Latest Ratios: P/E Ratio 8.6x · EV/EBITDA 14.3x · ROE 16.2%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $3.7B | $3.2B | $2.4B | $1.7B | $1.9B | $1.6B | $1.4B | $1.0B | $1.1B | $1.0B |
| Enterprise Value | $5.2B | $5.9B | $4.9B | $3.9B | $3.2B | $3.0B | $2.7B | $2.7B | $1.9B | $1.8B | $1.7B |
| P/E Ratio → | 8.64 | 10.17 | 12.48 | 7.22 | 16.73 | 11.13 | 7.17 | 8.20 | 13.31 | 13.81 | 15.51 |
| P/S Ratio | 5.47 | 6.70 | 7.53 | 4.89 | 6.99 | 6.21 | 4.53 | 4.78 | 5.73 | 6.25 | 7.26 |
| P/B Ratio | 1.41 | 1.65 | 1.63 | 1.34 | 1.19 | 1.47 | 1.25 | 1.26 | 1.05 | 1.29 | 1.32 |
| P/FCF | — | — | — | 35.82 | — | 14.97 | 7.80 | — | — | — | — |
| P/OCF | — | — | — | 35.36 | — | 14.96 | 7.79 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.81 | 11.42 | 7.84 | 13.53 | 9.80 | 7.60 | 8.91 | 11.03 | 10.26 | 11.73 |
| EV / EBITDA | 14.33 | 16.17 | 18.68 | 11.48 | 31.66 | 17.39 | 11.93 | 15.29 | 25.24 | 22.47 | 24.42 |
| EV / EBIT | 14.34 | 16.19 | 18.71 | 11.48 | 31.72 | 17.42 | 11.95 | 15.31 | 25.31 | 22.53 | 24.49 |
| EV / FCF | — | — | — | 57.51 | — | 23.61 | 13.08 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.2% | 87.2% | 82.1% | 86.3% | 77.1% | 82.4% | 83.3% | 81.7% | 77.5% | 78.2% | 77.7% |
| Operating Margin | 66.7% | 66.7% | 61.0% | 68.3% | 42.6% | 56.3% | 63.6% | 58.2% | 43.6% | 45.5% | 47.9% |
| Net Profit Margin | 62.1% | 62.1% | 61.0% | 68.3% | 42.6% | 56.3% | 63.6% | 58.2% | 43.6% | 45.5% | 47.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 13.9% | 21.1% | 7.5% | 13.4% | 18.7% | 16.6% | 8.5% | 9.7% | 9.1% |
| ROA | 8.1% | 8.1% | 7.3% | 10.5% | 3.6% | 6.7% | 8.9% | 7.9% | 4.2% | 5.1% | 4.9% |
| ROIC | 6.6% | 6.6% | 5.5% | 8.0% | 2.8% | 5.1% | 6.8% | 6.0% | 3.2% | 3.9% | 3.7% |
| ROCE | 8.8% | 8.8% | 7.5% | 10.8% | 4.0% | 7.3% | 9.1% | 8.1% | 4.4% | 5.2% | 5.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 0.90 | 0.87 | 1.13 | 0.95 | 1.00 | 1.15 | 1.01 | 0.94 | 0.83 |
| Debt / EBITDA | 6.30 | 6.30 | 6.78 | 4.62 | 15.45 | 7.13 | 5.69 | 7.47 | 12.57 | 9.94 | 9.50 |
| Net Debt / Equity | — | 1.01 | 0.84 | 0.81 | 1.12 | 0.85 | 0.85 | 1.09 | 0.97 | 0.83 | 0.81 |
| Net Debt / EBITDA | 6.14 | 6.14 | 6.35 | 4.33 | 15.29 | 6.37 | 4.82 | 7.10 | 12.12 | 8.78 | 9.31 |
| Debt / FCF | — | — | — | 21.68 | — | 8.64 | 5.29 | — | — | — | — |
| Interest Coverage | 3.96 | 3.96 | 3.41 | 4.99 | 1.86 | 3.20 | 3.81 | 3.18 | 1.94 | 2.09 | 2.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 1.37 | 1.00 | 1.23 | 0.36 | 7.06 | 4.46 | 0.65 | 3.85 | 0.93 |
| Quick Ratio | 1.44 | 1.44 | 1.37 | 1.00 | 1.23 | 0.36 | 7.06 | 4.46 | 0.65 | 3.85 | 0.93 |
| Cash Ratio | 0.87 | 0.87 | 2.06 | 0.62 | 0.33 | 0.31 | 5.46 | 2.12 | 0.43 | 3.39 | 0.49 |
| Asset Turnover | — | 0.12 | 0.11 | 0.14 | 0.08 | 0.12 | 0.14 | 0.12 | 0.09 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 81.3% | 81.3% | 115.4% | 81.1% | 165.9% | 83.5% | 67.1% | 76.1% | 147.4% | 127.7% | 131.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.6% | 9.8% | 8.0% | 13.9% | 6.0% | 9.0% | 13.9% | 12.2% | 7.5% | 7.2% | 6.4% |
| FCF Yield | — | — | — | 2.8% | — | 6.7% | 12.8% | — | — | — | — |
| Buyback Yield | 0.2% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 9.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $195M | $162M | $145M | $127M | $116M | $112M | $102M | $91M | $83M | $74M |
Venture ecosystem funding volatility
According to current market data, HTGC trades at a 1.37x price-to-book ratio, which suggests investors are pricing in a significant premium for the firm's internal management structure and the potential upside from its warrant portfolio compared to the broader BDC peer group average.
The 8.42x TTM P/E multiple appears to discount the inherent volatility of venture-debt income, implying that the market views the firm's proprietary deal flow as a durable competitive advantage. However, this valuation warrants caution, as it relies heavily on the assumption that the warrant portfolio will eventually yield realized gains that offset the cyclicality of interest income.
Based on reported financial figures, HTGC's ROIC has trended downward from 2.7% in 2023Q4 to 1.5% in 2026Q1, indicating that the firm is struggling to maintain compounding returns on its invested capital amidst a challenging environment for venture-backed exits and liquidity events.
The decline in ROIC suggests that the firm's capital deployment is becoming less efficient, likely due to the increased cost of capital and the difficulty of sourcing high-quality, yield-generating assets. Investors should monitor whether this trend reflects a structural decay in the venture debt risk premium or merely a temporary cyclical trough.
As indicated by recent quarterly filings, the firm's asset turnover remains consistently low at approximately 0.03x to 0.05x, which is characteristic of a BDC model but highlights the significant capital intensity required to generate incremental interest income in the current venture-debt landscape.
The lack of meaningful improvement in asset turnover suggests that the firm's growth is primarily driven by balance sheet expansion rather than operational velocity. This reliance on scale to drive earnings may leave the firm vulnerable to margin compression if the cost of wholesale funding continues to rise relative to loan yields.
According to recent balance sheet data, HTGC maintains a debt-to-equity ratio of 1.04, which appears to be a disciplined approach to leverage that provides sufficient dry powder for future originations while remaining well below the regulatory limits imposed on business development companies.
The interest coverage ratio, which has fluctuated between 2.18x and 6.91x over the last ten quarters, suggests that debt service remains manageable but is sensitive to the timing of interest receipts from the underlying portfolio. This leverage profile appears healthy, yet it requires constant monitoring given the non-cash nature of some interest income components.
As reported in industry analysis, the market frequently misapplies traditional dividend yield metrics to HTGC, failing to account for the fact that the firm's true economic value is tied to the non-linear, unpredictable upside of its warrant portfolio rather than just recurring interest income.
Investors should prioritize the 'Net Asset Value' and 'Warrant Fair Value' over simple dividend yield, as the latter can be misleading in a business model where cash flow is often decoupled from earnings. Relying on yield alone obscures the underlying credit risk and the speculative nature of the firm's equity-linked assets.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying HTGC stock.
Hercules Capital, Inc.'s current P/E ratio is 8.6x. The historical average is 17.8x. This places it at the 19th percentile of its historical range.
Hercules Capital, Inc.'s current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.8x.
Hercules Capital, Inc.'s return on equity (ROE) is 16.2%. The historical average is 9.7%.
Based on historical data, Hercules Capital, Inc. is trading at a P/E of 8.6x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hercules Capital, Inc.'s current dividend yield is 8.86% with a payout ratio of 81.3%.
Hercules Capital, Inc. has 87.2% gross margin and 66.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hercules Capital, Inc.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.