# Hercules Capital, Inc. (HTGC)

> Source: Nexqual · https://nexqual.com/HTGC · data as of 2026-10-23 17:24 UTC · cite as "Nexqual, Hercules Capital, Inc. (HTGC), nexqual.com/HTGC" · informational, not investment advice.

**Price:** USD 16.34 (-0.91% today) · US market open, as of October 23, 2026 at 17:24 UTC; quotes may be delayed. Prev close 16.49 · day 16.27–16.47 · 52w 13.7–19.13 · market cap $3.06B · NYQ

## Key facts
- 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 +4.0% vs S&P 500 +14.4%; 5Y +62.1% vs S&P 500 +77.0%.
- 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)
| 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)
P/E 8.0x · P/FCF 363.0x · P/B 1.3x · FCF yield 0.28% · Earnings yield 12.53% · Dividend yield (paid, TTM) 11.02% · 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
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)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +4.0% | +62.1% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +4.0% | +10.2% |
| Volatility (annualized) | 23.8% | 27.0% |
| Max drawdown | -24.7% (Dec 2025→Mar 2026) | -33.6% (Apr 2022→Sep 2022) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.43 -2.03% · VCTR (Victory Capital Holdings, Inc. ) USD 106.67 -0.67% · PDI (PIMCO Dynamic Income Fund) USD 14.31 +0.06% · AMG (Affiliated Managers Group, Inc.) USD 388.6 -1.75% · SEIC (SEI Investments Company) USD 102.97 -1.46% · IVZ (Invesco Ltd) USD 28.28 -1.79%

## More
Full page: https://nexqual.com/HTGC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name HTGC in their own reports (relationship from HTGC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Replimune Group, Inc. (REPL) | 10-K 2026-06-29 | "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 administra…" |
| partner | Maze Therapeutics, Inc. (MAZE) | 10-K 2026-03-25 | "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 2026-03-24 | "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 a…" |
| partner | BICYCLE THERAPEUTICS PLC (BCYC) | 10-K 2026-03-17 | "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 mil…" |
| partner | X4 Pharmaceuticals, Inc (XFOR) | 10-K 2026-03-17 | "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 2026-03-17 | "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…" |
| partner | Altimmune, Inc. (ALT) | 10-K 2026-03-06 | "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 tranche…" |
| partner | Kura Oncology, Inc. (KURA) | 10-K 2026-03-05 | "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., …" |
| partner | Sight Sciences, Inc. (SGHT) | 10-K 2026-03-04 | "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 Len…" |
| partner | uniQure N.V. (QURE) | 10-K 2026-03-02 | "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…" |
| partner | Dyne Therapeutics, Inc. (DYN) | 10-K 2026-03-02 | "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 2026-03-02 | "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 ma…" |
| partner | TG THERAPEUTICS, INC. (TGTX) | 10-K 2026-02-27 | "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 expe…" |
| partner | Rocket Lab Corp (RKLB) | 10-K 2026-02-26 | "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 …" |
| partner | Phathom Pharmaceuticals, Inc. (PHAT) | 10-K 2026-02-26 | "make required payments under the Loan and Security Agreement with Hercules Capital, Inc., or Loan Agreement, entered into in September 2021, as amended;" |

## Company outlook (8-K filed 2026-07-30)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.48 | $0.48 | -0.7% | $144.1M | 9 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.48 | -0.6% | $147.4M | 9 |
| Current fiscal year (ends 2026-12-31) | $1.93 | $1.93 | +0.1% | $582.1M | 9 |
| Next fiscal year (ends 2027-12-31) | $1.97 | $1.97 | -0.3% | $623.3M | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±7.4%; last 8 reports averaged ±2.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.6% | ±7.4% |
| 2026-12-18 | 56 | 14.2% | ±7.6% |
| 2027-01-15 | 84 | 16.9% | ±7.1% |
| 2027-04-16 | 175 | 25.8% | ±14.1% |
| 2027-05-21 | 210 | 21.2% | ±13.5% |
| 2027-08-20 | 301 | 25.6% | ±20.0% |
| 2027-11-19 | 392 | 26.7% | ±23.2% |