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Hercules Capital, Inc. HCXY

NYSE · stock · website · IPO 2005-06-09 · LEI

Hercules Capital, Inc. statistics & valuation

Market cap$2.9B
P / E8.6×
P / B1.3×
Dividend yield11.18%
Return on equity15.3%
Net debt$2.2B
Enterprise value USD$5.1B
Graham number -11.6%$22.10

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($22.10); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
20212022202320242025
Operating margin (%)
20212022202320242025
Return on equity (%)
13.30% 7.30% 18.70% 13.20% 15.30% 20212022202320242025
Shares outstanding
116.6M 133.0M 157.8M 170.6M 188.9M 20212022202320242025
Net debt ($)
$1.10B $1.56B $1.46B $1.73B $2.23B 20212022202320242025
Share buybacks ($)
20212022202320242025
Return on assets (%)
6.70% 3.40% 9.90% 6.90% 7.40% 20212022202320242025
Free cash flow margin (%)
20212022202320242025
Debt / equity (×)
0.94× 1.12× 0.86× 0.89× 1.03× 20212022202320242025
EPS ($)
$1.49 $0.79 $2.31 $1.61 $1.85 20212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Hercules Capital, Inc. trades at about 13.5× earnings — below its 10-year norm (10-year range 10.8×–31.7×, median 15.4×).

10.8× 31.7×

Shaded band = 10-year range (10.8×–31.7×); dot = today's 13.5×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021
Return on assets7.4%6.9%9.9%3.4%6.7%
Return on equity15.3%13.2%18.7%7.3%13.3%
Debt / equity1.03×0.89×0.86×1.12×0.94×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.