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Hercules Capital, Inc. (HTGC) stock

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NYSE: HTGC NYSE Asset Management & Custody Banks Next results ~January 25, 2027

Hercules Capital, Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$19

Valuation models combined (5)

Base case. Range ~$18–$22. Weighted average of 5 models (forward price-to-earnings vs peers, residual income, justified price-to-book, price-to-book vs peers, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Hercules Capital, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 61.4% while net income grew 15.1%: a 46pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Hercules Capital, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Share dilution. Diluted shares rose 9.0% in a year.
  • Weak cash conversion. Free cash flow was -43% of net income over the last 12 months.
  • Short interest rising. Shares sold short rose 15% in a month to 5.9% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
$0.47 against an average estimate of $0.48: missed by 1.9%
Share reaction
-0.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.48

Hercules Capital's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week+0.7%
  • 1 month-1.3%
  • This year-3.9%
  • 1 year+3.6%
  • 5 years+62.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

EPS (TTM, diluted)
$1.80

Growth

Share count change
+9.0%

Cash

Free cash flow (TTM)
-$154M

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Leadership
  4. Results
  5. Agreement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hercules Capital, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Valuation models

We value Hercules Capital, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$18 ~$15–$23 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$18 ~$14–$22 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$20 ~$18–$22 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$19 ~$20–$50 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$22 ~$19–$26 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$18–$22 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hercules Capital, Inc. with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.93 +1% $582m +9%
Next $1.97 +2% $623m +7%

Next year's EPS estimate has moved −0.5% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 0 analysts raised Hercules Capital, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Hercules Capital, Inc., last 90 days
$1.90 $1.92 $1.94 $1.96 $1.98 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.92 Current fiscal year, 60 days ago: $1.93 Current fiscal year, 30 days ago: $1.93 Current fiscal year, 7 days ago: $1.93 Current fiscal year, Now: $1.93 $1.93 Next fiscal year, 90 days ago: $1.98 Next fiscal year, 60 days ago: $1.97 Next fiscal year, 30 days ago: $1.97 Next fiscal year, 7 days ago: $1.97 Next fiscal year, Now: $1.97 $1.97

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.92$1.98
60 days ago $1.93$1.97
30 days ago $1.93$1.97
7 days ago $1.93$1.97
Now $1.93$1.97

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.48 $0.47 −1.9%
Jun 2026 $0.48 $0.50 +3.3%
Mar 2026 $0.47 $0.48 +1.3%
Dec 2025 $0.49 $0.48 −2.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Hercules Capital, Inc.'s latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

9 analysts, Oct 2026
Buy889%
Hold111%
Sell00%

Monthly trend

  1. Oct 20262619
  2. Sep 20262619
  3. Aug 20262529

Counts of recommendations published by analysts covering Hercules Capital, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.9%
of tradable shares
Days to cover
9.15
at average volume
Short interest, 1 month
+15%
to October 15, 2026
Held by institutions
37%
of shares
Held by insiders
2.0%
of shares
Employees
100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HTGC+26%−10%+43%+33%+4%−4%
Industry peers (median)+33%−17%+19%+15%−4%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HTGC75%50%75%83%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HTGC−9%−36%−27%−18%−25%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from February 21, 2020 to April 3, 2020. Getting back needed a 134% gain, reached on December 23, 2020, 264 days after the low.

Price behaviour

52-week range
$13.11 – $17.76
From 52-week high
−6.9%
vs 50-day average
−2.8%
vs 200-day average
+6.0%
Volatility (1 year)
24%
Beta vs S&P 500
0.64

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.1%
After a week
5 up, 6 down
typical move ±4.4%
After a month
5 up, 6 down
typical move ±7.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −0.1% −2.1% — —
July 30, 2026 +2.8% +2.4% +6.8% +12.5%
July 21, 2026 −0.8% +0.7% +1.1% +8.2%
May 5, 2026 0.0% +2.2% −2.8% −2.4%
February 12, 2026 −7.2% −1.5% −8.1% −13.6%
February 3, 2026 −7.2% −1.3% −7.7% −14.8%
October 30, 2025 +1.0% −0.8% +0.2% +4.6%
July 31, 2025 +1.3% −2.0% +2.2% +5.8%
May 1, 2025 −1.4% +2.2% −1.7% +0.8%
February 13, 2025 +1.6% +1.1% +2.6% −7.9%
October 30, 2024 −1.2% −2.3% −1.0% −3.3%
August 1, 2024 −12.8% −3.3% −14.5% −8.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial health

0 of 4 checks passed · September 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $48m of cash against $2.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 110% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 94% to 110% over five years.
  • A year's operating cash flow covers at least 20% of debt −$154m of operating cash flow against $2.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Hercules Capital, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$5.9M
Dividends (TTM)
$339M
Returned to shareholders
-224%
of free cash flow
Buybacks, last 3 fiscal years
$22.6M
Diluted share count
+9.0%
year over year
Dividend payout ratio
95%
of net income paid out

Who owns it

Funds buying and selling
Reported value
$817M
Institutions reporting
329
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
30 / 46

Top buyers and sellers, Q2 2026: 163 institutions bought and 147 sold ; the biggest buyer was Citadel Advisors LLC (+2.1M shares) and the biggest seller Qube Research & Technologies Ltd (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Van Eck Associates Corp $61.2M 3.9M 7.5% ▲ 22.6%
Sound Income Strategies, LLC $57.8M 3.7M 7.1% ▲ 8.4%
Citadel Advisors LLC $46.3M 2.9M 5.7% ▲ 260.2%
UBS Group AG $41.7M 2.6M 5.1% ▲ 6.1%
Two Sigma Investments, LP $35.7M 2.3M 4.4% ▼ 2.5%
LPL Financial LLC $29.3M 1.9M 3.6% ▲ 3.4%
Morgan Stanley $28.6M 1.8M 3.5% ▲ 43.3%
Legal & General Group PLC $26.5M 1.7M 3.2% ▲ 12.2%
Franklin Resources Inc $21.8M 1.4M 2.7% ▲ 21.9%
D. E. Shaw & Co., Inc. $21.7M 1.4M 2.7% ▼ 11.3%
Muzinich & Co., Inc. $21.4M 1.4M 2.6% ▲ 0.5%
Sumitomo Mitsui Trust Group, Inc. $16.2M 1.0M 2.0% ▲ 0.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hercules Capital, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3M 25 trades by 11 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $3M net buying
Insider Date Trade Shares Price Value
Theodosopoulos Nikos Director March 26, 2026 Buy 7,317 $14.35 $104,999
Crowell Gayle A Director March 26, 2026 Buy 7,317 $14.35 $104,999
Randhawa Paramjeet K Director March 26, 2026 Buy 2,926 $14.35 $41,988
Aguirre Deanne Director March 26, 2026 Buy 7,317 $14.35 $104,999
Fallon Thomas J Director March 26, 2026 Buy 7,300 $14.30 $104,390
Loo Wade Director March 26, 2026 Buy 7,317 $14.35 $104,999
Badavas Robert P Director March 26, 2026 Buy 3,658 $14.35 $52,492
Randhawa Paramjeet K Director March 4, 2026 Buy 3,050 $14.78 $45,079
Follmann Christian Chief Operating Officer March 4, 2026 Buy 5,000 $14.68 $73,400
Follmann Christian Chief Operating Officer March 4, 2026 Buy 5,000 $14.68 $73,400
Bluestein Scott Chief Executive Officer February 27, 2026 Buy 7,000 $14.35 $100,450
Meyer Seth H Chief Financial Officer February 27, 2026 Buy 7,000 $14.33 $100,310

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 27 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Hercules Capital, Inc. shares.

  • Virginia Foxx(R-NC 5):Sale (full), $50,001 - $100,000, traded January 12, 2026, filed February 6, 2026
  • Virginia Foxx(R-NC 5):Purchase, $1,001 - $15,000, traded November 19, 2025, filed December 1, 2025
  • Virginia Foxx(R-NC 5):Sale (partial), $15,001 - $50,000, traded September 25, 2025, filed October 6, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • July 21, 2026
  • May 5, 2026
  • February 12, 2026
  • February 3, 2026

Recent SEC filings

Data status

When each part of this page on Hercules Capital, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hercules Capital, Inc. in brief

What does Hercules Capital, Inc. do?
Hercules Capital, Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What is Hercules Capital, Inc.'s stock ticker?
Hercules Capital, Inc. trades under the ticker HTGC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
Who are Hercules Capital, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Van Eck Associates Corp, Sound Income Strategies, LLC and Citadel Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Hercules Capital, Inc. buying back stock, and does it pay a dividend?
Hercules Capital, Inc. spent $5.9M on share repurchases over the trailing twelve months, and its diluted share count still rose 9.0% over the year.
Does Hercules Capital, Inc. pay a dividend?
Yes: Hercules Capital, Inc. paid $339M in dividends over the trailing twelve months and a payout ratio of 95.0%.
How much debt does Hercules Capital, Inc. have?
Hercules Capital, Inc.'s debt-to-equity ratio is 109.7%, from its latest balance sheet (94.5% five years earlier). The financial health section below sets out its other solvency checks.
Are insiders buying or selling Hercules Capital, Inc. stock?
Over the last 12 months, Hercules Capital, Inc.'s directors and officers reported 25 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Hercules Capital, Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hercules Capital, Inc. announces its own schedule.