États financiers détaillés de Hercules Capital Inc (HCXY): compte de résultat, bilan et tableau de flux de trésorerie. Suivez l'évolution des marges, de la dette, de la liquidité et de la rentabilité d'une année sur l'autre avec jusqu'à 20 ans d'historique.
Résumé de l'Analyse
Hercules Capital Inc a enregistré un chiffre d'affaires de $547.1M sur le dernier exercice, avec un CAGR sur 5 ans de 8.9%. Le résultat net a atteint $339.7M, avec un CAGR sur 5 ans de 8.4%.
Marges des 12 derniers mois: marge brute 89.9%, marge opérationnelle 75.3%, marge nette 66.1%.
Au prix actuel de $25.04, HCXY se négocie à un PER de 8.47 et un ROE de 17.21%. La capitalisation boursière s'établit à $3.1B.
Compte de Résultat (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenus | $143.4M | $173.4M | $175.5M | $298.2M | $357.4M | $309.6M | $239.4M | $494.1M | $430.9M | $547.1M |
| Coût des Ventes | $32.0M | $37.9M | $39.4M | $54.6M | $59.6M | $54.4M | $54.7M | $67.6M | $77.2M | $69.8M |
| Marge Brute | $111.4M | $135.6M | $136.1M | $243.6M | $297.8M | $255.1M | $184.6M | $426.5M | $353.7M | $477.3M |
| R&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Frais Généraux | $16.1M | $15.7M | $14.5M | $19.2M | $18.9M | $16.1M | $16.9M | $18.7M | $19.7M | $19.0M |
| Charges Opérationnelles | $42.7M | $56.6M | $59.6M | $70.0M | $70.5M | $81.0M | $82.6M | $89.0M | $90.8M | $112.1M |
| Résultat Opérationnel | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $365.2M |
| EBITDA | $68.9M | $79.2M | $76.7M | $173.9M | $227.7M | $174.5M | $102.3M | $337.7M | $263.4M | $365.4M |
| Charges d'Intérêt | $32.0M | $37.9M | $39.4M | $54.6M | $59.6M | $54.4M | $54.7M | $67.6M | $77.2M | $92.2M |
| Résultat Avant Impôts | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $339.7M |
| Impôts | 0 | $49.1M | $37859 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Résultat Net | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $339.7M |
| BPA | $0.91 | $0.95 | $0.83 | $1.71 | $2.02 | $1.50 | $0.80 | $2.32 | $1.61 | $1.90 |
| BPA Dilué | $0.91 | $0.95 | $0.83 | $1.71 | $2.01 | $1.49 | $0.79 | $2.31 | $1.61 | $1.85 |
| Actions en Circulation (Diluées) | $73.8M | $82.6M | $91.1M | $101.6M | $112.3M | $116.0M | $126.7M | $144.8M | $161.6M | $194.8M |
Compte de Résultat (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenus | $169.3M | $157.7M | $95.9M | $156.8M |
| Marge Brute | $145.1M | $154.7M | $67.8M | $153.6M |
| Résultat Opérationnel | $119.7M | $116.3M | $42.5M | $158.3M |
| EBITDA | $119.8M | $116.3M | $42.6M | $158.4M |
| Résultat Net | $119.7M | $90.8M | $42.5M | $130.2M |
| BPA | $0.66 | $0.50 | $0.23 | $0.70 |
| BPA Dilué | $0.63 | $0.48 | $0.23 | $0.65 |
Bilan (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Trésorerie | $13.0M | $91.3M | $34.2M | $64.4M | $198.3M | $133.1M | $15.8M | $98.9M | $113.1M | $56.9M |
| Placements à Court Terme | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Créances | $11.6M | $12.3M | $17.0M | $20.2M | $19.1M | $17.4M | $31.7M | $32.7M | $32.6M | $37.3M |
| Stocks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Courants | $24.7M | $103.6M | $51.2M | $135.2M | $256.8M | $154.2M | $58.4M | $159.6M | $75.3M | $94.1M |
| Immobilisations Corporelles | 0 | 0 | 0 | $11.7M | $9.3M | $6.8M | $5.0M | $4.8M | $16.8M | $14.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Incorporels | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Totaux | $1.46B | $1.65B | $1.95B | $2.46B | $2.62B | $2.60B | $3.03B | $3.42B | $3.83B | $4.58B |
| Dettes Fournisseurs | $21.5M | $26.9M | $26.0M | $30.3M | $36.3M | $42.1M | $46.3M | $50.8M | $54.9M | $65.3M |
| Dette à Court Terme | $5.0M | 0 | $53.0M | 0 | 0 | $379.3M | 0 | $104.8M | $3.1M | 0 |
| Passifs Courants | $26.5M | $26.9M | $78.9M | $30.3M | $36.3M | $427.1M | $47.5M | $159.0M | $54.9M | $65.3M |
| Dette à Long Terme | $649.8M | $786.9M | $910.8M | $1.29B | $1.29B | $857.0M | $1.57B | $1.45B | $1.77B | $2.30B |
| Passifs Totaux | $676.3M | $813.7M | $989.7M | $1.33B | $1.33B | $1.29B | $1.63B | $1.61B | $1.84B | $2.37B |
| Réserves | $22.9M | -$67.6M | -$92.9M | -$12.2M | $133.4M | $216.5M | $59.9M | $140.0M | $88.9M | $101.2M |
| Capitaux Propres | $787.9M | $841.0M | $955.4M | $1.13B | $1.29B | $1.31B | $1.40B | $1.80B | $1.99B | $2.22B |
| Dette Totale | $654.8M | $786.9M | $963.8M | $1.30B | $1.30B | $1.24B | $1.58B | $1.56B | $1.79B | $2.30B |
| Dette Nette | $641.8M | $695.5M | $929.6M | $1.23B | $1.10B | $1.11B | $1.56B | $1.46B | $1.67B | $2.25B |
| Fonds de Roulement | -$1.8M | $76.7M | -$27.7M | $104.9M | $220.4M | -$272.9M | $10.9M | $658000 | $20.4M | $28.9M |
Bilan (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Trésorerie | $29.4M | $56.9M | $42.4M | $48.2M |
| Actifs Totaux | $4.41B | $4.58B | $4.83B | $4.69B |
| Passifs Totaux | $2.22B | $2.37B | $2.60B | $2.41B |
| Capitaux Propres | $2.19B | $2.22B | $2.23B | $2.27B |
| Dette Totale | $2.17B | $2.30B | $2.55B | $2.35B |
Tableau de Flux (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Résultat Net | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $339.7M |
| Amortissements | $202000 | $201000 | $199000 | $262000 | $415000 | $7.4M | $5.9M | $190000 | $466000 | $337000 |
| Stock-based Compensation | $7.1M | $7.2M | $11.3M | $8.6M | $11.1M | $11.9M | $13.4M | 0 | 0 | 0 |
| Variation du BFR | $4.8M | $3.0M | -$5.3M | $3.4M | $5.7M | $13.4M | -$16.2M | -$17.2M | $15.4M | $5.9M |
| Cash Flow Opérationnel | -$138.4M | -$18.4M | -$249.0M | -$240.7M | $207.8M | $128.6M | -$424.8M | $68.3M | -$118.1M | -$425.8M |
| CapEx | -$252000 | -$274000 | -$475000 | -$595000 | -$137000 | -$106000 | -$114000 | -$887000 | -$705000 | -$89000 |
| Acquisitions | $662.0M | $740.9M | $475000 | 0 | $137000 | 0 | 0 | 0 | 0 | 0 |
| Rachat d'Actions | -$7.3M | -$2.7M | -$5.0M | -$5.1M | -$1.8M | -$2.8M | -$4.5M | -$12.7M | -$3.4M | -$6.5M |
| Dividendes Payés | -$90.5M | -$100.9M | -$112.7M | -$132.1M | -$152.4M | -$175.5M | -$245.1M | -$273.7M | -$303.5M | -$326.0M |
| Free Cash Flow | -$138.6M | -$18.7M | -$249.4M | -$241.3M | $207.7M | $128.5M | -$424.9M | $67.4M | -$118.8M | -$425.9M |
Tableau de Flux (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash Flow Opérationnel | -$3.2M | -$55.6M | -$230.6M | $297.9M |
| CapEx | -$29000 | -$33000 | -$19000 | 0 |
| Free Cash Flow | -$3.2M | -$55.6M | -$230.7M | $297.9M |
| Dividendes Payés | -$83.6M | -$82.9M | -$84.4M | -$86.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Croissance et Marges (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Croissance Revenus (annuelle) | | +20.9% | +1.2% | +69.9% | +19.8% | -13.4% | -22.7% | +106.4% | -12.8% | +27.0% |
| Croissance Résultat Net (annuelle) | | +15.0% | -3.2% | +126.9% | +30.9% | -23.4% | -41.4% | +230.6% | -22.1% | +29.2% |
| Croissance BPA (annuelle) | | +4.4% | -12.6% | +106.0% | +18.1% | -25.7% | -46.7% | +190.0% | -30.6% | +18.0% |
| Variation Actions (annuelle) | | +12.0% | +10.2% | +11.5% | +10.5% | +3.3% | +9.2% | +14.3% | +11.6% | +20.5% |
| Croissance FCF (annuelle) | | +86.5% | -1235.8% | +3.3% | +186.1% | -38.1% | -430.6% | +115.9% | -276.3% | -258.5% |
| Marge Brute | 77.7% | 78.2% | 77.5% | 81.7% | 83.3% | 82.4% | 77.1% | 86.3% | 82.1% | 87.2% |
| Marge Opérationnelle | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 66.7% |
| Marge EBITDA | 48.0% | 45.7% | 43.7% | 58.3% | 63.7% | 56.4% | 42.7% | 68.3% | 61.1% | 66.8% |
| Marge Nette | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 62.1% |
| Marge FCF | -96.7% | -10.8% | -142.1% | -80.9% | 58.1% | 41.5% | -177.5% | 13.6% | -27.6% | -77.8% |
| Taux d'Imposition Effectif | 0.0% | 62.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Données par Action (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF par Action | $-1.88 | $-0.23 | $-2.74 | $-2.38 | $1.85 | $1.11 | $-3.35 | $0.47 | $-0.74 | $-2.19 |
| Dividende par Action | $1.23 | $1.22 | $1.24 | $1.30 | $1.36 | $1.51 | $1.94 | $1.89 | $1.88 | $1.67 |
| Actions en Circulation (Basiques) | $73.8M | $82.5M | $90.9M | $101.1M | $112.0M | $114.7M | $125.2M | $144.1M | $161.1M | $180.8M |
Quoi regarder en Services Financiers
Asset managers, brokers, fintech, bourses. Ce ne sont pas des banques — regardez AUM, frais et qualité du FCF.
- Croissance revenus 5 ans — Sans croissance, pas de création de valeur à long terme
- Marge opérationnelle — Les bons asset managers ont des marges >30% grâce à la scalabilité
- ROE — Les services financiers de qualité ont un ROE >15% consistant
- FCF / Net Income — Qualité du bénéfice — >90% attendu dans les business peu capitalistiques
- Dette / Capitaux — Les fintech et brokers très endettés sont des bombes à retardement en crise
- P/E vs 5 ans propre — Les asset managers ont des multiples stables dans des fourchettes connues
- Dividend yield + rachats — Ces business rendent beaucoup de capital — regarder le yield total (div + rachats)
Rentabilité
| Rentabilité des capitaux propres | 17.21% |
| Rentabilité du capital investi | 9.32% |
| Rentabilité des actifs | 8.17% |
| Marge brute | 89.90% |
| Marge opérationnelle | 75.33% |
| Marge nette | 66.09% |
Santé financière
| Dette / Capitaux propres | 1.03 |
| Ratio de liquidité | 0.13 |
Ratios Clés (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| PER | 15.51 | 13.81 | 13.31 | 8.20 | 7.14 | 11.06 | 16.52 | 7.19 | 12.48 | 9.91 |
| P/B | 1.32 | 1.29 | 1.05 | 1.25 | 1.25 | 1.45 | 1.18 | 1.33 | 1.63 | 1.54 |
| P/V | 7.26 | 6.24 | 5.72 | 4.75 | 4.52 | 6.15 | 6.91 | 4.86 | 7.51 | 6.22 |
| Marge Brute | 77.7% | 78.2% | 77.5% | 81.7% | 83.3% | 82.4% | 77.1% | 86.3% | 82.1% | 87.2% |
| Marge Opérationnelle | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 66.7% |
| Marge Nette | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 62.1% |