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Hercules Capital, Inc.

HCXY Clue Score66
United States Fiscal year ends December CIK 0001280784
$24.10 +0.29% Close, 9 Oct 2026
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Price $24.10 −9.64% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 27 Sep 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
Net income
Fiscal year 2016Fiscal year 2017Fiscal year 2018Fiscal year 2019Fiscal year 2020Net income227.3EPS, diluted2.01Fiscal year 2021Net income174.2 −23.4%EPS, diluted1.49 −25.9%Fiscal year 2022Net income102.1 −41.4%EPS, diluted0.79 −47.0%Fiscal year 2023Net income337.5 +230.6%EPS, diluted2.31 +192.4%Fiscal year 2024Net income263.0 −22.1%EPS, diluted1.61 −30.3%Fiscal year 2025Net income339.7 +29.2%EPS, diluted1.85 +14.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income n/a n/a n/a n/a 227.3 174.2 102.1 337.5 263.0 339.7
Growth −23.4% −41.4% +230.6% −22.1% +29.2%
EPS, diluted n/a n/a n/a n/a 2.01 1.49 0.79 2.31 1.61 1.85
Growth −25.9% −47.0% +192.4% −30.3% +14.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Fiscal year 2017Fiscal year 2018Fiscal year 2019Fiscal year 2020Operating cash flow207.8Capital expenditure−0.1Free cash flow207.7Buybacks−1.8Dividends paid−152.4Fiscal year 2021Operating cash flow128.6Capital expenditure−0.1Free cash flow128.5 −38.1%Buybacks−2.8Dividends paid−175.5Fiscal year 2022Operating cash flow−424.8Capital expenditure−0.1Free cash flow−424.9 −430.6%Buybacks−4.5Dividends paid−245.1Fiscal year 2023Operating cash flow68.3Capital expenditure−0.9Free cash flow67.4Buybacks−12.7Dividends paid−273.7Fiscal year 2024Operating cash flow−118.1Capital expenditure−0.7Free cash flow−118.8 −276.3%Buybacks−3.4Dividends paid−303.5Fiscal year 2025Operating cash flow−425.8Capital expenditure−0.1Free cash flow−425.9Buybacks−6.5Dividends paid−326.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow n/a n/a n/a n/a 207.8 128.6 −424.8 68.3 −118.1 −425.8
Capital expenditure n/a n/a n/a n/a −0.1 −0.1 −0.1 −0.9 −0.7 −0.1
Free cash flow n/a n/a n/a n/a 207.7 128.5 −424.9 67.4 −118.8 −425.9
Growth −38.1% −430.6% −276.3%
Buybacks n/a n/a n/a n/a −1.8 −2.8 −4.5 −12.7 −3.4 −6.5
Dividends paid n/a n/a n/a n/a −152.4 −175.5 −245.1 −273.7 −303.5 −326.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Shareholders’ equity787.9Fiscal year 2017Shareholders’ equity841.0Fiscal year 2018Shareholders’ equity955.4Fiscal year 2019Cash115.0Shareholders’ equity1,133.0Fiscal year 2020Cash198.3Shareholders’ equity1,291.7Fiscal year 2021Cash133.1Total debt1,236.3Net cash (debt)−1,103.2Shareholders’ equity1,308.5Debt to equity0.94Fiscal year 2022Cash14.6Total debt1,574.4Net cash (debt)−1,559.7Shareholders’ equity1,401.5Debt to equity1.12Fiscal year 2023Cash98.1Total debt1,554.9Net cash (debt)−1,456.8Shareholders’ equity1,802.7Debt to equity0.86Fiscal year 2024Cash42.7Total debt1,769.0Net cash (debt)−1,726.3Shareholders’ equity1,989.6Debt to equity0.89Fiscal year 2025Cash56.9Total debt2,286.4Net cash (debt)−2,229.6Shareholders’ equity2,216.1Debt to equity1.03
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a n/a n/a 115.0 198.3 133.1 14.6 98.1 42.7 56.9
Total debt n/a n/a n/a n/a n/a 1,236.3 1,574.4 1,554.9 1,769.0 2,286.4
Net cash (debt) n/a n/a n/a n/a n/a −1,103.2 −1,559.7 −1,456.8 −1,726.3 −2,229.6
Shareholders’ equity 787.9 841.0 955.4 1,133.0 1,291.7 1,308.5 1,401.5 1,802.7 1,989.6 2,216.1
Debt to equity n/a n/a n/a n/a n/a 0.94 1.12 0.86 0.89 1.03

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
n/a n/a n/a 115.0 198.3 133.1 14.6 98.1 42.7 56.9
n/a n/a n/a n/a n/a 2,600.0 3,028.9 3,416.9 3,831.6 4,584.0
Growth +16.5% +12.8% +12.1% +19.6%
Liabilities
n/a n/a n/a n/a n/a 1,236.3 1,574.4 1,554.9 1,769.0 2,286.4
calc n/a n/a n/a n/a n/a 1,236.3 1,574.4 1,554.9 1,769.0 2,286.4
n/a n/a n/a n/a n/a 1,291.5 1,627.4 1,614.2 1,842.0 2,368.0
Equity
n/a n/a n/a n/a n/a 216.5 59.9 140.0 88.9 101.2
787.9 841.0 955.4 1,133.0 1,291.7 1,308.5 1,401.5 1,802.7 1,989.6 2,216.1
Growth +6.7% +13.6% +18.6% +14.0% +1.3% +7.1% +28.6% +10.4% +11.4%
Per share and net cash
calc n/a n/a n/a n/a n/a −1,103.2 −1,559.7 −1,456.8 −1,726.3 −2,229.6
n/a n/a n/a n/a n/a 116.6 133.0 157.8 170.6 182.7
calc n/a n/a n/a n/a n/a 11.22 10.53 11.43 11.66 12.13

Lines marked calc are worked out here from filed figures; point at one for how.