Hercules Capital, Inc.
NYSE: HTGC · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-05
Hercules Capital, Inc. (HTGC) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $30.41M | $11.38M | 81.03% | 37.43% | 37.43% |
| 2007 | $63.94M | $42.41M | 93.11% | 66.32% | 66.32% |
| 2008 | $57.05M | $21.00M | 77.00% | 36.80% | 36.80% |
| 2009 | $44.74M | $13.57M | 79.02% | 30.33% | 30.33% |
| 2010 | $35.08M | $4.98M | 75.57% | 14.20% | 14.20% |
| 2011 | $87.20M | $46.94M | 84.80% | 53.82% | 53.82% |
| 2012 | $96.17M | $46.76M | 79.38% | 48.62% | 48.62% |
| 2013 | $166.09M | $99.45M | 81.74% | 59.87% | 59.87% |
| 2014 | $143.10M | $71.19M | 80.41% | 49.75% | 49.75% |
| 2015 | $126.55M | $42.92M | 75.63% | 33.91% | 33.91% |
| 2016 | $143.41M | $68.70M | 77.68% | 47.91% | 47.91% |
| 2017 | $173.43M | $79.00M | 78.17% | 45.55% | 45.55% |
| 2018 | $175.52M | $76.50M | 77.53% | 43.58% | 43.58% |
| 2019 | $298.20M | $173.60M | 81.69% | 58.22% | 58.22% |
| 2020 | $357.38M | $227.26M | 83.32% | 63.59% | 63.59% |
| 2021 | $309.58M | $174.16M | 82.41% | 56.25% | 56.25% |
| 2022 | $239.39M | $102.08M | 77.13% | 42.64% | 42.64% |
| 2023 | $494.12M | $337.48M | 86.31% | 68.30% | 68.30% |
| 2024 | $430.90M | $262.97M | 82.10% | 61.03% | 61.03% |
| 2025 | $547.10M | $339.74M | 87.23% | 66.75% | 62.10% |
Frequently asked questions
What is Hercules Capital, Inc.'s revenue?
Hercules Capital, Inc.'s trailing twelve-month revenue is $554.52M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is HTGC?
In its most recent fiscal year, HTGC ran a gross margin of 87.23%, an operating margin of 66.75%, and a net margin of 62.10%. 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 HTGC generate?
HTGC 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 HTGC's balance sheet healthy?
HTGC 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.