NASDAQ : HGBL
Heritage Global Inc. — Financial statements
Financials · Capital Markets · United States
Last price 1.25 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 43.30M
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Financial statements
Heritage Global Inc. (HGBL) reported revenue of 48.20M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 48.20M | 50.98M | 45.36M | 60.55M | 46.91M | 25.79M |
| Cost of Revenue | 16.95M | 19.95M | 14.13M | 20.73M | 20.91M | 7.43M |
| Gross Profit | 31.25M | 31.03M | 31.23M | 39.81M | 26.00M | 18.36M |
| Selling, General & Admin | 30.76M | 24.97M | 24.27M | 26.04M | 21.33M | 15.41M |
| Other Operating Expenses | -602.00K | |||||
| Operating Expenses | 31.41M | 25.44M | 24.86M | 26.55M | 21.86M | 15.27M |
| Operating Income | -156.00K | 5.59M | 6.38M | 13.26M | 4.14M | 3.09M |
| Interest Expense | -85.00K | -93.00K | -324.00K | -113.00K | -22.00K | |
| Interest & Investment Income | 60.00K | 134.00K | ||||
| Earnings From Equity Investments | -17.67M | 123.00K | 2.69M | 1.06M | 6.98M | -79.00K |
| EBT Excluding Unusual Items | -17.85M | 5.84M | 8.97M | 13.99M | 11.01M | 2.99M |
| Pretax Income | -17.85M | 5.84M | 8.97M | 13.99M | 11.01M | 2.99M |
| Income Tax Expense | -3.57M | 2.26M | 3.79M | 1.52M | -4.49M | -61.00K |
| Net Income | -14.29M | 3.59M | 5.18M | 12.47M | 15.49M | 3.05M |
| Net Income to Common | -14.29M | 3.59M | 5.18M | 12.47M | 15.49M | 3.05M |
| Shares Outstanding (Basic) | 34.58M | 34.83M | 36.43M | 36.68M | 36.02M | 35.46M |
| Shares Outstanding (Diluted) | 34.58M | 35.43M | 37.13M | 37.59M | 37.10M | 36.90M |
| EPS (Basic) | -0.41 | 0.10 | 0.14 | 0.34 | 0.43 | 0.09 |
| EPS (Diluted) | -0.42 | 0.10 | 0.14 | 0.33 | 0.42 | 0.08 |
| Free Cash Flow | -1.09M | -2.33M | 7.61M | 12.76M | 6.27M | -4.06M |
| Free Cash Flow Per Share | -0.03 | -0.07 | 0.20 | 0.34 | 0.17 | -0.11 |
| Gross Margin | 64.83% | 60.87% | 68.86% | 65.76% | 55.43% | 71.20% |
| Operating Margin | -0.32% | 10.96% | 14.06% | 21.90% | 8.83% | 11.99% |
| Profit Margin | -29.63% | 7.04% | 11.42% | 20.61% | 33.02% | 11.84% |
| Free Cash Flow Margin | -2.27% | -4.58% | 16.77% | 21.08% | 13.36% | -15.73% |
| EBITDA | 494.00K | 6.06M | 6.97M | 13.77M | 4.68M | 3.55M |
| EBITDA Margin | 1.03% | 11.89% | 15.36% | 22.75% | 9.97% | 13.78% |
| D&A For EBITDA | 650.00K | 472.00K | 591.00K | 514.00K | 536.00K | 460.00K |
| EBIT | -156.00K | 5.59M | 6.38M | 13.26M | 4.14M | 3.09M |
| EBIT Margin | -0.32% | 10.96% | 14.06% | 21.90% | 8.83% | 11.99% |
| Effective Tax Rate | 38.63% | 42.25% | 10.86% | |||
| Revenue as Reported | 48.20M | 50.98M | 45.36M | 60.55M | 46.91M | 25.79M |
| Advertising Expenses | 695.00K | 611.00K | 604.00K | 448.00K | 357.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 13.18M | 20.52M | 21.75M | 12.28M | 12.67M | 13.62M |
| Cash & Short-Term Investments | 13.18M | 20.52M | 21.75M | 12.28M | 12.67M | 13.62M |
| Accounts Receivable | 2.51M | 1.86M | 1.56M | 1.91M | 988.00K | 2.73M |
| Receivables | 3.35M | 6.38M | 4.97M | 8.49M | 5.49M | 4.99M |
| Inventory | 5.47M | 5.93M | 5.35M | 5.07M | 4.62M | 3.22M |
| Other Current Assets | 1.01M | 756.00K | 1.06M | 448.00K | 1.11M | 1.46M |
| Total Current Assets | 23.00M | 33.59M | 33.13M | 26.29M | 23.89M | 23.28M |
| Property, Plant & Equipment | 13.26M | 12.40M | 3.85M | 4.24M | 4.35M | 4.17M |
| Long-Term Investments | 1.24M | 21.06M | 20.89M | 21.36M | 13.97M | 4.68M |
| Goodwill | 12.75M | 7.45M | 7.45M | 7.45M | 7.45M | 7.45M |
| Other Intangible Assets | 5.97M | 3.10M | 3.36M | 3.75M | 4.14M | 4.57M |
| Long-Term Deferred Tax Assets | 9.35M | 4.40M | 6.01M | 9.12M | 9.45M | 4.49M |
| Other Long-Term Assets | 882.00K | 1.54M | 64.00K | 67.00K | 64.00K | 49.00K |
| Total Assets | 70.38M | 88.44M | 81.31M | 83.17M | 67.56M | 50.46M |
| Accounts Payable | 5.50M | 262.00K | 249.00K | 159.00K | 195.00K | 392.00K |
| Accrued Expenses | 4.32M | 4.02M | 5.24M | 5.08M | 2.27M | |
| Current Portion of Long-Term Debt | 395.00K | 1.73M | 3.41M | 2.48M | ||
| Current Portion of Leases | 739.00K | 829.00K | 807.00K | 789.00K | 703.00K | 501.00K |
| Current Unearned Revenue | 677.00K | 497.00K | 279.00K | 407.00K | ||
| Other Current Liabilities | 6.67M | 10.13M | 9.13M | 6.32M | 6.55M | 8.18M |
| Total Current Liabilities | 13.58M | 15.54M | 14.60M | 14.73M | 16.23M | 14.22M |
| Long-Term Debt | 4.10M | 4.10M | 5.50M | 871.00K | 1.35M | |
| Long-Term Leases | 509.00K | 790.00K | 1.51M | 1.86M | 2.16M | 2.25M |
| Other Long-Term Liabilities | 277.00K | 1.03M | ||||
| Total Liabilities | 18.46M | 21.46M | 16.11M | 22.09M | 19.26M | 17.82M |
| Common Stock | 383.00K | 382.00K | 380.00K | 378.00K | 375.00K | 372.00K |
| Additional Paid-In Capital | 296.85M | 296.48M | 295.66M | 294.52M | 293.59M | 293.03M |
| Retained Earnings | -239.43M | -224.26M | -227.84M | -233.03M | -245.27M | -260.76M |
| Treasury Stock | -5.89M | -5.62M | -2.99M | -794.00K | -395.00K | |
| Shareholders' Equity | 51.91M | 66.98M | 65.20M | 61.08M | 48.30M | 32.64M |
| Total Liabilities & Equity | 70.38M | 88.44M | 81.31M | 83.17M | 67.56M | 50.46M |
| Total Debt | 5.35M | 5.72M | 2.71M | 9.88M | 7.15M | 6.58M |
| Net Cash (Debt) | 7.83M | 14.80M | 19.04M | 2.40M | 5.52M | 7.04M |
| Net Cash Per Share | 0.23 | 0.42 | 0.51 | 0.06 | 0.15 | 0.19 |
| Filing Date Shares Outstanding | 34.64M | 34.74M | 35.50M | 36.76M | 36.69M | 36.60M |
| Total Common Shares Outstanding | 34.64M | 34.74M | 35.72M | 36.76M | 36.69M | 36.57M |
| Working Capital | 9.42M | 18.06M | 18.53M | 11.56M | 7.67M | 9.06M |
| Book Value Per Share | 1.50 | 1.93 | 1.83 | 1.66 | 1.32 | 0.89 |
| Tangible Book Value | 33.19M | 56.44M | 54.39M | 49.88M | 36.71M | 20.63M |
| Tangible Book Value Per Share | 0.96 | 1.62 | 1.52 | 1.36 | 1.00 | 0.56 |
| Land | 4.99M | 4.99M | 397.00K | 397.00K | 397.00K | 397.00K |
| Buildings | 6.54M | 3.80M | 985.00K | 985.00K | 985.00K | 985.00K |
| Machinery | 967.00K | 363.00K | 363.00K | 297.00K | 234.00K | 108.00K |
| Construction In Progress | 2.03M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -14.29M | 3.59M | 5.18M | 12.47M | 15.49M | 3.05M |
| Depreciation & Amortization | 1.44M | 1.16M | 1.25M | 1.16M | 536.00K | 460.00K |
| Other Amortization | 141.00K | |||||
| Loss (Gain) on Equity Investments | 17.67M | -123.00K | -2.69M | -1.06M | -6.98M | 79.00K |
| Stock-Based Compensation | 773.00K | 900.00K | 1.25M | 776.00K | 540.00K | 408.00K |
| Provision & Write-off of Bad Debts | 3.50M | -20.00K | -267.00K | 530.00K | ||
| Other Operating Activities | -3.92M | 1.60M | 3.02M | 145.00K | -4.13M | 446.00K |
| Change in Accounts Receivable | -359.00K | -322.00K | 351.00K | -931.00K | 1.74M | -826.00K |
| Change in Inventory | 160.00K | -583.00K | -274.00K | -455.00K | -1.40M | -2.49M |
| Change in Accounts Payable | -1.83M | 476.00K | -1.26M | -1.44M | 4.13M | -557.00K |
| Change in Other Net Operating Assets | -2.56M | -538.00K | 1.18M | 1.82M | -3.45M | -3.35M |
| Operating Cash Flow | 579.00K | 6.14M | 7.75M | 13.02M | 6.48M | -2.63M |
| Capital Expenditures | -1.67M | -8.47M | -137.00K | -257.00K | -215.00K | -1.43M |
| Cash Acquisitions | -8.46M | -4.32M | ||||
| Investment in Securities | 3.12M | -1.53M | 5.64M | -6.51M | -2.31M | -2.36M |
| Other Investing Activities | 954.00K | 605.00K | 5.37M | -9.10M | -4.99M | -2.09M |
| Investing Cash Flow | -6.06M | -9.39M | 10.87M | -15.87M | -7.52M | -10.20M |
| Long-Term Debt Issued | 5.15M | 13.00M | 2.88M | 5.25M | ||
| Long-Term Debt Repaid | -416.00K | -6.83M | -10.05M | -2.43M | -1.42M | |
| Net Debt Issued (Repaid) | -907.00K | 4.73M | -6.83M | 2.95M | 451.00K | 3.83M |
| Issuance of Common Stock | 36.00K | 66.00K | 221.00K | |||
| Repurchase of Common Stock | -282.00K | -2.71M | -2.31M | -522.00K | -439.00K | -987.00K |
| Financing Cash Flow | -1.19M | 2.03M | -9.15M | 2.46M | 78.00K | 3.06M |
| Net Cash Flow | -6.67M | -1.23M | 9.47M | -388.00K | -955.00K | -9.76M |
| Free Cash Flow | -1.09M | -2.33M | 7.61M | 12.76M | 6.27M | -4.06M |
| Free Cash Flow Margin | -2.27% | -4.58% | 16.77% | 21.08% | 13.36% | -15.73% |
| Free Cash Flow Per Share | -0.03 | -0.07 | 0.20 | 0.34 | 0.17 | -0.11 |
| Levered Free Cash Flow | 946.38K | -3.30M | 10.11M | 7.07M | 2.68M | -6.96M |
| Unlevered Free Cash Flow | 999.50K | -3.30M | 10.17M | 7.27M | 2.75M | -7.08M |
| Cash Interest Paid | 115.00K | 43.00K | 91.00K | 411.00K | 103.00K | 22.00K |
| Cash Income Tax Paid | 518.00K | 700.00K | 640.00K | 848.00K | 297.00K | 116.00K |
| Change in Working Capital | -4.59M | -967.00K | -1.00M | 1.03M | -7.22M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 43.13M | 43.08M | 67.24M | 102.61M | 86.36M | 68.39M |
| Enterprise Value | 35.30M | 29.54M | 43.67M | 99.08M | 73.41M | 60.03M |
| Last Close Price | 1.25 | 1.24 | 1.85 | 2.78 | 2.35 | 1.87 |
| PE Ratio | 12.01 | 12.97 | 8.22 | 5.57 | 22.40 | |
| Forward PE | 10.60 | 8.27 | 8.67 | 9.27 | 10.44 | 7.48 |
| PS Ratio | 0.89 | 0.84 | 1.48 | 1.70 | 1.84 | 2.65 |
| PB Ratio | 0.83 | 0.64 | 1.03 | 1.68 | 1.79 | 2.10 |
| P/TBV Ratio | 1.30 | 0.76 | 1.24 | 2.06 | 2.35 | 3.32 |
| P/FCF Ratio | 8.84 | 8.04 | 13.78 | |||
| P/OCF Ratio | 74.48 | 7.02 | 8.68 | 7.88 | 13.32 | |
| PEG Ratio | 1.34 | 0.70 | 0.66 | 0.66 | 0.66 | 0.66 |
| EV/Sales Ratio | 0.73 | 0.58 | 0.96 | 1.64 | 1.56 | 2.33 |
| EV/EBITDA Ratio | 71.45 | 4.88 | 6.27 | 7.19 | 15.69 | 16.89 |
| EV/EBIT Ratio | 5.29 | 6.85 | 7.47 | 17.72 | 19.41 | |
| EV/FCF Ratio | 5.74 | 7.76 | 11.71 | |||
| Debt / Equity Ratio | 0.10 | 0.09 | 0.04 | 0.16 | 0.15 | 0.20 |
| Debt / EBITDA Ratio | 2.58 | 0.77 | 0.33 | 0.66 | 1.11 | 1.30 |
| Debt / FCF Ratio | 0.36 | 0.77 | 1.14 | |||
| Net Debt / Equity Ratio | -0.15 | -0.22 | -0.29 | -0.04 | -0.11 | -0.22 |
| Net Debt / EBITDA Ratio | -15.85 | -2.44 | -2.73 | -0.17 | -1.18 | -1.98 |
| Net Debt / FCF Ratio | 7.15 | 6.34 | -2.50 | -0.19 | -0.88 | 1.74 |
| Asset Turnover | 0.61 | 0.60 | 0.55 | 0.80 | 0.80 | 0.54 |
| Inventory Turnover | 3.06 | 3.54 | 2.71 | 4.28 | 5.33 | 4.30 |
| Quick Ratio | 1.16 | 1.44 | 1.60 | 0.96 | 0.84 | 1.15 |
| Current Ratio | 1.69 | 2.16 | 2.27 | 1.78 | 1.47 | 1.64 |
| Return on Equity (ROE) | -24.29% | 5.43% | 8.21% | 22.81% | 38.28% | 9.76% |
| Return on Assets (ROA) | -0.12% | 4.12% | 4.85% | 11.00% | 4.39% | 4.07% |
| Return on Invested Capital (ROIC) | -0.29% | 6.97% | 7.03% | 23.30% | 12.12% | 18.66% |
| Return on Capital Employed (ROCE) | -0.30% | 7.70% | 9.60% | 19.40% | 8.10% | 8.50% |
| Earnings Yield | -33.80% | 8.33% | 7.71% | 12.16% | 17.94% | 4.46% |
| FCF Yield | -2.54% | -5.42% | 11.31% | 12.44% | 7.26% | -5.93% |
| Buyback Yield / Dilution | 5.65% | 4.57% | 1.21% | -1.32% | -0.53% | -12.82% |