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

HTGC

MKT CAP:$3B

Hercules Capital, Inc.

Market Cap

$3B

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$15.35-$3.51 (-18.61%)

Apr 23, 2026

Key Metrics TTM

Revenue

$455M

-7.7% YoY

Net Income

$263M

EPS (Diluted)

$1.52

Free Cash Flow

$67M

Revenue / Share

$2.34

Gross Margin

86.3%

Operating Margin

63.3%

Net Margin

57.7%

FCF Margin

14.7%

P/S

6.3x

P/E

10.8x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

Q4 2025

Feb 12, 2026

$158M+54.3%EPS $0.48

Q4 2024

Feb 13, 2025

$102M-34.8%EPS $0.37

Q3 2024

Oct 30, 2024

$111M+63.1%EPS $0.42

Q2 2024

Aug 1, 2024

$85M-37.5%EPS $0.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$94M	$79M	$62M
Q4 20	$184M	$169M	$151M
Q4 21	$40M	$28M	$4M
Q1 22	$30M	$18M	-$3M
Q2 22	$22M	$9M	-$10M
Q3 22	$87M	$73M	$53M
Q4 22	$101M	$85M	$63M
Q1 23	$134M	$118M	$95M
Q2 23	$135M	$118M	$95M
Q3 23	$68M	$51M	$28M
Q4 23	$157M	$139M	$120M
Q1 24	$133M	$116M	$91M
Q2 24	$85M	$65M	$42M
Q3 24	$111M	$90M	$69M
Q4 24	$102M	$82M	$61M
Q4 25	$158M	$155M	$116M

Valuation

Quarter	P/S	P/E
Q2 20	12.8x	29.4x
Q4 20	8.0x	12.5x
Q4 21	8.8x	15.2x
Q1 22	8.2x	13.4x
Q2 22	10.3x	20.2x
Q3 22	15.9x	65.9x
Q4 22	11.9x	27.9x
Q1 23	8.3x	14.2x
Q2 23	6.2x	9.3x
Q3 23	6.5x	10.2x
Q4 23	5.8x	8.4x
Q1 24	5.8x	8.5x
Q2 24	6.4x	10.1x
Q3 24	5.9x	8.9x
Q4 24	6.6x	10.8x
Q4 25	6.3x	10.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$12M	$12M
Q4 20	$232M	$232M
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	$65M	$65M
Q2 24	$59M	$59M
Q3 24	$93M	$93M
Q4 24	-$29M	-$29M
Q4 25	-$56M	-$56M

Capital Expenditures

Quarter	CapEx
Q2 20	$38.0K
Q4 20	$22.0K
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
Q3 24	$30.0K
Q4 24	$5.0K
Q4 25	$33.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+14.5%	-5.0%
Q4 20	+271.4%	+9.2%
Q4 21	-46.4%	+19.9%
Q1 22	+588.6%	+0.1%
Q2 22	-77.0%	-0.9%
Q3 22	-52.6%	+3.2%
Q4 22	+149.9%	+4.1%
Q1 23	+351.4%	+19.8%
Q2 23	+524.5%	+26.7%
Q3 23	-22.3%	+16.7%
Q4 23	+55.8%	-3.9%
Q1 24	-0.6%	+7.1%
Q2 24	-37.5%	+5.2%
Q3 24	+63.1%	+5.3%
Q4 24	-34.8%	+11.6%
Q4 25	+18.3%	-2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$2M	2.3%
Q4 20	$4M	1.9%
Q4 21	$3M	7.3%
Q1 22	$4M	14.9%
Q2 22	$4M	16.9%
Q3 22	$2M	2.8%
Q4 22	$0	0.0%
Q1 23	$3M	2.4%
Q2 23	$3M	2.5%
Q3 23	$3M	4.9%
Q4 23	$3M	2.2%
Q1 24	$0	0.0%
Q2 24	$3M	4.0%
Q3 24	$3M	2.9%
Q4 24	$3M	3.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 20	$5M
Q4 20	$5M
Q4 21	$4M
Q1 22	$4M
Q2 22	$4M
Q3 22	$4M
Q4 22	$4M
Q1 23	$4M
Q2 23	$5M
Q3 23	$5M
Q4 23	$5M
Q1 24	$5M
Q2 24	$4M
Q3 24	$5M
Q4 24	$6M
Q4 25	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$59M	$0	$59M
Q2 22	$115M	$0	$115M
Q3 22	$57M	$0	$57M
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	$50M	$0	$50M
Q2 24	$28M	$0	$28M
Q3 24	$39M	$0	$39M
Q4 24	$113M	$0	$113M
Q1 25	$51M	$0	$51M
Q2 25	$52M	$0	$52M
Q3 25	$29M	$0	$29M
Q4 25	$57M	$0	$57M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	112M	+2.5%	+13.2%
Q4 20	114M	+2.3%	+9.2%
Q4 21	117M	+2.2%	+10.1%
Q1 22	118M	+1.3%	+8.6%
Q2 22	124M	+5.0%	+11.2%
Q3 22	129M	+4.1%	+13.2%
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%
Q3 24	162M	+0.1%	+9.8%
Q4 24	166M	+2.5%	+5.0%
Q4 25	195M	+17.6%	+23.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$1M	77
Q4 20	$2M	77
Q4 21	$759.3K	53
Q1 22	$560.8K	53
Q2 22	$408.8K	53
Q3 22	$2M	53
Q4 22	$2M	53
Q1 23	$3M	53
Q2 23	$3M	53
Q3 23	$1M	53
Q4 23	$2M	100
Q1 24	$1M	100
Q2 24	$845.0K	100
Q3 24	$1M	100
Q4 24	$1M	100
Q4 25	$3M	50

Revenue / Employee