Hercules Capital, Inc. (HTGC) Stock Price & Analysis
Hercules Capital, Inc. (HTGC) is trading at USD 16.39, down 0.64% today, as of October 23, 2026 at 16:37 UTC (US market open; quotes may be delayed), according to Nexqual market data.
HTGC last closed at USD 16.49; today's session has ranged USD 16.27–16.47 on volume of 388,817 shares. Market capitalization is $3.07B, with a 52-week range of USD 13.7–19.13 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 16:38 UTC.
Also available as compact Markdown for AI agents: nexqual.com/HTGC.md
Key facts (HTGC)
- Valuation: P/E 8.0x (avg 10.0x at the last 3 fiscal year-ends), net debt $2.29B.
- Analysts: Buy (mean 1.89 on a 1–5 scale) (9 analysts), mean target USD 19.5 (range 17–25).
- Total return with dividends: 1Y +4.3% vs S&P 500 +14.6%; 5Y +62.6% vs S&P 500 +77.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.48, revenue estimate $144M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (HTGC)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $174M | $102M | $337M | $263M | $340M | $383M |
| EPS (diluted) | $1.49 | $0.79 | $2.31 | $1.61 | $1.85 | — |
| Free cash flow | $129M | -$425M | $67.4M | -$119M | -$426M | $8.4M |
| Cash + short-term investments | $133M | $14.6M | $98.1M | $42.7M | $57.0M | — |
| Total debt | $1.24B | $1.57B | $1.55B | $1.77B | $2.29B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (HTGC)
P/E 8.0x · P/FCF 364.0x · P/B 1.4x · FCF yield 0.27% · Earnings yield 12.50% · Dividend yield (paid, TTM) 10.99% · Buyback yield (TTM) 0.20% · Net debt $2.29B · EV $5.35B
P/E at fiscal year-ends: Dec 2025 10.5x, Dec 2024 12.3x, Dec 2023 7.2x.
Analysts (HTGC)
Consensus Buy (mean 1.89 on a 1–5 scale), 9 analysts; mean target USD 19.5 (low 17, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | UBS | Upgrade | Neutral → Buy | $15.5 → $18.5 |
| 2026-07-31 | Ladenburg Thalmann | Target lowered | Buy | $21 → $20 |
Total return (dividends reinvested) (HTGC)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +4.3% | +62.6% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | +4.3% | +10.2% |
| Volatility (annualized) | 23.8% | 27.0% |
| Max drawdown | -24.7% (Dec 2025→Mar 2026) | -33.6% (Apr 2022→Sep 2022) |
Companies that name HTGC in their SEC reports
| Relationship to HTGC | Company | Filing | Sentence |
|---|---|---|---|
| partner | Replimune Group, Inc. (REPL) | 10-K Jun 29, 2026 | “On October 6, 2022 we and certain of our subsidiaries entered into a Loan and Security Agreement, or the Hercules Loan Agreement with Hercules Capital, Inc., or Hercules, in its capacity as administrative agent and collateral agent and as a lender, which such agreement was subsequently amended in June 2023, December 2023 and January 2026.” |
| partner | Maze Therapeutics, Inc. (MAZE) | 10-K Mar 25, 2026 | “In addition, the terms of our loan and security agreement with certain lenders and Hercules Capital, Inc. place restrictions on our ability to pay cash dividends on our capital stock.” |
| partner | COMPASS Pathways plc (CMPS) | 10-K Mar 24, 2026 | “Our Loan Agreement with Hercules includes, and any future debt financing, if available, may involve agreements that include affirmative and negative restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business.” |
| partner | BICYCLE THERAPEUTICS PLC (BCYC) | 10-K Mar 17, 2026 | “To date, we have financed our operations primarily with proceeds from the sale of our equity securities; proceeds received from upfront payments, research and development payments, and development milestone payments from our collaboration agreements; and borrowings pursuant to a loan and security agreement, or the Loan Agreement, with Hercules Capital, Inc., or Hercules.” |
| partner | X4 Pharmaceuticals, Inc (XFOR) | 10-K Mar 17, 2026 | “We are prohibited from declaring or paying any cash dividends under our existing loan and security agreement with Hercules.” |
| partner | Eloxx Pharmaceuticals, Inc. (ELOX) | 10-K Mar 17, 2026 | “On January 9, 2024, the Company entered into a securities purchase agreement (the "Domicilium Securities Purchase Agreement") with SD MF 4, LLC ("Domicilium") providing for the issuance by the Company of: (i) 157,138 shares of the Company's common stock; (ii) a pre-funded warrant (the "January 2024 Pre-Funded Warrant") to purchase up to 471,508 shares of common stock; and (iii) an additional warrant to purchase up…” |
| partner | Altimmune, Inc. (ALT) | 10-K Mar 6, 2026 | “On May 13, 2025, we entered into the Loan Agreement with Hercules and the lenders party thereto (as amended, the "Loan Agreement"), pursuant to which the lenders will make available up to four tranches of term loans in an aggregate principal amount of up to $100.0 million, subject to achievement of specified milestones (the "Term Loan").” |
| partner | Kura Oncology, Inc. (KURA) | 10-K Mar 5, 2026 | “In November 2022, we entered into a loan and security agreement with several banks and other financial institutions or entities party thereto, or collectively the Lenders, and Hercules Capital, Inc., or Hercules, in its capacity as administrative agent and collateral agent for itself and the Lenders, which was amended in October 2023 and October 2025, or the Loan Agreement, providing for up to $125.0 million in a …” |
| partner | Sight Sciences, Inc. (SGHT) | 10-K Mar 4, 2026 | “We used the proceeds from an initial $35.0 million tranche (the "Initial Loan") funded under the Hercules Loan Agreement to discharge our indebtedness under the Prior Loan Agreement with our Prior Lenders.” |
| partner | uniQure N.V. (QURE) | 10-K Mar 2, 2026 | “Our Dutch entities hold significant amounts of U.S. dollars in cash and cash equivalents and investment securities, have debt and interest obligations to Hercules denominated in U.S. dollars, generate collaboration revenue denominated in U.S. dollars, receive services from vendors denominated in U.S. dollars and occasionally British Pounds and fund the operations of our U.S. operating entity in U.S. dollars.” |
| partner | Dyne Therapeutics, Inc. (DYN) | 10-K Mar 2, 2026 | “To date, we have financed our operations with the proceeds raised from the sale of equity securities and borrowing under the Loan Agreement with Hercules.” |
| partner | Senseonics Holdings, Inc. (SENS) | 10-K Mar 2, 2026 | “On September 8, 2023, the Company entered into the "Loan and Security Agreement with Hercules Capital, Inc. and its managed fund (collectively, the "Lenders"), pursuant to which the Lenders have to make available to Senseonics up to $50.0 million in senior secured term loans (the "Term Loan Facility"), consisting of (i) an initial term loan of $25.0 million (the "Tranche 1 Loan"), which was funded on the Effective…” |
| partner | TG THERAPEUTICS, INC. (TGTX) | 10-K Feb 27, 2026 | “The $2.7 million increase was primarily attributable to higher interest expense incurred under the Initial Term Loan with Blue Owl during the year ended December 31, 2025, as compared to interest expense incurred under the prior smaller loan agreement with Hercules, which was outstanding for a portion of the year ended December 31, 2024 (see Note 7 – Loan Payable for more information).” |
| partner | Rocket Lab Corp (RKLB) | 10-K Feb 26, 2026 | “On June 10, 2021, the Company entered into a $100,000 secured term loan agreement with Hercules Capital, Inc. (the "Hercules Capital Secured Term Loan") and borrowed the full amount under the secured term loan agreement.” |
| partner | Phathom Pharmaceuticals, Inc. (PHAT) | 10-K Feb 26, 2026 | “make required payments under the Loan and Security Agreement with Hercules Capital, Inc., or Loan Agreement, entered into in September 2021, as amended;” |
HTGC company outlook (results filed Jul 30, 2026)
- “Core Yield, a non-GAAP measure, was 12.0% during Q2 2026, within the Company's expected range of 12.0% to 12.5%, and decreased from 12.2% in Q1 2026.”
- “Hercules' policy is to generally adjust the credit grading down on its portfolio companies as they approach their expected need for additional growth equity capital to fund their respective operations for the next 9-14 months.”
- “Upon closing, pre-merger SUNation stockholders are expected to own equity with an implied value of approximately $2.26 per share.”
- “Hercules assumes no obligation to update any such statements in the future.”
Quoted word-for-word from the SEC 8-K results press release.
HTGC analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.48 | $0.48 | -0.7% | $144.1M | 9 |
| Next quarter (ends Dec 2026) | $0.48 | $0.48 | -0.6% | $147.4M | 9 |
| Current fiscal year (ends Dec 2026) | $1.93 | $1.93 | +0.1% | $582.1M | 9 |
| Next fiscal year (ends Dec 2027) | $1.97 | $1.97 | -0.3% | $623.3M | 9 |
HTGC options: expected move
Options price a move of about ±7.4% (±$1.23) by Nov 20, 2026, which includes earnings on Oct 29, 2026. Over the last 8 reports the stock moved ±2.7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 29.6% | ±7.4% |
| Dec 18, 2026 | 56 | 14.2% | ±7.6% |
| Jan 15, 2027 | 84 | 16.9% | ±7.1% |
| Apr 16, 2027 | 175 | 25.8% | ±14.1% |
| May 21, 2027 | 210 | 21.2% | ±13.5% |
| Aug 20, 2027 | 301 | 25.6% | ±20.0% |
| Nov 19, 2027 | 392 | 26.7% | ±23.2% |
30-day implied volatility 22% vs 17.2% realized over the last 30 trading days. Put/call ratio (volume) 4.64. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 16:38 UTC)
| Price | USD 16.39 |
|---|---|
| Change | ▼ 0.64% (down) |
| Previous Close | USD 16.49 |
| Open | USD 16.41 |
| Day Range | USD 16.27 – 16.47 |
| 52-Week Range | USD 13.7 – 19.13 |
| Volume | 388,817 shares |
| Market Cap | $3.07B |
| Exchange | NYQ |
Technical Analysis (HTGC)
Nexqual's technical model rates HTGC "STRONG SELL" based on 0 bullish and 5 bearish signals across 128 daily candles, as of October 23, 2026 at 16:38 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 40.92 (neutral) |
| vs SMA50 | Below (USD 17.02) |
| MACD | -0.2 (negative) |
Analyst Ratings (HTGC)
Wall Street analysts rate HTGC "Buy" based on 9 analysts, with a mean price target of USD 19.5 (range USD 17–25), per Nexqual as of October 23, 2026 at 16:38 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 9 |
| Mean Target | USD 19.5 |
| High Target | USD 25 |
| Low Target | USD 17 |
| Buy / Hold / Sell | 8 / 1 / 0 |
Earnings (HTGC)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD 0.48 |
| Revenue Estimate | $144.11M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.5 vs est 0.48 ▲ beat |
| 2026-03-31 | USD 0.48 vs est 0.47 ▲ beat |
| 2025-12-31 | USD 0.48 vs est 0.49 ▼ miss |
| 2025-09-30 | USD 0.49 vs est 0.48 ▲ beat |
Source: Nexqual, October 23, 2026 at 16:38 UTC.
Financials & Fundamentals (HTGC)
| Total Revenue | $566.17M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +8.50% |
| Gross Margin | +100.00% |
| Operating Margin | +83.19% |
| Profit Margin | +67.68% |
| ROE | +17.32% |
| Debt / Equity | 1.03 |
| Current Ratio | 0.12 |
| Total Cash | $48.18M |
| Total Debt | $2.35B |
Source: Nexqual, October 23, 2026 at 16:38 UTC.
Financial Health Score (HTGC)
Nexqual rates Hercules Capital, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 16:38 UTC.
| Growth | Solid — Revenue +8% YoY (annual) |
|---|---|
| Profitability | Strong — Operating margin 83% |
| Balance Sheet | Weak — $48M cash and investments vs $2.34B debt (Jun 2026, SEC) |
| Cash Flow | Weak — Operating cash flow -$426M (FY ended Dec 2025, 10-K) |
| Efficiency | Solid — ROE 17%, ROA 6.6% |
Ownership (HTGC)
| Insider Ownership | +1.95% |
|---|---|
| Institutional Ownership | +36.73% |
| Shares Outstanding | 187.16M |
| Float | 171.51M |
| Short % of Float | +4.58% |
Source: Nexqual, October 23, 2026 at 16:38 UTC.
Leadership (HTGC)
Hercules Capital, Inc. is led by Scott Bluestein, CEO, Chief Investment Officer & Director, per Nexqual as of October 23, 2026 at 16:38 UTC.
| CEO, Chief Investment Officer & Director | Scott Bluestein |
|---|---|
| President | Seth Hardy Meyer |
| Chief Operating Officer | Christian Follmann |
| Chief Financial Officer | Andrew Jordan Olson C.F.A. |
| Managing Director of Investor Relations & Corporate Communications | Michael W. Hara |
Major Backers & Investors (HTGC)
Notable institutional backers of Hercules Capital, Inc. include Van Eck Associates Corporation, Sound Income Strategies, LLC, Citadel, according to Nexqual as of October 23, 2026 at 16:38 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Van Eck Associates Corporation | 2.07% |
| Sound Income Strategies, LLC | 2.02% |
| Citadel | 1.57% |
| UBS Group AG | 1.41% |
| Pandowealth. LLC | 1.34% |
| VanEck ETF Trust-VanEck BDC Income ETF | 1.33% |
| Two Sigma Investments, LP | 1.21% |
| LPL Financial LLC | 0.99% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Legal & General Group PLC | 0.9% |
Source: Nexqual, October 23, 2026 at 16:38 UTC.
From Hercules Capital, Inc.'s Latest SEC 10-K Filing (filed 2026-02-12)
Key Strengths & Strategy (as disclosed to the SEC)
- Our proprietary database allows our origination team to maintain, cultivate and grow our industry relationships while providing our origination team with comprehensive details on companies in the technology-related industries and their financial sponsors.
- We believe that our focus on financing technology-related companies will enable us to leverage our expertise in structuring prospective investments, to assess the value of both tangible and intangible assets, to evaluate the business prospects and operating characteristics of technology-related companies and to identify and originate potentially attractive investments with these types of companies.
- We believe that the perpetual nature of our corporate structure enables us to be a long-term partner for our portfolio companies in contrast to traditional investment funds, which typically have a limited life.
- Exit Strategy - Prior to making a debt investment that is accompanied by a warrant or other equity security in a prospective portfolio company, we analyze the potential for that company to increase the liquidity of its equity through a future event that would enable us to realize appreciation in the value of our equity interest.
Partnerships
- After the funding of a loan in accordance with the investment committee's approval, the loan is recorded in our loan administration software and our proprietary database.
- Some of those costs include recruiting and marketing expenses as well as the costs associated with employing management, investment and portfolio management professionals, and technology, administrative and other support personnel.
Legal & Regulatory Risks (Item 1A, quoted)
- Failure to comply with applicable laws or regulations and changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
- Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BXSL | Blackstone Secured Lending Fund | USD 23.54 | ▼ 1.57% |
| VCTR | Victory Capital Holdings, Inc. | USD 107.23 | ▼ 0.15% |
| PDI | PIMCO Dynamic Income Fund | USD 14.33 | ▲ 0.21% |
| AMG | Affiliated Managers Group, Inc. | USD 389.47 | ▼ 1.53% |
| SEIC | SEI Investments Company | USD 103.25 | ▼ 1.2% |
| IVZ | Invesco Ltd | USD 28.5 | ▼ 1.01% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 16:38 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt