Hercules Capital, Inc. (HTGC) Balance Sheet
HTGC balance sheet, 2025
December 31, 2025 · U.S. dollars$4.58B assets = $2.37B liabilities + $2.22B equity
Both columns are drawn to the same scale: what HTGC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HTGC financial health
Descriptive bands, not a rating. Fiscal 2025.
HTGC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.46B2016 | $4.58B2025 | +13.5%/yr | |
| Total liabilities | $676.3M2016 | $2.37B2025 | +14.9%/yr | |
| Shareholders’ equity | $787.9M2016 | $2.22B2025 | +12.2%/yr | |
| Cash & short-term investments | $13.0M2016 | $56.9M2025 | +17.8%/yr | |
| Total debt | $659.8M2016 | $2.30B2025 | +14.9%/yr | |
| Net cash (debt) | −$646.8M2016 | −$2.25B2025 | −$1.6B | |
| Working capital | −$1.8M2016 | $28.9M2025 | +$30.7M | |
| Book value per share | $10.682016 | $11.382025 | +0.7%/yr | |
| Current ratio | 0.932016 | 1.442025 | +0.51 | |
| Debt / equity | 0.842016 | 1.042025 | +0.20 | |
| Shares outstanding | 73.8M2016 | 194.8M2025 | +11.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTGC assets
HTGC liabilities and equity
HTGC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HTGC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $56.9M | $113.1M | $98.9M | $15.8M | $133.1M | $198.3M | $64.4M | $34.2M | $91.3M | $13.0M |
| Cash & equivalents | $56.9M | $113.1M | $98.9M | $15.8M | $133.1M | $198.3M | $64.4M | $34.2M | $91.3M | $13.0M |
| Short-term investments | — | −$70.4M | — | $2.89B | $2.35B | — | — | — | $3.7M | $8.3M |
| Receivables | $37.3M | $32.6M | $32.7M | $31.7M | $17.4M | $19.1M | $20.2M | $17.0M | $12.3M | $11.6M |
| Inventory | $0 | $0 | $148.8M | $1 | $1 | $256.7M | $135.2M | $1 | $107.3M | $33.0M |
| Other current assets | $0 | $0 | $0 | $11.0M | $3.7M | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $94.1M | $75.3M | $159.6M | $58.4M | $154.2M | $256.8M | $84.6M | $51.2M | $103.6M | $24.7M |
| Property, plant & equipment (net) | $14.8M | $16.8M | $4.8M | $5.0M | $6.8M | $9.3M | $11.7M | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $4.47B | $3.66B | $3.25B | $2.96B | $2.43B | $2.35B | $2.31B | $1.88B | $1.54B | $1.42B |
| Other non-current assets | $8.4M | $79.6M | $4.5M | $1.5M | $4.5M | $3.9M | $51.2M | $13.6M | $8.9M | $15.6M |
| Total assets | $4.58B | $3.83B | $3.42B | $3.03B | $2.60B | $2.62B | $2.46B | $1.95B | $1.65B | $1.46B |
| Liabilities | ||||||||||
| Accounts payable | $65.3M | $54.9M | $50.8M | $46.3M | $42.1M | $36.3M | $30.3M | $26.0M | $26.9M | $21.5M |
| Short-term debt | $16.3M | $3.1M | $104.8M | $5.5M | $379.3M | $27.9M | $103.9M | $53.0M | $223.5M | $5.0M |
| Deferred revenue | — | — | — | — | $40.4M | −$201.1M | — | — | — | — |
| Total current liabilities | $65.3M | $54.9M | $159.0M | $47.5M | $427.1M | $36.3M | $134.2M | $78.9M | $223.5M | $26.5M |
| Long-term debt | $0 | $0 | $0 | $1.57B | $0 | $0 | $1.29B | $963.8M | $786.9M | $654.8M |
| Lease obligations | — | — | — | — | — | — | $11.5M | — | — | — |
| Other long-term liabilities | $2.30B | $1.79B | $1.45B | $5.5M | $864.4M | $1.30B | $11.5M | $0 | $0 | $0 |
| Total liabilities | $2.37B | $1.84B | $1.61B | $1.63B | $1.29B | $1.33B | $1.33B | $989.7M | $813.7M | $676.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $183,000 | $171,000 | $158,000 | $134,000 | $117,000 | $115,000 | $108,000 | $96,000 | $85,000 | $80,000 |
| Retained earnings (deficit) | $101.2M | $88.9M | $140.0M | $59.9M | $216.5M | $133.4M | −$12.2M | −$92.9M | $32.5M | $37.2M |
| Treasury stock | — | — | — | — | — | — | — | −$4.1M | — | — |
| Accumulated other comprehensive income | — | — | $6.2M | $0 | $0 | $0 | −$75.4M | −$123.5M | −$100.1M | −$51.4M |
| Total shareholders' equity | $2.22B | $1.99B | $1.80B | $1.40B | $1.31B | $1.29B | $1.13B | $955.4M | $841.0M | $787.9M |
| Key figures | ||||||||||
| Total debt | $2.30B | $1.79B | $1.56B | $1.58B | $1.24B | $1.30B | $1.39B | $1.02B | $1.01B | $659.8M |
| Net cash (debt) | −$2.25B | −$1.67B | −$1.46B | −$1.56B | −$1.11B | −$1.10B | −$1.33B | −$982.5M | −$919.0M | −$646.8M |
| Working capital | $28.9M | $20.4M | $658,000 | $10.9M | −$272.9M | $220.4M | −$49.6M | −$27.7M | −$119.9M | −$1.8M |
| Tangible book value | $2.22B | $1.99B | $1.80B | $1.40B | $1.31B | $1.29B | $1.13B | $955.4M | $841.0M | $787.9M |
| Book value per share | $11.38 | $12.31 | $12.45 | $11.06 | $11.28 | $11.51 | $11.16 | $10.49 | $10.18 | $10.68 |
| Shares outstanding | 194.8M | 161.6M | 144.8M | 126.7M | 116.0M | 112.3M | 101.6M | 91.1M | 82.6M | 73.8M |
| Current ratio | 1.44 | 1.37 | 1.00 | 1.23 | 0.36 | 7.06 | 0.63 | 0.65 | 0.46 | 0.93 |
| Quick ratio | 1.44 | 2.66 | 0.83 | 1.00 | 0.35 | 5.98 | 0.63 | 0.65 | 0.46 | 0.93 |
| Debt / equity | 1.04 | 0.90 | 0.87 | 1.13 | 0.95 | 1.00 | 1.23 | 1.06 | 1.20 | 0.84 |
| Equity / assets | 48.3% | 51.9% | 52.8% | 46.3% | 50.3% | 49.2% | 46.0% | 49.1% | 50.8% | 53.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $48.2M | $42.4M | $56.9M | $29.4M | $52.2M | $51.2M | $113.1M | $38.9M | $27.7M | $50.2M | $98.9M | $32.0M |
| Cash & equivalents | $48.2M | $42.4M | $56.9M | $29.4M | $52.2M | $51.2M | $113.1M | $38.9M | $27.7M | $50.2M | $98.9M | $32.0M |
| Short-term investments | — | — | — | — | — | — | −$70.4M | — | — | — | — | — |
| Receivables | $36.6M | $40.4M | $37.3M | $36.3M | $34.9M | $33.1M | $32.6M | $31.4M | $31.5M | $35.4M | $32.7M | $32.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $75.5M | $0 | $1 | $148.8M | $1 |
| Other current assets | $0 | $0 | $0 | $0 | $1.1M | $3.2M | $0 | $0 | $13.1M | $15.1M | $0 | $5.3M |
| Total current assets | $84.8M | $42.4M | $94.1M | $65.6M | $88.2M | $87.4M | $75.3M | $70.4M | $72.3M | $100.7M | $159.6M | $69.3M |
| Property, plant & equipment (net) | $13.8M | $14.3M | $14.8M | $15.3M | $15.8M | $16.3M | $16.8M | $17.2M | $18.1M | $18.6M | $4.8M | $5.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $4.58B | $4.72B | $4.47B | $4.31B | $4.18B | $3.92B | $3.66B | $3.56B | $3.57B | $3.57B | $3.25B | $3.26B |
| Other non-current assets | $5.6M | $47.7M | $8.4M | $23.1M | $4.0M | $3.0M | $79.6M | $8.2M | $13.2M | $5.1M | $4.5M | $668,000 |
| Total assets | $4.69B | $4.83B | $4.58B | $4.41B | $4.28B | $4.03B | $3.83B | $3.66B | $3.67B | $3.70B | $3.42B | $3.34B |
| Liabilities | ||||||||||||
| Accounts payable | $63.7M | $45.2M | $65.3M | $52.6M | $51.8M | $36.4M | $54.9M | $46.9M | $49.5M | $35.2M | $50.8M | $44.1M |
| Short-term debt | $676.2M | $677.6M | $16.3M | $603,000 | $101.1M | $222.2M | $3.1M | $598,000 | $106.0M | $156.6M | $106.7M | $105.1M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$49.5M | — | — | $45.9M |
| Total current liabilities | $676.2M | $45.2M | $65.3M | $52.6M | $153.4M | $259.0M | $57.9M | $46.9M | $155.5M | $195.3M | $157.5M | $151.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.74B | $2.55B | $2.30B | $2.17B | $1.98B | $1.77B | $1.79B | $1.76B | $1.66B | $1.61B | $1.45B | $1.53B |
| Total liabilities | $2.41B | $2.60B | $2.37B | $2.22B | $2.13B | $2.03B | $1.84B | $1.80B | $1.82B | $1.81B | $1.61B | $1.68B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $187,000 | $187,000 | $183,000 | $182,000 | $182,000 | $174,000 | $171,000 | $163,000 | $163,000 | $163,000 | $158,000 | $152,000 |
| Retained earnings (deficit) | $99.2M | $56.9M | $101.2M | $88.0M | $53.7M | $57.9M | $88.9M | $109.7M | $118.9M | $154.9M | $140.0M | $72.5M |
| Accumulated other comprehensive income | — | — | — | — | $0 | $0 | — | — | — | $0 | $6.2M | $0 |
| Total shareholders' equity | $2.27B | $2.23B | $2.22B | $2.19B | $2.15B | $2.00B | $1.99B | $1.85B | $1.86B | $1.89B | $1.80B | $1.65B |
| Key figures | ||||||||||||
| Total debt | $2.35B | $2.55B | $2.30B | $2.17B | $2.08B | $1.99B | $1.79B | $1.76B | $1.77B | $1.77B | $1.56B | $1.64B |
| Net cash (debt) | −$2.30B | −$2.51B | −$2.25B | −$2.14B | −$2.03B | −$1.94B | −$1.67B | −$1.72B | −$1.74B | −$1.72B | −$1.46B | −$1.61B |
| Working capital | −$591.4M | −$2.8M | $28.9M | $13.0M | −$65.3M | −$171.6M | $17.3M | $23.5M | −$83.2M | −$94.6M | $2.1M | −$82.1M |
| Tangible book value | $2.27B | $2.23B | $2.22B | $2.19B | $2.15B | $2.00B | $1.99B | $1.85B | $1.86B | $1.89B | $1.80B | $1.65B |
| Book value per share | $11.40 | $11.31 | $11.38 | $11.27 | $11.28 | $11.41 | $12.01 | $11.47 | $11.51 | $11.94 | $11.43 | $11.23 |
| Shares outstanding | 199.6M | 196.8M | 194.8M | 194.4M | 190.8M | 175.4M | 165.6M | 161.5M | 161.3M | 157.9M | 157.8M | 147.1M |
| Current ratio | 0.13 | 0.94 | 1.44 | 1.25 | 0.57 | 0.34 | 1.30 | 1.50 | 0.47 | 0.52 | 1.01 | 0.46 |
| Quick ratio | 0.13 | 1.83 | 1.44 | 1.25 | 0.57 | 0.33 | 2.51 | 1.50 | 0.38 | 0.44 | 0.84 | 0.42 |
| Debt / equity | 1.03 | 1.15 | 1.04 | 0.99 | 0.97 | 1.00 | 0.90 | 0.95 | 0.95 | 0.94 | 0.87 | 0.99 |
| Equity / assets | 48.5% | 46.1% | 48.3% | 49.7% | 50.2% | 49.6% | 51.9% | 50.6% | 50.6% | 51.0% | 52.8% | 49.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
HTGC financial position
At the end of fiscal 2025 (December 31, 2025), Hercules Capital had total assets of $4.6 billion (up 19.6% from a year earlier), total liabilities of $2.4 billion and shareholders' equity of $2.2 billion. It held $56.9 million in cash and short-term investments against $2.3 billion of debt, net debt of $2.2 billion. Its current ratio was 1.44. In the latest quarter (ended June 30, 2026) total assets were $4.7 billion and equity $2.3 billion.
Related: HTGC income statement, HTGC cash flow statement, HTGC key metrics. See the HTGC stock overview for the latest quote and news.
HTGC balance sheet FAQ
What are Hercules Capital's total assets?
Hercules Capital reported total assets of $4.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.8 billion a year earlier.
How much debt does Hercules Capital have?
Hercules Capital had $2.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.04.
How much cash does Hercules Capital have?
Hercules Capital held $56.9 million in cash and short-term investments at the end of fiscal 2025; with $2.3 billion of debt that is net debt of $2.2 billion.
What is Hercules Capital's book value?
Hercules Capital's shareholders' equity (book value) was $2.2 billion at the end of fiscal 2025, or $11.38 per share.
What is Hercules Capital's current ratio?
Hercules Capital had current assets of $94.1 million and current liabilities of $65.3 million, a current ratio of 1.44 (it can cover its short-term obligations).