Last 48 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 16.1x, down 3.1% year-over-year. EV/EBITDA has compressed 58.2% YoY to 11.0x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 8.86 | 16.05 | 9.80 | 7.50 | 10.63 | 16.56 | 13.57 | 11.69 | 20.45 | 8.09 | 5.34 | 21.61 | 5.61 |
| — | -3.1% | -27.8% | -35.8% | -48.0% | +104.6% | +154.1% | -45.9% | +264.8% | +70.8% | -24.0% | +206.0% | — | |
| P/S Ratio | 5.61 | 5.89 | 5.81 | 5.43 | 6.83 | 9.12 | 8.13 | 7.16 | 9.76 | 5.46 | 4.19 | 8.89 | 3.89 |
| — | -35.4% | -28.6% | -24.2% | -30.0% | +66.9% | +93.9% | -19.5% | +151.2% | +65.9% | -3.5% | +107.6% | -79.9% | |
| P/B Ratio | 1.44 | 1.31 | 1.65 | 1.68 | 1.62 | 1.68 | 1.67 | 1.71 | 1.78 | 1.54 | 1.46 | 1.46 | 1.33 |
| — | -22.5% | -1.1% | -2.0% | -8.8% | +9.0% | +14.6% | +17.2% | +34.0% | +31.1% | +16.9% | +33.0% | +5.1% | |
| P/FCF | — | — | — | 11.57 | — | — | — | 8.57 | 13.95 | 11.28 | 5.04 | — | 3.94 |
| — | — | — | +35.0% | — | — | — | — | +253.9% | — | — | — | — | |
| EV / EBITDA | 14.54 | 11.00 | 12.70 | 12.14 | 17.46 | 26.33 | 20.32 | 17.77 | 30.02 | 12.71 | 8.51 | 35.87 | 9.58 |
| — | -58.2% | -37.5% | -31.7% | -41.8% | +107.2% | +138.8% | -50.5% | +213.4% | +40.9% | -35.7% | +157.5% | — | |
| EV / EBIT | 14.55 | — | 12.72 | 12.14 | 17.48 | 26.38 | 20.35 | 17.80 | 30.09 | 12.74 | 8.51 | 35.95 | 9.58 |
| — | — | -37.5% | -31.8% | -41.9% | +107.1% | +139.1% | -50.5% | +213.9% | +41.1% | -35.7% | +157.8% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Hercules Capital, Inc.'s operating margin was 53.0% in Q1 2026, down 20.7 pp QoQ and down 1.5 pp YoY. The trailing four-quarter average of 64.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 9.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.2% | 86.0% | 98.1% | 85.7% | 82.0% | 78.7% | 80.4% | 81.6% | 77.3% | 86.8% | 88.9% | 75.8% | 87.3% |
| — | +9.3% | +21.9% | +5.0% | +6.1% | -9.3% | -9.5% | +7.7% | -11.4% | -0.9% | +5.6% | -9.1% | +110.9% | |
| Operating Margin | 66.7% | 53.0% | 73.7% | 70.7% | 61.8% | 54.5% | 60.1% | 62.0% | 49.5% | 68.2% | 76.7% | 41.2% | 70.0% |
| — | -2.7% | +22.6% | +14.0% | +24.8% | -20.1% | -21.6% | +50.6% | -29.3% | -3.2% | +23.3% | -32.3% | +247.1% | |
| Net Margin | 62.1% | — | 57.6% | 70.7% | 61.8% | 54.5% | 60.1% | 62.0% | 49.5% | 68.2% | 76.7% | 41.2% | 70.0% |
| — | — | -4.2% | +14.0% | +24.8% | -20.1% | -21.6% | +50.6% | -29.3% | -3.2% | +23.3% | -32.3% | +247.1% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '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% |
| — | — | +28.9% | +48.8% | +69.9% | -48.8% | -54.0% | +114.5% | -63.6% | -24.4% | +53.8% | -56.3% | +892.5% | |
| ROA | 8.1% | — | 2.0% | 2.8% | 1.9% | 1.3% | 1.6% | 1.9% | 1.1% | 2.6% | 3.6% | 0.9% | 2.9% |
| — | — | +23.1% | +46.8% | +67.0% | -49.9% | -53.9% | +120.0% | -61.2% | -15.1% | +69.4% | -53.6% | +888.7% | |
| ROIC | 6.6% | 1.5% | 2.0% | 2.1% | 1.4% | 1.0% | 1.2% | 1.4% | 0.9% | 1.9% | 2.7% | 0.6% | 2.2% |
| — | +49.4% | +57.4% | +46.7% | +66.8% | -50.0% | -54.0% | +119.7% | -61.2% | -15.0% | +69.6% | -53.5% | +889.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Hercules Capital, Inc.'s Debt/EBITDA ratio is 0.2x, down from 19.8x last quarter — comfortably within a safe range. The current ratio has improved 1512.5% YoY to 5.44x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 0.01 | 1.04 | 0.99 | 0.97 | 1.00 | 0.90 | 0.95 | 0.95 | 0.94 | 0.87 | 0.99 | 1.00 |
| — | -99.3% | +15.7% | +4.3% | +1.7% | +6.1% | +3.8% | -4.3% | -5.3% | -18.1% | -23.2% | -11.5% | -11.4% | |
| Debt / EBITDA | 6.30 | 0.23 | 19.79 | 18.10 | 26.35 | 39.54 | 29.04 | 25.55 | 42.10 | 19.43 | 12.98 | 58.45 | 16.79 |
| — | -99.4% | -31.8% | -29.2% | -37.4% | +103.5% | +123.8% | -56.3% | +150.7% | +6.9% | -48.6% | +103.8% | — | |
| Current Ratio | 1.44 | 5.44 | 1.44 | 1.25 | 0.57 | 0.34 | 1.30 | 1.50 | 0.47 | 0.52 | 1.01 | 0.46 | 2.19 |
| — | +1512.5% | +11.1% | -16.9% | +23.5% | -34.5% | +28.1% | +228.0% | -78.7% | -83.5% | -17.5% | -82.3% | -40.1% | |
| Quick Ratio | 1.44 | 5.44 | 1.44 | 1.25 | 0.57 | 0.34 | 1.30 | 1.50 | 0.47 | 0.52 | 1.01 | 0.46 | 2.19 |
| — | +1512.5% | +11.1% | -16.9% | +23.5% | -34.5% | +28.1% | +228.0% | -78.7% | -83.5% | -17.5% | -82.3% | -40.1% | |
| Interest Coverage | 3.96 | — | 4.58 | 4.95 | 3.44 | 2.56 | 3.07 | 3.37 | 2.18 | 5.16 | 6.91 | 1.70 | 5.52 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Hercules Capital, Inc.'s current P/E is 8.9x. The average P/E over the last 4 quarters is 11.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hercules Capital, Inc.'s current operating margin is 66.7%. 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.