Symbols / HTGC Stock $15.35 -2.91% Hercules Capital, Inc.

Financial Services • Asset Management • United States • NYQ
HTGC (Stock) Chart
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About

Hercules Capital, Inc. is a business development company. The firm specializing in providing private equity, venture debt, and growth capital to privately held venture capital-backed companies at all stages of development from mid venture to expansion stage including select publicly listed companies and select special opportunity companies that require additional capital to fund acquisitions, recapitalizations and refinancing and established-stage companies. The firm provides growth capital financing solutions for capital extension; management buy-out and corporate spin-out financing solutions; company, asset specific, or intellectual property acquisition financing; convertible, subordinated and/or mezzanine loans; domestic and international corporate expansion; vendor financing; revenue acceleration by sales and marketing development, and manufacturing expansion. It provides asset-based financing with a focus on cash flow; accounts receivable facilities; equipment loans or leases; equipment acquisition; facilities build-out and/or expansion; working capital revolving lines of credit; inventory. The firm also provides bridge financing to IPO or mergers and acquisitions or technology acquisition; dividend recapitalizations and other sources of investor liquidity; cash flow financing to protect against share price volatility; competitor acquisition; pre-IPO financing for extra cash on the balance sheet; public company financing to continue asset growth and production capacity; short-term bridge financing; and strategic and intellectual property acquisition financings. It also focuses on customized financing solutions, emerging growth, mid venture, and late venture financing. The firm invests primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. The firm generally seeks to invest in companies that have been operating for at least six to 12 months prior to the date of their investment. It prefers to invest in technology, SaaS Finance, energy technology, sustainable and renewable technology, and life sciences. Within technology the firm focuses on advanced specialty materials and chemicals; communication and networking, consumer and business products; consumer products and services, digital media and consumer internet; electronics and computer hardware; enterprise software and services; gaming; healthcare services; information services; business services; media, content and information; mobile; resource management; security software; semiconductors; semiconductors and hardware; and software sector. Within energy technology, it invests in agriculture; clean technology; energy and renewable technology, fuels, and power technology; geothermal; smart grid and energy efficiency and monitoring technologies; solar; and wind. Within life sciences, the firm invests in biopharmaceuticals; biotechnology tools; diagnostics; drug discovery, drug platform, development, and delivery; medical devices and equipment; surgical devices; therapeutics; pharma services; and specialty pharmaceuticals. Within sustainable and renewables, it invests in Vehicle Technology, Energy Generation and Storage, Ag Technology, Advanced Materials, and Industry 4.0. It also invests in educational services. The firm invests primarily in United States based companies and considers investment in the West Coast, Mid-Atlantic regions, Southeast and Midwest, particularly in the areas of software, biotech, and information services. The firm prefers to invest between $5 million and $500 million in equity per transactions. It invests in debt between $1 million and $40 million in companies focused primarily on business services, communications, electronics, hardware, and healthcare services. The firm invests primarily in private companies but also have investments in public companies. For equity investments, the firm seeks to represent a controlling interest in its portfolio companies which may exceed 25% of the voting securities of such companies. The firm seeks to invest a limited portion of its assets in equipment-based loans to early-stage prospective portfolio companies. These loans are generally for amounts up to $3 million but may be up to $15 million for certain energy technology venture investments. The firm allows certain debt investments have the right to convert a portion of the debt investment into equity. It also co-invests with other private equity firms. The firm seeks to exit its investments through initial public offering, a private sale of equity interest to a third party, a merger or an acquisition of the company or a purchase of the equity position by the company or one of its stockholders. The firm has structured debt with warrants which typically have maturities of between two and seven years with an average of three years; senior debt with an investment horizon of less than three years; equipment loans with an investment horizon ranging from three to four years; and equity related securities with an investment horizon ranging from three to seven years. The firm prefers to invest through its balance sheet capital. The firm formerly known as Hercules Technology Growth Capital, Inc. Hercules Capital, Inc. was founded in December 2003 and is based in San Mateo, California with additional offices in North America and Europe.

Stock Fundamentals
Scroll to Statements
Market Cap 2.82B Enterprise Value 5.12B Income 337.02M Sales 532.49M Book/sh 12.28 Cash/sh 0.31
Dividend Yield 11.89% Payout 101.62% Employees 100 IPO — P/E 8.30 Forward P/E 7.79
PEG 0.52 P/S 5.30 P/B 1.25 P/C — EV/EBITDA 11.49 EV/Sales 9.61
Quick Ratio 0.19 Current Ratio 0.20 Debt/Eq 103.91 LT Debt/Eq — EPS (ttm) 1.85 EPS next Y 1.97
EPS Growth 31.40% Revenue Growth 12.80% Earnings 2026-05-05 ROA 6.61% ROE 16.16% ROIC —
Gross Margin 100.00% Oper. Margin 83.82% Profit Margin 63.80% Shs Outstand 183.70M Shs Float 168.41M Short Float 6.74%
Short Ratio 4.34 Short Interest — 52W High 19.67 52W Low 13.70 Beta 0.78 Avg Volume 2.90M
Volume 1.86M Target Price $19.36 Recom Buy Prev Close $15.81 Price $15.35 Change -2.91%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$19.36
Mean price target
2. Current target
$15.35
Latest analyst target
3. DCF / Fair value
$23.97
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$15.35
Low
$15.00
High
$25.00
Mean
$19.36

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-22 main Citizens Market Outperform → Market Outperform $22
2026-04-16 main Keefe, Bruyette & Woods Outperform → Outperform $18
2026-04-07 main Piper Sandler Neutral → Neutral $17
2026-03-13 main UBS Neutral → Neutral $15
2026-02-13 main Keefe, Bruyette & Woods Outperform → Outperform $19
2026-02-13 main Wells Fargo Overweight → Overweight $17
2026-02-13 down Piper Sandler Overweight → Neutral $18
2025-11-04 up Compass Point Neutral → Buy $20
2025-10-14 main UBS Neutral → Neutral $19
2025-10-09 main Piper Sandler Overweight → Overweight $21
2025-08-04 main JMP Securities Market Outperform → Market Outperform $24
2025-08-01 main Piper Sandler Overweight → Overweight $21
2025-07-16 main UBS Neutral → Neutral $19
2025-04-28 main Wells Fargo Overweight → Overweight $19
2025-04-17 main UBS Neutral → Neutral $18
2025-04-08 main Keefe, Bruyette & Woods Outperform → Outperform $21
2025-04-08 main Piper Sandler Overweight → Overweight $20
2025-02-19 main Compass Point Neutral → Neutral $20
2025-02-14 reit JMP Securities Market Outperform → Market Outperform $22
2025-01-06 reit JMP Securities Market Outperform → Market Outperform $22
News
RSS: Latest HTGC news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-26 CROWELL GAYLE ANNE Director — 7,317 $14.35 $104,999
2026-03-26 RANDHAWA PARAMJEET K Director — 2,926 $14.35 $41,988
2026-03-26 FALLON THOMAS J Director — 7,300 $14.30 $104,390
2026-03-26 THEODOSOPOULOS NIKOS Director — 7,317 $14.35 $104,999
2026-03-26 LOO WADE W Director — 7,317 $14.35 $104,999
2026-03-26 AGUIRRE DEANNE Director — 7,317 $14.35 $104,999
2026-03-26 BADAVAS ROBERT P Director — 3,658 $14.35 $52,492
2026-03-04 RANDHAWA PARAMJEET K Director — 3,050 $14.78 $45,079
2026-03-04 FOLLMANN CHRISTIAN Chief Operating Officer — 5,000 $14.68 $73,400
2026-03-04 FOLLMANN CHRISTIAN Chief Operating Officer — 5,000 $14.68 $73,400
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
438.52
+23.96%
353.75
-17.06%
426.50
+130.99%
184.64
Operating Revenue
438.52
+23.96%
353.75
-17.06%
426.50
+130.99%
184.64
Operating Expense
98.78
+8.81%
90.78
+1.99%
89.01
+7.82%
82.56
Selling General And Administration
19.03
-3.27%
19.67
+5.22%
18.70
+10.31%
16.95
General And Administrative Expense
19.03
-3.27%
19.67
+5.22%
18.70
+10.31%
16.95
Other Operating Expenses
1.75
-56.51%
4.03
-40.82%
6.82
-18.67%
8.38
Reconciled Depreciation
0.34
-27.68%
0.47
+145.26%
0.19
-6.86%
0.20
Net Income
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Pretax Income
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Net Interest Income
415.71
+6.58%
390.04
+6.34%
366.81
+45.26%
252.51
Interest Expense
92.18
+19.47%
77.15
+14.09%
67.62
+23.51%
54.75
Interest Income
507.89
+8.71%
467.19
+7.54%
434.43
+41.39%
307.26
Gain On Sale Of Security
-40.61
-28.98%
-31.49
-473.19%
8.44
+205.47%
2.76
Tax Rate For Calcs
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Net Income From Continuing Operation Net Minority Interest
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Net Income From Continuing And Discontinued Operation
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Net Income Continuous Operations
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Normalized Income
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Net Income Common Stockholders
337.02
+29.56%
260.13
-22.15%
334.14
+227.33%
102.08
Otherunder Preferred Stock Dividend
2.71
-4.20%
2.83
-15.32%
3.34
—
Diluted EPS
1.85
+14.91%
1.61
-30.30%
2.31
+192.41%
0.79
Basic EPS
1.90
+18.01%
1.61
-30.60%
2.32
+190.00%
0.80
Basic Average Shares
177.39
+10.13%
161.08
+11.79%
144.09
+15.10%
125.19
Diluted Average Shares
188.86
+16.87%
161.60
+11.58%
144.83
+14.34%
126.66
Diluted NI Availto Com Stockholders
350.20
+34.62%
260.13
-22.15%
334.14
+227.33%
102.08
Average Dilution Earnings
13.17
0.00
0.00
—
Preferred Stock Dividends
0.00
0.00
0.00
0.00
Line Item Trend 2023-12-31
Total Assets
3,416.93
Cash And Cash Equivalents
98.90
Cash Financial
98.90
Receivables
32.74
Net PPE
4.79
Investments And Advances
3,248.05
Total Liabilities Net Minority Interest
1,614.22
Payables
54.16
Accounts Payable
54.16
Long Term Debt And Capital Lease Obligation
1,560.06
Stockholders Equity
1,802.71
Common Stock Equity
1,802.71
Capital Stock
0.16
Common Stock
0.16
Share Issued
157.76
Ordinary Shares Number
157.76
Treasury Shares Number
0.00
Additional Paid In Capital
1,662.54
Retained Earnings
140.01
Total Equity Gross Minority Interest
1,802.71
Total Capitalization
3,357.57
Invested Capital
3,357.57
Total Debt
1,560.06
Net Debt
1,455.97
Net Tangible Assets
1,802.71
Tangible Book Value
1,802.71
Cash Cash Equivalents And Federal Funds Sold
116.01
Financial Assets Designatedas Fair Value Through Profitor Loss Total
3,248.05
Investmentin Financial Assets
3,248.05
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-425.80
-260.58%
-118.09
-272.95%
68.28
+116.07%
-424.80
Net Income From Continuing Operations
339.74
+29.19%
262.97
-22.08%
337.48
+230.60%
102.08
Depreciation
0.34
-27.68%
0.47
+145.26%
0.19
-6.86%
0.20
Depreciation And Amortization
0.34
-27.68%
0.47
+145.26%
0.19
-6.86%
0.20
Other Non Cash Items
-45.14
-157.47%
78.54
-76.50%
334.17
+2.43%
326.23
Gain Loss On Investment Securities
-726.63
-52.82%
-475.48
+18.91%
-586.40
+29.95%
-837.09
Change In Working Capital
5.90
-61.75%
15.42
+189.82%
-17.17
-5.81%
-16.23
Change In Receivables
-5.34
-8708.06%
0.06
+105.90%
-1.05
+92.61%
-14.21
Change In Prepaid Assets
—
—
-22.47
-5633.50%
0.41
Change In Accrued Expense
8.04
-41.24%
13.69
+115.66%
6.35
+362.27%
-2.42
Change In Payable
0.00
0.00
0.00
0.00
Change In Other Current Assets
3.19
+90.97%
1.67
+107.44%
-22.47
-5633.50%
0.41
Change In Other Current Liabilities
0.00
0.00
0.00
0.00
Investing Cash Flow
-0.09
+87.38%
-0.70
+20.52%
-0.89
-678.07%
-0.11
Net PPE Purchase And Sale
-0.09
+87.38%
-0.70
+20.52%
-0.89
-678.07%
-0.11
Purchase Of PPE
-0.09
+87.38%
-0.70
+20.52%
-0.89
-678.07%
-0.11
Capital Expenditure
-0.09
+87.38%
-0.70
+20.52%
-0.89
-678.07%
-0.11
Financing Cash Flow
368.92
+209.50%
119.20
+424.05%
22.75
-92.77%
314.52
Net Issuance Payments Of Debt
511.52
+139.44%
213.63
+990.12%
-24.00
-107.00%
343.04
Issuance Of Debt
1,996.36
+49.86%
1,332.15
+102.15%
659.00
-48.28%
1,274.24
Repayment Of Debt
-1,484.84
-32.75%
-1,118.53
-63.77%
-683.00
+26.65%
-931.20
Long Term Debt Issuance
1,996.36
+49.86%
1,332.15
+102.15%
659.00
-48.28%
1,274.24
Long Term Debt Payments
-1,484.84
-32.75%
-1,118.53
-63.77%
-683.00
+26.65%
-931.20
Net Long Term Debt Issuance
511.52
+139.44%
213.63
+990.12%
-24.00
-107.00%
343.04
Net Common Stock Issuance
200.30
-7.89%
217.44
-34.43%
331.64
+45.74%
227.56
Common Stock Payments
-6.49
-89.21%
-3.43
+73.00%
-12.70
-180.27%
-4.53
Common Stock Dividend Paid
-325.99
-7.42%
-303.48
-10.89%
-273.68
-11.65%
-245.12
Cash Dividends Paid
-325.99
-7.42%
-303.48
-10.89%
-273.68
-11.65%
-245.12
Repurchase Of Capital Stock
-6.49
-89.21%
-3.43
+73.00%
-12.70
-180.27%
-4.53
Net Other Financing Charges
0.00
0.00
0.00
0.00
Changes In Cash
-56.97
-14062.50%
0.41
-99.55%
90.14
+181.65%
-110.39
Beginning Cash Position
116.42
+0.35%
116.01
+348.34%
25.88
-81.01%
136.26
End Cash Position
59.45
-48.93%
116.42
+0.35%
116.01
+348.34%
25.88
Free Cash Flow
-425.89
-258.51%
-118.79
-276.27%
67.39
+115.86%
-424.91
Common Stock Issuance
206.79
-6.38%
220.88
-35.86%
344.35
+48.37%
232.09
Issuance Of Capital Stock
206.79
-6.38%
220.88
-35.86%
344.35
+48.37%
232.09
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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