Start with its own history
At 8.48×, HTGC is 26.3% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · HTGCAsset ManagementUpdated Nov 2, 2026
Hercules Capital, Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
8.48×
26.3% belowthe 10-year annual average
Share price16.54
÷Earnings per share1.95
Price and EPS in quote currency. Calculation details
Investors are paying 8.48 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 11.51×
3-year average9.86×3 positive annual observations
5-year average11.43×5 positive annual observations
10-year average11.51×10 positive annual observations
Peer median · TTM16.34×6 peers with positive P/E
Historical P/E ratios
Annual period-end data · 21 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 9.91× | -20.6% |
| Dec 31, 2024 | 12.48× | +73.7% |
| Dec 31, 2023 | 7.19× | -56.5% |
| Dec 31, 2022 | 16.52× | +49.4% |
| Dec 31, 2021 | 11.06× | +54.9% |
| Dec 31, 2020 | 7.14× | -12.9% |
| Dec 31, 2019 | 8.20× | -38.4% |
| Dec 31, 2018 | 13.31× | -3.6% |
View all 21 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 13.81× | -10.9% |
| Dec 31, 2016 | 15.51× | -23.7% |
| Dec 31, 2015 | 20.32× | +52.9% |
| Dec 31, 2014 | 13.29× | +35.3% |
| Dec 31, 2013 | 9.82× | -17.9% |
| Dec 31, 2012 | 11.97× | +36.9% |
| Dec 31, 2011 | 8.74× | -89.9% |
| Dec 31, 2010 | 86.33× | +215.8% |
| Dec 31, 2009 | 27.34× | +120.9% |
| Dec 31, 2008 | 12.38× | +49.5% |
| Dec 31, 2007 | 8.28× | -50.6% |
| Dec 31, 2006 | 16.76× | -58.1% |
| Dec 31, 2005 | 39.97× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How HTGC compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 HTGC This stockHercules Capital, Inc. | 8.48× |
 MAINMain Street Capital Corporation | 11.32× |
 PFLTPennantPark Floating Rate Capital Ltd. | 13.52× |
 FSKFS KKR Capital Corp. | N/M |
 PSECProspect Capital Corporation | 28.61× |
 CGBDCarlyle Secured Lending, Inc. | 21.42× |
 TSLXSixth Street Specialty Lending, Inc. | 19.15× |
 TCPCBlackRock TCP Capital Corp. | N/M |
 TRINTrinity Capital Inc. | 8.91× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does HTGC’s P/E tell you?
Compare like with like
The median of the 6 positive peer ratios above is 16.34×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take HTGC into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("HTGC", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 16.54 ÷ EPS 1.95 = 8.48×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 2, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
HTGC P/E ratio: common questions
The essentials behind the numbers.
Hercules Capital, Inc.'s current P/E is 8.48× based on the quote data last updated Nov 2, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.