Hercules Capital, Inc. (HCXY) Financial Ratios
22 years of historical data (2004–2025) · Financial Services · Asset Management
EV/EBITDA
↓
13.28
↓-27% vs avg
5yr avg: 18.18
30Y Low12.9·High24.1
P/FCF
↑
N/A
—
5yr avg: 39.16
30Y Low19.4·High54.3
P/B Ratio
↓
2.11
-2% vs avg
5yr avg: 2.17
30Y Low1.1·High2.4
ROE
↑
16.2%
↓+12% vs avg
5yr avg: 14.4%
30Y Low-8%·High21%
Debt/EBITDA
↓
5.33
↓-7% vs avg
5yr avg: 5.73
30Y Low0.0·High15.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HCXY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Hercules Capital, Inc. trades at 13.4x earnings, 14% below its 5-year average of 15.6x, sitting at the 25th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $4.8B | $4.1B | $3.7B | $3.1B | $3.1B | $3.0B | $2.7B | $2.1B | — | — |
| Enterprise Value | $5.7B | $7.1B | $5.7B | $5.1B | $4.7B | $4.2B | $4.1B | $3.9B | $3.1B | — | — |
| P/E Ratio → | 13.41 | 13.78 | 15.63 | 10.93 | 19.83 | 17.90 | 13.33 | 15.41 | 27.80 | — | — |
| P/S Ratio | 7.11 | 9.79 | 9.78 | 7.94 | 9.68 | 11.01 | 10.47 | 9.99 | 15.62 | — | — |
| P/B Ratio | 2.11 | 2.17 | 2.04 | 2.03 | 2.22 | 2.36 | 2.33 | 2.36 | 1.13 | — | — |
| P/FCF | — | — | — | 54.26 | — | 24.06 | 19.42 | — | — | — | — |
| P/OCF | — | — | — | 53.56 | — | 24.04 | 19.41 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
HCXY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Hercules Capital, Inc.'s enterprise value stands at 13.3x EBITDA, 27% below its 5-year average of 18.2x. The Financial Services sector median is 11.5x, placing the stock at a 16% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.35 | 13.80 | 11.10 | 14.54 | 14.96 | 14.30 | 14.60 | 22.45 | — | — |
| EV / EBITDA | 13.28 | 16.33 | 24.14 | 13.19 | 18.27 | 18.99 | 17.95 | 18.85 | 12.94 | — | — |
| EV / EBIT | 13.29 | 16.35 | 16.87 | 13.40 | 18.68 | 19.73 | 18.33 | 19.08 | 39.95 | — | — |
| EV / FCF | — | — | — | 75.87 | — | 32.71 | 26.51 | — | — | — | — |
HCXY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Hercules Capital, Inc. earns an operating margin of 87.8%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 84.1% to 87.8% over the past 3 years, signaling improving operational efficiency. ROE of 16.2% indicates solid capital efficiency, compared to the sector median of 9.4%. ROIC of 7.8% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.6% | 97.6% | 87.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 81.6% | 81.9% | 79.8% |
| Operating Margin | 87.8% | 87.8% | 57.1% | 84.1% | 79.5% | 78.7% | 79.5% | 77.3% | 85.2% | 50.0% | 68.2% |
| Net Profit Margin | 69.1% | 69.1% | 62.5% | 73.3% | 31.7% | 62.0% | 79.1% | 64.8% | 56.2% | 58.3% | 61.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 13.7% | 21.1% | 7.5% | 13.4% | 18.7% | 11.5% | 4.5% | 5.3% | 6.4% |
| ROA | 8.1% | 8.1% | 7.2% | 10.5% | 3.6% | 6.7% | 8.9% | 7.9% | 4.2% | 5.1% | 4.9% |
| ROIC | 7.8% | 7.8% | 5.0% | 9.2% | 6.9% | 6.4% | 6.8% | 5.9% | 3.4% | 2.3% | 3.4% |
| ROCE | 10.4% | 10.4% | 6.6% | 12.1% | 9.9% | 9.3% | 9.1% | 9.6% | 7.0% | 4.7% | 5.6% |
HCXY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Hercules Capital, Inc. carries a Debt/EBITDA ratio of 5.3x, which is highly leveraged (29% above the sector average of 4.1x). Net debt stands at $2.2B ($2.3B total debt minus $57M cash). Interest coverage of 4.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 0.90 | 0.87 | 1.13 | 0.95 | 1.00 | 1.15 | 0.51 | 0.51 | 0.46 |
| Debt / EBITDA | 5.33 | 5.33 | 7.51 | 4.02 | 6.17 | 5.62 | 5.67 | 6.26 | 4.08 | 5.14 | 3.36 |
| Net Debt / Equity | — | 1.01 | 0.84 | 0.81 | 1.12 | 0.85 | 0.85 | 1.09 | 0.50 | 0.45 | 0.45 |
| Net Debt / EBITDA | 5.19 | 5.19 | 7.04 | 3.75 | 6.11 | 5.02 | 4.80 | 5.95 | 3.94 | 4.55 | 3.29 |
| Debt / FCF | — | — | — | 21.60 | — | 8.64 | 7.09 | — | — | — | — |
| Interest Coverage | 4.69 | 4.69 | — | 5.64 | 4.57 | 3.91 | 3.76 | 3.75 | 1.94 | 2.09 | 1.90 |
HCXY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Hercules Capital, Inc.'s current ratio of 5.79x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 25.34x to 5.79x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.79 | 5.79 | 2.57 | 25.34 | 1.23 | 0.36 | 7.06 | 4.46 | 0.65 | 0.46 | 0.93 |
| Quick Ratio | 5.79 | 5.79 | 2.57 | 25.34 | 1.23 | 0.36 | 7.06 | 4.46 | 0.65 | 0.46 | 0.93 |
| Cash Ratio | 3.50 | 3.50 | 1.95 | 19.04 | 0.33 | 0.31 | 5.46 | 2.12 | 0.43 | 0.41 | 0.49 |
| Asset Turnover | — | 0.11 | 0.11 | 0.13 | 0.11 | 0.11 | 0.11 | 0.11 | 0.07 | 0.08 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HCXY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Hercules Capital, Inc. returns 6.1% to shareholders annually — split between a 5.9% dividend yield and 0.2% buyback yield. The payout ratio of 81.3% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 7.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.9% | 5.7% | 6.2% | 6.2% | 5.4% | 4.7% | 5.1% | 4.9% | 5.3% | — | — |
| Payout Ratio | 81.3% | 81.3% | 96.7% | 67.2% | 165.9% | 83.5% | — | 76.1% | 147.4% | 127.7% | 131.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 7.3% | 6.4% | 9.1% | 5.0% | 5.6% | 7.5% | 6.5% | 3.6% | — | — |
| FCF Yield | — | — | — | 1.8% | — | 4.2% | 5.1% | — | — | — | — |
| Buyback Yield | 0.2% | 0.1% | 0.1% | 0.3% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | — | — |
| Total Shareholder Yield | 6.1% | 5.9% | 6.3% | 6.6% | 5.6% | 4.8% | 5.1% | 5.1% | 5.5% | — | — |
| Shares Outstanding | — | $189M | $162M | $145M | $127M | $116M | $112M | $102M | $91M | $83M | $74M |
Peer Comparison
Compare HCXY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HCXYYou | $3B | 13.4 | 13.3 | — | 97.6% | 87.8% | 16.2% | 7.8% | 5.3 |
 ARCC | $14B | 10.2 | 13.1 | 11.9 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 GBDC | $3B | 9.3 | 12.1 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 TPVG | $243M | 4.9 | 9.1 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 HTGC | $3B | 8.9 | 14.5 | — | 87.2% | 66.7% | 16.2% | 6.6% | 6.3 |
 CGBD | $859M | 7.5 | 19.6 | 8.2 | 59.2% | 54.7% | 9.8% | 3.7% | 10.6 |
 SLRC | $745M | 8.0 | 11.5 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
 MAIN | $5B | 10.3 | 14.3 | 14.7 | 100.0% | 80.7% | 17.0% | 7.5% | 4.7 |
 FSK | $3B | 278.4 | 13.9 | 5.2 | 69.6% | 49.5% | 0.2% | 3.2% | 10.1 |
 OBDC | $6B | 9.2 | 12.1 | 3.3 | 75.3% | 73.2% | 9.4% | 6.1% | 7.5 |
 PSEC | $1B | -2.0 | — | 2.6 | 147.0% | 169.8% | -14.0% | -6.3% | — |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonHCXY — Frequently Asked Questions
Quick answers to the most common questions about buying HCXY stock.
What is Hercules Capital, Inc.'s P/E ratio?
Hercules Capital, Inc.'s current P/E ratio is 13.4x. The historical average is 16.8x. This places it at the 25th percentile of its historical range.
What is Hercules Capital, Inc.'s EV/EBITDA?
Hercules Capital, Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
What is Hercules Capital, Inc.'s ROE?
Hercules Capital, Inc.'s return on equity (ROE) is 16.2%. The historical average is 9.0%.
Is HCXY stock overvalued?
Based on historical data, Hercules Capital, Inc. is trading at a P/E of 13.4x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Hercules Capital, Inc.'s dividend yield?
Hercules Capital, Inc.'s current dividend yield is 5.89% with a payout ratio of 81.3%.
What are Hercules Capital, Inc.'s profit margins?
Hercules Capital, Inc. has 97.6% gross margin and 87.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Hercules Capital, Inc. have?
Hercules Capital, Inc.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.