(HTGC) Hercules Capital - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US4270965084

Venture Debt, Growth Capital, Structured Debt, Warrants

Asset Management & Custody Banks
Market Cap in USD: 3,378m

IPO / Inception: 2005-06-09
12m vs SPY: -15.9%

EPS (Earnings per Share)

EPS CAGR: -40.76%
EPS Trend: -8.3%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 46.69%
Rev. Trend: 66.4%

Last SUE: 0.97
Qual. Beats: 1

Dividends

Dividend Yield	8.54%
Yield on Cost 5y	17.92%
Yield CAGR 5y	0.80%
Payout Consistency	95.3%
Payout Ratio	82.9%

Risk via 5d forecast
Volatility	19.5%
Value at Risk 5%th	33.9%
Relative Tail Risk	5.76%

Reward TTM
Sharpe Ratio	0.00
Alpha	-13.83
CAGR/Max DD	0.81

Character TTM
Hurst Exponent	0.509
Beta	0.713
Beta Downside	0.898

Drawdowns 3y
Max DD	26.63%
Mean DD	7.54%
Median DD	6.98%

Description: HTGC Hercules Capital January 11, 2026

Hercules Capital (HTGC) is a Business Development Company that focuses on providing private-equity-backed financing-primarily structured debt with warrants-to venture-backed companies across the mid-venture to expansion stages, as well as select public and special-opportunity issuers. Its product set spans growth-capital loans, mezzanine and subordinated debt, asset-based facilities, IPO bridge financing, and acquisition-related funding, with a strong emphasis on technology, SaaS, fintech, and clean-energy sectors.

Key operating metrics (2023 Form 10-K) show a portfolio of roughly $2.6 billion in assets, a weighted-average loan maturity of 3.5 years, and a historical default rate under 0.5 %. The fund’s net asset value (NAV) per share has risen about 12 % YoY, while its leverage ratio (total debt / NAV) sits near 1.2×, indicating modest use of debt to amplify returns. The venture-debt market has expanded at ~8 % CAGR over the past five years, driven by sustained VC funding volumes, but the sector’s sensitivity to rising interest rates remains a material risk.

Given HTGC’s concentration in high-growth tech and sustainability-focused firms, its performance is closely tied to macro-drivers such as the pace of corporate-venture capital cycles, the availability of cheap capital, and regulatory incentives for clean-energy investment. Investors should monitor the firm’s credit-quality trends and the broader venture-debt spread compression as potential upside or downside catalysts.

For a deeper, data-driven view of HTGC’s valuation dynamics, you might explore the analyst tools on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (310.3m TTM) > 0 and > 6% of Revenue (6% = 29.5m TTM)

FCFTA -0.07 (>2.0%) and ΔFCFTA -16.66pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 9.97% (prev 4.84%; Δ 5.13pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.07 (>3.0%) and CFO -316.9m <= Net Income 310.3m (YES >=105%, WARN >=100%)

Net Debt (-12.7m) to EBITDA (310.7m) ratio: -0.04 <= 3.0 (WARN <= 3.5)

Current Ratio 3.95 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (194.4m) change vs 12m ago 20.33% (target <= -2.0% for YES)

Gross Margin 82.34% (prev 84.64%; Δ -2.30pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 12.19% (prev 13.28%; Δ -1.09pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 3.57 (EBITDA TTM 310.7m / Interest Expense TTM 86.8m) >= 6 (WARN >= 3)

Altman Z'' 0.78

(A) 0.01 = (Total Current Assets 65.6m - Total Current Liabilities 16.6m) / Total Assets 4.41b

(B) 0.02 = Retained Earnings (Balance) 88.0m / Total Assets 4.41b

(D) 0.12 = Book Value of Equity 269.9m / Total Liabilities 2.22b

Total Rating: 0.78 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 43.50

1. Piotroski 3.0pt

2. FCF Yield -9.42%

3. FCF Margin -64.46%

4. Debt/Equity 0.01

5. Debt/Ebitda -0.04

6. ROIC - WACC (= -2.48)%

7. RoE 14.90%

8. Rev. Trend 66.36%

9. EPS Trend -8.29%

What is the price of HTGC shares?

As of January 14, 2026, the stock is trading at USD 18.53 with a total of 773,117 shares traded.
Over the past week, the price has changed by -0.43%, over one month by -0.75%, over three months by +10.65% and over the past year by +1.60%.

Is HTGC a buy, sell or hold?

Hercules Capital has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy HTGC.

Strong Buy: 3
Buy: 3
Hold: 3
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the HTGC price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	20.9	12.9%
Analysts Target Price	20.9	12.9%
ValueRay Target Price	22.8	23.3%

HTGC Fundamental Data Overview January 13, 2026

P/E Trailing = 10.6839
P/E Forward = 9.5057
P/S = 6.5361
P/B = 1.5426
P/EG = 0.5218
Beta = 0.783
Revenue TTM = 491.6m USD
EBIT TTM = 310.3m USD
EBITDA TTM = 310.7m USD
Long Term Debt = unknown (0.0)
Short Term Debt = 16.6m USD (from shortTermDebt, last quarter)
Debt = 16.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -12.7m USD (from netDebt column, last quarter)
Enterprise Value = 3.37b USD (3.38b + Debt 16.6m - CCE 29.3m)
Interest Coverage Ratio = 3.57 (Ebit TTM 310.3m / Interest Expense TTM 86.8m)
EV/FCF = -10.62x (Enterprise Value 3.37b / FCF TTM -316.9m)
FCF Yield = -9.42% (FCF TTM -316.9m / Enterprise Value 3.37b)
FCF Margin = -64.46% (FCF TTM -316.9m / Revenue TTM 491.6m)
Net Margin = 63.13% (Net Income TTM 310.3m / Revenue TTM 491.6m)
Gross Margin = 82.34% ((Revenue TTM 491.6m - Cost of Revenue TTM 86.8m) / Revenue TTM)
Gross Margin QoQ = 85.71% (prev 82.03%)
Tobins Q-Ratio = 0.76 (Enterprise Value 3.37b / Total Assets 4.41b)
Interest Expense / Debt = 145.8% (Interest Expense 24.2m / Debt 16.6m)
Taxrate = 21.0% (US default 21%)
NOPAT = 245.2m (EBIT 310.3m * (1 - 21.00%))
Current Ratio = 3.95 (Total Current Assets 65.6m / Total Current Liabilities 16.6m)
Debt / Equity = 0.01 (Debt 16.6m / totalStockholderEquity, last quarter 2.19b)
Debt / EBITDA = -0.04 (Net Debt -12.7m / EBITDA 310.7m)
Debt / FCF = 0.04 (negative FCF - burning cash) (Net Debt -12.7m / FCF TTM -316.9m)
Total Stockholder Equity = 2.08b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.69% (Net Income 310.3m / Total Assets 4.41b)
RoE = 14.90% (Net Income TTM 310.3m / Total Stockholder Equity 2.08b)
RoCE = 14.90% (EBIT 310.3m / Capital Employed (Equity 2.08b + L.T.Debt 0.0))
RoIC = 6.02% (NOPAT 245.2m / Invested Capital 4.07b)
WACC = 8.50% (E(3.38b)/V(3.39b) * Re(8.54%) + (debt cost/tax rate unavailable))
Discount Rate = 8.54% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 11.00%
Fair Price DCF = unknown (Cash Flow -316.9m)
EPS Correlation: -8.29 | EPS CAGR: -40.76% | SUE: -4.0 | # QB: 0
Revenue Correlation: 66.36 | Revenue CAGR: 46.69% | SUE: 0.97 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.50 | Chg30d=+0.000 | Revisions Net=+2 | Analysts=8
EPS next Year (2026-12-31): EPS=2.02 | Chg30d=+0.003 | Revisions Net=+1 | Growth EPS=+4.9% | Growth Revenue=+10.2%

Additional Sources for HTGC Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle