Negative capacitance (NC) effects in ferroelectrics can potentially break fundamental limits of power dissipation known as "Boltzmann tyranny." However, the origin of transient NC of ferroelectrics, which is attributed to two different mechanisms involving free-energy landscape and nucleation, is under intense debate. Here, we report the coexistence of transient NC and an S-shaped anomaly during the switching of ferroelectric hexagonal ferrites capacitor in an RC circuit. The early-stage NC arises from the nucleation process, while the late-stage S-shaped anomaly corresponds to a nascent NC associated with the free-energy landscape. The entire waveform can be reproduced using a hybrid model that simultaneously incorporates these two mechanisms. These results highlight the multivariable free-energy landscape of hexagonal ferrites that enables an abrupt change of the internal field and demonstrate that the two mechanisms are not mutually exclusive, resolving the long-standing debate. The behavior of the S-shaped anomaly also provides a pathway to extract parameters of free-energy landscape and switching dynamics.