Hercules Capital, Inc. (HTGC) Financial Ratios
22 years of historical data (2004–2025) · Financial Services · Asset Management
EV/EBITDA
↓
14.41
↓-24% vs avg
5yr avg: 19.08
30Y Low11.2·High82.3
P/FCF
↑
N/A
—
5yr avg: 25.40
30Y Low1.6·High35.8
P/B Ratio
↑
1.45
-1% vs avg
5yr avg: 1.46
30Y Low0.7·High1.7
ROE
↑
16.2%
↓+12% vs avg
5yr avg: 14.4%
30Y Low-8%·High21%
Debt/EBITDA
↓
6.30
↓-22% vs avg
5yr avg: 8.06
30Y Low3.2·High31.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HTGC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Hercules Capital, Inc. trades at 8.9x earnings, 23% below its 5-year average of 11.5x, sitting at the 24th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a discount of 34%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $3.7B | $3.2B | $2.4B | $1.7B | $1.9B | $1.6B | $1.4B | $1.0B | $1.1B | $1.0B |
| Enterprise Value | $5.3B | $5.9B | $4.9B | $3.9B | $3.2B | $3.0B | $2.7B | $2.7B | $1.9B | $1.8B | $1.7B |
| P/E Ratio → | 8.89 | 10.17 | 12.48 | 7.22 | 16.73 | 11.13 | 7.17 | 8.20 | 13.31 | 13.81 | 15.51 |
| P/S Ratio | 5.52 | 6.70 | 7.53 | 4.89 | 6.99 | 6.21 | 4.53 | 4.78 | 5.73 | 6.25 | 7.26 |
| P/B Ratio | 1.45 | 1.65 | 1.63 | 1.34 | 1.19 | 1.47 | 1.25 | 1.26 | 1.05 | 1.29 | 1.32 |
| P/FCF | — | — | — | 35.82 | — | 14.97 | 7.80 | — | — | — | — |
| P/OCF | — | — | — | 35.36 | — | 14.96 | 7.79 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
HTGC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Hercules Capital, Inc.'s enterprise value stands at 14.4x EBITDA, 24% below its 5-year average of 19.1x. The Financial Services sector median is 11.4x, placing the stock at a 26% 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 | — | 10.81 | 11.42 | 7.84 | 13.53 | 9.80 | 7.60 | 8.91 | 11.03 | 10.26 | 11.73 |
| EV / EBITDA | 14.41 | 16.17 | 18.68 | 11.48 | 31.66 | 17.39 | 11.93 | 15.29 | 25.24 | 22.47 | 24.42 |
| EV / EBIT | 14.42 | 16.19 | 18.71 | 11.48 | 31.72 | 17.42 | 11.95 | 15.31 | 25.31 | 22.53 | 24.49 |
| EV / FCF | — | — | — | 57.51 | — | 23.61 | 13.08 | — | — | — | — |
HTGC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Hercules Capital, Inc. earns an operating margin of 66.7%, significantly above the Financial Services sector average of 21.2%. Operating margins have compressed from 68.3% to 66.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 16.2% indicates solid capital efficiency, compared to the sector median of 9.4%. ROIC of 6.6% 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 | 87.2% | 87.2% | 82.1% | 86.3% | 77.1% | 82.4% | 83.3% | 81.7% | 77.5% | 78.2% | 77.7% |
| Operating Margin | 66.7% | 66.7% | 61.0% | 68.3% | 42.6% | 56.3% | 63.6% | 58.2% | 43.6% | 45.5% | 47.9% |
| Net Profit Margin | 62.1% | 62.1% | 61.0% | 68.3% | 42.6% | 56.3% | 63.6% | 58.2% | 43.6% | 45.5% | 47.9% |
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% | 13.9% | 21.1% | 7.5% | 13.4% | 18.7% | 16.6% | 8.5% | 9.7% | 9.1% |
| ROA | 8.1% | 8.1% | 7.3% | 10.5% | 3.6% | 6.7% | 8.9% | 7.9% | 4.2% | 5.1% | 4.9% |
| ROIC | 6.6% | 6.6% | 5.5% | 8.0% | 2.8% | 5.1% | 6.8% | 6.0% | 3.2% | 3.9% | 3.7% |
| ROCE | 8.8% | 8.8% | 7.5% | 10.8% | 4.0% | 7.3% | 9.1% | 8.1% | 4.4% | 5.2% | 5.1% |
HTGC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Hercules Capital, Inc. carries a Debt/EBITDA ratio of 6.3x, which is highly leveraged (52% above the sector average of 4.1x). Net debt stands at $2.2B ($2.3B total debt minus $57M cash). Interest coverage of 4.0x 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 | 1.01 | 0.94 | 0.83 |
| Debt / EBITDA | 6.30 | 6.30 | 6.78 | 4.62 | 15.45 | 7.13 | 5.69 | 7.47 | 12.57 | 9.94 | 9.50 |
| Net Debt / Equity | — | 1.01 | 0.84 | 0.81 | 1.12 | 0.85 | 0.85 | 1.09 | 0.97 | 0.83 | 0.81 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.35 | 4.33 | 15.29 | 6.37 | 4.82 | 7.10 | 12.12 | 8.78 | 9.31 |
| Debt / FCF | — | — | — | 21.68 | — | 8.64 | 5.29 | — | — | — | — |
| Interest Coverage | 3.96 | 3.96 | 3.41 | 4.99 | 1.86 | 3.20 | 3.81 | 3.18 | 1.94 | 2.09 | 2.15 |
HTGC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.44x means Hercules Capital, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.00x to 1.44x 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 | 1.44 | 1.44 | 1.37 | 1.00 | 1.23 | 0.36 | 7.06 | 4.46 | 0.65 | 3.85 | 0.93 |
| Quick Ratio | 1.44 | 1.44 | 1.37 | 1.00 | 1.23 | 0.36 | 7.06 | 4.46 | 0.65 | 3.85 | 0.93 |
| Cash Ratio | 0.87 | 0.87 | 2.06 | 0.62 | 0.33 | 0.31 | 5.46 | 2.12 | 0.43 | 3.39 | 0.49 |
| Asset Turnover | — | 0.12 | 0.11 | 0.14 | 0.08 | 0.12 | 0.14 | 0.12 | 0.09 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HTGC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Hercules Capital, Inc. returns 8.8% to shareholders annually — split between a 8.6% 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 11.3% (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 | 8.6% | 7.5% | 9.3% | 11.3% | 10.1% | 7.6% | 9.4% | 9.3% | 11.2% | 9.3% | 8.7% |
| Payout Ratio | 81.3% | 81.3% | 115.4% | 81.1% | 165.9% | 83.5% | 67.1% | 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 | 11.3% | 9.8% | 8.0% | 13.9% | 6.0% | 9.0% | 13.9% | 12.2% | 7.5% | 7.2% | 6.4% |
| FCF Yield | — | — | — | 2.8% | — | 6.7% | 12.8% | — | — | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.1% | 0.5% | 0.3% | 0.1% | 0.1% | 0.4% | 0.5% | 0.2% | 0.7% |
| Total Shareholder Yield | 8.8% | 7.7% | 9.5% | 11.9% | 10.4% | 7.7% | 9.5% | 9.6% | 11.7% | 9.6% | 9.4% |
| Shares Outstanding | — | $195M | $162M | $145M | $127M | $116M | $112M | $102M | $91M | $83M | $74M |
Peer Comparison
Compare HTGC 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 |
|---|---|---|---|---|---|---|---|---|---|
 HTGCYou | $3B | 8.9 | 14.4 | — | 87.2% | 66.7% | 16.2% | 6.6% | 6.3 |
 ARCC | $14B | 10.3 | 13.2 | 12.0 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 GBDC | $3B | 9.4 | 12.1 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 OBDC | $6B | 9.5 | 12.2 | 3.4 | 75.3% | 73.2% | 9.4% | 6.1% | 7.5 |
 TPVG | $226M | 4.6 | 8.9 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 GSBD | $1B | 9.9 | — | 3.6 | — | — | 12.1% | — | — |
 SLRC | $761M | 8.2 | 11.6 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
 CGBD | $866M | 7.5 | 19.7 | 8.3 | 59.2% | 54.7% | 9.8% | 3.7% | 10.6 |
 FDUS | $705M | 8.0 | 7.2 | — | 72.6% | 76.1% | 11.8% | 8.6% | 1.9 |
 GAIN | $665M | 9.4 | 16.9 | 5.8 | 68.6% | 72.7% | 13.2% | 5.3% | 7.0 |
 PFLT | $914M | 12.8 | 38.0 | 9.6 | 45.6% | 39.4% | 6.8% | 2.1% | 26.3 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
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Start ComparisonHTGC — Frequently Asked Questions
Quick answers to the most common questions about buying HTGC stock.
What is Hercules Capital, Inc.'s P/E ratio?
Hercules Capital, Inc.'s current P/E ratio is 8.9x. The historical average is 17.8x. This places it at the 24th percentile of its historical range.
What is Hercules Capital, Inc.'s EV/EBITDA?
Hercules Capital, Inc.'s current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.8x.
What is Hercules Capital, Inc.'s ROE?
Hercules Capital, Inc.'s return on equity (ROE) is 16.2%. The historical average is 9.7%.
Is HTGC stock overvalued?
Based on historical data, Hercules Capital, Inc. is trading at a P/E of 8.9x. This is at the 24th 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 8.62% with a payout ratio of 81.3%.
What are Hercules Capital, Inc.'s profit margins?
Hercules Capital, Inc. has 87.2% gross margin and 66.7% 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 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.