HCXY (Hercules Capital, Inc.) Stock Financials & Earnings | Market Cap Arena

HCXY

MKT CAP:$4B

Hercules Capital, Inc.

Market Cap

$4B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$24.88-$0.69 (-2.70%)

Apr 23, 2026

Key Metrics TTM

Revenue

$493M

+12.6% YoY

Net Income

$314M

EPS (Diluted)

$1.95

Free Cash Flow

-$80M

Revenue / Share

$2.98

Gross Margin

99.0%

Operating Margin

77.2%

Net Margin

63.7%

FCF Margin

-16.3%

P/S

7.1x

P/E

11.2x

Earnings Reports

Q1 2025

Apr 30, 2026

PENDING

Q4 2024

Feb 13, 2025

$122M-0.7%EPS $0.37

Q2 2024

Aug 1, 2024

$119M+2.6%EPS $0.25

Q1 2024

May 2, 2024

$130M+23.4%EPS $0.57

FY 2023

Feb 15, 2024

$461M+43.2%EPS $2.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$68M	$68M	$53M
Q3 20	$70M	$70M	$56M
Q4 20	$75M	$75M	$61M
Q2 21	$70M	$70M	$55M
Q4 21	$72M	$72M	$57M
Q1 22	$65M	$65M	$50M
Q2 22	$72M	$72M	$56M
Q3 22	$84M	$84M	$68M
Q4 22	$100M	$100M	$81M
Q1 23	$105M	$105M	$86M
Q2 23	$116M	$116M	$97M
Q3 23	$117M	$117M	$98M
Q4 23	$123M	$123M	$107M
Q1 24	$130M	$127M	$109M
Q2 24	$119M	$117M	$61M
Q4 24	$122M	$122M	$105M

Valuation

Quarter	P/S	P/E
Q2 20	11.5x	16.1x
Q3 20	12.2x	17.8x
Q4 20	10.7x	10.1x
Q2 21	11.0x	9.2x
Q4 21	11.0x	11.3x
Q1 22	10.9x	13.1x
Q2 22	11.1x	42.5x
Q3 22	10.3x	70.1x
Q4 22	10.7x	33.6x
Q1 23	9.5x	17.1x
Q2 23	8.9x	11.8x
Q3 23	8.7x	13.6x
Q4 23	8.7x	11.8x
Q1 24	8.3x	12.0x
Q2 24	8.2x	14.3x
Q4 24	8.2x	12.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$12M	$12M
Q3 20	$41M	$41M
Q4 20	$50M	$50M
Q2 21	$42M	$42M
Q4 21	$100M	$100M
Q1 22	-$189M	-$189M
Q2 22	-$118M	-$118M
Q3 22	-$53M	-$53M
Q4 22	-$65M	-$65M
Q1 23	-$81M	-$81M
Q2 23	$134M	$133M
Q3 23	-$115M	-$115M
Q4 23	$131M	$130M
Q1 24	-$241M	-$241M
Q2 24	$59M	$59M
Q4 24	-$29M	-$29M

Capital Expenditures

Quarter	CapEx
Q2 20	$38.0K
Q3 20	$48.0K
Q4 20	$22.0K
Q2 21	$0
Q4 21	$94.0K
Q1 22	$50.0K
Q2 22	$24.0K
Q3 22	$12.0K
Q4 22	$28.0K
Q1 23	$94.0K
Q2 23	$285.0K
Q3 23	$11.0K
Q4 23	$497.0K
Q1 24	$292.0K
Q2 24	$378.0K
Q4 24	$700.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-13.7%	-72.4%
Q3 20	+2.5%	-65.8%
Q4 20	+110.5%	+674.8%
Q2 21	-1.4%	+1.0%
Q4 21	+6.6%	+6.8%
Q1 22	-7.4%	+8.3%
Q2 22	-4.3%	+8.5%
Q3 22	+21.1%	+12.8%
Q4 22	+38.3%	+19.9%
Q1 23	+61.3%	+26.9%
Q2 23	+61.2%	+18.3%
Q3 23	+38.6%	+19.9%
Q4 23	+22.4%	-15.7%
Q1 24	+23.4%	+9.8%
Q2 24	+2.6%	+207.9%
Q4 24	+4.3%	-10.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$3M	3.7%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$3M	4.1%
Q1 22	$4M	6.8%
Q2 22	$4M	5.1%
Q3 22	$2M	2.9%
Q4 22	$3M	2.8%
Q1 23	$3M	3.0%
Q2 23	$3M	2.9%
Q3 23	$3M	2.9%
Q4 23	$3M	2.8%
Q1 24	$3M	2.4%
Q2 24	$3M	2.8%
Q4 24	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 20	$4M	$10M
Q3 20	$4M	$10M
Q4 20	$2M	$13M
Q2 21	$2M	$12M
Q4 21	$2M	$14M
Q1 22	$2M	$14M
Q2 22	$452.0K	$16M
Q3 22	$2M	$14M
Q4 22	$2M	$17M
Q1 23	$647.0K	$19M
Q2 23	$2M	$17M
Q3 23	$1M	$18M
Q4 23	$2M	$13M
Q1 24	$5M	—
Q2 24	$729.0K	$19M
Q4 24	$2M	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$59M	$0	$59M
Q2 22	$115M	$0	$115M
Q3 22	$57M	$2.7B	$2.8B
Q4 22	$16M	$0	$16M
Q1 23	$71M	$0	$71M
Q2 23	$62M	$0	$62M
Q3 23	$32M	$0	$32M
Q4 23	$99M	$0	$99M
Q1 24	$60M	$0	$60M
Q2 24	$28M	$0	$28M
Q3 24	$39M	$0	$39M
Q4 24	$116M	$0	$116M
Q1 25	$51M	$0	$51M
Q2 25	$52M	$0	$52M
Q3 25	$50M	$0	$50M
Q4 25	$57M	$0	$57M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	112M	+5.3%	+15.8%
Q3 20	114M	+1.8%	+15.2%
Q4 20	114M	+0.5%	+9.2%
Q2 21	130M	+13.4%	+22.2%
Q4 21	117M	-9.9%	+4.5%
Q1 22	118M	+1.3%	+4.0%
Q2 22	124M	+5.0%	+8.7%
Q3 22	129M	+4.1%	-0.2%
Q4 22	132M	+2.3%	+13.3%
Q1 23	137M	+3.6%	+15.9%
Q2 23	142M	+3.7%	+14.3%
Q3 23	147M	+3.5%	+13.7%
Q4 23	158M	+7.2%	+19.3%
Q1 24	158M	+0.1%	+15.2%
Q2 24	161M	+2.1%	+13.5%
Q4 24	166M	+2.7%	+12.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$882.7K	77
Q3 20	$913.5K	77
Q4 20	$978.3K	77
Q2 21	$903.4K	77
Q4 21	$1M	53
Q1 22	$1M	53
Q2 22	$1M	53
Q3 22	$2M	53
Q4 22	$2M	53
Q1 23	$2M	53
Q2 23	$2M	53
Q3 23	$2M	53
Q4 23	$1M	100
Q1 24	$1M	100
Q2 24	$1M	100
Q4 24	$1M	100

Revenue / Employee