Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Hercules Capital, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
General and administrative
18.9
16.1
16.9
18.7
19.7
19
Operating expenses
130
136
142
166
179
206
Interest expense
66.9
67.5
62.3
77.5
77.2
92.2
Net income
227
174
102
337
263
340
EPS, basic
2.02
1.50
0.80
2.32
1.61
1.90
EPS, diluted
2.01
1.49
0.79
2.31
1.61
1.85
Shares, basic (weighted)
112
115
125
144
161
177
Shares, diluted (weighted)
112
116
127
145
162
189
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
198
133
14.6
98.1
42.7
57
Lease right-of-use assets
6.76
4.99
4.79
16.8
14.8
Total assets
2,600
3,029
3,417
3,832
4,584
Total liabilities
1,291
1,627
1,614
1,842
2,368
Total debt
1,236
1,574
1,555
1,769
2,286
Paid-in capital
1,158
1,092
1,341
1,663
1,900
2,115
Retained earnings
217
59.9
140
88.9
101
Shareholders' equity
1,292
1,309
1,401
1,803
1,990
2,216
Total equity
1,292
1,309
1,401
1,803
1,990
2,216
Total liabilities and equity
2,600
3,029
3,417
3,832
4,584
Shares outstanding
117
133
158
171
183
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
227
174
102
337
263
340
Depreciation and amortization
0.42
0.32
0.2
0.19
0.47
0.34
Stock-based compensation
8.47
10.4
10.8
11.9
12.5
14.8
Change in payables
-0.02
0
0
Cash from operations
208
129
-425
68.3
-118
-426
Capital expenditures
-0.14
-0.11
-0.11
-0.89
-0.71
-0.09
Cash from investing
-0.14
-0.11
-0.11
-0.89
-0.71
-0.09
Debt issued
824
1,737
1,274
659
1,332
1,996
Debt repaid
-827
-1,787
-931
-683
-1,119
-1,485
Stock issued
77.5
10.8
232
344
221
207
Share buybacks
-1.84
-2.82
-4.53
-12.7
-3.43
-6.49
Dividends paid
-152
-176
-245
-274
-303
-326
Cash from financing
-85
-230
315
22.7
119
369
Net change in cash
123
-101
-110
90.1
0.41
-57
Free cash flow
208
129
-425
67.4
-119
-426
Interest paid
58.3
51.5
52.1
67.1
77.9
83.4
Income taxes paid
2.46
3.76
7.38
5.27
5.25
6.41
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.00 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
16.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
8.2%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
29.2%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
49.3%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y
8.4%
Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y
14.9%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
32.8%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y
-1.6%
Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
11.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
16.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
11.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
19.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
14.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
16.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
14.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
11.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / equity
1.03x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
49.8%
Total debt / total assets.
Liabilities / assets
51.5%
Total liabilities / total assets.
Net debt
$2.29B
Total debt - cash - short-term investments. Negative means more cash than debt.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
1.0%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.92
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
$0.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.04
Cash from operations / diluted weighted shares.
Book value per share
$12.15
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Dividends / FCF
3,999.0%
Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF
73.4%
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$4.54B
Share price x shares outstanding.
Enterprise value
$6.83B
Market cap + total debt - cash - short-term investments.
P/E
11.9x
Market cap / net income. Only when net income is positive.
P/B
2.00x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.00x
Market cap / tangible book value, when positive.
P/FCF
539x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
534x
Market cap / cash from operations, when positive.
EV/FCF
811x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.2%
Free cash flow / market cap.
Earnings yield
8.4%
Net income / market cap (the inverse of P/E).
Dividend yield
7.4%
Dividends paid over the period / market cap.
Shareholder yield
7.6%
(Dividends paid + share buybacks) / market cap.
PEG
0.36x
P/E / EPS growth per year over 3 years (in percent). Only when both are positive.
Was Hercules Capital, Inc. profitable in fiscal 2025?
Yes. Net income was $339.7M, a net margin of -.
How much free cash flow did Hercules Capital, Inc. generate in fiscal 2025?
Cash from operations of $425.8M minus capital expenditures of $89.0K left free cash flow of -$425.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.