This article has two aims. First, we address the debated question of adequate conceptualization and measurement of social capital. Second, we present the first comparative analysis of social capital stocks in the German regions. Drawing on data from the German Socio-Economic Panel (GSOEP) we consider a vast array of structural and cultural social capital indicators, i.e. social networks, trust, and - for the very first time in comparative social capital research - norms of reciprocity. Empirical evidence shows that social capital is not a coherent socio-cultural syndrome easily captured by a single measure. Rather, the concept comprises several distinct phenomena that are largely independent from each other. A separate inventory of different forms of social capital yields great regional variation with regards to social networks, trust, and norms of reciprocity. These patterns are explained by differences in cultural and structural conditions in the German regions. Last, social networks, trust, and norms of reciprocity show distinct consequences for regional political, economic, and social performance.