MSIF
MSC Income Fund, Inc.
Asset Management
Market Cap$603M
5Y Perf.-21.1%
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Stock Comparison
MSIF vs HTGC
Revenue, margins, valuation, and 5-year total return — side by side.
HTGC
Hercules Capital, Inc.
Asset Management
Market Cap$3.02B
5Y Perf.-23.6%
MSIF vs HTGC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MSIF | HTGC |
|---|---|---|
| Industry | Asset Management | Asset Management |
| Market Cap | $603M | $3.02B |
| Revenue (TTM) | $130M | $547M |
| Net Income (TTM) | $90M | $289M |
| Gross Margin | 72.7% | 87.2% |
| Operating Margin | 97.5% | 66.7% |
| Forward P/E | 8.7x | 8.4x |
| Total Debt | $603M | $2.30B |
| Cash & Equiv. | $21M | $57M |
MSIF vs HTGC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MSIF
HTGC
| Stock | Jan 25 | May 26 | Return |
|---|---|---|---|
| MSC Income Fund, In… (MSIF) | 100 | 78.9 | -21.1% |
| Hercules Capital, I… (HTGC) | 100 | 76.4 | -23.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MSIF vs HTGC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: MSIF leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Hercules Capital, Inc. is the stronger pick specifically for valuation and capital efficiency and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
MSIF
MSC Income Fund, Inc.
The Banking Pick
MSIF carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 5 yrs, beta 0.56, yield 8.6%
- Rev growth 27.4%, EPS growth 35.5%
- Lower volatility, beta 0.56, Low D/E 81.6%, current ratio 1.06x
Best for: income & stability and growth exposure
HTGC
Hercules Capital, Inc.
The Banking Pick
HTGC is the clearest fit if your priority is long-term compounding and defensive.
- 169.5% 10Y total return vs MSIF's 11.6%
- Beta 0.68, yield 8.8%, current ratio 1.44x
- NIM 9.1% vs MSIF's 7.6%
Best for: long-term compounding and defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | MSIF | 27.4% NII/revenue growth vs HTGC's 27.0% |
| Value | HTGC | Lower P/E (8.4x vs 8.7x) |
| Quality / Margins | MSIF | 68.4% margin vs HTGC's 62.1% |
| Stability / Safety | MSIF | Beta 0.56 vs HTGC's 0.68, lower leverage |
| Dividends | MSIF | 8.6% yield, 5-year raise streak, vs HTGC's 8.8% |
| Momentum (1Y) | HTGC | +3.3% vs MSIF's -8.9% |
| Efficiency (ROA) | MSIF | 6.7% ROA vs HTGC's 6.4%, ROIC 7.5% vs 6.6% |
MSIF vs HTGC — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMSIFLAGGINGHTGC
HTGCHercules Capital, Inc.
1leads
MSIFMSC Income Fund, Inc.
3leads
6 Total Categories
CATEGORYLEADERvs HTGCMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
MSIF4/5
Valuation MetricsMultiples, price ratios, and targets
MSIF4/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MSIF6/8
Total Returns1Y, 3Y, 5Y total returns with dividends
HTGC5/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
MSIF leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
HTGC is the larger business by revenue, generating $547M annually — 4.2x MSIF's $130M. MSIF is the more profitable business, keeping 68.4% of every revenue dollar as net income compared to HTGC's 62.1%.
| Metric | MSIFMSC Income Fund, … | HTGCHercules Capital,… |
|---|---|---|
| RevenueTrailing 12 months | $130M | $547M |
| EBITDAEarnings before interest/tax | $104M | $381M |
| Net IncomeAfter-tax profit | $90M | $289M |
| Free Cash FlowCash after capex | -$16M | -$352M |
| Gross MarginGross profit ÷ Revenue | +72.7% | +87.2% |
| Operating MarginEBIT ÷ Revenue | +97.5% | +66.7% |
| Net MarginNet income ÷ Revenue | +68.4% | +62.1% |
| FCF MarginFCF ÷ Revenue | -54.3% | -77.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -2.8% | -20.7% |
MSIF leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
MSIF leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
At 6.7x trailing earnings, MSIF trades at a 23% valuation discount to HTGC's 8.7x P/E. On an enterprise value basis, MSIF's 9.4x EV/EBITDA is more attractive than HTGC's 14.4x.
| Metric | MSIFMSC Income Fund, … | HTGCHercules Capital,… |
|---|---|---|
| Market CapShares × price | $603M | $3.0B |
| Enterprise ValueMkt cap + debt − cash | $1.2B | $5.3B |
| Trailing P/EPrice ÷ TTM EPS | 6.73x | 8.73x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.72x | 8.36x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 9.38x | 14.41x |
| Price / SalesMarket cap ÷ Revenue | 4.65x | 5.52x |
| Price / BookPrice ÷ Book value/share | 0.81x | 1.42x |
| Price / FCFMarket cap ÷ FCF | — | — |
MSIF leads this category, winning 4 of 5 comparable metrics.
Profitability & Efficiency
MSIF leads this category, winning 6 of 8 comparable metrics.
Profitability & Efficiency
HTGC delivers a 13.2% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $12 for MSIF. MSIF carries lower financial leverage with a 0.82x debt-to-equity ratio, signaling a more conservative balance sheet compared to HTGC's 1.04x.
| Metric | MSIFMSC Income Fund, … | HTGCHercules Capital,… |
|---|---|---|
| ROE (TTM)Return on equity | +12.4% | +13.2% |
| ROA (TTM)Return on assets | +6.7% | +6.4% |
| ROICReturn on invested capital | +7.5% | +6.6% |
| ROCEReturn on capital employed | +10.0% | +8.8% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.82x | 1.04x |
| Net DebtTotal debt minus cash | $582M | $2.2B |
| Cash & Equiv.Liquid assets | $21M | $57M |
| Total DebtShort + long-term debt | $603M | $2.3B |
| Interest CoverageEBIT ÷ Interest expense | 4.04x | 4.34x |
MSIF leads this category, winning 6 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
HTGC leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in HTGC five years ago would be worth $14,666 today (with dividends reinvested), compared to $11,163 for MSIF. Over the past 12 months, HTGC leads with a +3.3% total return vs MSIF's -8.9%. The 3-year compound annual growth rate (CAGR) favors HTGC at 17.5% vs MSIF's 2.7% — a key indicator of consistent wealth creation.
| Metric | MSIFMSC Income Fund, … | HTGCHercules Capital,… |
|---|---|---|
| YTD ReturnYear-to-date | -1.9% | -11.9% |
| 1-Year ReturnPast 12 months | -8.9% | +3.3% |
| 3-Year ReturnCumulative with dividends | +8.4% | +62.1% |
| 5-Year ReturnCumulative with dividends | +11.6% | +46.7% |
| 10-Year ReturnCumulative with dividends | +11.6% | +169.5% |
| CAGR (3Y)Annualised 3-year return | +2.7% | +17.5% |
HTGC leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — MSIF and HTGC each lead in 1 of 2 comparable metrics.
Risk & Volatility
MSIF is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than HTGC's 0.68 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. HTGC currently trades 82.1% from its 52-week high vs MSIF's 71.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MSIFMSC Income Fund, … | HTGCHercules Capital,… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.68x |
| 52-Week HighHighest price in past year | $18.09 | $19.67 |
| 52-Week LowLowest price in past year | $11.78 | $13.70 |
| % of 52W HighCurrent price vs 52-week peak | +71.0% | +82.1% |
| RSI (14)Momentum oscillator 0–100 | 55.4 | 63.8 |
| Avg Volume (50D)Average daily shares traded | 336K | 2.4M |
Evenly matched — MSIF and HTGC each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — MSIF and HTGC each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates MSIF as "Buy" and HTGC as "Buy". Consensus price targets imply 16.7% upside for MSIF (target: $15) vs 15.4% for HTGC (target: $19). For income investors, HTGC offers the higher dividend yield at 8.78% vs MSIF's 8.63%.
| Metric | MSIFMSC Income Fund, … | HTGCHercules Capital,… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $15.00 | $18.63 |
| # AnalystsCovering analysts | 6 | 31 |
| Dividend YieldAnnual dividend ÷ price | +8.6% | +8.8% |
| Dividend StreakConsecutive years of raises | 5 | 0 |
| Dividend / ShareAnnual DPS | $1.11 | $1.42 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.9% | +0.2% |
Evenly matched — MSIF and HTGC each lead in 1 of 2 comparable metrics.
Key Takeaway
MSIF leads in 3 of 6 categories (Income & Cash Flow, Valuation Metrics). HTGC leads in 1 (Total Returns). 2 tied.
Best OverallMSC Income Fund, Inc. (MSIF)Leads 3 of 6 categories
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MSIF vs HTGC: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is MSIF or HTGC a better buy right now?
For growth investors, MSC Income Fund, Inc.
(MSIF) is the stronger pick with 27. 4% revenue growth year-over-year, versus 27. 0% for Hercules Capital, Inc. (HTGC). MSC Income Fund, Inc. (MSIF) offers the better valuation at 6. 7x trailing P/E (8. 7x forward), making it the more compelling value choice. Analysts rate MSC Income Fund, Inc. (MSIF) a "Buy" — based on 6 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — MSIF or HTGC?
On trailing P/E, MSC Income Fund, Inc.
(MSIF) is the cheapest at 6. 7x versus Hercules Capital, Inc. at 8. 7x. On forward P/E, Hercules Capital, Inc. is actually cheaper at 8. 4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — MSIF or HTGC?
Over the past 5 years, Hercules Capital, Inc.
(HTGC) delivered a total return of +46. 7%, compared to +11. 6% for MSC Income Fund, Inc. (MSIF). Over 10 years, the gap is even starker: HTGC returned +169. 5% versus MSIF's +11. 6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — MSIF or HTGC?
By beta (market sensitivity over 5 years), MSC Income Fund, Inc.
(MSIF) is the lower-risk stock at 0. 56β versus Hercules Capital, Inc. 's 0. 68β — meaning HTGC is approximately 21% more volatile than MSIF relative to the S&P 500. On balance sheet safety, MSC Income Fund, Inc. (MSIF) carries a lower debt/equity ratio of 82% versus 104% for Hercules Capital, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — MSIF or HTGC?
By revenue growth (latest reported year), MSC Income Fund, Inc.
(MSIF) is pulling ahead at 27. 4% versus 27. 0% for Hercules Capital, Inc. (HTGC). On earnings-per-share growth, the picture is similar: MSC Income Fund, Inc. grew EPS 35. 5% year-over-year, compared to 14. 9% for Hercules Capital, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — MSIF or HTGC?
MSC Income Fund, Inc.
(MSIF) is the more profitable company, earning 68. 4% net margin versus 62. 1% for Hercules Capital, Inc. — meaning it keeps 68. 4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MSIF leads at 97. 5% versus 66. 7% for HTGC. At the gross margin level — before operating expenses — HTGC leads at 87. 2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is MSIF or HTGC more undervalued right now?
On forward earnings alone, Hercules Capital, Inc.
(HTGC) trades at 8. 4x forward P/E versus 8. 7x for MSC Income Fund, Inc. — 0. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MSIF: 16. 7% to $15. 00.
08Which pays a better dividend — MSIF or HTGC?
All stocks in this comparison pay dividends.
Hercules Capital, Inc. (HTGC) offers the highest yield at 8. 8%, versus 8. 6% for MSC Income Fund, Inc. (MSIF).
09Is MSIF or HTGC better for a retirement portfolio?
For long-horizon retirement investors, Hercules Capital, Inc.
(HTGC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 68), 8. 8% yield, +169. 5% 10Y return). Both have compounded well over 10 years (HTGC: +169. 5%, MSIF: +11. 6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between MSIF and HTGC?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(MSIF: 27.4% · HTGC: 27.0%)Net Margin>
%
(MSIF: 68.4% · HTGC: 62.1%)P/E Ratio<
x
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