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Hercules CapitalHTGC -0.55%68 Cyclically Adjusted Price-to-FCF is 9.07 as of Sep. 22, 2026. GuruFocus rates HTGC with a GF Score™ of 68/100 and a GF Value™ of $18.39 (Fairly Valued). The stock has 5 warning signs investors should review. Among 528 Asset Management companies, Hercules Capital ranks worse than 189393.75% on this metric.
The historical rank and industry rank for Hercules Capital's Cyclically Adjusted Price-to-FCF or its related term are showing as below:
HTGC's Cyclically Adjusted Price-to-FCF is not ranked *
in the Asset Management industry.
Industry Median: 18.83 * Ranked among companies with meaningful Cyclically Adjusted Price-to-FCF only.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.
Hercules Capital's adjusted free cash flow per share data for the three months ended in Jun. 2026 was $0.564. Add all the adjusted free cash flow per share for the past 10 years together and divide 10 will get our Cyclically Adjusted FCF per Share, which is $1.90 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Hercules Capital (NYSE:HTGC) Cyclically Adjusted Price-to-FCF Explanation
Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.
Hercules Capital Cyclically Adjusted Price-to-FCF Related Terms
Hercules Capital Cyclically Adjusted Price-to-FCF Historical Data
* Premium members only.
The historical data trend for Hercules Capital's Cyclically Adjusted Price-to-FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Hercules Capital Cyclically Adjusted Price-to-FCF Chart
HTGC vs ADX, CSQ, GBDC: Cyclically Adjusted Price-to-FCF Comparison
For the Asset Management subindustry, Hercules Capital's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Hercules Capital Cyclically Adjusted Price-to-FCF vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Hercules Capital's Cyclically Adjusted Price-to-FCF distribution charts can be found below:
* The bar in red indicates where Hercules Capital's Cyclically Adjusted Price-to-FCF falls into.
Hercules Capital Cyclically Adjusted Price-to-FCF Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF.
Hercules Capital's Cyclically Adjusted Price-to-FCF for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted Price-to-FCF of 9.07 mean?
Hercules Capital (HTGC) has a Cyclically Adjusted Price-to-FCF of 9.07 as of Sep. 22, 2026. Cyclically Adjusted Price-to-FCF Ratio is the ratio of share price to a company's inflation-adjusted FCF per share over a 10-year period. View historical data on Hercules Capital and its competitors. According to the industry distribution chart, Hercules Capital ranks #999999 out of 528 companies in the Asset Management industry.
Is Hercules Capital's Cyclically Adjusted Price-to-FCF too high?
Hercules Capital's current Cyclically Adjusted Price-to-FCF is 9.07. The Asset Management industry median Cyclically Adjusted Price-to-FCF is 18.83. Hercules Capital's value of 9.07 is 51.8% below this industry median. Based on the distribution chart, Hercules Capital ranks #999999 out of 528 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Hercules Capital has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hercules Capital's Cyclically Adjusted Price-to-FCF compare to ADX and CSQ?
According to the Asset Management industry distribution chart, Hercules Capital ranks #999999 out of 528 companies for Cyclically Adjusted Price-to-FCF. This places Hercules Capital in the lower half of its industry. The industry median Cyclically Adjusted Price-to-FCF is 18.83. Hercules Capital's value of 9.07 is 51.8% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted Price-to-FCF for an Asset Management company?
The median Cyclically Adjusted Price-to-FCF among Asset Management companies is 18.83, based on 528 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted Price-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted Price-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Hercules Capital's current Cyclically Adjusted Price-to-FCF of 9.07 is 51.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted Price-to-FCF mean?
A high Cyclically Adjusted Price-to-FCF can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted Price-to-FCF Ratio is the ratio of share price to a company's inflation-adjusted FCF per share over a 10-year period. View historical data on Hercules Capital and its competitors. For the Asset Management industry, the median Cyclically Adjusted Price-to-FCF is 18.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hercules Capital's current Cyclically Adjusted Price-to-FCF is 9.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hercules Capital stock overvalued right now?
Based on GuruFocus' analysis, Hercules Capital (HTGC) is currently considered Fairly Valued. The stock's GF Value™ is $18.39, compared to a current price of $17.28 — trading 6.1% below its estimated fair value. The current Cyclically Adjusted Price-to-FCF is 9.07 and 51.8% below the Asset Management industry median of 18.83. Hercules Capital's overall GF Score™ is 68/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted Price-to-FCF calculated?
Cyclically Adjusted Price-to-FCF is calculated from a company's financial statements. For Hercules Capital (HTGC), the current Cyclically Adjusted Price-to-FCF is 9.07 as of Sep. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Hercules Capital (HTGC) Overvalued in 2026?
Based on GuruFocus' analysis, Hercules Capital stock appears to be undervalued.
The current stock price of $17.28 is trading 6.1% below its estimated GF Value™ of $18.39.
GuruFocus considers Hercules Capital to be Fairly Valued.
Key valuation signals for HTGC:
Cyclically Adjusted Price-to-FCF: 9.07
GF Value™: $18.39 vs. price of $17.28 (6.1% below fair value)
Industry Position: 51.8% below the Asset Management median (#999999 of 528)
No single metric tells the full story. See the HTGC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hercules Capital Inc is a specialty finance company and business development company (BDC) based in the United States that provides debt financing to venture capital-backed and institutional-backed growth companies. It primarily structures senior secured loans, often with warrants or equity features, and also offers equipment financing, growth capital, and acquisition financing. Its portfolio spans technology sectors such as software, hardware, networking, semiconductors, and internet services, as well as life sciences including biotechnology, medical devices, and healthcare. Borrowers are typically private, high-growth companies that need capital without diluting equity. Hercules generates revenue mainly through interest income on its debt investments, along with fees, warrants, and equity gains. It operates primarily in the United States, with some exposure to international markets, and is managed by Hercules Adviser LLC.
68GF Score
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