The business behind the dividend
| Measure | HTGC | Median | Formula |
|---|---|---|---|
| Return on equity | 15.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $339.99m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-425.89m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 66.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.03x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 15.3% | 13.2% | 18.7% | 7.3% | 13.3% | 17.6% | 13.3% |
| Net margin | 66.9% | 56.3% | 77.7% | 33.2% | 68.7% | — | 66.9% |
| Debt to equity | 1.03x | 0.89x | 0.86x | 1.12x | 0.94x | — | 0.94x |