF −185.9%
Q2 '25
Gross —
Operating —
Net 57.4%
FCF −105.4%
Q3 '25
Gross —
Operating —
Net 86.7%
FCF −2.3%
Q4 '25
Gross —
Operating —
Net 66.1%
FCF −40.5%
Q1 '26
Gross —
Operating —
Net 30.0%
FCF −163.0%
Q2 '26
Gross —
Operating —
Net 87.3%
FCF 199.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew −1.6% a year. Loss periods are shown in red.
FY20
Net income $227M
FY21
Net income $174M
FY22
Net income $102M
FY23
Net income $337M
FY24
Net income $263M
FY25
Net income $340M
Q3 '23
Net income $28.0M
Q4 '23
Net income $120M
Q1 '24
Net income $91.0M
Q2 '24
Net income $41.9M
Q3 '24
Net income $68.7M
Q4 '24
Net income $61.4M
Q1 '25
Net income $50.3M
Q2 '25
Net income $78.9M
Q3 '25
Net income $120M
Q4 '25
Net income $90.8M
Q1 '26
Net income $42.5M
Q2 '26
Net income $130M
FY20
Diluted EPS $2.01
FY21
Diluted EPS $1.49
FY22
Diluted EPS $0.79
FY23
Diluted EPS $2.31
FY24
Diluted EPS $1.61
FY25
Diluted EPS $1.85
Q3 '23
Diluted EPS $0.19
Q4 '23
Diluted EPS $0.78
Q1 '24
Diluted EPS $0.57
Q2 '24
Diluted EPS $0.25
Q3 '24
Diluted EPS $0.42
Q4 '24
Diluted EPS $0.37
Q1 '25
Diluted EPS $0.29
Q2 '25
Diluted EPS $0.43
Q3 '25
Diluted EPS $0.63
Q4 '25
Diluted EPS $0.50
Q1 '26
Diluted EPS $0.23
Q2 '26
Diluted EPS $0.67
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity 17.6%
Return on assets —
FY21
Return on capital —
Return on equity 13.4%
Return on assets 6.7%
FY22
Return on capital —
Return on equity 7.5%
Return on assets 3.6%
FY23
Return on capital —
Return on equity 21.1%
Return on assets 10.5%
FY24
Return on capital —
Return on equity 13.9%
Return on assets 7.3%
FY25
Return on capital —
Return on equity 16.2%
Return on assets 8.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$426M in fiscal 2025, −80.0% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow $208M
FY21
Free cash flow $129M
FY22
Free cash flow −$425M
FY23
Free cash flow $67.4M
FY24
Free cash flow −$119M
FY25
Free cash flow −$426M
Q3 '23
Free cash flow −$115M
Q4 '23
Free cash flow $130M
Q1 '24
Free cash flow −$241M
Q2 '24
Free cash flow $59.1M
Q3 '24
Free cash flow $92.5M
Q4 '24
Free cash flow −$29.2M
Q1 '25
Free cash flow −$222M
Q2 '25
Free cash flow −$145M
Q3 '25
Free cash flow −$3.2M
Q4 '25
Free cash flow −$55.6M
Q1 '26
Free cash flow −$231M
Q2 '26
Free cash flow $298M
FY20
Cash from operations $208M
Capital spending $0.1M
FY21
Cash from operations $129M
Capital spending $0.1M
FY22
Cash from operations −$425M
Capital spending $0.1M
FY23
Cash from operations $68.3M
Capital spending $0.9M
FY24
Cash from operations −$118M
Capital spending $0.7M
FY25
Cash from operations −$426M
Capital spending $0.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$115M
Capital spending $0.0M
Q4 '23
Cash from operations $131M
Capital spending $0.5M
Q1 '24
Cash from operations −$241M
Capital spending $0.3M
Q2 '24
Cash from operations $59.5M
Capital spending $0.4M
Q3 '24
Cash from operations $92.6M
Capital spending $0.0M
Q4 '24
Cash from operations −$29.2M
Capital spending $0.0M
Q1 '25
Cash from operations −$222M
Capital spending $0.0M
Q2 '25
Cash from operations −$145M
Capital spending $0.0M
Q3 '25
Cash from operations −$3.2M
Capital spending $0.0M
Q4 '25
Cash from operations −$55.6M
Capital spending $0.0M
Q1 '26
Cash from operations −$231M
Capital spending $0.0M
Q2 '26
Cash from operations $298M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Hercules Capital, Inc. returned $332M to shareholders in fiscal 2025. The diluted share count rose 16.9%.
FY20
Dividends $152M
Buybacks $1.8M
FY21
Dividends $176M
Buybacks $2.8M
FY22
Dividends $245M
Buybacks $4.5M
FY23
Dividends $274M
Buybacks $12.7M
FY24
Dividends $303M
Buybacks $3.4M
FY25
Dividends $326M
Buybacks $6.5M
Dividends
Buybacks
Q3 '23
Dividends $71.5M
Buybacks $0.5M
Q4 '23
Dividends $71.9M
Buybacks $0.6M
Q1 '24
Dividends $74.3M
Buybacks $2.7M
Q2 '24
Dividends $75.8M
Buybacks −$1.4M
Q3 '24
Dividends $75.5M
Buybacks $1.1M
Q4 '24
Dividends $77.9M
Buybacks $1.0M
Q1 '25
Dividends $78.9M
Buybacks $3.5M
Q2 '25
Dividends $80.5M
Buybacks $1.0M
Q3 '25
Dividends $83.6M
Buybacks $1.0M
Q4 '25
Dividends $82.9M
Buybacks $1.0M
Q1 '26
Dividends $84.4M
Buybacks $3.4M
Q2 '26
Dividends $86.0M
Buybacks $0.8M
Dividends
Buybacks
FY20
Diluted shares 0.11B
FY21
Diluted shares 0.12B
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.14B
FY24
Diluted shares 0.16B
FY25
Diluted shares 0.19B
Balance sheet
Cash, debt and the ratios that show how comfortably Hercules Capital, Inc. can carry it.
FY20
Cash $198M
Debt —
FY21
Cash $133M
Debt $1.2B
FY22
Cash $14.6M
Debt $1.6B
FY23
Cash $98.1M
Debt $1.6B
FY24
Cash $42.7M
Debt $1.8B
FY25
Cash $57.0M
Debt $2.3B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $133M | $14.6M | $98.1M | $42.7M | $57.0M |
| Debt incl. finance leases | $1.2B | $1.6B | $1.6B | $1.8B | $2.3B |
| Debt / equity | 0.9x | 1.1x | 0.9x | 0.9x | 1.0x |
| Total assets | $2.6B | $3.0B | $3.4B | $3.8B | $4.6B |
| Total liabilities | $1.3B | $1.6B | $1.6B | $1.8B | $2.4B |
| Shareholders' equity | $1.3B | $1.4B | $1.8B | $2.0B | $2.2B |
| Net debt (− = net cash) | $1.1B | $1.6B | $1.5B | $1.7B | $2.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 1 / 7 | 5 / 7 | 1 / 7 | 2 / 7 |
| Accruals ratio | — | 1.8% | 18.7% | 8.4% | 10.5% | 18.2% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $287M | $281M | $322M | $461M | $494M | $532M |
| Interest expense | $66.9M | $67.5M | $62.3M | $77.5M | $77.2M | $92.2M |
| Net income | $227M | $174M | $102M | $337M | $263M | $340M |
| Net income to common | — | $172M | $99.9M | $334M | $260M | $337M |
| Diluted EPS | $2.01 | $1.49 | $0.79 | $2.31 | $1.61 | $1.85 |
| Diluted shares | 0.11B | 0.12B | 0.13B | 0.14B | 0.16B | 0.19B |
| Cash flow | ||||||
| Cash from operations | $208M | $129M | −$425M | $68.3M | −$118M | −$426M |
| Capital expenditure | $0.1M | $0.1M | $0.1M | $0.9M | $0.7M | $0.1M |
| Free cash flow | $208M | $129M | −$425M | $67.4M | −$119M | −$426M |
| Depreciation and amortization | $0.4M | $0.3M | $0.2M | $0.2M | $0.5M | $0.3M |
| Stock-based compensation | $8.5M | $10.4M | $10.8M | $11.9M | $12.5M | $14.8M |
| Share buybacks | $1.8M | $2.8M | $4.5M | $12.7M | $3.4M | $6.5M |
| Dividends paid | $152M | $176M | $245M | $274M | $303M | $326M |
| Dividends and buybacks | $154M | $178M | $250M | $286M | $307M | $332M |
| Balance sheet | ||||||
| Cash and short-term investments | $198M | $133M | $14.6M | $98.1M | $42.7M | $57.0M |
| Total debt | — | $1.2B | $1.6B | $1.6B | $1.8B | $2.3B |
| Total assets | — | $2.6B | $3.0B | $3.4B | $3.8B | $4.6B |
| Total liabilities | — | $1.3B | $1.6B | $1.6B | $1.8B | $2.4B |
| Shareholders' equity | $1.3B | $1.3B | $1.4B | $1.8B | $2.0B | $2.2B |
| Margins | ||||||
| Net margin | 79.1% | 62.0% | 31.7% | 73.3% | 53.3% | 63.8% |
| FCF margin | 72.3% | 45.7% | −132.1% | 14.6% | −24.1% | −80.0% |
| Returns | ||||||
| Return on equity | 17.6% | 13.4% | 7.5% | 21.1% | 13.9% | 16.2% |
| Return on assets | — | 6.7% | 3.6% | 10.5% | 7.3% | 8.1% |
| Return on tangible equity | 17.6% | 13.2% | 7.1% | 18.5% | 13.1% | 15.2% |
| Growth | ||||||
| Revenue growth | — | −2.2% | 14.5% | 43.2% | 7.1% | 7.9% |
| Net income growth | — | −23.4% | −41.4% | 230.6% | −22.1% | 29.2% |
| EPS growth | — | −25.9% | −47.0% | 192.4% | −30.3% | 14.9% |
| FCF growth | — | −38.1% | −430.6% | — | −276.3% | — |
| Share count change | — | 3.3% | 9.2% | 14.3% | 11.6% | 16.9% |
| Financial health | ||||||
| Debt / equity | — | 0.9x | 1.1x | 0.9x | 0.9x | 1.0x |
| Capital allocation | ||||||
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.0% |
| Stock comp / revenue | 2.9% | 3.7% | 3.4% | 2.6% | 2.5% | 2.8% |
| Payouts / FCF | 74.3% | 138.8% | — | 425.0% | — | — |
| Quality scores | ||||||
| Piotroski F-score | — | — | 1.0 | 5.0 | 1.0 | 2.0 |
| Accruals ratio | — | 1.8% | 18.7% | 8.4% | 10.5% | 18.2% |
Source: SEC EDGAR XBRL filings (CIK 0001280784). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.