Last 48 quarters of trend data · Financial Services · BDCs & Private Credit
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 9.05 | 9.14 | 6.07 | 16.05 | 9.80 | 7.50 | 10.63 | 16.56 | 13.57 | 11.69 | 20.45 | 8.09 | 5.34 | 21.61 | 5.61 | 4.74 | 7.03 | 7.06 | — | — | 138.25 |
| — | +21.7% | -42.9% | -3.1% | -27.8% | -35.8% | -48.0% | +104.6% | +154.1% | -45.9% | +264.8% | +70.8% | -24.0% | +206.0% | — | — | -94.9% | -66.0% | — | — | +4923.8% | |
| P/S Ratio | 6.92 | 7.76 | 6.11 | 10.72 | 6.92 | 6.33 | 8.33 | 11.58 | 10.11 | 8.77 | 12.62 | 6.29 | 4.72 | 11.73 | 4.45 | 3.76 | 5.16 | 5.13 | 46.73 | 29.57 | 17.23 |
| — | +22.6% | -26.6% | -7.4% | -31.5% | -27.8% | -34.0% | +84.1% | +114.3% | -25.2% | +183.6% | +67.5% | -8.6% | +128.4% | -90.5% | -87.3% | -70.0% | -52.9% | +752.6% | +437.4% | +607.6% | |
| P/B Ratio | 1.42 | 1.45 | 1.38 | 1.31 | 1.65 | 1.68 | 1.62 | 1.68 | 1.67 | 1.71 | 1.78 | 1.54 | 1.46 | 1.46 | 1.33 | 1.18 | 1.25 | 1.10 | 1.26 | 1.60 | 1.48 |
| — | -13.8% | -14.6% | -22.5% | -1.1% | -2.0% | -8.8% | +9.0% | +14.6% | +17.2% | +34.0% | +31.1% | +16.9% | +33.0% | +5.1% | -26.5% | -15.7% | -23.9% | -22.5% | +14.6% | +16.0% | |
| P/FCF | — | — | 2.64 | — | — | — | — | — | — | 8.57 | 13.95 | 11.28 | 5.04 | — | 3.94 | — | — | — | — | — | 4.85 |
| — | — | — | — | — | — | — | — | — | — | +253.9% | — | — | — | — | — | — | — | — | — | +172.9% | |
| EV / EBITDA | 11.95 | 11.90 | 8.60 | 31.81 | 12.70 | 12.14 | 17.46 | 26.33 | 20.32 | 17.77 | 30.02 | 12.71 | 8.51 | 35.87 | 9.58 | 9.02 | 13.23 | 13.93 | — | — | 201.88 |
| — | -1.9% | -50.8% | +20.8% | -37.5% | -31.7% | -41.8% | +107.2% | +138.8% | -50.5% | +213.4% | +40.9% | -35.7% | +157.5% | — | — | -93.4% | -57.7% | — | — | +4349.3% | |
| EV / EBIT | 14.43 | 11.91 | 8.61 | 31.87 | 12.72 | 12.14 | 17.48 | 26.38 | 20.35 | 17.80 | 30.09 | 12.74 | 8.51 | 35.95 | 9.58 | 9.03 | 13.24 | 13.95 | — | — | 205.25 |
| — | -1.9% | -50.8% | +20.8% | -37.5% | -31.8% | -41.9% | +107.1% | +139.1% | -50.5% | +213.9% | +41.1% | -35.7% | +157.8% | — | — | -93.5% | -57.8% | — | — | +4420.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 104.9% | 124.4% | 119.4% | 100.0% | 116.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| — | +24.4% | +19.4% | 0.0% | +16.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin | 80.3% | 114.0% | 123.0% | 62.7% | 87.8% | 82.5% | 75.3% | 69.2% | 74.7% | 76.0% | 64.1% | 78.6% | 86.2% | 54.3% | 80.2% | 80.5% | 73.9% | 72.9% | -115.1% | -18.5% | 13.2% |
| — | +38.2% | +63.3% | -9.4% | +17.6% | +8.5% | +17.6% | -11.9% | -13.4% | +39.9% | -20.2% | -2.3% | +16.8% | -25.5% | +169.7% | +535.9% | +459.2% | +37.2% | -240.2% | -124.1% | -85.2% | |
| Net Margin | 74.7% | 86.4% | 101.2% | 62.7% | 68.6% | 82.5% | 75.3% | 69.2% | 74.7% | 76.0% | 64.1% | 78.6% | 86.2% | 54.3% | 80.2% | 80.5% | 73.9% | 72.9% | -115.1% | -18.5% | 13.2% |
| — | +4.8% | +34.3% | -9.4% | -8.2% | +8.5% | +17.6% | -11.9% | -13.4% | +39.9% | -20.2% | -2.3% | +16.8% | -25.5% | +169.7% | +535.9% | +459.2% | +37.2% | -240.2% | -124.1% | -85.2% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 4.1% | 5.8% | 1.9% | 4.1% | 5.5% | 3.8% | 2.5% | 3.2% | 3.7% | 2.2% | 4.9% | 7.0% | 1.7% | 6.1% | 6.5% | 4.5% | 4.0% | -0.8% | -0.3% | 0.3% |
| — | -26.2% | +52.2% | -24.2% | +28.9% | +48.8% | +69.9% | -48.8% | -54.0% | +114.5% | -63.6% | -24.4% | +53.8% | -56.3% | +892.5% | +2682.4% | +1512.4% | +126.2% | -112.5% | -105.1% | -97.7% | |
| ROA | 8.1% | 1.9% | 2.7% | 0.9% | 2.0% | 2.8% | 1.9% | 1.3% | 1.6% | 1.9% | 1.1% | 2.6% | 3.6% | 0.9% | 2.9% | 3.0% | 2.1% | 1.8% | -0.4% | -0.1% | 0.1% |
| — | -29.5% | +44.2% | -29.5% | +23.1% | +46.8% | +67.0% | -49.9% | -53.9% | +120.0% | -61.2% | -15.1% | +69.4% | -53.6% | +888.7% | +2488.0% | +1425.6% | +109.4% | -111.6% | -105.1% | -97.7% | |
| ROIC | 6.6% | 1.9% | 2.5% | 0.7% | 2.0% | 2.1% | 1.4% | 1.0% | 1.2% | 1.4% | 0.9% | 1.9% | 2.7% | 0.6% | 2.2% | 2.3% | 1.6% | 1.4% | -0.3% | -0.1% | 0.1% |
| — | -6.9% | +75.5% | -29.4% | +57.4% | +46.7% | +66.8% | -50.0% | -54.0% | +119.7% | -61.2% | -15.0% | +69.6% | -53.5% | +889.5% | +2485.7% | +1423.0% | +109.1% | -111.6% | -105.1% | -98.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.10 | 1.03 | 1.15 | 1.04 | 0.99 | 0.97 | 1.00 | 0.90 | 0.95 | 0.95 | 0.94 | 0.87 | 0.99 | 1.00 | 1.15 | 1.13 | 1.12 | 1.13 | 1.00 | 0.95 |
| — | +11.5% | +6.8% | +15.1% | +15.7% | +4.3% | +1.7% | +6.1% | +3.8% | -4.3% | -5.3% | -18.1% | -23.2% | -11.5% | -11.4% | +14.9% | +18.6% | +5.8% | +29.7% | +5.9% | -5.3% | |
| Debt / EBITDA | 6.30 | 20.76 | 14.84 | 59.98 | 19.79 | 18.10 | 26.35 | 39.54 | 29.04 | 25.55 | 42.10 | 19.43 | 12.98 | 58.45 | 16.79 | 18.17 | 25.25 | 28.68 | — | — | 329.54 |
| — | +14.7% | -43.7% | +51.7% | -31.8% | -29.2% | -37.4% | +103.5% | +123.8% | -56.3% | +150.7% | +6.9% | -48.6% | +103.8% | — | — | -92.3% | -52.2% | — | — | +3746.5% | |
| Current Ratio | 1.44 | 1.41 | 0.13 | 0.94 | 1.44 | 1.25 | 0.57 | 0.34 | 1.30 | 1.50 | 0.47 | 0.52 | 1.01 | 0.46 | 2.19 | 3.13 | 1.23 | 2.59 | 3.65 | 2.80 | 0.36 |
| — | +13.2% | -78.2% | +177.7% | +11.1% | -16.9% | +23.5% | -34.5% | +28.1% | +228.0% | -78.7% | -83.5% | -17.5% | -82.3% | -40.1% | +12.0% | +240.5% | -63.6% | +218.7% | -20.3% | -94.9% | |
| Quick Ratio | 1.44 | 1.41 | 0.13 | 0.94 | 1.44 | 1.25 | 0.57 | 0.34 | 1.30 | 1.50 | 0.47 | 0.52 | 1.01 | 0.46 | 2.19 | 3.13 | 1.23 | 2.59 | 3.65 | 2.80 | 0.36 |
| — | +13.2% | -78.2% | +177.7% | +11.1% | -16.9% | +23.5% | -34.5% | +28.1% | +228.0% | -78.7% | -83.5% | -17.5% | -82.3% | -40.1% | +12.0% | +240.5% | -63.6% | +218.7% | -20.3% | -94.9% | |
| Interest Coverage | 3.96 | 4.13 | 5.63 | 1.51 | 4.58 | 4.95 | 3.44 | 2.56 | 3.07 | 3.37 | 2.18 | 5.16 | 6.91 | 1.70 | 5.52 | 5.69 | 3.93 | 3.67 | -0.81 | -0.29 | 0.31 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying HTGC stock.
Hercules Capital, Inc.'s current P/E is 9.1x. The average P/E over the last 4 quarters is 10.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hercules Capital, Inc.'s current operating margin is 80.3%. Margins have been expanding 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.