NYSE · Financial Statements

Hercules Capital, Inc. (HTGC) Financial Statements

$16.41 NYSE: HTGC Market Cap $3.07B

Hercules Capital, Inc. most recently reported annual revenue of $547.0M, net profit of $340.0M. Revenue grew at an average annual rate of 8.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Hercules Capital, Inc.: Revenue rose from $143.0M in 2016 to $547.0M in 2025, a change of +282.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 47.9% to 66.8%, a shift of +18.8 percentage points; the most recent year shows net profit of $340.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$143.0M	$173.0M	$176.0M	$298.0M	$357.0M	$310.0M	$239.0M	$494.0M	$431.0M	$547.0M
Operating Expenses	$75.0M	$94.0M	$99.0M	$125.0M	$130.0M	$135.0M	$137.0M	$157.0M	$168.0M	$182.0M
Operating Profit	$69.0M	$79.0M	$76.0M	$174.0M	$227.0M	$174.0M	$102.0M	$337.0M	$263.0M	$365.0M
Operating Margin	47.9%	45.5%	43.6%	58.2%	63.6%	56.3%	42.6%	68.3%	61.0%	66.8%
Other Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$-25.0M
Interest	$32.0M	$38.0M	$39.0M	$55.0M	$60.0M	$54.0M	$55.0M	$68.0M	$77.0M	$92.0M
Depreciation	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Profit Before Tax	$69.0M	$79.0M	$76.0M	$174.0M	$227.0M	$174.0M	$102.0M	$337.0M	$263.0M	$340.0M
Tax	$0	$62.1M	$50,000	$0	$0	$0	$0	$0	$0	$0
Net Profit	$69.0M	$79.0M	$76.0M	$174.0M	$227.0M	$174.0M	$102.0M	$337.0M	$263.0M	$340.0M
EPS	$0.91	$0.95	$0.83	$1.71	$2.01	$1.49	$0.79	$2.31	$1.61	$1.85
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$68.0M	$157.0M	$133.0M	$85.0M	$111.0M	$102.0M	$92.0M	$128.0M	$169.0M	$158.0M	$96.0M	$157.0M
Operating Expenses	$40.0M	$37.0M	$42.0M	$43.0M	$42.0M	$41.0M	$42.0M	$49.0M	$50.0M	$41.0M	$53.0M	$-1.0M
Operating Profit	$28.0M	$120.0M	$91.0M	$42.0M	$69.0M	$61.0M	$50.0M	$79.0M	$120.0M	$116.0M	$43.0M	$158.0M
Operating Margin	41.2%	76.7%	68.2%	49.5%	62.0%	60.1%	54.5%	61.8%	70.7%	73.7%	44.3%	101.0%
Interest	$16.0M	$17.0M	$18.0M	$19.0M	$20.0M	$20.0M	$20.0M	$23.0M	$24.0M	$25.0M	$28.0M	$28.0M
Profit Before Tax	$28.0M	$120.0M	$91.0M	$42.0M	$69.0M	$61.0M	$50.0M	$79.0M	$120.0M	$91.0M	$43.0M	$130.0M
Tax	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net Profit	$28.0M	$120.0M	$91.0M	$42.0M	$69.0M	$61.0M	$50.0M	$79.0M	$120.0M	$91.0M	$43.0M	$130.0M
EPS	$0.19	$0.78	$0.57	$0.25	$0.42	$0.37	$0.29	$0.43	$0.63	$0.48	$0.23	$0.65

Over the 10 years reported for Hercules Capital, Inc., borrowings increased from $655.0M in 2016 to $2.3B in 2025, cash stood at $57.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.45 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$1.5B	$1.7B	$1.9B	$2.5B	$2.6B	$2.6B	$3.0B	$3.4B	$3.8B	$4.6B
Current Assets	$25.0M	$104.0M	$51.0M	$135.0M	$257.0M	$154.0M	$58.0M	$160.0M	$75.0M	$94.0M
Cash	$13.0M	$91.0M	$34.0M	$64.0M	$198.0M	$133.0M	$16.0M	$99.0M	$113.0M	$57.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Receivables	$12.0M	$12.0M	$17.0M	$20.0M	$19.0M	$17.0M	$32.0M	$33.0M	$33.0M	$37.0M
Fixed Assets	$0	$0	$0	$12.0M	$9.0M	$7.0M	$5.0M	$5.0M	$17.0M	$15.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$1.4B	$1.5B	$1.9B	$2.3B	$2.4B	$2.4B	$3.0B	$3.2B	$3.7B	$4.5B
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$676.0M	$814.0M	$990.0M	$1.3B	$1.3B	$1.3B	$1.6B	$1.6B	$1.8B	$2.4B
Current Liabilities	$26.0M	$27.0M	$79.0M	$30.0M	$36.0M	$427.0M	$48.0M	$159.0M	$55.0M	$65.0M
Borrowings	$655.0M	$787.0M	$964.0M	$1.3B	$1.3B	$1.2B	$1.6B	$1.6B	$1.8B	$2.3B
Other Liabilities	$21.0M	$27.0M	$26.0M	$30.0M	$36.0M	$48.0M	$48.0M	$54.0M	$55.0M	$65.0M
Equity	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Reserves	$788.0M	$841.0M	$955.0M	$1.1B	$1.3B	$1.3B	$1.4B	$1.8B	$2.0B	$2.2B

For Hercules Capital, Inc., operating cash flow was positive in 3 of 10 reported years; free cash flow in the latest year was negative at $426.0M; free cash flow was positive in 3 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-138.0M	$-18.0M	$-249.0M	$-241.0M	$208.0M	$129.0M	$-425.0M	$68.0M	$-118.0M	$-426.0M
Investing Cash Flow	$0	$4.0M	$0	$-1.0M	$0	$0	$0	$-2.0M	$-1.0M	$0
Financing Cash Flow	$79.0M	$58.0M	$135.0M	$-14.0M	$70.0M	$-4.0M	$217.0M	$320.0M	$-12.0M	$183.0M
Net Cash Flow	$-82.0M	$78.0M	$-49.0M	$69.0M	$123.0M	$-101.0M	$-110.0M	$90.0M	$0	$-57.0M
Free Cash Flow	$-139.0M	$-19.0M	$-249.0M	$-241.0M	$208.0M	$129.0M	$-425.0M	$67.0M	$-119.0M	$-426.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.21
EV / EBITDA	12.44
FCF Yield	0.27%
Quick Ratio	0.13
Interest Coverage	4.13
Return 1Y	-7.25%
Return 3Y	34.13%
Return 5Y	62.44%

Hercules Capital, Inc. (HTGC) financials — frequently asked questions

What is Hercules Capital, Inc.'s annual revenue?

Hercules Capital, Inc. (HTGC) reported annual revenue of $547.0M in its most recent fiscal year.

What is Hercules Capital, Inc.'s net profit?

Hercules Capital, Inc. (HTGC) reported net profit of $340.0M in its most recent fiscal year.

What is HTGC EV/EBITDA?

Hercules Capital, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 12.44.

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