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Business development company providing venture debt financing to venture-capital-backed technology and life-science companies.
Business development company providing venture debt financing to venture-capital-backed technology and life-science companies.
Earns interest and fees on loans to venture-backed companies, many at floating rates, plus gains when warrants it received alongside the loans pay off after a listing or sale of the borrower. As a business development company it passes nearly all taxable income to shareholders as dividends, and it is managed internally, so no outside manager takes fees.
Moat: narrow (scale, brand, process know-how). Long track record and VC-sponsor relationships give access to a large deal pipeline of venture-stage borrowers.
Headquarters: Palo Alto, California, US · Founded: 2003 · Employees: 100
Size Hercules Capital (HTGC) is a United States Financials company (Finance/Rental/Leasing) with a market value of $3.06B, the 1535th largest of 3,117 United States companies the cockpit tracks. Shares closed at $16.16 on 6 Nov 2026.
Performance Over six months the shares gained 0.1%, against -11.5% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 40.5% over the last twelve months (peer median +9.0%); the operating margin is 78.9% (peer median 28.5%).
Valuation It trades at 1.32× book value against a peer median of 1.61× (8th cheapest of 21).
Price implies The share price implies a return on equity of about 10.4%; Hercules Capital delivers 15.7%, so the price asks less than the business earns today.
Credit Hercules Capital has 5 bonds outstanding ($1.73B), rated Baa2 by the agencies and trading like BB- at a weighted spread of 206 bp.
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $594M | $492M | $462M | $469M | $324M |
| Revenue growth | — | +6% | -1% | +45% | — |
| Gross profit | $581M | $481M | $453M | $459M | $317M |
| EBITDA | $469M | $432M | $341M | $405M | $161M |
| Net income | $354M | $337M | $260M | $334M | $99.9M |
| Free cash flow | $319M | $301M | $300M | $270M | $164M |
| Capital expenditure | $52,000 | $89,000 | $705,000 | $887,000 | $114,000 |
| Total debt | $2.56B | $2.30B | $1.79B | $1.56B | $1.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Hercules Capital HTGC | $3.06B | 0% | +40% | 16% | 1.32× | 10.4% |
| Blue Owl Technology Finance OTF | $4.36B | -13% | +95% | 5% | 0.58× | 4.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HTGC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.4% | +3.8% | 7th lowest of 21 |
| 6-month return | +0.1% | -11.5% | 8th highest of 21 |
| Return on equity | 15.7% | 12.8% | 6th highest of 21 |
| Price / book | 1.32× | 1.61× | 8th cheapest of 21 |
| Trailing P/E | 8.9× | 11.2× | 8th cheapest of 19 |
| ROE the price implies | 10.4% | 14.8% | 8th least demanding of 21 |
| ROE delivered | 15.7% | 12.9% | 5th highest of 18 |
| Bond spread | 206 bp | 284 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Hercules Capital HTGC | United States | $3.06B | 0% | +40% | 16% | 1.32× | 10.4% | 15.7% |
| McGrath RentCorp MGRC | United States | $3.05B | +9% | +2% | 13% | 2.38× | 13.2% | 12.9% |
| PNB Housing Finance PNBHOUSING.NS | India | $3.03B | +5% | +11% | 12% | 1.42× | 19.4% | 12.3% |
| Marui 8252.T | Japan | $3.09B | -7% | +8% | 12% | 2.12× | 7.1% | 12.4% |
| SLM SLM | United States | $3.10B | -25% | -6% | 25% | 1.55× | 13.8% | 24.7% |
| LIC Housing Finance LICHSGFIN.NS | India | $3.12B | -9% | -1% | 14% | 0.67× | 11.6% | 14.3% |
| Manappuram Finance MANAPPURAM.NS | India | $3.23B | +3% | +5% | 7% | 1.90× | 33.0% | n/a |
| Cholamandalam Financial CHOLAHLDNG.NS | India | $2.89B | -17% | +18% | 17% | 1.77× | 26.2% | n/a |
| Samsung Card 029780.KS | South Korea | $3.30B | -21% | +11% | 7% | 0.51× | 4.2% | n/a |
| Indian Renewable Energy Development Agency IREDA.NS | India | $3.31B | -18% | +17% | 14% | 2.18× | 42.4% | 14.4% |
| IIFL Finance IIFL.NS | India | $2.83B | +35% | +36% | 18% | 1.73× | 23.7% | 17.6% |
| Housing & Urban Development HUDCO.NS | India | $3.39B | -30% | +22% | 22% | 1.39× | 31.5% | 21.7% |
| PennyMac Financial Services PFSI | United States | $3.41B | -28% | +4% | 6% | 0.78× | 10.2% | 5.6% |
| WillScot WSC | United States | $3.42B | -33% | -3% | -7% | 3.75× | 35.8% | -7.1% |
| Far East Horizon 3360.HK | Hong Kong | $3.44B | -25% | +1% | 8% | 0.45× | 4.5% | 7.6% |
| China Development Bank Financial Leasing 1606.HK | Hong Kong | $2.66B | +4% | -5% | 13% | 0.40× | 4.5% | 12.6% |
| Credit Saison 8253.T | Japan | $3.62B | -10% | +10% | 9% | 0.73× | 6.3% | 9.2% |
| Sixt SIX2.DE | Germany | $3.67B | +4% | +7% | 15% | 1.67× | 15.8% | 15.0% |
| Mizuho Leasing 8425.T | Japan | $2.45B | -13% | +16% | 13% | 0.77× | 6.0% | 13.3% |
| Capri Global Capital CGCL.NS | India | $2.44B | +20% | +53% | 18% | 2.90× | 21.5% | 17.9% |
| UWM UWMC | United States | $2.44B | -56% | +16% | 2% | 2.67× | 32.8% | 2.1% |
Hercules Capital has 5 bonds outstanding with $1.73B face value. The agencies rate it Baa2; its bonds trade like BB-. Weighted yield 6.61%, a spread of 206 bp over government bonds.