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Side-by-side financial comparison of Hercules Capital, Inc. (HTGC) and Chicago Atlantic BDC, Inc. (LIEN). Click either name above to swap in a different company.
Hercules Capital, Inc. is the larger business by last-quarter revenue ($131.6M vs $2.5M, roughly 51.9× Chicago Atlantic BDC, Inc.). Hercules Capital, Inc. runs the higher net margin — 69.0% vs -6.5%, a 75.5% gap on every dollar of revenue. On growth, Hercules Capital, Inc. posted the faster year-over-year revenue change (14.6% vs -8.0%).
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.
Chicago Atlantic BDC, Inc. is a publicly traded business development company that provides structured debt financing and select minority equity investments to small and mid-sized private companies across core U.S. sectors including healthcare, business services and industrial goods. It targets firms with stable operational track records to generate consistent risk-adjusted returns for its shareholders.
HTGC vs LIEN — Head-to-Head
Income Statement — Q4 2025 vs Q3 2024
| Metric | | |
|---|---|---|
| Revenue | $131.6M | $2.5M |
| Net Profit | $90.8M | $-165.0K |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 69.0% | -6.5% |
| Revenue YoY | 14.6% | -8.0% |
| Net Profit YoY | 47.8% | 93.8% |
| EPS (diluted) | $0.50 | $-0.03 |
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 | — | ||
| Q3 25 | $131.2M | — | ||
| Q2 25 | $129.6M | — | ||
| Q1 25 | $115.6M | — | ||
| Q4 24 | $114.8M | — | ||
| Q3 24 | $119.0M | $2.5M | ||
| Q2 24 | $117.5M | $2.6M | ||
| Q1 24 | $115.8M | $2.6M |
| Q4 25 | $90.8M | — | ||
| Q3 25 | $119.7M | — | ||
| Q2 25 | $78.9M | — | ||
| Q1 25 | $50.3M | — | ||
| Q4 24 | $61.4M | — | ||
| Q3 24 | $68.7M | $-165.0K | ||
| Q2 24 | $41.9M | $1.3M | ||
| Q1 24 | $91.0M | $-1.0M |
| Q4 25 | 69.0% | — | ||
| Q3 25 | 91.3% | — | ||
| Q2 25 | 60.9% | — | ||
| Q1 25 | 43.6% | — | ||
| Q4 24 | 53.5% | — | ||
| Q3 24 | 57.7% | -6.5% | ||
| Q2 24 | 35.6% | 50.1% | ||
| Q1 24 | 78.6% | -40.0% |
| Q4 25 | $0.50 | — | ||
| Q3 25 | $0.63 | — | ||
| Q2 25 | $0.43 | — | ||
| Q1 25 | $0.29 | — | ||
| Q4 24 | $0.37 | — | ||
| Q3 24 | $0.42 | $-0.03 | ||
| Q2 24 | $0.25 | $0.21 | ||
| Q1 24 | $0.57 | $0.08 |
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 | $30.1M |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $2.2B | $82.5M |
| Total Assets | $4.6B | $89.3M |
| Debt / EquityLower = less leverage | 1.03× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $56.9M | — | ||
| Q3 25 | $29.3M | — | ||
| Q2 25 | $52.1M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $42.7M | — | ||
| Q3 24 | $38.9M | $30.1M | ||
| Q2 24 | $27.7M | $34.0M | ||
| Q1 24 | $50.2M | $33.2M |
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.8B | — |
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $1.9B | $82.5M | ||
| Q2 24 | $1.9B | $84.3M | ||
| Q1 24 | $1.9B | $84.5M |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.7B | $89.3M | ||
| Q2 24 | $3.7B | $90.1M | ||
| Q1 24 | $3.7B | $90.4M |
| Q4 25 | 1.03× | — | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 0.96× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.94× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 0.93× | — |
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 | $-2.3M |
| 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 | — | ||
| Q3 25 | $-3.2M | — | ||
| Q2 25 | $-144.8M | — | ||
| Q1 25 | $-222.2M | — | ||
| Q4 24 | $-29.2M | — | ||
| Q3 24 | $92.6M | $-2.3M | ||
| Q2 24 | $59.5M | $2.5M | ||
| Q1 24 | $-240.9M | $2.1M |
| 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× | — | ||
| Q4 24 | -0.48× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 1.42× | 1.92× | ||
| Q1 24 | -2.65× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
