Hercules Capital, Inc.

HTGCNYSEFinancial Services● Active

$15.23

$-0.05(-0.33%)

Market Cap$2.8B

P/E Ratio—

52W High$19.67

52W Low$13.7

Avg Volume2.1M

Open$15.27

Beta0.74

Free Cash Flow Financials Revenue

Hercules Capital, Inc. (HTGC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HTGC · free cash flow · updated Jun 8, 2026

Core FCF metrics

HTGC · FCF · TTM · margin & CAGR

Free cash flow was −$425.9M for FY2025 (fiscal year ending 2025-12-31), down 258.5% year-over-year The FCF margin was -77.8%.

FY2025 Free Cash Flow−$425.9M▼ -258.5% YoY

Trailing 12M (TTM)−$351.7Mtrailing 4 quarters sum

FCF Margin-77.8%−$425.9M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HTGC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$425.8M(0M)−$425.9M▼ 258.5%-77.8%

FY2024−$118.1M(1M)−$118.8M▼ 276.3%-27.6%

FY2023$68.3M(1M)$67.4M▲ +115.9%13.6%

FY2022−$424.8M(0M)−$424.9M▼ 430.6%-177.5%

FY2021$128.6M(0M)$128.5M▼ 38.1%41.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HTGC · P/FCF · FCF yield · FCF per share

Hercules Capital, Inc. (HTGC) reported negative free cash flow of −$0.43B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

HTGC · cash flow statement · operating / investing / financing

For FY2025, Hercules Capital, Inc. generated −$425.8M in operating cash flow and spent 0M in capital expenditures, yielding −$425.9M in free cash flow.

Operating Activities

−$425.8M

Cash from core business operations

2025-12-31

Investing Activities

−$0.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$368.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$425.8M) − |CapEx| (0M) = FCF (−$425.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

HTGC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Hercules Capital, Inc.YOU

HTGC

−$425.9M-258.5%-77.8%

Loss

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Hercules Capital, Inc. (HTGC) reported free cash flow of −$425.9M for FY2025 (fiscal year ending 2025-12-31), down 258.5% year-over-year. The FCF margin was -77.8%.

Based on available data, Hercules Capital, Inc. has maintained positive free cash flow for at least 4 fiscal year(s). FCF peaked at $207.7M in FY2020.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HTGC free cash flow · 8 questions

Hercules Capital, Inc. free cash flow was −$425.9M for FY2025, down 258.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$351.7M.

HTGC free cash flowHTGC FCFHTGC FCF 2025HTGC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Hercules Capital, Inc. · Hercules Capital, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026