HTGC
Hercules Capital, Inc.
HTGC's fundamentals are mixed: earnings per share grew 9.3%, but revenue fell 61%. At 8.4x earnings, it's trading below its usual 10x. Analysts expect earnings to hold roughly steady.
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.
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's PE is in its cheap range at 8.4x. On analysts' estimates for next year's earnings, today's price would be 8.2x.
HTGC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect HTGC's revenue to grow, but its profitability to weaken.
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.
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.
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.
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.
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.
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).
HTGC PE vs Financial Services Sector
| Metric | HTGC | Sector median | Relative |
|---|---|---|---|
| PE | 8.4x | 13x | 35% below |
| PE % | 30 | 63 | 33 pts below |
HTGC is trading at 8.4x earnings, a 35% discount to the Financial Services sector's median of 13x.
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.
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.