Financial health
- Total debt ($2.3B) exceeds cash ($57M); net debt is $2.2B.
Shareholder returns
- Dividends have been paid for 6 consecutive years, consuming 96.0% of earnings.
- The dividend has grown 16.4% per year over the past 5 years.
HTGC Financials Hercules Capital, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | $340M | — | — | 15.3% | 7.4% | -$426M | $2.3B | $57M |
| 2024 | — | $263M | — | — | 13.2% | 6.9% | -$119M | $1.8B | $43M |
| 2023 | — | $337M | — | — | 18.7% | 9.9% | $67M | $1.6B | $98M |
| 2022 | — | $102M | — | — | 7.3% | 3.4% | -$425M | $1.6B | $15M |
| 2021 | — | $174M | — | — | 13.3% | 6.7% | $129M | $1.2B | $133M |
| 2020 | — | $227M | — | — | 17.6% | — | $208M | — | $198M |
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | — | $130M | — | — | 5.7% | 2.8% | $298M | $2.3B | $48M |
| Mar '26 | — | $43M | — | — | 1.9% | 0.9% | -$231M | $2.5B | $42M |
| Dec '25 | — | $91M | — | — | 4.1% | 2.0% | -$56M | $2.3B | $57M |
| Sep '25 | — | $120M | — | — | 5.5% | 2.7% | -$3M | $2.2B | $29M |
| Jun '25 | — | $79M | — | — | 3.7% | 1.8% | -$145M | $2.1B | $52M |
| Mar '25 | — | $50M | — | — | 2.5% | 1.2% | -$222M | $2.0B | $51M |
| Dec '24 | — | $61M | — | — | 3.1% | 1.6% | -$29M | $1.8B | $43M |
| Sep '24 | — | $69M | — | — | 3.7% | 1.9% | $93M | $1.7B | $39M |
| Jun '24 | — | $42M | — | — | 2.3% | 1.1% | $59M | $1.7B | $26M |
| Mar '24 | — | $91M | — | — | 4.8% | 2.5% | -$241M | $1.8B | $50M |
| Dec '23 | — | $120M | — | — | 6.7% | 3.5% | $130M | $1.6B | $98M |
| Sep '23 | — | $28M | — | — | 1.7% | 0.8% | -$115M | $1.6B | $32M |
| Jun '23 | — | $95M | — | — | 6.0% | 2.9% | $133M | $1.6B | $62M |
| Mar '23 | — | $95M | — | — | 6.3% | 2.9% | -$81M | $1.7B | $71M |
| Dec '22 | — | $63M | — | — | 4.5% | 2.1% | -$65M | $1.6B | $15M |
| Sep '22 | — | $53M | — | — | 3.9% | 1.8% | -$53M | $1.5B | $57M |
| Jun '22 | — | -$10M | — | — | -0.8% | — | -$118M | — | $115M |
| Mar '22 | — | -$3M | — | — | — | — | -$189M | — | $59M |
| Dec '21 | — | $4M | — | — | 0.3% | 0.1% | $100M | $1.2B | $133M |
Valuation over time
How the market has priced HTGC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 24.0× (Mar '23) to 9.8× (Sep '26).
- The dividend yield has fallen from 10.0% (Mar '23) to 9.8% (Sep '26).
P/E
Dividend yield %
Frequently asked questions
Is HTGC growing its revenue and profit?
See the revenue and net-income charts above for Hercules Capital, Inc.'s multi-year trend.
How much debt does HTGC have?
As of FY2025, Hercules Capital, Inc. reported $2.3B of total debt against $57M of cash.
What is HTGC's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is HTGC's P/E ratio?
As of Sep '26, Hercules Capital, Inc. traded at a price-to-earnings ratio of about 9.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.