Demonstrações financeiras detalhadas de Hercules Capital Inc (HCXY): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Hercules Capital Inc registou receitas de $547.1M no último exercício, com um CAGR de 5 anos de 8.9%. O lucro líquido atingiu $339.7M, com CAGR de 5 anos de 8.4%.
Margens dos últimos 12 meses: margem bruta 89.9%, margem operacional 75.3%, margem líquida 66.1%.
Ao preço atual de $25.10, HCXY negocia a um P/L de 8.43 e um ROE de 17.21%. A capitalização de mercado é de $3.1B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $143.4M | $173.4M | $175.5M | $298.2M | $357.4M | $309.6M | $239.4M | $494.1M | $430.9M | $547.1M |
| Custo da Receita | $32.0M | $37.9M | $39.4M | $54.6M | $59.6M | $54.4M | $54.7M | $67.6M | $77.2M | $69.8M |
| Lucro Bruto | $111.4M | $135.6M | $136.1M | $243.6M | $297.8M | $255.1M | $184.6M | $426.5M | $353.7M | $477.3M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $16.1M | $15.7M | $14.5M | $19.2M | $18.9M | $16.1M | $16.9M | $18.7M | $19.7M | $19.0M |
| Despesas Operacionais | $42.7M | $56.6M | $59.6M | $70.0M | $70.5M | $81.0M | $82.6M | $89.0M | $90.8M | $112.1M |
| Lucro Operacional | $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 |
| Despesas com Juros | $32.0M | $37.9M | $39.4M | $54.6M | $59.6M | $54.4M | $54.7M | $67.6M | $77.2M | $92.2M |
| Lucro Antes de Impostos | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $339.7M |
| Imposto | 0 | $49.1M | $37859 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucro Líquido | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $339.7M |
| LPA | $0.91 | $0.95 | $0.83 | $1.71 | $2.02 | $1.50 | $0.80 | $2.32 | $1.61 | $1.90 |
| LPA Diluído | $0.91 | $0.95 | $0.83 | $1.71 | $2.01 | $1.49 | $0.79 | $2.31 | $1.61 | $1.85 |
| Ações em Circulação (Diluídas) | $73.8M | $82.6M | $91.1M | $101.6M | $112.3M | $116.0M | $126.7M | $144.8M | $161.6M | $194.8M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $169.3M | $157.7M | $95.9M | $156.8M |
| Lucro Bruto | $145.1M | $154.7M | $67.8M | $153.6M |
| Lucro Operacional | $119.7M | $116.3M | $42.5M | $158.3M |
| EBITDA | $119.8M | $116.3M | $42.6M | $158.4M |
| Lucro Líquido | $119.7M | $90.8M | $42.5M | $130.2M |
| LPA | $0.66 | $0.50 | $0.23 | $0.70 |
| LPA Diluído | $0.63 | $0.48 | $0.23 | $0.65 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $13.0M | $91.3M | $34.2M | $64.4M | $198.3M | $133.1M | $15.8M | $98.9M | $113.1M | $56.9M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $11.6M | $12.3M | $17.0M | $20.2M | $19.1M | $17.4M | $31.7M | $32.7M | $32.6M | $37.3M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $24.7M | $103.6M | $51.2M | $135.2M | $256.8M | $154.2M | $58.4M | $159.6M | $75.3M | $94.1M |
| Imobilizado | 0 | 0 | 0 | $11.7M | $9.3M | $6.8M | $5.0M | $4.8M | $16.8M | $14.8M |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Totais | $1.46B | $1.65B | $1.95B | $2.46B | $2.62B | $2.60B | $3.03B | $3.42B | $3.83B | $4.58B |
| Contas a Pagar | $21.5M | $26.9M | $26.0M | $30.3M | $36.3M | $42.1M | $46.3M | $50.8M | $54.9M | $65.3M |
| Dívida de Curto Prazo | $5.0M | 0 | $53.0M | 0 | 0 | $379.3M | 0 | $104.8M | $3.1M | 0 |
| Passivos Circulantes | $26.5M | $26.9M | $78.9M | $30.3M | $36.3M | $427.1M | $47.5M | $159.0M | $54.9M | $65.3M |
| Dívida de Longo Prazo | $649.8M | $786.9M | $910.8M | $1.29B | $1.29B | $857.0M | $1.57B | $1.45B | $1.77B | $2.30B |
| Passivos Totais | $676.3M | $813.7M | $989.7M | $1.33B | $1.33B | $1.29B | $1.63B | $1.61B | $1.84B | $2.37B |
| Reservas | $22.9M | -$67.6M | -$92.9M | -$12.2M | $133.4M | $216.5M | $59.9M | $140.0M | $88.9M | $101.2M |
| Patrimônio Líquido | $787.9M | $841.0M | $955.4M | $1.13B | $1.29B | $1.31B | $1.40B | $1.80B | $1.99B | $2.22B |
| Dívida Total | $654.8M | $786.9M | $963.8M | $1.30B | $1.30B | $1.24B | $1.58B | $1.56B | $1.79B | $2.30B |
| Dívida Líquida | $641.8M | $695.5M | $929.6M | $1.23B | $1.10B | $1.11B | $1.56B | $1.46B | $1.67B | $2.25B |
| Capital de Giro | -$1.8M | $76.7M | -$27.7M | $104.9M | $220.4M | -$272.9M | $10.9M | $658000 | $20.4M | $28.9M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $29.4M | $56.9M | $42.4M | $48.2M |
| Ativos Totais | $4.41B | $4.58B | $4.83B | $4.69B |
| Passivos Totais | $2.22B | $2.37B | $2.60B | $2.41B |
| Patrimônio Líquido | $2.19B | $2.22B | $2.23B | $2.27B |
| Dívida Total | $2.17B | $2.30B | $2.55B | $2.35B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $68.7M | $79.0M | $76.5M | $173.6M | $227.3M | $174.2M | $102.1M | $337.5M | $263.0M | $339.7M |
| Depreciação e Amortização | $202000 | $201000 | $199000 | $262000 | $415000 | $7.4M | $5.9M | $190000 | $466000 | $337000 |
| Compensação em Ações | $7.1M | $7.2M | $11.3M | $8.6M | $11.1M | $11.9M | $13.4M | 0 | 0 | 0 |
| Variação Capital de Giro | $4.8M | $3.0M | -$5.3M | $3.4M | $5.7M | $13.4M | -$16.2M | -$17.2M | $15.4M | $5.9M |
| Fluxo de Caixa Operacional | -$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 |
| Aquisições | $662.0M | $740.9M | $475000 | 0 | $137000 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Ações | -$7.3M | -$2.7M | -$5.0M | -$5.1M | -$1.8M | -$2.8M | -$4.5M | -$12.7M | -$3.4M | -$6.5M |
| Dividendos Pagos | -$90.5M | -$100.9M | -$112.7M | -$132.1M | -$152.4M | -$175.5M | -$245.1M | -$273.7M | -$303.5M | -$326.0M |
| Fluxo de Caixa Livre | -$138.6M | -$18.7M | -$249.4M | -$241.3M | $207.7M | $128.5M | -$424.9M | $67.4M | -$118.8M | -$425.9M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$3.2M | -$55.6M | -$230.6M | $297.9M |
| CapEx | -$29000 | -$33000 | -$19000 | 0 |
| Fluxo de Caixa Livre | -$3.2M | -$55.6M | -$230.7M | $297.9M |
| Dividendos Pagos | -$83.6M | -$82.9M | -$84.4M | -$86.0M |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +20.9% | +1.2% | +69.9% | +19.8% | -13.4% | -22.7% | +106.4% | -12.8% | +27.0% |
| Crescimento Lucro Líquido (anual) | | +15.0% | -3.2% | +126.9% | +30.9% | -23.4% | -41.4% | +230.6% | -22.1% | +29.2% |
| Crescimento LPA (anual) | | +4.4% | -12.6% | +106.0% | +18.1% | -25.7% | -46.7% | +190.0% | -30.6% | +18.0% |
| Variação de Ações (anual) | | +12.0% | +10.2% | +11.5% | +10.5% | +3.3% | +9.2% | +14.3% | +11.6% | +20.5% |
| Crescimento FCF (anual) | | +86.5% | -1235.8% | +3.3% | +186.1% | -38.1% | -430.6% | +115.9% | -276.3% | -258.5% |
| Margem Bruta | 77.7% | 78.2% | 77.5% | 81.7% | 83.3% | 82.4% | 77.1% | 86.3% | 82.1% | 87.2% |
| Margem Operacional | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 66.7% |
| Margem EBITDA | 48.0% | 45.7% | 43.7% | 58.3% | 63.7% | 56.4% | 42.7% | 68.3% | 61.1% | 66.8% |
| Margem Líquida | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 62.1% |
| Margem FCF | -96.7% | -10.8% | -142.1% | -80.9% | 58.1% | 41.5% | -177.5% | 13.6% | -27.6% | -77.8% |
| Taxa Efetiva de Imposto | 0.0% | 62.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-1.88 | $-0.23 | $-2.74 | $-2.38 | $1.85 | $1.11 | $-3.35 | $0.47 | $-0.74 | $-2.19 |
| Dividendo por Ação | $1.23 | $1.22 | $1.24 | $1.30 | $1.36 | $1.51 | $1.94 | $1.89 | $1.88 | $1.67 |
| Ações em Circulação (Básicas) | $73.8M | $82.5M | $90.9M | $101.1M | $112.0M | $114.7M | $125.2M | $144.1M | $161.1M | $180.8M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Rentabilidade
| Retorno sobre patrimônio | 17.21% |
| Retorno sobre capital investido | 9.32% |
| Retorno sobre ativos | 8.17% |
| Margem bruta | 89.90% |
| Margem operacional | 75.33% |
| Margem líquida | 66.09% |
Saúde financeira
| Dívida / Patrimônio | 1.03 |
| Liquidez corrente | 0.13 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.28 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 15.51 | 13.81 | 13.31 | 8.20 | 7.14 | 11.06 | 16.52 | 7.19 | 12.48 | 9.91 |
| P/VP | 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 |
| Margem Bruta | 77.7% | 78.2% | 77.5% | 81.7% | 83.3% | 82.4% | 77.1% | 86.3% | 82.1% | 87.2% |
| Margem Operacional | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 66.7% |
| Margem Líquida | 47.9% | 45.5% | 43.6% | 58.2% | 63.6% | 56.3% | 42.6% | 68.3% | 61.0% | 62.1% |