Hercules Capital, Inc.
NYSE: HCXY · FINANCIALS · INVESTMENT BANKING & INVESTMENT SERVICES
Updated 2026-06-02
Hercules Capital, Inc. (HCXY) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $301.14M | $541.94M | $608.67M | $508.97M | $591.37M | $747.39M | $1.12B | $1.22B | $1.30B | $1.33B | $1.46B | $1.65B | $1.95B | $2.46B | $2.62B | $2.60B | $3.03B | $3.42B | $3.83B | $4.58B |
| Cash & equivalents | $16.40M | $7.86M | $17.24M | $124.83M | $107.01M | $64.47M | $182.99M | $268.37M | $227.12M | $95.20M | $13.04M | $91.31M | $34.21M | $64.39M | $198.28M | $133.12M | $15.80M | $98.90M | $113.12M | $56.87M |
| Current assets | $19.31T | $14.24M | $26.05M | $135.14M | $111.53M | $70.29M | $192.63M | $277.33M | $236.57M | $104.44M | $24.66M | $103.57M | $51.17M | $84.60M | $256.76M | $154.19M | $58.43M | $131.64M | $149.15M | $94.14M |
| Total liabilities | $45.73M | $141.21M | $226.21M | $142.45M | $178.72M | $316.35M | $607.67M | $571.71M | $640.36M | $617.63M | $676.26M | $813.75M | $989.75M | $1.33B | $1.33B | $1.29B | $1.63B | $1.61B | $1.84B | $2.37B |
| Current liabilities | $38.09T | $-6.41M | $-6.87M | $-2.42M | $8.72M | $10.81M | $11.57M | $14.27M | $14.10M | $67.24M | $26.48M | $223.49M | $78.92M | $134.22M | $36.34M | $427.08M | $47.54M | $5.20M | $57.95M | $16.27M |
| Long-term debt | — | — | — | — | — | — | — | — | $626.26M | $589.61M | $654.80M | $786.85M | $963.79M | $1.29B | — | — | $1.57B | — | — | — |
| Shareholder equity | $255.41M | $400.74M | $382.46M | $366.51M | $412.65M | $431.04M | $515.97M | $650.01M | $658.86M | $717.13M | $787.94M | $840.97M | $955.44M | $1.13B | $1.29B | $1.31B | $1.40B | $1.80B | $1.99B | $2.22B |
| Retained earnings | $-2.73M | $-3.70M | $-5.94M | $-6.75M | $-3.13M | $-4.89M | $-3.73M | $4.99M | $4.56M | $-10.37M | $37.23M | $32.52M | $-92.86M | $-12.16M | $133.39M | $216.52M | $59.91M | $140.01M | $88.92M | $101.15M |
| Accounts receivable | $2.91M | $6.39M | $8.80M | $10.31M | $4.52M | $5.82M | $9.63M | $8.96M | $9.45M | $9.24M | $11.61M | $12.26M | $16.96M | $20.21M | $19.08M | $17.36M | $31.68M | $32.74M | $32.58M | $37.26M |
| Inventory | — | — | — | — | — | — | — | $-6.27M | $-12.66M | $113.63M | $32.98M | $107.26M | $1.00 | $135.20M | $256.70M | $1.00 | $1.00 | $148.75M | — | — |
| Goodwill | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Frequently asked questions
How profitable is HCXY?
In its most recent fiscal year, HCXY ran a gross margin of 97.62%, an operating margin of 87.85%, and a net margin of 69.07%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does HCXY generate?
HCXY produced $-425.89M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is HCXY's balance sheet healthy?
HCXY holds $56.87M in cash and equivalents against — in long-term debt, on $2.22B of shareholder equity. That debt is best read against the cash flow the business throws off each year.