HTGC
Hercules Capital, Inc.
HTGC offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JPM
JPMorgan Chase & Co.
JPM has the edge over HTGC overall, supported by stronger fundamentals and stronger modeled upside.
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.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
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.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM has the edge over HTGC in the historical PE scenario, which offers more potential upside but is not a forecast.
HTGC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect HTGC's revenue to grow, but its profitability to weaken.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
JPM has the edge over HTGC on the outlook, with more favorable earnings and profitability expectations.
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.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM has the edge over HTGC on earnings, with more consistent year-over-year improvement.
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 up 8.1% for JPM.
| 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.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM's operating margin was 40% last quarter, about level with 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.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM 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 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.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has the edge over HTGC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% 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.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like JPM.
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).
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
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 JPM on valuation relative to its sector.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM is trading at 14x earnings, a 10% premium 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.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM 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 finished higher in four of the last six years. It's down 15% so far in 2026.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has the edge over HTGC on returns for 2026, with the stronger performance.