Valuation, from the filing
| Public float | $3.26B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $17.75 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 9.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
9.6× earnings today, against a median of 11.0× across 4 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $3.26B | 9.6× | |
| 2024-06-30 | $3.26B | 12.4× | |
| 2023-06-30 | $1.96B | 5.8× | |
| 2022-06-30 | $1.68B | 16.5× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the industry filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 1.03x | 23th |
Hercules Capital, Inc. (HTGC) reported net income of $339.74M for the fiscal year ended 2025-12-31. This page shows 6 annual periods of income statement, balance sheet and cash flow figures normalized from Hercules Capital, Inc.’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $339.74M | $262.97M | $337.48M | $102.08M | $174.16M | $227.26M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 188.86M | shares 161.60M | shares 144.83M | shares 126.66M | shares 115.96M | shares 112.27M |
| Pretax income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Diluted EPS | $1.85 | $1.61 | $2.31 | $0.79 | $1.49 | $2.01 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $19.03M | $19.67M | $18.70M | $16.95M | $16.11M | $18.91M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $56.99M | $42.68M | $98.10M | $14.62M | $133.12M | $198.28M |
| Total assets | $4.58B | $3.83B | $3.42B | $3.03B | $2.60B | Unavailable |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $2.37B | $1.84B | $1.61B | $1.63B | $1.29B | Unavailable |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $2.22B | $1.99B | $1.80B | $1.40B | $1.31B | $1.29B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | $2.29B | $1.77B | $1.55B | $1.57B | $1.24B | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$425.80M | -$118.09M | $68.28M | -$424.80M | $128.62M | $207.80M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$89.00K | -$705.00K | -$887.00K | -$114.00K | -$106.00K | -$137.00K |
| Financing cash flow | $368.92M | $119.20M | $22.75M | $314.52M | -$229.87M | -$85.04M |
| Net change in cash | -$56.97M | $408.00K | $90.14M | -$110.39M | -$101.36M | $122.63M |
| Stock-based compensation | $14.79M | $12.48M | $11.93M | $10.83M | $10.38M | $8.47M |
| Common dividends paid | $325.99M | $303.48M | $273.68M | $245.12M | $175.50M | $152.42M |
| Common share repurchases | $6.49M | $3.43M | $12.70M | $4.53M | $2.82M | $1.84M |
| Depreciation & amortization | $337.00K | $466.00K | $190.00K | $204.00K | $317.00K | $415.00K |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 1.03x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open HTGC in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.