Hercules Capital (HTGC) Net Margin (2009 - 2026)
Hercules Capital's Net Margin was 66.78% in Q3 2026, down 19.89 percentage points from 86.67% a year earlier and down 20.52 percentage points from the prior quarter.
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Analysis
Hercules Capital (HTGC) Net Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Hercules Capital's Net Margin was 62.84% through Sep 30, 2026, up 2.80 percentage points year-over-year; for FY2025, it came in at 63.80%, up 10.53 percentage points from FY2024.
- Net Margin shows a four-year change of +1.82 percentage points (FY2021 to FY2025).
- In earlier years, Net Margin was 53.28% in FY2024 (-19.98 pp), 73.26% in FY2023 (+41.53 pp), 31.73% in FY2022 (-30.25 pp) and 61.98% in FY2021.
- Quarterly Net Margin has moved between -14.31% (Q2 2022) and 98.02% (Q4 2023) over five years.
- Compared with a year earlier, Net Margin was higher in four of the last eight quarters, with an average year-over-year change of -1.37 percentage points.
- The best year-over-year quarter for Net Margin over five years was Q2 2023 (a gain of 95.85 percentage points); the worst was Q2 2024 (a drop of 48.06 percentage points).
- Per Business Quant data, HTGC's Net Margin in the three quarters before Q3 2026 was 87.30% (Q2 2026), 30.03% (Q1 2026) and 66.09% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | 20.96% |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | 21.59% |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | 25.03% |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | 12.38% |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | 17.58% |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | 13.01% |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | 48.93% |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 41.81% |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | -121.54% |
| 10 | Hercules Capital | 3.01 Bn | 2.66 Bn | - | 66.78% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 66.78% |
| Jun 30, 2026 | 87.30% |
| Mar 31, 2026 | 30.03% |
| Dec 31, 2025 | 66.09% |
| Sep 30, 2025 | 86.67% |
| Jun 30, 2025 | 57.39% |
| Mar 31, 2025 | 42.12% |
| Dec 31, 2024 | 50.45% |
| Sep 30, 2024 | 54.86% |
| Jun 30, 2024 | 33.48% |
| Mar 31, 2024 | 74.83% |
| Dec 31, 2023 | 98.02% |
| Sep 30, 2023 | 23.96% |
| Jun 30, 2023 | 81.54% |
| Mar 31, 2023 | 89.98% |
| Dec 31, 2022 | 62.42% |
| Sep 30, 2022 | 63.16% |
| Jun 30, 2022 | -14.31% |
| Mar 31, 2022 | -5.12% |
| Dec 31, 2021 | 5.12% |
API Access
Hercules Capital Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=HTGC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "HTGC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=HTGC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();