Hercules Capital
HTGC on NYSE. Hercules Capital lends money to small and growing businesses. Market value $3.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.27 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 51 of 100. Our list needs 70 on quality and 60 on price.
$16.69 a share, 22% above its 1-year low
Over the past year the price has ranged from $13.70 to $19.13.
Dividend: 10.4% a year
Paid every year for 4 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $8 million in the past 12 months, a shortfall of $426 million in the year to December 2025.
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | 1.12 | 0.86 | 0.89 | 1.03 |
| Shares outstanding | ||||
| Shares outstanding | 0.15bn | 0.16bn | 0.18bn | 0.19bn |
Health checks
- Free cash flow positive1 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- Debt1.03× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 24% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $130 million, up 65% on a year ago.
- Spare cash over the past 12 months: $8 million. A year earlier it spent $304 million more than it brought in.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.3 billion more than cash, up from $2 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $69m |
| December 2024 | $61m |
| March 2025 | $50m |
| June 2025 | $79m |
| September 2025 | $120m |
| December 2025 | $91m |
| March 2026 | $43m |
| June 2026 | $130m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 331 funds in all.
- Delphi ManagementScott Black
- Value
- $1m
- Share of fund
- 1.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Delphi ManagementScott Black | $1m | 1.1% |
Largest holders overall
- VAN ECK Associates$61mAdded
- Sound Income Strategies$58mAdded
- Citadel Advisors$46mAdded
- UBS Group AG$42mAdded
- TWO Sigma Investments, LP$36mCut
- LPL Financial$29mAdded
- Morgan Stanley$29mAdded
- Legal & General Group$27mAdded
- Franklin Resources$22mAdded
- D. E. Shaw$22mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- TRUIST FINANCIAL CORPPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
TRUIST FINANCIAL CORP Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 11 insiders bought $3m of shares on the open market.
- Aguirre DeAnneDirectorBought
- Date
- 26 March 2026
- Shares
- 7,317
- Price
- $14.35
- Value
- $104,999
- Loo WadeDirectorBought
- Date
- 26 March 2026
- Shares
- 7,317
- Price
- $14.35
- Value
- $104,999
- Theodosopoulos NikosDirectorBought
- Date
- 26 March 2026
- Shares
- 7,317
- Price
- $14.35
- Value
- $104,999
- Fallon Thomas JDirectorBought
- Date
- 26 March 2026
- Shares
- 7,300
- Price
- $14.30
- Value
- $104,390
- Randhawa Paramjeet KDirectorBought
- Date
- 26 March 2026
- Shares
- 2,926
- Price
- $14.35
- Value
- $41,988
- CROWELL GAYLE ADirectorBought
- Date
- 26 March 2026
- Shares
- 7,317
- Price
- $14.35
- Value
- $104,999
- BADAVAS ROBERT PDirectorBought
- Date
- 26 March 2026
- Shares
- 3,658
- Price
- $14.35
- Value
- $52,492
- Follmann ChristianChief Operating OfficerBought
- Date
- 4 March 2026
- Shares
- 5,000
- Price
- $14.68
- Value
- $73,400
- Randhawa Paramjeet KDirectorBought
- Date
- 4 March 2026
- Shares
- 3,050
- Price
- $14.78
- Value
- $45,079
- Meyer Seth HChief Financial OfficerBought
- Date
- 27 February 2026
- Shares
- 14,000
- Price
- $14.33
- Value
- $200,620
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 March 2026 | Aguirre DeAnne Director | Bought | 7,317 | $14.35 | $104,999 |
| 26 March 2026 | Loo Wade Director | Bought | 7,317 | $14.35 | $104,999 |
| 26 March 2026 | Theodosopoulos Nikos Director | Bought | 7,317 | $14.35 | $104,999 |
| 26 March 2026 | Fallon Thomas J Director | Bought | 7,300 | $14.30 | $104,390 |
| 26 March 2026 | Randhawa Paramjeet K Director | Bought | 2,926 | $14.35 | $41,988 |
| 26 March 2026 | CROWELL GAYLE A Director | Bought | 7,317 | $14.35 | $104,999 |
| 26 March 2026 | BADAVAS ROBERT P Director | Bought | 3,658 | $14.35 | $52,492 |
| 4 March 2026 | Follmann Christian Chief Operating Officer | Bought | 5,000 | $14.68 | $73,400 |
| 4 March 2026 | Randhawa Paramjeet K Director | Bought | 3,050 | $14.78 | $45,079 |
| 27 February 2026 | Meyer Seth H Chief Financial Officer | Bought | 14,000 | $14.33 | $200,620 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.