HTGC (Hercules Capital) Scaled Net Operating Assets: 1.03 (As of Mar. 2026)

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HTGC Hercules Capital Inc HTGC
60 GF Score
Price $16.06
GF Value $18.79
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Hercules Capital Scaled Net Operating Assets?

Hercules Capital HTGC +0.85% 60 Scaled Net Operating Assets is 1.03 as of Mar. 2026. GuruFocus rates HTGC with a GF Score™ of 60/100 and a GF Value™ of $18.79 (Modestly Undervalued). The stock has 5 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Hercules Capital's operating assets for the quarter that ended in Mar. 2026 was $4,784.1 Mil. Hercules Capital's operating liabilities for the quarter that ended in Mar. 2026 was $45.2 Mil. Hercules Capital's Total Assets for the quarter that ended in Dec. 2025 was $4,584.0 Mil. Therefore, Hercules Capital's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 1.03.

HTGC
60GF Score
Hercules Capital Inc HTGC
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Hercules Capital Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Hercules Capital's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(4527.039-65.262)/3831.591
=1.16

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=4584.026 - 56.987
=4527.039

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2367.973 - 2302.711 - 0
=65.262

Hercules Capital's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(4784.053-45.189)/4584.026
=1.03

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=4826.418 - 42.365
=4784.053

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2599.423 - 2554.234 - 0
=45.189

* 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.

What does a Scaled Net Operating Assets of 1.03 mean?
Hercules Capital (HTGC) has a Scaled Net Operating Assets of 1.03 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Hercules Capital and its competitors.
Is Hercules Capital's Scaled Net Operating Assets too high?
Hercules Capital's current Scaled Net Operating Assets is 1.03. Overall, Hercules Capital has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hercules Capital's Scaled Net Operating Assets compare to JPC and FSK?
Hercules Capital's Scaled Net Operating Assets of 1.03 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Asset Management company?
A good Scaled Net Operating Assets depends on the Asset Management industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Hercules Capital and its competitors. Hercules Capital's current Scaled Net Operating Assets is 1.03. 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 Modestly Undervalued. The stock's GF Value™ is $18.79, compared to a current price of $16.06 — trading 14.6% below its estimated fair value. The current Scaled Net Operating Assets is 1.03. Hercules Capital's overall GF Score™ is 60/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Hercules Capital (HTGC), the current Scaled Net Operating Assets is 1.03 as of Mar. 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 $16.06 is trading 14.6% below its estimated GF Value™ of $18.79. GuruFocus considers Hercules Capital to be Modestly Undervalued.

Key valuation signals for HTGC:

  • Scaled Net Operating Assets: 1.03
  • GF Value™: $18.79 vs. price of $16.06 (14.6% below fair value)
  • GF Score™: 60/100 with 5 warning signs

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 Business Description

Other Exchanges 0J4M:UK19H:Germany
Address 1 North B Street, Suite 2000, San Mateo, CA, USA, 94401
Hercules Capital Inc is a specialty finance company focused on providing senior secured loans to high-growth, venture capital-backed, and institutional-backed companies in a variety of technology and life sciences industries. The company's primary business objectives are to increase its net income, net investment income, and net asset value (NAV) through its investments mainly in structured debt or senior secured debt instruments of venture capital-backed and institutional-backed companies across a variety of technology-related industries at attractive yields. It finances companies belonging to computer software and hardware, networking systems, semiconductors, medical devices, bio-pharmaceutical, and other related sectors.
60GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$16.06
Price
$18.79
GF Value