Hercules Capital (HTGC) Stock Overview
A business development company. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 1/6 |
| Past Performance | 5/6 |
| Financial Health | 2/6 |
| Dividends | 4/6 |
Rewards
Risk Analysis
HTGC Community Fair Values
Create NarrativeSee what 82 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Hercules Capital, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$16.44 |
| 52 Week High | US$19.67 |
| 52 Week Low | US$13.70 |
| Beta | 0.77 |
| 1 Month Change | 8.30% |
| 3 Month Change | 0.67% |
| 1 Year Change | -4.86% |
| 3 Year Change | 20.97% |
| 5 Year Change | 2.88% |
| Change since IPO | 26.85% |
Recent News & Updates
Recent updates
Seeking Alpha • 21h
Hercules Capital: Durable Compounder That Shouldn't Be Overweight
Summary Hercules Capital remains a durable income producer with long-term NAV stability, despite recent SaaS-driven price volatility. Q1 2026 results showed record investment income and stable NII per share, outperforming sector peers amid industry headwinds. HTGC maintains low non-accruals (0.2%), prudent leverage (1.16x), and well-covered dividends (120%), but faces justified multiple repricings due to SaaS and equity exposure. I assign a solid hold: maintain HTGC for income and NAV stability but avoid overweighting versus less SaaS-exposed BDC peers. Read the full article on Seeking Alpha
Narrative Update • Apr 25
HTGC: Future Legal Resolution Will Support Returns Despite Recent Downgrade
Hercules Capital's fair value estimate has been trimmed by about $0.33 per share, as analysts factor in a slightly higher discount rate, modestly lower future P/E assumptions, and a series of recent price target cuts across the Street. Analyst Commentary Recent Street research on Hercules Capital has leaned cautious, with several price target cuts and at least one downgrade.Narrative Update • Apr 09
HTGC: Future P/E Repricing Will Support Returns Despite Legal Overhang
The analyst price target for Hercules Capital has been reduced by about $0.61, as analysts factor in slightly lower fair value and P/E assumptions while keeping discount rate, revenue growth, and profit margin inputs broadly steady. Analyst Commentary Recent research updates point to a cluster of lowered price targets for Hercules Capital, with one firm cutting its target to $15 from $19.50 and others trimming estimates by about $1.
Narrative Update • Mar 26
HTGC: Future Returns Will Balance Legal Risks And Supplemental Distributions
Analysts have trimmed their price target on Hercules Capital to $15.00 from $18.00, citing updated expectations for profitability, revenue trends, a lower assumed future P/E multiple, and recent target cuts and a downgrade from major research firms. Analyst Commentary Recent Street research has turned more cautious on Hercules Capital, with fresh reports pointing to lower price targets and a downgrade that underline concerns around valuation, execution, and growth visibility.Narrative Update • Mar 11
HTGC: Future P/E Repricing Will Support Returns As Discount Rate Rises
Narrative Update on Hercules Capital Analysts have trimmed their price targets on Hercules Capital by $1, citing slightly higher modeled discount rates and a modest uptick in assumed future P/E, while keeping fair value and long term growth and margin assumptions broadly unchanged. Analyst Commentary Recent research on Hercules Capital has focused on fine tuning valuation rather than calling for a major shift in the story.Narrative Update • Feb 25
HTGC: Future P/E Repricing Will Support Returns Despite Margin Reset
Analysts have reduced their consolidated price target on Hercules Capital to about $20.31 per share, down from roughly $21.22. They cite updated assumptions that include slower revenue growth, lower profit margins and a higher future P/E multiple.Narrative Update • Feb 11
HTGC: Future Returns Will Reflect Supplemental Distributions And Steady Fair Value Estimate
Analysts have kept their price target for Hercules Capital steady at US$18.00, citing updated assumptions around a slightly lower discount rate, modestly higher revenue growth and profit margin forecasts, and a small adjustment to the future P/E multiple. What's in the News The Board of Directors approved a new supplemental cash distribution totaling $0.28 per share, scheduled to be spread equally over four quarters at $0.07 per share starting in the fourth quarter of 2025 (Key Developments).Narrative Update • Jan 27
HTGC: Future Returns Will Reflect Stable Earnings And Unchanged Fair Value Estimate
Analysts have adjusted their price target on Hercules Capital to US$18.00, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions, while keeping their fair value estimate unchanged at US$18.00. Valuation Changes Fair Value: Kept unchanged at US$18.00 per share, indicating no adjustment to the core valuation outcome.Narrative Update • Jan 12
HTGC: Future Returns Will Reflect Special Dividend And Stable Earnings Expectations
Analysts have kept their Hercules Capital fair value estimate steady at US$18.00, while fine tuning assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect updated views on the company’s risk profile and earnings power. What's in the News Hercules Capital announced a special dividend of US$0.07 per share, with an ex date and record date of November 12, 2025, and payment scheduled for November 19, 2025 (Key Developments).Narrative Update • Dec 15
HTGC: Future Returns Will Reflect Special Dividend And Higher Profitability Expectations
Analysts have raised their price target on Hercules Capital from 16.00 dollars to 18.00 dollars, reflecting slightly higher long term profitability expectations and a modestly richer valuation multiple, despite tempered revenue growth assumptions and an increased discount rate. What's in the News Announced a special dividend of USD 0.07 per share, payable on November 19, 2025, with an ex date and record date of November 12, 2025 (Key Developments) Valuation Changes Fair Value has risen from 16.0 dollars to 18.0 dollars, indicating a modest upward revision in the intrinsic value estimate.Analysis Article • Jul 31
Sentiment Still Eluding Hercules Capital, Inc. (NYSE:HTGC)
Hercules Capital, Inc.'s ( NYSE:HTGC ) price-to-earnings (or "P/E") ratio of 14.8x might make it look like a buy right...Seeking Alpha • Apr 22
Hercules Capital: The Premium To NAV Is Unhinged In The Current Zeitgeist Of Chaos
Summary Hercules Capital's net asset value rose to $11.66 per share as of the end of its fiscal 2024 fourth quarter, with shares trading at a 45% premium to NAV. The premium was historically justified by HTGC's strong portfolio, robust US GDP growth, low non-accrual loans, and high-interest income from elevated Fed funds rates. This previously bullish economic reality could be set to deteriorate materially. The BDC is now faced with a bleak economic context with a premium that historically gets crushed in recessions. Read the full article on Seeking AlphaAnalysis Article • Apr 13
Little Excitement Around Hercules Capital, Inc.'s (NYSE:HTGC) Earnings
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 17x, you may...Seeking Alpha • Mar 19
Hercules Capital: Buy The Drop On This Income Machine
Summary Hercules Capital offers a compelling buy-the-dip opportunity for income investors with a 10% dividend yield and strong earnings yield. HTGC's internally managed structure enhances shareholder alignment and cost efficiency, supporting consistently high returns and a high-quality, predominantly first-lien portfolio. Despite recent market volatility, HTGC maintains low non-accrual rates, strong dividend coverage, conservative leverage, and robust liquidity. HTGC is well-positioned for future expansion with growing private credit funds and a favorable regulatory debt-to-equity ratio. Read the full article on Seeking AlphaSeeking Alpha • Mar 06
Hercules Capital: Secure A Juicy 9% Yield On The Drop
Summary Hercules Capital achieved record results in FY 2024, with record gross funding and net investment income, making it a top BDC for dividend consistency reasons. Despite trading at a 74% premium to NAV, the recent market drop presents a new buying opportunity for dividend investors seeking high-quality recurring income. Hercules Capital's focus on technology and life sciences, along with a non-accrual percentage of 0.5%, underscores its exceptional balance sheet quality. While niche-focused, Hercules Capital's strong performance and robust dividend coverage make it a compelling investment, despite being one of the most expensive BDCs in the sector. Read the full article on Seeking AlphaSeeking Alpha • Feb 10
Hercules Capital: Hybrid Strategy Crafts A BDC Winner
Summary Hercules Capital brings a conservative yet flexible BDC strategy and a focus on innovative companies as dealmaking targets. The leadership team boasts extensive and varied financial experience. Its track record should create confidence for investors. Hercules' business strategy is based on a selective approach to dealmaking, consistent liquidity maintenance and flexible loan structuring fit to target company situations. The robust and increasing dividend and excellent historical share price performance make it an exceptional income vehicle. With the current share price at high levels, I rate Hercules a Hold at present. Read the full article on Seeking AlphaSeeking Alpha • Jan 10
Hercules Capital: A Dividend Powerhouse For Long-Term Investors
Summary Hercules Capital remains a strong income investment due to its internal management, and high-quality, conservatively managed portfolio. HTGC has delivered impressive returns, outperforming the S&P 500 and VanEck BDC ETF over the past decade, with a 321% total return. The company carries a robust balance sheet, investment-grade credit ratings, and a 9.6% dividend yield well-covered by net investment income. HTGC is well-positioned for future growth, benefiting from improving market conditions and a slower pace of Federal Reserve rate cuts. Read the full article on Seeking AlphaAnalysis Article • Dec 26
Little Excitement Around Hercules Capital, Inc.'s (NYSE:HTGC) Earnings
With a price-to-earnings (or "P/E") ratio of 9.9x Hercules Capital, Inc. ( NYSE:HTGC ) may be sending bullish signals...Seeking Alpha • Dec 25
Hercules Capital: A Magnificent BDC Gem
Summary Hercules Capital's premium to NAV is justified by its strong two-decade performance, technology focus, and potential for record-breaking growth in 2025. The BDC's high recurring interest income and supplemental dividends make it a reliable choice for passive income investors. Hercules Capital's technology-oriented investments, including equity stakes in successful companies, offer significant long-term upside potential. Despite a high valuation, Hercules Capital's robust dividend coverage and sector-driven growth make it a compelling buy for 2025. Read the full article on Seeking AlphaSeeking Alpha • Dec 06
Hercules Capital: Are The Dividends Safe? I'm Buying!
Summary Hercules Capital offers an attractive income yield (~8.4% regular dividends) and focuses on US businesses in technology, life sciences, SaaS, and renewable technology sectors. Since Hercules Capital offers attractive distributions (including supplemental dividends), investors should examine the safety of its payments, as HTGC is sensitive to FED policy. I provided a sensitivity analysis of Hercules dividend coverage, taking into account different interest-level scenarios, including both the reduction of its income and the lower cost of debt. Read the full article on Seeking AlphaSeeking Alpha • Nov 19
Hercules Capital: This 10% Yield Is Rock Solid
Summary Hercules Capital offers a 10% dividend yield, supported by strong balance sheet quality and low non-accrual percentage of 0.6%. The BDC focuses on venture-backed tech companies, achieving consistent growth in total investment income. Despite a 66% premium to NAV, Hercules Capital's robust dividend coverage and record total investment income justify the valuation. Risks include a less diversified portfolio, but the firm's history of generating growing portfolio income provides peace of mind for dividend investors. Read the full article on Seeking AlphaSeeking Alpha • Nov 05
Hercules Capital At 70% Premium, Or The Simple High-Yield ETF HYG At NAV?
Summary HTGC's assets yield 13.7%, but future refinancing at higher rates and yield curve changes could significantly impact returns. Leveraged high-yield ETFs like HYG and HYLB offer comparable returns with better risk metrics and liquidity without premium risks. At a 70% premium to NAV, HTGC underperforms compared to simple leveraged high-yield ETF positions on return. Evaluate HTGC's asset credibility critically. If believing in a 13% yield due to market inefficiency, consider the risk of overpaying. Read the full article on Seeking AlphaAnalysis Article • Nov 01
Earnings Miss: Hercules Capital, Inc. Missed EPS By 18% And Analysts Are Revising Their Forecasts
Hercules Capital, Inc. ( NYSE:HTGC ) missed earnings with its latest quarterly results, disappointing overly-optimistic...Analysis Article • Oct 31
Hercules Capital (NYSE:HTGC) Has Affirmed Its Dividend Of $0.48
The board of Hercules Capital, Inc. ( NYSE:HTGC ) has announced that it will pay a dividend on the 20th of November...Seeking Alpha • Oct 22
Hercules Capital: The Valuation Is My Only Concern
Summary Hercules Capital, Inc. offers an attractive dividend yield of nearly 10%, supported by strong net investment income coverage. Portfolio quality shows slight deterioration with an increase in Grade 3 risk ratings, but overall risk remains manageable with low non-accrual rates. HTGC trades at a 77% premium to NAV, significantly above its historical average, leading me to rate it a hold despite solid fundamentals. Read the full article on Seeking AlphaSeeking Alpha • Oct 15
Hercules Capital: How Good Is This 10% Yield?
Summary Hercules Capital offers a ~10% dividend yield and has a strong track record, but currently trades at a significant premium to its net asset value. The company is well-diversified with a focus on Technology and Life Sciences, and is internally managed, aligning management interests with shareholders. Despite solid credit quality and a healthy balance sheet, recent unrealized depreciation and high valuation suggest potential risks. Given the current overvaluation, I recommend a neutral rating for Hercules Capital, as the risk of multiple compression is meaningful. Read the full article on Seeking AlphaSeeking Alpha • Sep 13
Hercules Capital: The Yield And Underlying Value Remain Attractive
Summary Hercules Capital is my only VC-focused BDC with a buy rating, mainly due to its disciplined credit underwriting and defensive yield. Since my initial January 2024 thesis, HTGC has delivered significant alpha relative to the BDC index, clearly validating my investment stance. Despite a sharp decline post-Q2 2024 earnings, HTGC's fundamentals remain strong, warranting continued confidence in its cash generation and dividend coverage. I maintain a buy stance here on HTGC, as recent earnings are nowhere near to undermining the bull case for this stock. Read the full article on Seeking Alpha
New Narrative • Sep 05
Strong Demand And Strategic Expansion Set To Propel Future Financial Triumphs
Expansion into new financial products and a focus on asset portfolio growth could enhance future revenues and net asset value.Seeking Alpha • Aug 26
Hercules Capital: This 10% Yield Is On Sale (Rating Upgrade)
Summary Hercules Capital's valuation corrected at the beginning of the month due to economic concerns, but second-quarter earnings were strong. The BDC focuses on technology, life sciences, and renewable technology industries, with a debt portfolio valued at $3.41B in Q2'24. Portfolio and income trends are positive. Hercules Capital delivered 9% Y/Y NII growth in Q2'24. Shares are more attractively valued on the drop, and Hercules Capital offers a 10% dividend yield for income investors. Read the full article on Seeking AlphaSeeking Alpha • Aug 09
Hercules Capital BDC: 10% Yield, Record Earnings
Summary HTGC had record earnings in 2023 and in Q2 2024. It has demonstrated 10%-plus five-year dividend growth. Analysts' price targets and valuations were discussed, along with profitability, leverage, and performance. Read the full article on Seeking AlphaAnalysis Article • Aug 02
Hercules Capital (NYSE:HTGC) Is Paying Out A Dividend Of $0.48
Hercules Capital, Inc. ( NYSE:HTGC ) will pay a dividend of $0.48 on the 20th of August. This makes the dividend yield...Seeking Alpha • Jul 22
Hercules Capital: Recent Improvements But Currently Very Expensive
Summary BDCs are managed portfolios of middle-market loans, with returns juiced with some modest amounts of leverage. This article examines HTGC's management fee alignment with shareholders, balance sheet leverage trends, and asset portfolio seniority & rate structures. Additionally, we examine credit quality & underwriting results, cost of leverage, and the diversification of HTGC's assets by industry. HTGC is concentrated in biotech, health, and software industries. Otherwise, it is a well-run BDC. It currently trades at all-time high valuations per price to NAV ratio. I would suggest waiting on the sidelines for valuations to fall to more reasonable and lower levels before starting a position. Read the full article on Seeking AlphaSeeking Alpha • Jul 08
Hercules Capital: 2 Possible Outcomes (Rating Downgrade)
Summary Hercules Capital (HTGC) operates as a business development company that maintains a focus on life science and tech based companies. HTGC's high dividend yield of 7.5% and consistent dividend growth make it attractive for income investors. HTGC trades at a premium to NAV of over 82%, which is significantly above the 45% premium to NAV average. Interest rate cuts can have two possible outcomes that are dependent on one another. Therefore, I am remaining on the sidelines to observe how things play out. The distribution is well covered by the fund's net investment income. Read the full article on Seeking AlphaSeeking Alpha • Jun 25
Hercules Capital: A Solid Dividend Stock But Valuation Concerns Are Valid
Summary Hercules Capital is a high-quality BDC with strong NAV growth, but trades at a premium of over 70% to NAV. Portfolio risk ratings for HTGC are improving, with a decrease in weighted average risk grade for the second consecutive quarter. HTGC's dividend is well-covered by NII, but a recent decline in NII raises concerns about the sustainability of the premium valuation. Read the full article on Seeking AlphaShareholder Returns
| HTGC | US Capital Markets | US Market | |
|---|---|---|---|
| 7D | 6.1% | 3.0% | 3.2% |
| 1Y | -4.9% | 16.7% | 31.0% |
Return vs Industry: HTGC underperformed the US Capital Markets industry which returned 16.7% over the past year.
Return vs Market: HTGC underperformed the US Market which returned 31% over the past year.
Price Volatility
| HTGC volatility | |
|---|---|
| HTGC Average Weekly Movement | 4.7% |
| Capital Markets Industry Average Movement | 3.8% |
| Market Average Movement | 7.1% |
| 10% most volatile stocks in US Market | 16.1% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: HTGC has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: HTGC's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2003 | 100 | Scott Bluestein | www.htgc.com |
Hercules Capital, Inc. is a business development company. The firm specializing in providing private equity, venture debt, and growth capital to privately held venture capital-backed companies at all stages of development from mid venture to expansion stage including select publicly listed companies and select special opportunity companies that require additional capital to fund acquisitions, recapitalizations and refinancing and established-stage companies. The firm provides growth capital financing solutions for capital extension; management buy-out and corporate spin-out financing solutions; company, asset specific, or intellectual property acquisition financing; convertible, subordinated and/or mezzanine loans; domestic and international corporate expansion; vendor financing; revenue acceleration by sales and marketing development, and manufacturing expansion.
Hercules Capital, Inc. Fundamentals Summary
| HTGC fundamental statistics | |
|---|---|
| Market cap | US$3.06b |
| Earnings (TTM) | US$329.19m |
| Revenue (TTM) | US$554.52m |
9.2x
P/E Ratio5.5x
P/S RatioIs HTGC overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| HTGC income statement (TTM) | |
|---|---|
| Revenue | US$554.52m |
| Cost of Revenue | US$0 |
| Gross Profit | US$554.52m |
| Other Expenses | US$225.33m |
| Earnings | US$329.19m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.78 |
| Gross Margin | 100.00% |
| Net Profit Margin | 59.37% |
| Debt/Equity Ratio | 114.0% |
How did HTGC perform over the long term?
See historical performance and comparisonDividends
11.4%
Current Dividend Yield88%
Payout RatioDoes HTGC pay a reliable dividends?
See HTGC dividend history and benchmarks| Hercules Capital dividend dates | |
|---|---|
| Ex Dividend Date | May 14 2026 |
| Dividend Pay Date | May 21 2026 |
| Days until Ex dividend | 6 days |
| Days until Dividend pay date | 13 days |
Does HTGC pay a reliable dividends?
See HTGC dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/06 16:54 |
| End of Day Share Price | 2026/05/06 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Hercules Capital, Inc. is covered by 19 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Bryce Rowe | Baird |
| Mitchel Penn | Brean Capital Historical (Janney Montgomery) |
| Sarkis Sherbetchyan | B. Riley Securities, Inc. |