Logo

HTGC

Hercules Capital, Inc.

HTGC

Hercules Capital, Inc. • NYSE
$18.00 ▲ 0.67% (+0.12)
Market Cap $3.27 B
52w High $22.04
52w Low $15.65
Dividend Yield 1.88%
P/E 10.34
Volume 584.68K
Outstanding Shares 181.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $169.31M ▲ $25.436M ▼ $119.685M ▲ 70.69% ▲ $0.66 ▲ $119.769M ▲
Q2-2025 $127.633M ▲ $25.816M ▲ $78.887M ▲ 61.808% ▲ $0.44 ▲ $78.968M ▲
Q1-2025 $92.405M ▼ $22.37M ▲ $50.337M ▼ 54.474% ▼ $0.29 ▼ $50.426M ▼
Q4-2024 $102.246M ▼ $20.812M ▼ $61.439M ▼ 60.089% ▼ $0.37 ▼ $61.532M ▼
Q3-2024 $110.795M $21.714M $68.711M 62.016% $0.42 $68.802M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29.274M ▼ $4.41B ▲ $2.22B ▲ $2.19B ▲
Q2-2025 $52.246M ▲ $4.284B ▲ $2.133B ▲ $2.151B ▲
Q1-2025 $51.159M ▼ $4.031B ▲ $2.031B ▲ $2.001B ▲
Q4-2024 $113.124M ▲ $3.832B ▲ $1.842B ▲ $1.99B ▲
Q3-2024 $38.904M $3.656B $1.805B $1.852B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $118.794M ▲ $79.41M ▲ $-82.612M ▼ $397K ▼ $-2.805M ▼ $79.381M ▲
Q2-2025 $57.616M ▲ $-144.823M ▲ $-19K ▼ $143.817M ▼ $-1.025M ▲ $-144.823M ▲
Q1-2025 $1.541M ▼ $-222.197M ▼ $-8K ▼ $160.105M ▲ $-62.1M ▼ $-222.197M ▼
Q4-2024 $61.439M ▼ $-29.244M ▼ $-5K ▲ $101.653M ▲ $72.404M ▲ $-29.249M ▼
Q3-2024 $68.711M $92.555M $-30K $-87.426M $5.099M $92.525M

Five-Year Company Overview

Income Statement

Income Statement Hercules Capital’s income statement shows a business that has scaled meaningfully over the last several years, even though the most recent year pulled back slightly from an exceptionally strong prior year. Revenue and profits are much higher than they were earlier in the period, and operating profitability remains robust for a lender, suggesting solid pricing power and disciplined cost control. Earnings per share have moved around from year to year, which is typical for a specialty finance firm exposed to interest rate cycles, credit events, and occasional realized gains or losses. Overall, profitability looks healthy, but not on a smooth upward path, and results are sensitive to the broader funding and venture environments.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with both total assets and shareholder equity rising over time, indicating a business that has been growing its loan book and capital base. Debt levels have also climbed, which is normal for a lender that funds loans with borrowings, but it does mean the firm depends heavily on continued access to capital markets and prudent leverage management. Cash on hand is relatively modest compared with the size of the balance sheet, again typical for a business development company that aims to keep most capital deployed, but it leaves less of a cushion if markets seize up. The overall picture is one of controlled balance sheet growth with meaningful, but not excessive, reliance on debt.

Cash Flow

Cash Flow Cash flow for Hercules is inherently lumpy, and the history reflects that. Operating cash flow swings between strong inflows and meaningful outflows as the company alternates between periods of aggressive loan deployment and phases when repayments and interest receipts dominate. Free cash flow closely tracks operating cash flow because the business requires minimal traditional capital expenditure. These patterns are normal for a specialty lender but mean that year‑to‑year cash figures are less informative than long‑term trends in credit quality and portfolio performance.

Competitive Edge

Competitive Edge Hercules holds a strong, niche position as a leading non‑bank lender to venture‑backed technology and life sciences companies. Its edge comes from long experience in this specific segment, deep relationships with top venture capital firms, and a reputation as a reliable, flexible financing partner. The firm’s underwriting discipline and historically low problem‑loan levels reinforce this standing. Its advisory arm and private credit funds broaden its reach and help it participate in larger and more complex deals, which further strengthens its role in the venture ecosystem. Overall, the company appears to enjoy a durable moat based on specialization, network effects, and risk management expertise.

Innovation and R&D

Innovation and R&D Although Hercules is not a technology developer in the traditional sense, it innovates in how it structures, manages, and scales venture lending. The firm uses proprietary data, software tools, and a long history of deal information to inform its underwriting and portfolio monitoring. Its platform approach—combining on‑balance‑sheet lending with institutional private credit funds—represents a strategic innovation that diversifies revenue and expands its opportunity set. Looking ahead, the biggest “R&D” levers are likely to be new financing structures, expanded sector focus within tech and life sciences, and greater use of data analytics and possibly AI to refine credit decisions and risk controls.

Summary

Hercules Capital appears to be a mature, specialized venture lender with solid profitability, a growing balance sheet, and a competitive moat built on expertise and relationships rather than physical assets or patents. Financial results are generally strong but can fluctuate with the venture and interest rate cycles, and the business model naturally relies on leverage and capital market access. Its distinctive strengths lie in disciplined underwriting, tailored loan structures, and a platform that connects growth companies with capital across multiple vehicles. The main opportunities center on expanding this platform and deepening sector specialization, while the main risks relate to credit quality in a volatile venture landscape and potential funding or cycle downturns that could pressure earnings and cash flows.

NEWS

November 11, 2025 · 6:00 AM UTC

Hercules Capital Announces Upcoming Event for the Financial Community

Read more

October 30, 2025 · 4:05 PM UTC

Hercules Capital Reports Third Quarter 2025 Financial Results

Read more

October 28, 2025 · 6:00 AM UTC

Hercules Capital Declares a Total Cash Distribution of $0.47 per Share for the Third Quarter 2025

Read more

October 27, 2025 · 6:00 AM UTC

Hercules Capital Celebrates $25.0 Billion Milestone in Total Cumulative Debt Commitments

Read more

October 16, 2025 · 6:00 AM UTC

Hercules Capital Announces Date for Release of Third Quarter 2025 Financial Results and Conference Call

Read more