Hercules Capital, Inc. (HTGC) Key Metrics
HTGC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.06B
- Enterprise value
- $5.32B
- P/E (TTM)
- 8.1 10-yr median 11.7
- Forward P/E
- 8.6
- PEG ratio
- 0.52
- Price / sales
- 5.4 10-yr median 6.2
- Price / book
- 1.4 10-yr median 1.3
- EV / EBITDA
- — 10-yr median 18.0
- Dividend yield
- 11.48% $1.88 a year
- Beta
- 0.76
HTGC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHTGC valuation Price multiples at each fiscal year-end price.
HTGC returns How much profit the business earns on the capital it uses.
HTGC per-share figures Results divided by the shares outstanding at year-end.
HTGC financial health Debt, liquidity and how easily interest is covered.
HTGC efficiency & capital use Working capital cycle and where the cash goes.
HTGC valuation history
HTGC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HTGC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HTGC cash returned to shareholders
HTGC price vs earnings per share
HTGC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.67B | $3.25B | $2.41B | $1.67B | $1.92B | $1.62B | $1.42B | $1.01B | $1.08B | $1.04B |
| Enterprise value | $5.91B | $4.92B | $3.88B | $3.24B | $3.03B | $2.72B | $2.75B | $1.99B | $2.00B | $1.69B |
| P/E ratio | 10.8 | 12.3 | 7.2 | 16.4 | 11.0 | 7.1 | 8.2 | 13.2 | 13.7 | 15.2 |
| Price / sales | 6.7 | 7.5 | 4.9 | 7.0 | 6.2 | 4.5 | 4.8 | 5.7 | 6.3 | 7.3 |
| Price / book | 1.7 | 1.6 | 1.3 | 1.2 | 1.5 | 1.3 | 1.3 | 1.1 | 1.3 | 1.3 |
| Price / free cash flow | — | — | 35.8 | — | 15.0 | 7.8 | — | — | — | — |
| Price / operating cash flow | — | — | 35.4 | — | 15.0 | 7.8 | — | — | — | — |
| EV / sales | 10.8 | 11.4 | 7.8 | 13.5 | 9.8 | 7.6 | 9.2 | 11.3 | 11.6 | 11.8 |
| EV / EBITDA | 16.2 | 18.7 | 11.5 | 31.7 | 17.4 | 11.9 | 15.8 | 25.9 | 25.3 | 24.5 |
| EV / free cash flow | — | — | 57.5 | — | 23.6 | 13.1 | — | — | — | — |
| Earnings yield | 9.3% | 8.1% | 14.0% | 6.1% | 9.1% | 14.0% | 12.2% | 7.6% | 7.3% | 6.6% |
| Free cash flow yield | −11.6% | −3.7% | 2.8% | −25.4% | 6.7% | 12.8% | −16.9% | −24.8% | −1.7% | −13.3% |
| Dividend yield | 8.9% | 9.3% | 11.3% | 14.6% | 9.1% | 9.4% | 9.3% | 11.2% | 9.3% | 8.7% |
| Shareholder yield (dividends + buybacks) | 9.1% | 9.5% | 11.9% | 14.9% | 9.3% | 9.5% | 9.6% | 11.7% | 9.6% | 9.4% |
| Share price at fiscal year-end | $18.82 | $20.09 | $16.67 | $13.22 | $16.59 | $14.42 | $14.02 | $11.05 | $13.12 | $14.11 |
| Per share | ||||||||||
| Revenue per share | $2.81 | $2.67 | $3.41 | $1.89 | $2.67 | $3.18 | $2.94 | $1.93 | $2.10 | $1.94 |
| Earnings per share | $1.74 | $1.63 | $2.33 | $0.81 | $1.50 | $2.02 | $1.71 | $0.84 | $0.96 | $0.93 |
| Operating cash flow per share | −$2.19 | −$0.73 | $0.47 | −$3.35 | $1.11 | $1.85 | −$2.37 | −$2.73 | −$0.22 | −$1.88 |
| Free cash flow per share | −$2.19 | −$0.74 | $0.47 | −$3.35 | $1.11 | $1.85 | −$2.38 | −$2.74 | −$0.23 | −$1.88 |
| Cash per share | $0.29 | $0.70 | $0.68 | $0.12 | $1.15 | $1.77 | $0.63 | $0.38 | $1.10 | $0.18 |
| Book value per share | $11.38 | $12.31 | $12.45 | $11.06 | $11.28 | $11.51 | $11.16 | $10.49 | $10.18 | $10.68 |
| Tangible book value per share | $11.38 | $12.31 | $12.45 | $11.06 | $11.28 | $11.51 | $11.16 | $10.49 | $10.18 | $10.68 |
| Dividends per share | $1.67 | $1.88 | $1.89 | $1.94 | $1.51 | $1.36 | $1.30 | $1.24 | $1.22 | $1.23 |
| Capex per share | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.00 | $0.00 |
| Debt per share | $11.82 | $11.06 | $10.77 | $12.47 | $10.73 | $11.54 | $13.70 | $11.17 | $12.23 | $8.94 |
| Shares outstanding | 194.8M | 161.6M | 144.8M | 126.7M | 116.0M | 112.3M | 101.6M | 91.1M | 82.6M | 73.8M |
| Change in shares outstanding | +20.5% | +11.6% | +14.3% | +9.2% | +3.3% | +10.5% | +11.5% | +10.2% | +12.0% | +5.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.2% | 13.9% | 21.1% | 7.5% | 13.4% | 18.7% | 16.6% | 8.5% | 9.7% | 9.1% |
| Return on invested capital (ROIC) | 7.1% | 6.0% | 10.8% | 3.8% | 7.2% | 9.4% | 7.9% | 4.1% | 2.5% | 3.3% |
| Return on assets (ROA) | 8.1% | 7.3% | 10.5% | 3.6% | 6.7% | 8.9% | 7.9% | 4.2% | 5.1% | 4.9% |
| Return on tangible assets | 7.4% | 6.9% | 9.9% | 3.4% | 6.7% | 8.7% | 7.1% | 3.9% | 4.8% | 4.7% |
| Free cash flow margin | −77.8% | −27.6% | 13.6% | −177.5% | 41.5% | 58.1% | −80.9% | −142.1% | −10.8% | −96.7% |
| Income quality (OCF / net income) | −1.25 | −0.45 | 0.20 | −4.16 | 0.74 | 0.91 | −1.39 | −3.25 | −0.23 | −2.01 |
| Financial health | ||||||||||
| Total debt | $2.30B | $1.79B | $1.56B | $1.58B | $1.24B | $1.30B | $1.39B | $1.02B | $1.01B | $659.8M |
| Cash & short-term investments | $56.9M | $113.1M | $98.9M | $15.8M | $133.1M | $198.3M | $64.4M | $34.2M | $91.3M | $13.0M |
| Net debt | $2.25B | $1.67B | $1.46B | $1.56B | $1.11B | $1.10B | $1.33B | $982.5M | $919.0M | $646.8M |
| Debt / equity | 1.04 | 0.90 | 0.87 | 1.13 | 0.95 | 1.00 | 1.23 | 1.06 | 1.20 | 0.84 |
| Debt / assets | 0.50 | 0.47 | 0.46 | 0.52 | 0.48 | 0.49 | 0.56 | 0.52 | 0.61 | 0.45 |
| Net debt / EBITDA | 6.15 | 6.35 | 4.33 | 15.29 | 6.37 | 4.82 | 7.63 | 12.81 | 11.60 | 9.39 |
| 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 | 1.37 | 0.07 | 1.23 | 0.36 | 0.00 | −0.38 | 0.65 | −0.02 | −0.31 |
| Interest coverage | 4.0 | 3.4 | 5.0 | 1.9 | 3.2 | 3.8 | 3.2 | 1.9 | 2.1 | 2.1 |
| Working capital | $28.9M | $20.4M | $658,000 | $10.9M | −$272.9M | $220.4M | −$49.6M | −$27.7M | −$119.9M | −$1.8M |
| Invested capital | $4.46B | $3.66B | $3.26B | $2.97B | $2.42B | $2.39B | $2.46B | $1.94B | $1.76B | $1.43B |
| Tangible asset value | $2.22B | $1.99B | $1.80B | $1.40B | $1.31B | $1.29B | $1.13B | $955.4M | $841.0M | $787.9M |
| Net current asset value | −$2.27B | −$1.77B | −$1.45B | −$1.57B | −$1.14B | −$1.08B | −$1.24B | −$938.6M | −$710.2M | −$651.6M |
| Graham number | $21.13 | $21.23 | $25.55 | $14.17 | $19.53 | $22.89 | $20.71 | $14.08 | $14.79 | $14.96 |
| Graham net-net per share | −$11.72 | −$10.55 | −$9.78 | −$12.54 | −$9.88 | −$8.83 | −$11.64 | −$10.35 | −$7.98 | −$8.65 |
| Capital allocation | ||||||||||
| Dividends paid | $326.0M | $303.5M | $273.7M | $245.1M | $175.5M | $152.4M | $132.1M | $112.7M | $100.9M | $90.5M |
| Share buybacks (net) | $6.5M | $3.4M | $12.7M | $4.5M | $2.8M | $1.8M | $5.1M | $5.0M | $2.7M | $7.3M |
| Dividend payout ratio | 96.0% | 115.4% | 81.1% | 240.1% | 100.8% | 67.1% | 76.1% | 147.4% | 127.7% | 131.8% |
| Dividends + buybacks / free cash flow | — | — | 425.0% | — | 138.8% | 74.3% | — | — | — | — |
| Capex / revenue | 0.0% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.2% | 0.3% | 0.2% | 0.2% |
| Capex / operating cash flow | — | — | 1.3% | — | 0.1% | 0.1% | — | — | — | — |
| Capex / depreciation | 0.26 | 1.51 | 4.67 | 0.56 | 0.33 | 0.33 | 2.27 | 2.39 | 1.36 | 1.25 |
| Stock-based compensation / revenue | 2.7% | 2.9% | 2.7% | 4.5% | 3.4% | 2.4% | 2.9% | 6.4% | 4.2% | 5.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.5% | 4.6% | 14.8% | 7.1% | 5.2% | 5.3% | 6.4% | 8.3% | 9.0% | 11.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 23.3 | 27.7 | 23.8 | 37.4 | 21.5 | 20.1 | 22.7 | 30.4 | 25.1 | 26.5 |
| Days of inventory on hand | — | — | 401.5 | 0.0 | 860.4 | 1,199.9 | 451.9 | 496.4 | 676.1 | 835.7 |
| Days payables outstanding | 313.9 | 249.9 | 262.1 | 294.7 | 262.9 | 204.1 | 188.1 | 244.6 | 233.1 | 220.6 |
| Cash conversion cycle (days) | -290.6 | -222.3 | 163.1 | -257.3 | 619.0 | 1,015.9 | 286.6 | 282.1 | 468.0 | 641.6 |
| Receivables turnover | 15.67 | 13.19 | 15.34 | 9.76 | 16.99 | 18.19 | 16.05 | 12.01 | 14.53 | 13.75 |
| Payables turnover | 1.16 | 1.46 | 1.39 | 1.24 | 1.39 | 1.79 | 1.94 | 1.49 | 1.57 | 1.65 |
| Inventory turnover | — | — | 0.91 | 54,749,000.00 | 0.42 | 0.30 | 0.81 | 0.74 | 0.54 | 0.44 |
| Asset turnover | 0.13 | 0.12 | 0.15 | 0.09 | 0.12 | 0.14 | 0.14 | 0.10 | 0.11 | 0.10 |
| Average receivables | $34.9M | $32.7M | $32.2M | $24.5M | $18.2M | $19.6M | $18.6M | $14.6M | $11.9M | $10.4M |
| Average payables | $60.1M | $52.8M | $48.6M | $44.2M | $39.2M | $33.3M | $28.1M | $26.4M | $24.2M | $19.4M |
| Average inventory | — | — | $74.4M | $1 | $128.3M | $196.0M | $67.6M | $53.6M | $70.1M | $73.3M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from HTGC's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HTGC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Hercules Capital traded at 10.8 times earnings, against a 10-year median of 11.7. Based on the latest twelve months, the trailing P/E is 8.1 and the forward P/E is 8.6. Hercules Capital earned a return on equity of 16.2% and a return on invested capital of 7.1% in fiscal 2025. It ended the year with $2.3 billion of debt and $56.9 million in cash and short-term investments, net debt of $2.2 billion. It returned $332.5 million to shareholders: $326.0 million in dividends and $6.5 million in share buybacks. The share count rose 164.0% from 73.8M to 194.8M over 9 years.
See the HTGC income statement, the HTGC chart for price history, or the HTGC stock overview for the latest quote and news.
HTGC key metrics FAQ
What is Hercules Capital's P/E ratio?
Hercules Capital's trailing P/E ratio is 8.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.6. At the end of fiscal 2025 it was 10.8, compared with a 10-year median of 11.7.
What is Hercules Capital's EV/EBITDA?
Hercules Capital's enterprise value was 16.2 times EBITDA at the end of fiscal 2025 (enterprise value $5.9 billion, EBITDA $365.4 million).
What is Hercules Capital's return on equity?
Hercules Capital's return on equity (ROE) was 16.2% in fiscal 2025: net income of $339.7 million on average shareholders' equity of $2.1 billion.
What is Hercules Capital's ROIC?
Hercules Capital's return on invested capital was 7.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Hercules Capital have?
Hercules Capital had total debt of $2.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.04 and $2.2 billion of net debt (6.15 times EBITDA).
What is Hercules Capital's dividend yield?
Hercules Capital's forward dividend yield is 11.48%. Hercules Capital paid $326.0 million in dividends in fiscal 2025 ($1.67 per share), a payout ratio of 96.0%.
Does Hercules Capital buy back its shares?
Yes. Hercules Capital spent $6.5 million on net share repurchases in fiscal 2025 Shares outstanding changed +20.5% over the year, to 194.8M..
What is Hercules Capital's free cash flow yield?
Hercules Capital generated -$425.9 million of free cash flow in fiscal 2025, a free cash flow yield of −11.6% on its market value at year-end ($3.7 billion).
What is Hercules Capital's current ratio?
Hercules Capital's current ratio was 1.44 at the end of fiscal 2025: current assets were 1.44 times current liabilities.