BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
HTGC
Hercules Capital, Inc.
HTGC has a slight edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
HTGC Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
HTGC's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like HTGC.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
HTGC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.4x | $13.94 | -12% |
| Forward | 8.2x | $15.85 | — |
| Current | 8.4x | $15.85 | — |
| Fair | 10x | $19.30 | +22% |
| Expensive | 14x | $25.82 | +63% |
Historical ranges are pointers, not guarantees.
HTGC has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
HTGC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect HTGC's revenue to grow, but its profitability to weaken.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK has the edge over HTGC on earnings, with stronger typical year-over-year growth.
HTGC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.93 | +2.8% |
| Q3 2026 | $1.88 | +9.3% |
| Q2 2026 | $2.03 | +34% |
| Q1 2026 | $1.79 | +35% |
| Q4 2025 | $1.85 | +15% |
| Q3 2025 | $1.72 | -15% |
| Q2 2025 | $1.51 | -16% |
| Q1 2025 | $1.33 | -40% |
| Q4 2024 | $1.61 | -30% |
HTGC's earnings per share have fallen from their peak: $1.88 over the past year, against $2.89 in mid-2021.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
HTGC has the stronger quarterly revenue trend. Revenue is up 19% for BLK versus up 52% for HTGC.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
HTGC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $87.4M | +52% |
| Q2 2022 | $21.7M | -81% |
| Q1 2022 | $29.7M | -70% |
| Q4 2021 | $40.2M | -78% |
| Q3 2021 | $57.4M | -23% |
| Q2 2021 | $115.3M | +23% |
| Q1 2021 | $98.4M | +2179% |
| Q4 2020 | $184.3M | +145% |
HTGC's revenue is recovering but still below its 2020 peak: $87M last quarter, up 52% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 61% | +20 points |
| Q2 2022 | -48% | -119 points |
| Q1 2022 | -11% | -77 points |
| Q4 2021 | 9.2% | -73 points |
| Q3 2021 | 41% | -17 points |
| Q2 2021 | 72% | +6.1 points |
| Q1 2021 | 65% | +731 points |
| Q4 2020 | 82% | +23 points |
HTGC's operating margin was 61% last quarter, up 20 points from the same quarter a year ago.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK has the edge over HTGC on cash generation, producing positive trailing cash flow while its opponent burns cash.
HTGC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$165.6M | -$162.4M |
| Q2 2026 | $297.9M | +$442.8M |
| Q1 2026 | -$230.7M | -$8.4M |
| Q4 2025 | -$55.6M | -$26.4M |
| Q3 2025 | -$3.2M | -103% |
| Q2 2025 | -$144.8M | -345% |
| Q1 2025 | -$222.2M | +$19M |
| Q4 2024 | -$29.2M | -122% |
HTGC's free cash flow was −$154M over the past year, against −$399M the year before. Free cash flow isn't a meaningful measure for financial services companies like HTGC.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over HTGC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
HTGC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +501K shares |
| 1 year | +2.9% | +5.7M shares |
| 3 years | +36% | +53M shares |
| 5 years | +72% | +83.8M shares |
| Available history | +89% | +94M shares |
HTGC has 200M diluted shares, up 2.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $693,000 |
| Q2 2026 | $819,000 |
| Q1 2026 | $3.4M |
| Q4 2025 | $1M |
| Q3 2025 | $974,000 |
| Q2 2025 | $1M |
| Q1 2025 | $3.5M |
| Q4 2024 | $1M |
HTGC spent $6M buying back its own shares over the past year, down 9.3% from the year before.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
HTGC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 33.8x | High |
| Q2 2022 | 100.4x | High |
| Q1 2022 | 11.9x | High |
| Q4 2021 | 6.4x | High |
| Q3 2021 | 3.7x | Elevated |
| Q2 2021 | 3.4x | Elevated |
| Q1 2021 | 3.6x | Elevated |
| Q4 2020 | 4.8x | High |
HTGC's net debt is more than 20 years of its operating earnings (EBITDA), up from 3.7 years a year ago. Net leverage isn't a meaningful measure for financial services companies like HTGC.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
HTGC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.1 | Neutral |
| Stochastic | 18.0 | Oversold |
HTGC's weekly RSI is 42 (neutral) and its Stochastic is 18 (oversold).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
HTGC PE vs Financial Services Sector
| Metric | HTGC | Sector median | Relative |
|---|---|---|---|
| PE | 8.4x | 13x | 35% below |
| PE % | 30 | 63 | 33 pts below |
HTGC has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over HTGC on trend strength, trading above more of its moving averages.
HTGC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.5 | 3.6% below |
| 20 week MA | $16.6 | 4.7% below |
| 50 week MA | $16.4 | 3.6% below |
| 100 week MA | $17.6 | 10% below |
| 200 week MA | $17.4 | 8.6% below |
HTGC is in a downtrend: it's below all five of its weekly moving averages, and 8.6% below its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over HTGC on returns for 2026, with the stronger performance.
HTGC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.1 | $14.1 | +0.2% |
| 2021 | $14.1 | $16.5 | +17% |
| 2022 | $16.5 | $13.2 | -20% |
| 2023 | $13.2 | $16.7 | +26% |
| 2024 | $16.7 | $20.1 | +20% |
| 2025 | $20.1 | $18.7 | -6.9% |
| 2026 YTD | $18.7 | $15.9 | -15% |
HTGC has finished higher in four of the last six years. It's down 15% so far in 2026.