# Hercules Capital Inc. (HTGC)

**Exchange:** NYSE  
**Sector:** Financial Services  
**Market cap:** $2.93B  
**Price:** $15.50 (-0.06%)

> Hercules Capital, Inc. is the leading specialty finance company specializing in senior secured venture growth loans to high-growth, innovative companies backed by venture capital. It primarily serves firms in technology, life sciences, and sustainable and renewable technology industries, providing flexible financing solutions that support expansion and development needs. As a business development company, Hercules Capital, Inc. offers tailored debt financing, including first-lien loans, to help these companies bridge funding gaps between equity rounds without significant dilution. Its portfolio emphasizes mission-critical growth capital for mission-driven enterprises navigating competitive markets. Hercules Capital, Inc. plays a vital role in the alternative lending sector by connecting venture-backed innovators with institutional capital, facilitating access to the venture ecosystem for public investors seeking exposure to private market opportunities. Founded in 2003 and headquartered in Palo Alto, California, it focuses on generating current income and long-term capital appreciation through its specialized lending strategy.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | — | — | — | $340M | $1.85 |
| 2024 | — | — | — | $263M | $1.61 |
| 2023 | — | — | — | $337M | $2.31 |
| 2022 | — | — | — | $102M | $0.79 |
| 2021 | — | — | — | $174M | $1.49 |
| 2020 | — | — | — | $227M | $2.01 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $4.58B | $2.37B | $2.22B | $57M | $2.29B |
| 2024 | $3.83B | $1.84B | $1.99B | $43M | $1.77B |
| 2023 | $3.42B | $1.61B | $1.80B | $99M | $1.55B |
| 2022 | $3.03B | $1.63B | $1.40B | $16M | $1.57B |
| 2021 | $2.60B | $1.29B | $1.31B | $133M | $1.24B |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | — | $89,000 | -$426M |
| 2024 | — | $705,000 | -$119M |
| 2023 | — | $887,000 | $67M |
| 2022 | — | $114,000 | -$425M |
| 2021 | — | $106,000 | $129M |
| 2020 | — | $137,000 | $208M |

Source: [DividendWall](https://dividendwall.com/company/HTGC)