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Side-by-side financial comparison of Hercules Capital, Inc. (HTGC) and Investcorp Credit Management BDC, Inc. (ICMB). Click either name above to swap in a different company.
Hercules Capital, Inc. is the larger business by last-quarter revenue ($131.6M vs $3.5M, roughly 38.1× Investcorp Credit Management BDC, Inc.). Hercules Capital, Inc. runs the higher net margin — 69.0% vs -271.1%, a 340.1% gap on every dollar of revenue. Over the past eight quarters, Hercules Capital, Inc.'s revenue compounded faster (6.6% CAGR vs -18.2%).
Hercules, Inc. was a chemical and munitions manufacturing company based in Wilmington, Delaware, United States, incorporated in 1912 as the Hercules Powder Company following the breakup of the DuPont explosives monopoly by the U.S. Circuit Court in 1911. Hercules Powder Company became Hercules, Inc. in 1966, operating under this name until 2008, when it was merged into Ashland Inc.
Investcorp Credit Management BDC, Inc. is a publicly traded business development company that primarily provides customized credit solutions, including senior secured loans and debt financing, to middle-market enterprises across the United States. It targets underserved segments of the private credit market to deliver consistent risk-adjusted returns to its investors.
HTGC vs ICMB — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $131.6M | $3.5M |
| Net Profit | $90.8M | $-9.4M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 69.0% | -271.1% |
| Revenue YoY | 14.6% | — |
| Net Profit YoY | 47.8% | — |
| EPS (diluted) | $0.50 | $-0.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $131.6M | $3.5M | ||
| Q3 25 | $131.2M | $3.9M | ||
| Q2 25 | $129.6M | $3.8M | ||
| Q1 25 | $115.6M | $3.5M | ||
| Q4 24 | $114.8M | — | ||
| Q3 24 | $119.0M | $4.7M | ||
| Q2 24 | $117.5M | $4.1M | ||
| Q1 24 | $115.8M | $5.6M |
| Q4 25 | $90.8M | $-9.4M | ||
| Q3 25 | $119.7M | $-1.3M | ||
| Q2 25 | $78.9M | $-434.3K | ||
| Q1 25 | $50.3M | $2.2M | ||
| Q4 24 | $61.4M | — | ||
| Q3 24 | $68.7M | $6.6M | ||
| Q2 24 | $41.9M | $-2.0M | ||
| Q1 24 | $91.0M | $2.4M |
| Q4 25 | 69.0% | -271.1% | ||
| Q3 25 | 91.3% | -32.4% | ||
| Q2 25 | 60.9% | -11.5% | ||
| Q1 25 | 43.6% | 63.0% | ||
| Q4 24 | 53.5% | — | ||
| Q3 24 | 57.7% | 141.3% | ||
| Q2 24 | 35.6% | -47.9% | ||
| Q1 24 | 78.6% | 43.1% |
| Q4 25 | $0.50 | $-0.64 | ||
| Q3 25 | $0.63 | $-0.09 | ||
| Q2 25 | $0.43 | $-0.03 | ||
| Q1 25 | $0.29 | $0.15 | ||
| Q4 24 | $0.37 | — | ||
| Q3 24 | $0.42 | $0.46 | ||
| Q2 24 | $0.25 | $-0.13 | ||
| Q1 24 | $0.57 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $56.9M | $4.6M |
| Total DebtLower is stronger | $2.3B | $123.9M |
| Stockholders' EquityBook value | $2.2B | $61.3M |
| Total Assets | $4.6B | $188.8M |
| Debt / EquityLower = less leverage | 1.03× | 2.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $56.9M | $4.6M | ||
| Q3 25 | $29.3M | — | ||
| Q2 25 | $52.1M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $42.7M | — | ||
| Q3 24 | $38.9M | — | ||
| Q2 24 | $27.7M | $158.8K | ||
| Q1 24 | $50.2M | — |
| Q4 25 | $2.3B | $123.9M | ||
| Q3 25 | $2.2B | $128.5M | ||
| Q2 25 | $2.1B | $135.5M | ||
| Q1 25 | $2.0B | $121.0M | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | $112.5M | ||
| Q2 24 | $1.7B | $108.0M | ||
| Q1 24 | $1.8B | $122.5M |
| Q4 25 | $2.2B | $61.3M | ||
| Q3 25 | $2.2B | $72.7M | ||
| Q2 25 | $2.2B | $76.0M | ||
| Q1 25 | $2.0B | $78.1M | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $1.9B | $79.9M | ||
| Q2 24 | $1.9B | $75.0M | ||
| Q1 24 | $1.9B | $79.1M |
| Q4 25 | $4.6B | $188.8M | ||
| Q3 25 | $4.4B | $210.6M | ||
| Q2 25 | $4.3B | $224.1M | ||
| Q1 25 | $4.0B | $207.6M | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.7B | $203.0M | ||
| Q2 24 | $3.7B | $192.2M | ||
| Q1 24 | $3.7B | $210.0M |
| Q4 25 | 1.03× | 2.02× | ||
| Q3 25 | 0.98× | 1.77× | ||
| Q2 25 | 0.96× | 1.78× | ||
| Q1 25 | 0.99× | 1.55× | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.94× | 1.41× | ||
| Q2 24 | 0.94× | 1.44× | ||
| Q1 24 | 0.93× | 1.55× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-55.6M | $12.0M |
| Free Cash FlowOCF − Capex | $-55.6M | — |
| FCF MarginFCF / Revenue | -42.3% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | -0.61× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-425.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-55.6M | $12.0M | ||
| Q3 25 | $-3.2M | $1.3M | ||
| Q2 25 | $-144.8M | $-6.7M | ||
| Q1 25 | $-222.2M | $5.1M | ||
| Q4 24 | $-29.2M | — | ||
| Q3 24 | $92.6M | $481.7K | ||
| Q2 24 | $59.5M | $11.0M | ||
| Q1 24 | $-240.9M | $13.9M |
| Q4 25 | $-55.6M | — | ||
| Q3 25 | $-3.2M | — | ||
| Q2 25 | $-144.8M | — | ||
| Q1 25 | $-222.2M | — | ||
| Q4 24 | $-29.2M | — | ||
| Q3 24 | $92.5M | — | ||
| Q2 24 | $59.1M | — | ||
| Q1 24 | $-241.2M | — |
| Q4 25 | -42.3% | — | ||
| Q3 25 | -2.4% | — | ||
| Q2 25 | -111.8% | — | ||
| Q1 25 | -192.3% | — | ||
| Q4 24 | -25.5% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 50.3% | — | ||
| Q1 24 | -208.3% | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | -0.61× | — | ||
| Q3 25 | -0.03× | — | ||
| Q2 25 | -1.84× | — | ||
| Q1 25 | -4.41× | 2.31× | ||
| Q4 24 | -0.48× | — | ||
| Q3 24 | 1.35× | 0.07× | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -2.65× | 5.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
