HTGC
Hercules Capital, Inc.Financial Services·Asset Management
$15.45
$2.9B market cap
Revenue
$550.6M
Free Cash Flow
$-351.7M
Rev Growth
+3.8%
FCF Margin
-63.9%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Hercules Capital, Inc. is a business development company. The firm specializing in providing venture debt, debt, senior secured loans, and growth capital to privately held venture capital-backed companies at all stages of development from startups, to expansion stage including select publicly listed companies and select special opportunity lower middle market companies that require additional capital to fund acquisitions, recapitalizations and refinancing and established-stage companies. The fir
2-Year Price History
$15.34-6.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 95.9 | 42.6 | 42.5 | 42.5 | -230.6 | -230.6 | -0.0 | 42.4 | 2,582 | 196.8 | 4.6% | 1.5x | 14.6x |
| Act | 2025-Q4 | 157.8 | 116.3 | 116.3 | 90.8 | -55.6 | -55.6 | -0.0 | 56.9 | 2,303 | 194.8 | 13.5% | 4.6x | 15.2x |
| Act | 2025-Q3 | 169.3 | 119.8 | 119.7 | 119.7 | 79.4 | 79.4 | -0.0 | 29.4 | 2,168 | 194.4 | 14.5% | 5.0x | 17.0x |
| Act | 2025-Q2 | 127.6 | 79.0 | 78.9 | 78.9 | -144.8 | -144.8 | -0.0 | 52.3 | 2,081 | 190.8 | 9.9% | 3.4x | 19.9x |
| Act | 2025-Q1 | 92.4 | 50.4 | 50.3 | 50.3 | -222.2 | -222.2 | -0.0 | 51.2 | 1,994 | 175.4 | 6.8% | 2.6x | 23.5x |
| Act | 2024-Q4 | 102.3 | 61.5 | 61.4 | 61.4 | -29.2 | -29.3 | -0.0 | 113.1 | 1,787 | 165.6 | 8.9% | 3.1x | 18.3x |
| Act | 2024-Q3 | 110.8 | 68.8 | 68.7 | 68.7 | 92.6 | 92.5 | -0.0 | 38.9 | 1,758 | 161.5 | 10.5% | 3.4x | 15.4x |
| Act | 2024-Q2 | 84.5 | 42.0 | 41.9 | 41.9 | 59.5 | 59.1 | -0.4 | 27.7 | 1,766 | 161.3 | 6.3% | 2.2x | 16.4x |
| Act | 2024-Q1 | 133.4 | 91.2 | 91.0 | 91.0 | 64.8 | 64.6 | -0.3 | 50.2 | 1,771 | 157.9 | 13.5% | 5.2x | 13.1x |
| Act | 2023-Q4 | 156.7 | 120.2 | 120.2 | 120.2 | 130.9 | 130.4 | -0.5 | 98.9 | 1,560 | 157.8 | 20.0% | 6.9x | 11.8x |
| Act | 2023-Q3 | 67.9 | 28.0 | 28.0 | 28.0 | -115.4 | -115.4 | -0.0 | 32.0 | 1,638 | 147.1 | 4.8% | 1.7x | 13.5x |
| Act | 2023-Q2 | 135.3 | 94.8 | 94.8 | 94.8 | 133.6 | 133.4 | -0.3 | 61.7 | 1,592 | 142.1 | 16.9% | 5.5x | 11.0x |
| Act | 2023-Q1 | 134.2 | 94.6 | 94.6 | 94.6 | -80.9 | -81.0 | -0.1 | 71.1 | 1,719 | 137.1 | 16.5% | 5.7x | 17.2x |
| Act | 2022-Q4 | 100.6 | 62.6 | 62.5 | 62.5 | -64.9 | -65.0 | -0.0 | 15.8 | 1,580 | 132.3 | 12.1% | 3.9x | 30.1x |
| Act | 2022-Q3 | 87.4 | 53.3 | 53.2 | 53.2 | -53.2 | -53.2 | -0.0 | 57.1 | 1,527 | 129.3 | 10.8% | 3.7x | -- |
| Act | 2022-Q2 | 21.7 | -10.3 | -10.3 | -10.3 | -118.1 | -118.1 | -0.0 | 115.3 | 1,505 | 124.3 | -2.1% | -0.8x | -- |
| Act | 2022-Q1 | 29.7 | -3.3 | -3.3 | -3.3 | -188.6 | -188.7 | -0.1 | 59.3 | 1,331 | 118.3 | -0.8% | -0.3x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 9.24 | — | 42.7% | 102 | 30.1× | n/m | 14.8× | 6.3× |
| 2023 | 13.21 | +106.4% | 68.3% | 338 | 11.8× | 59.4× | 7.5× | 5.1× |
| 2024 | 17.60 | -12.8% | 61.1% | 263 | 18.3× | 25.8× | 11.9× | 7.3× |
| 2025 | 18.23 | +27.0% | 66.8% | 365 | 15.2× | n/m | 9.7× | 6.0× |
| TTM | 15.45 | +41.2% | 64.9% | 358 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$15.45
Market Cap$2.9B
Enterprise Value$5.4B
P/S Ratio5.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-63.9%
FCF Yield-12.2%
Dividend Yield (TTM)12.6%
Annual Dilution12.2%
CurrencyUSD
TTM Financial Snapshot
Revenue$550.6M
Net Income$331.9M
Free Cash Flow$-351.7M
Revenue Growth (YoY)+3.8%
EBITDA Margin64.9%
Net Margin60.3%
FCF Margin-63.9%
CapEx % of Revenue0.0%
SBC % of Revenue1.4%
ROIC10.6%
WC Change % Rev0.3%
Interest Coverage3.5x
Forward Outlook & Risk
Short Interest
Short % of Float7.2%
Short Shares12.3M
Days to Cover7.8
Change (vs Prior)-0.2%
Short % Float History
7.20%+3.40pp
Options
Call IV (ATM)28%
Put IV (ATM)28%
ATM Spread1.3%
Call $OI (near money)$180K
Put $OI (near money)$1.2M
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$15.0
Major Expirations2
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $12.00 | $2.45/$5.10 | 0 | --/$0.45 | 715 |
| $13.00 | $1.45/$4.00 | 3 | $0.05/$0.50 | 2,824 |
| $14.00 | $1.10/$2.60 | 59 | $0.15/$0.30 | 1,230 |
| $15.00 | $0.80/$1.00 | 571 | $0.40/$0.50 | 545 |
| $16.00 | $0.30/$0.40 | 328 | $0.85/$1.10 | 2,138 |
| $17.00 | $0.10/$0.15 | 903 | $1.10/$2.30 | 853 |
| $18.00 | --/$0.10 | 295 | $1.05/$4.00 | 30 |
| $19.00 | --/$0.20 | 184 | $2.05/$3.80 | 0 |
Snapshot: 2026-05-22
Employees
Headcount100
Revenue / Employee$5,506,190
Gross Profit / Employee$4,723,280
2022: 0 → 2023: 100 → 2024: 100 → 2025: 50
Cash Runway
1.4months
CRITICAL
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 16.5% of float, sold 2.2%. 1 filer moved >1% of shares (1 buying, 0 selling).
Net flow · Q1 2026still filing
+14.3% of float (net)
Bought 16.5% · Sold 2.2%
362 filers reported (last quarter: 369)
Ownership composition
Active
24.9%(-1.0% YoY)
340 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.6%(-0.0% YoY)
3 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.2% YoY)
4 filers
Citadel, Susquehanna
Insiders
2.0%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Sound Income Strategies, LLC | $49.2M | $13.40 | +$10.0M | +$7.4M | -0.4% | $2.07B |
| VAN ECK ASSOCIATES CORP | $46.7M | $14.60 | −$4.3M | −$2.9M | +0.8% | $133.17B |
| UBS Group AG | $36.8M | $16.28 | +$12.1M | +$24.9M | -0.3% | $562.11B |
| TWO SIGMA INVESTMENTS, LP | $34.3M | $14.65 | +$10.5M | +$15.7M | -0.9% | $117.03B |
| Qube Research & Technologies Ltd | $33.0M | $16.46 | +$10.5M | +$31.4M | +0.3% | $70.36B |
| LPL Financial LLC | $26.5M | $15.45 | −$410K | +$9.8M | -0.2% | $372.65B |
| D. E. Shaw & Co., Inc. | $22.9M | $15.89 | +$10.7M | +$18.7M | -0.3% | $118.02B |
| Legal & General Group Plc | $22.1M | $13.86 | +$1.7M | +$4.8M | -0.1% | $432.24B |
| Muzinich & Co., Inc. | $19.9M | $17.58 | +$212K | +$12.4M | -1.6% | $286M |
| MORGAN STANLEY | $18.7M | $13.06 | +$2.2M | −$4.6M | -0.3% | $1.65T |
| FRANKLIN RESOURCES INC | $16.8M | $16.31 | +$2.4M | +$8.0M | -0.2% | $403.03B |
| Sumitomo Mitsui Trust Group, Inc. | $15.1M | $17.50 | +$97K | +$7.8M | +1.8% | $154.47B |
| MILLENNIUM MANAGEMENT LLC | $14.6M | $14.01 | −$6.0M | +$8.8M | -0.5% | $127.40B |
| TECTONIC ADVISORS LLC | $13.2M | $14.59 | +$2.0M | +$5.3M | -0.0% | $1.89B |
| Advisors Capital Management, LLC | $12.6M | $13.31 | +$413K | −$2.3M | -0.1% | $8.58B |
| BlackRock, Inc.Passive | $12.6M | $17.11 | −$7.1M | −$402K | -0.2% | $5.69T |
| JPMORGAN CHASE & CO | $12.5M | $13.87 | +$8.2M | +$2.8M | -0.2% | $1.47T |
| CITADEL ADVISORS LLC | $12.0M | $13.81 | +$5.1M | −$6.6M | -0.4% | $138.22B |
| PANORAMIC INVESTMENT ADVISORS, LLC | $11.8M | $14.77 | +$11.8M | +$11.8M | +2.3% | $359M |
| Melia Wealth LLC | $11.8M | $13.88 | −$37K | +$549K | -3.6% | $207M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.34%
avg per quarter
Holders (ex-self)
-0.33%
excl. this stock
Buyers (this Q)
-1.07%
82 buyers · $0.09B in
Sellers (this Q)
-0.01%
115 sellers · $0.15B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+9.0%
how holders react when this stock falls
On quiet Qs
+5.8%
−10% to +10% baseline
On rallies (+10%+)
-21.4%
how they react when this stock rises
Holders' portfolio flow this Q
+8.9%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.3%
Holder mid (any stock)
-2.5%
Holder rally (any stock)
-5.5%
Biggest decreases this quarter
Point72 Asset Management, L.P.exited−$10.5MBlackRock, Inc.−$7.1Mα-0.2JANE STREET GROUP, LLCexited−$6.8MMILLENNIUM MANAGEMENT LLC−$6.0Mα-0.5MARSHALL WACE, LLPexited−$5.9MJanney Montgomery Scott LLCexited−$4.8MPREVAIL INNOVATIVE WEALTH ADVISORS, LLCexited−$4.5MVAN ECK ASSOCIATES CORP−$4.3Mα+0.8Walleye Trading LLCexited−$3.2MVerition Fund Management LLCexited−$2.2M
New buyers this quarter
Top-5 holders · 26.6%
Sound Income Strategies, LLC--
VAN ECK ASSOCIATES CORP--
UBS Group AG--
TWO SIGMA INVESTMENTS, LP--
Qube Research & Technologies Ltd--
Put / call ratio: 0.63 (-82.3% QoQ) — net bullish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Kingstone Capital Partners Texas, LLC—VAN ECK ASSOCIATES CORP3.2MSound Income Strategies, LLC3.4MMILLENNIUM MANAGEMENT LLC985KPRICE T ROWE ASSOCIATES INC /MD/24KTWO SIGMA ADVISERS, LP—UBS Group AG2.5MTWO SIGMA INVESTMENTS, LP2.3MLPL Financial LLC1.8MROYAL BANK OF CANADA496K
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| GSBD | Goldman Sachs BDC, Inc. | 3 | 477.90× |
| TSLX | Sixth Street Specialty Lending, Inc. | 5 | 398.25× |
| CSWC | Capital Southwest Corporation | 3 | 298.69× |
| BCSF | Bain Capital Specialty Finance, Inc. | 3 | 298.69× |
| FSK | FS KKR Capital Corp. | 3 | 183.81× |
| ARCC | Ares Capital Corporation | 5 | 124.45× |
| OBDC | Blue Owl Capital Corporation | 4 | 113.79× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$15.5030.0%
Last Year (6 analysts)$18.542000.0%
Current Price$15.45
Analyst Ratings
18
12
Buy: 18Hold: 12Sell: 1Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 148M | 87M | 95M | $0.48 | $0.48 – $0.49 | 4 |
| 2026 Q4 | 151M | 89M | 95M | $0.48 | $0.48 – $0.49 | 2 |
| 2027 Q1 | 154M | 91M | 96M | $0.49 | $0.48 – $0.49 | 2 |
| 2027 Q2 | 157M | 93M | 96M | $0.49 | $0.48 – $0.50 | 1 |
| 2027 Q3 | 160M | 95M | 98M | $0.50 | $0.49 – $0.51 | 1 |
| 2027 Q4 | 163M | 96M | 99M | $0.50 | $0.50 – $0.51 | 2 |
| 2028 Q1 | 166M | 98M | 93M | $0.47 | $0.47 – $0.48 | 3 |
| 2028 Q2 | 169M | 100M | 94M | $0.48 | $0.47 – $0.48 | 2 |
| 2028 Q3 | 173M | 102M | 94M | $0.48 | $0.47 – $0.49 | 2 |
| 2028 Q4 | 177M | 105M | 95M | $0.48 | $0.47 – $0.49 | 3 |
Corporate
Executive Compensation (2022-2024)
Direct Pay$37.2M
Incentive & Other$0.2M
Total Compensation$37.4M
% of Revenue2.6%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$2.78M
24 txns · 11 insiders · 186,562 sh
Sells ($, 12mo)
$7K
1 txn · 1 insider · 395 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-26 | BUY | Aguirre DeAnne | director | 7,317 | $14.35 | $105K | $154K |
| 2026-03-26 | BUY | BADAVAS ROBERT P | director | 3,658 | $14.35 | $52K | $73K |
| 2026-03-26 | BUY | CROWELL GAYLE A | director | 7,317 | $14.35 | $105K | $1.40M |
| 2026-03-26 | BUY | Fallon Thomas J | director | 7,300 | $14.30 | $104K | $2.25M |
| 2026-03-26 | BUY | Loo Wade | director | 7,317 | $14.35 | $105K | $202K |
| 2026-03-26 | BUY | Randhawa Paramjeet K | director | 2,926 | $14.35 | $42K | $323K |
| 2026-03-26 | BUY | Theodosopoulos Nikos | director | 7,317 | $14.35 | $105K | $421K |
| 2026-03-04 | BUY | Follmann Christian | officer: Chief Operating Officer | 10,000 | $14.68 | $147K | $2.20M |
| 2026-03-04 | BUY | Randhawa Paramjeet K | director | 3,050 | $14.78 | $45K | $289K |
| 2026-02-27 | BUY | Theodosopoulos Nikos | director | 2,600 | $14.21 | $37K | $306K |
| 2026-02-27 | BUY | Meyer Seth H | officer: Chief Financial Officer | 7,000 | $14.33 | $100K | $6.43M |
| 2026-02-27 | BUY | Fallon Thomas J | director | 20,000 | $14.20 | $284K | $2.14M |
| 2026-02-27 | BUY | Botelho Kiersten Zaza | officer: Chief Legal Officer & CCO | 1,300 | $14.21 | $18K | $1.33M |
| 2026-02-27 | BUY | Bluestein Scott | officer: Chief Executive Officer | 7,000 | $14.35 | $100K | $36.11M |
| 2026-02-27 | BUY | BADAVAS ROBERT P | director | 5,000 | $14.27 | $71K | $1.74M |
| 2026-02-25 | BUY | Loo Wade | director | 3,300 | $14.98 | $49K | $491K |
| 2026-02-24 | BUY | BADAVAS ROBERT P | director | 5,000 | $15.01 | $75K | $1.76M |
| 2026-02-24 | BUY | Bluestein Scott | officer: Chief Executive Officer | 30,000 | $15.08 | $452K | $37.84M |
| 2026-02-24 | BUY | Fallon Thomas J | director | 10,000 | $14.98 | $150K | $1.95M |
| 2026-02-23 | BUY | CROWELL GAYLE A | director | 6,600 | $15.20 | $100K | $1.33M |
Order Flow (FINRA, ~3w lag)
31.8%retail-1.6pp
17.8%dark+0.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.