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.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
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.
IREN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| N/A | |
| N/A |
IREN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like IREN.
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.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
HTGC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect HTGC's revenue to grow, but its profitability to weaken.
IREN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect IREN's losses to grow, with revenue growing. However, they disagree widely on these estimates.
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 has the edge over IREN on earnings quality, reporting a profit while its opponent remains loss making.
IREN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.96 | -347% |
| Q2 2026 | -$2.22 | -988% |
| Q1 2026 | $0.51 | +$1.10 |
| Q4 2025 | $1.18 | +$1.62 |
| Q3 2025 | $1.60 | +$1.99 |
| Q2 2025 | $0.25 | +$0.45 |
| Q1 2025 | -$0.59 | -$0.43 |
| Q4 2024 | -$0.44 | -$0.15 |
IREN has swung to a loss: it lost $3.96 per share over the past year, after a profit the year before.
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 has the stronger quarterly revenue trend. Revenue is up 52% for HTGC versus down 5.1% for IREN.
| 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.
IREN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $228M | -5.1% |
| Q2 2026 | $137.2M | -27% |
| Q1 2026 | $144.8M | 0% |
| Q4 2025 | $184.7M | +59% |
| Q3 2025 | $240.3M | +355% |
| Q2 2025 | $187.3M | +230% |
| Q1 2025 | $144.8M | +168% |
| Q4 2024 | $116.1M | +176% |
IREN's revenue has held roughly level: $228M last quarter, down 5.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -82% | -50 points |
| Q2 2026 | -452% | -461 points |
| Q1 2026 | -161% | -180 points |
| Q4 2025 | -63% | -79 points |
| Q3 2025 | -32% | +57 points |
| Q2 2025 | 9% | +49 points |
| Q1 2025 | 19% | +8 points |
| Q4 2024 | 15% | +21 points |
IREN's operating margin was −82% last quarter, down 50 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.
IREN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.6B | -$1.6B |
| Q2 2026 | $482.2M | +2895% |
| Q1 2026 | -$873.8M | -$523.1M |
| Q4 2025 | -$468M | -$334M |
| Q3 2025 | -$38M | +$349.4M |
| Q2 2025 | $16.1M | +$179M |
| Q1 2025 | -$350.7M | -$128.7M |
| Q4 2024 | -$134M | -$105.2M |
IREN has the edge over HTGC on cash flow, with more consistent year-over-year improvement.
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 the edge over IREN on shareholder dilution, with a more favorable share count trend.
| 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.
IREN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +26% | +82.4M shares |
| 1 year | +10% | +36.9M shares |
| 3 years | +511% | +333M shares |
| 5 years | +624% | +344M shares |
| Available history | +2346% | +382M shares |
IREN has 399M diluted shares, up 10% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
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.
IREN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2026 | 157.6x | High |
| Q4 2025 | 22.2x | High |
| Q3 2025 | 4.1x | High |
| Q2 2025 | 2.0x | Moderate |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | -4.6x | Net Cash |
| Q3 2024 | -16.7x | Net Cash |
| Q2 2024 | -15.9x | Net Cash |
IREN's net debt is more than 20 years of its operating earnings (EBITDA), up from 3.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like IREN.
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).
IREN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.3 | Neutral |
| Stochastic | 8.2 | Oversold |
IREN's weekly RSI is 33 (neutral) and its Stochastic is 8 (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.
IREN PE vs Financial Services Sector
| Metric | IREN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
IREN has no meaningful PE right now: it lost money over the past year.
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.
IREN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.8 | 35% below |
| 20 week MA | $36.2 | 46% below |
| 50 week MA | $42.8 | 54% below |
| 100 week MA | $32.0 | 39% below |
| 200 week MA | $19.1 | 2.1% above |
IREN has the edge over HTGC on trend strength, trading above more of its moving averages.
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 the edge over IREN on returns for 2026, with the stronger performance.
IREN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $24.8 | $17.2 | -31% |
| 2022 | $17.2 | $1.19 | -93% |
| 2023 | $1.19 | $7.15 | +501% |
| 2024 | $7.15 | $10.7 | +50% |
| 2025 | $10.7 | $40.3 | +276% |
| 2026 YTD | $40.3 | $19.5 | -52% |
IREN's yearly returns have swung widely, from +501% in 2023 to −93% in 2022. It's down 52% so far in 2026.