Last 47 quarters of trend data · Financial Services · Asset Management
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Hercules Capital, Inc.'s quarterly P/E stands at 13.3x, down 21.9% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 75.1% YoY to 24.4x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.41 | 13.28 | 10.03 | 14.55 | 21.75 | 17.01 | 15.26 | 24.90 | 10.96 | 8.31 | 31.64 | 9.36 | 8.81 |
| — | -21.9% | -34.3% | -41.6% | +98.4% | +104.8% | -51.8% | +166.1% | +24.5% | -36.5% | +121.0% | — | — | |
| P/S Ratio | 7.11 | 12.21 | 9.01 | 8.68 | 9.26 | 8.56 | 8.26 | 8.42 | 7.61 | 8.12 | 7.58 | 7.55 | 7.81 |
| — | +42.7% | +9.0% | +3.1% | +21.7% | +5.3% | +9.1% | +11.6% | -2.6% | +0.1% | -15.9% | -30.6% | -33.7% | |
| P/B Ratio | 2.11 | 2.17 | 2.24 | 2.22 | 2.21 | 2.10 | 2.24 | 2.16 | 2.09 | 2.21 | 2.14 | 2.21 | 2.19 |
| — | +3.7% | +0.3% | +2.6% | +5.7% | -5.2% | +4.4% | -2.3% | -4.4% | -4.8% | -3.9% | -6.3% | -4.8% | |
| P/FCF | — | — | — | — | — | — | — | 16.99 | — | 7.64 | — | 6.58 | — |
| — | — | — | — | — | — | — | +158.2% | — | — | — | — | — | |
| EV / EBITDA | 13.28 | 24.42 | 12.20 | 14.72 | 15.83 | 13.94 | 13.61 | 23.54 | 13.36 | 12.74 | 13.16 | 12.94 | 14.36 |
| — | +75.1% | -10.4% | -37.5% | +18.5% | +9.4% | +3.4% | +82.0% | -6.9% | -13.8% | -20.2% | -35.7% | -33.8% | |
| EV / EBIT | 13.29 | 23.85 | 12.21 | 14.87 | 15.99 | 14.14 | 13.88 | 23.58 | 13.39 | 12.85 | 13.43 | 13.22 | 14.60 |
| — | +68.7% | -12.1% | -37.0% | +19.5% | +10.1% | +3.3% | +78.4% | -8.3% | -14.5% | -20.5% | -36.6% | -33.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Hercules Capital, Inc.'s operating margin was 73.2% in Q4 2025, down 32.4 pp QoQ and down 12.7 pp YoY. The trailing four-quarter average of 86.7% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 56.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.6% | 156.9% | 97.7% | 100.0% | 100.0% | 100.0% | 100.0% | 98.0% | 98.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| — | +56.9% | -2.3% | +2.1% | +2.0% | 0.0% | 0.0% | -2.0% | -2.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin | 87.8% | 73.2% | 105.6% | 84.0% | 84.1% | 85.9% | 85.8% | 51.2% | 83.7% | 87.1% | 83.6% | 83.7% | 81.7% |
| — | -14.7% | +23.0% | +64.2% | +0.4% | -1.4% | +2.6% | -38.9% | +2.5% | +7.2% | +3.2% | +7.6% | +6.5% | |
| Net Margin | 69.1% | 92.1% | 87.1% | 57.4% | 42.1% | 50.4% | 54.9% | 35.1% | 70.1% | 98.0% | 24.0% | 81.5% | 90.0% |
| — | +82.6% | +58.8% | +63.5% | -39.9% | -48.5% | +129.0% | -56.9% | -22.1% | +57.0% | -62.1% | +669.9% | +1857.5% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 4.1% | 5.5% | 3.8% | 2.5% | 3.2% | 3.7% | 2.2% | 4.9% | 7.0% | 1.7% | 6.1% | 6.5% |
| — | +28.9% | +47.7% | +69.9% | -48.8% | -54.0% | +114.5% | -63.6% | -24.4% | +53.8% | -56.3% | +892.5% | +2682.4% | |
| ROA | 8.1% | 2.0% | 2.7% | 1.9% | 1.3% | 1.6% | 1.9% | 1.1% | 2.6% | 3.6% | 0.9% | 2.9% | 3.0% |
| — | +23.1% | +45.7% | +67.0% | -49.9% | -53.9% | +120.0% | -61.2% | -15.1% | +69.4% | -53.6% | +888.7% | +2488.0% | |
| ROIC | 7.8% | 1.2% | 2.5% | 2.1% | 1.9% | 2.1% | 2.2% | 1.2% | 2.3% | 2.4% | 2.3% | 2.3% | 2.1% |
| — | -42.6% | +12.7% | +71.0% | -14.6% | -11.8% | -1.5% | -46.1% | +9.3% | +15.7% | +26.5% | +49.0% | +44.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Hercules Capital, Inc.'s Debt/EBITDA ratio is 31.9x, up from 15.0x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 345.6% YoY to 5.79x, strengthening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 0.99 | 0.97 | 1.00 | 0.90 | 0.95 | 0.95 | 1.02 | 0.87 | 0.99 | 1.00 | 1.15 |
| — | +15.7% | +4.3% | +1.7% | -2.4% | +3.8% | -4.3% | -5.3% | -11.0% | -23.2% | -11.5% | -11.4% | +14.9% | |
| Debt / EBITDA | 5.33 | 31.86 | 15.05 | 18.01 | 19.83 | 17.07 | 16.33 | 28.90 | 17.71 | 14.61 | 16.77 | 16.35 | 20.02 |
| — | +86.6% | -7.9% | -37.7% | +12.0% | +16.9% | -2.6% | +76.7% | -11.5% | -24.7% | -25.0% | -39.0% | -24.7% | |
| Current Ratio | 5.79 | 5.79 | 1.23 | 0.57 | 0.34 | 1.30 | 1.48 | 0.47 | 0.49 | 25.34 | 0.46 | 24.13 | 3.13 |
| — | +345.6% | -16.7% | +23.5% | -31.1% | -94.9% | +223.9% | -98.1% | -84.4% | +1961.6% | -99.9% | +561.4% | +12.0% | |
| Quick Ratio | 5.79 | 5.79 | 1.23 | 0.57 | 0.34 | 1.30 | 1.48 | 0.47 | 0.49 | 25.34 | 0.46 | 24.13 | 3.13 |
| — | +345.6% | -16.7% | +23.5% | -31.1% | -94.9% | +223.9% | -98.1% | -84.4% | +1961.6% | -99.9% | +561.4% | +12.0% | |
| Interest Coverage | 4.69 | 2.92 | — | — | — | 2.81 | — | 3.18 | 6.16 | 6.10 | 5.83 | 5.55 | 5.08 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Hercules Capital, Inc.'s current P/E is 13.4x. The average P/E over the last 4 quarters is 14.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hercules Capital, Inc.'s current operating margin is 87.8%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Hercules Capital, Inc.'s business trajectory between earnings reports.