Heritage Global Inc. (HGBL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.03	$0.02	-33.3%	—	$12.3M	—
Q4 25	$0.04	$0.01	-75.0%	—	$11.9M	—
Q3 25	$0.04	$0.02	-50.0%	—	$11.4M	—
Q2 25	$0.05	$0.05	0.0%	—	$14.3M	—
Q1 25	$0.04	$0.03	-25.0%	—	$13.5M	—
Q4 24	$0.05	-$0.01	-120.0%	—	$10.8M	—
Q3 24	$0.06	$0.03	-50.0%	—	$10.4M	—
Q2 24	$0.09	$0.07	-22.2%	—	$12M	—
Q1 24	$0.08	$0.05	-37.5%	—	$12.2M	—
Q4 23	$0.08	$0.13	+62.5%	—	$15.3M	—
Q3 23	$0.07	$0.05	-28.6%	—	$15.6M	—
Q2 23	$0.07	$0.07	0.0%	—	$13.1M	—
Q1 23	$0.05	$0.08	+60.0%	—	$16.6M	—
Q4 22	$0.04	$0.08	+100.0%	—	$13.8M	—
Q3 22	$0.04	$0.06	+50.0%	—	$12.7M	—
Q2 22	$0.05	$0.07	+40.0%	—	$11.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.1	—	—	$51M	—
FY24	—	$0.14	—	—	$45.4M	—
FY23	—	$0.34	—	—	$60.5M	—
FY22	—	$0.43	—	—	$46.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$23.8M	$20.1M	$23.7M	$26.2M	$26.2M	$25.8M	$46.9M	$60.5M	$45.4M	$51M
YoY change	+36.7%	-15.5%	+17.6%	+10.6%	+0.06%	-1.49%	+81.9%	+29.1%	-25.1%	+12.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	23.8M	20.1M	23.7M	26.2M	26.2M	25.8M	46.9M	60.5M	45.4M	51M
Cost of revenue	15.6M	9M	9M	16.7M	15.8M	14.8M	36.5M	39.2M	31.1M	37.2M
Gross profit	8.3M	11.2M	14.7M	9.5M	10.3M	11M	10.4M	21.4M	14.2M	13.8M
Gross margin	34.7%	55.4%	62.1%	36.2%	39.5%	42.7%	22.2%	35.3%	31.3%	27.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.8M	9.3M	10.3M	6.9M	7.7M	8.1M	5.7M	7.1M	7.5M	7.8M
Operating expenses	7.8M	10.5M	10.3M	6.9M	7.7M	8.1M	5.7M	7.1M	7.5M	7.8M
Operating income	190K	364K	4.1M	2.3M	2.3M	2.5M	4.1M	13.3M	6.4M	5.6M
Operating margin	0.8%	1.81%	17.2%	8.6%	8.64%	9.66%	8.83%	21.9%	14.1%	11%
Non-operating income, net	-92K	-938K	157K	800K	3.8M	523K	7M	1.1M	2.7M	123K
Pretax income	35K	-669K	4M	3M	6M	3M	11M	14M	9M	5.8M
Income tax	21K	-420K	270K	-913K	-3.6M	-61K	-4.5M	1.5M	3.8M	2.3M
Net income	14K	-249K	3.8M	3.9M	9.7M	3.1M	15.5M	12.5M	5.2M	3.6M
Net margin	0.06%	-1.24%	15.9%	14.9%	36.9%	11.8%	33%	20.6%	11.4%	7.04%
EBITDA	506K	677K	4.4M	3.9M	6.4M	2.9M	11.7M	14.8M	10.3M	6.8M
EPS	0	-0.01	0.13	0.14	0.32	0.09	0.43	0.34	0.14	0.1
Diluted EPS	0	-0.01	0.13	0.13	0.3	0.08	0.42	0.33	0.14	0.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	15.6M	15.3M	12.2M	12M	10.4M	10.8M	13.5M	14.3M	11.4M	11.9M	12.7M	12.3M
Cost of revenue	9.1M	14M	8.4M	8.3M	5.9M	11.3M	10.1M	10.2M	6.9M	12.7M	8.9M	7.6M
Gross profit	6.5M	1.3M	3.8M	3.7M	4.5M	-505K	3.4M	4.1M	4.4M	-806K	3.9M	4.7M
Gross margin	41.5%	8.62%	31.2%	30.6%	43.2%	-4.69%	25.1%	28.4%	39%	-6.8%	30.3%	38.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3M	-2.9M	1.9M	1.9M	3M	-2M	1.9M	1.8M	3.1M	-1.8M	3.2M	3.6M
Operating expenses	3M	-2.9M	1.9M	1.9M	3M	-2M	1.9M	1.8M	3.1M	-1.8M	3.2M	3.6M
Operating income	2.8M	4.2M	1.8M	1.8M	1.4M	1.4M	1.4M	2.2M	1.2M	864K	505K	-2.7M
Operating margin	17.9%	27.3%	14.6%	15%	13.2%	13.2%	10.1%	15.1%	10.7%	7.29%	3.97%	-22.3%
Non-operating income, net	-8K	384K	787K	1.7M	100K	66K	44K	79K	89K	-89K	503K	-18.2M
Pretax income	2.7M	4.5M	2.5M	3.4M	1.5M	1.6M	1.5M	2.3M	1.3M	801K	988K	-21M
Income tax	736K	-434K	667K	939K	407K	1.8M	395K	613K	750K	500K	271K	-5.1M
Net income	2M	4.9M	1.8M	2.5M	1.1M	-203K	1.1M	1.6M	585K	301K	717K	-15.9M
Net margin	12.7%	32%	14.8%	20.8%	10.5%	-1.89%	7.91%	11.4%	5.15%	2.54%	5.63%	-129.5%
EBITDA	2.9M	4.7M	2.7M	3.7M	1.5M	4.9M	1.5M	2.6M	1.5M	1.2M	679K	-2.1M
EPS	0.05	—	0.05	0.07	0.03	—	0.03	0.05	0.02	—	0.02	-0.46
Diluted EPS	0.05	—	0.05	0.07	0.03	—	0.03	0.05	0.02	—	0.02	-0.46

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	13.3M	10.5M	12.9M	28.1M	80.3M	—	84.6M	102M	67.4M	43.2M	45.4M
Enterprise value	11.8M	9.9M	10.2M	27.3M	58M	—	79.1M	99.6M	48.4M	28.4M	38.2M
Shares outstanding	28.4M	28.5M	28.6M	28.7M	30.2M	35.5M	36M	36.7M	36.4M	34.8M	34.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	953.5	—	3.43	7.2	8.32	—	5.46	8.17	13	12	12.1
P/S	0.56	0.52	0.54	1.07	3.07	—	1.8	1.68	1.49	0.85	0.94
P/B	3.82	3.02	1.69	2.37	2.68	—	1.75	1.67	1.03	0.64	0.88
EV/EBITDA	23.4	14.7	2.32	6.95	9.03	—	6.79	6.71	4.69	4.21	77.4
EV/Sales	0.5	0.49	0.43	1.04	2.21	—	1.69	1.64	1.07	0.56	0.79
Earnings yield	0.1%	—	29.2%	13.9%	12%	—	18.3%	12.2%	7.69%	8.3%	8.26%
FCF yield	28.6%	10.8%	57.3%	2.41%	11.4%	—	7.41%	12.5%	11.3%	-5.4%	2.09%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.7%	55.4%	62.1%	36.2%	39.5%	42.7%	22.2%	35.3%	31.3%	27.1%	38.1%
Operating margin	0.8%	1.81%	17.2%	8.6%	8.64%	9.66%	8.83%	21.9%	14.1%	11%	-22.3%
Net margin	0.06%	-1.24%	15.9%	14.9%	36.9%	11.8%	33%	20.6%	11.4%	7.04%	-29.6%
ROE	0.4%	-7.14%	49.4%	32.9%	32.3%	9.35%	32.1%	20.4%	7.95%	5.36%	-24.3%
ROA	0.09%	-1.85%	18.2%	17.8%	21.7%	6.05%	22.9%	15%	6.37%	4.06%	-0.12%
ROIC	3.85%	12.5%	76.9%	20.3%	29.9%	9.73%	9.68%	20.1%	7.98%	6.57%	-0.35%
Return on tangible assets	-0.26%	3.76%	353.5%	98.4%	35.6%	11.5%	34.9%	20.5%	8.68%	5.33%	-43.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.52	0.35	0.76	0.74	1.93	1.64	1.47	1.78	2.27	2.16	1.69
Quick ratio	0.49	0.33	0.52	0.73	1.91	1.41	1.19	1.44	1.9	1.78	1.29
Debt / equity	0.29	0.44	0.21	0.17	0.03	0.2	0.15	0.16	0.04	0.09	0.1
Debt / assets	0.07	0.11	0.08	0.09	0.02	0.13	0.11	0.12	0.03	0.06	0.08
Net debt / EBITDA	-3	-0.86	-0.6	-0.2	-3.49	-2.45	-0.47	-0.16	-1.85	-2.19	-6.12
Interest coverage	1.56	-6.04	19.8	47.7	134.6	137	98.4	44.2	97.5	—	—
Effective tax rate	60%	0%	6.71%	0%	0%	0%	0%	10.9%	42.2%	38.6%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.84	0.71	0.83	0.91	0.87	0.73	1.3	1.65	1.25	1.46	1.39
EPS (basic)	0	-0.01	0.13	0.14	0.32	0.09	0.43	0.34	0.14	0.1	0.1
EPS (diluted)	0	-0.01	0.13	0.13	0.3	0.08	0.42	0.33	0.14	0.1	-0.42
Book value per share	0.12	0.12	0.27	0.41	0.99	0.92	1.34	1.67	1.79	1.92	1.5
FCF per share	0.13	0.04	0.26	0.02	0.3	-0.11	0.17	0.35	0.21	-0.07	-0.03
Cash per share	0.09	0.07	0.15	0.1	0.77	0.38	0.35	0.33	0.6	0.59	0.38
Capex per share	0	0	0	0	0	0.04	0.01	0.01	0	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.42%	0.22%	0.42%	0.44%	0.03%	5.52%	0.46%	0.42%	0.3%	—	—
Capex / operating cash flow	2.6%	1.5%	2.73%	18.4%	0.09%	-52.6%	1.6%	1.9%	1.31%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$15.6M	$15.3M	$12.2M	$12M	$10.4M	$10.8M	$13.5M	$14.3M	$11.4M	$11.9M	$12.7M	$12.3M
YoY change	+22.8%	+10.5%	-26.8%	-8.21%	-33.1%	-29.6%	+10.7%	+19%	+9.13%	+10.1%	-5.45%	-14.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.5M	2.1M	4.3M	2.7M	23.4M	13.6M	12.7M	12.3M	21.7M	20.5M
Receivables	1.2M	384K	400K	1.9M	1.5M	2.7M	988K	1.9M	1.6M	1.9M
Inventory	263K	170K	2.4M	104K	235K	3.2M	4.6M	5.1M	5.3M	5.9M
Total current assets	4.4M	3M	7.7M	6.8M	27M	23.3M	23.9M	26.3M	33.1M	33.6M
Property, plant & equipment	156K	145K	175K	1.7M	1.1M	3.2M	3.4M	3.3M	2.9M	8.6M
Goodwill & intangibles	20.6M	20.1M	19.6M	18M	17.4M	24M	23.2M	22.4M	21.6M	21.1M
Total assets	15.1M	13.4M	20.6M	21.9M	44.6M	50.5M	67.6M	83.2M	81.3M	88.4M
Accounts payable	3.2M	2.5M	3.1M	—	—	6.5M	3.2M	5M	7.4M	7.3M
Short-term debt	664K	738K	1.2M	1M	380K	3M	4.1M	2.5M	1.2M	829K
Total current liabilities	8.6M	8.7M	10.2M	9.1M	14M	14.2M	16.2M	14.7M	14.6M	15.5M
Long-term debt	348K	786K	438K	942K	623K	3.6M	3M	7.4M	1.5M	4.9M
Total liabilities	11.7M	10M	13M	10.1M	14.6M	17.8M	19.3M	22.1M	16.1M	21.5M
Shareholders' equity	3.5M	3.5M	7.6M	11.8M	29.9M	32.6M	48.3M	61.1M	65.2M	67M
Total debt	1M	1.5M	1.6M	2M	1M	6.6M	7.1M	9.9M	2.7M	5.7M
Net debt	-1.5M	-585K	-2.7M	-771K	-22.4M	-7M	-5.5M	-2.4M	-19M	-14.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	15.6M	12.3M	15.6M	24.6M	26.6M	21.7M	18.8M	19.8M	19.4M	20.5M	11.6M	13.2M
Receivables	2.9M	1.9M	1.6M	1M	877K	1.6M	1.7M	2.2M	1.8M	1.9M	1.7M	2.5M
Inventory	4.4M	5.1M	4.7M	4.3M	4.7M	5.3M	5.1M	5.6M	5.6M	5.9M	5.3M	5.5M
Total current assets	33.9M	26.3M	28.9M	35.9M	37M	33.1M	29.5M	32.1M	31.8M	33.6M	23.8M	23M
Property, plant & equipment	4.4M	3.3M	4.1M	3.9M	4.1M	2.9M	7.3M	7.2M	7.4M	8.6M	7M	6.7M
Goodwill & intangibles	22.6M	22.4M	22.2M	22M	21.8M	21.6M	21.5M	21.4M	21.2M	21.1M	37.6M	37.4M
Total assets	84.4M	83.2M	83.7M	90M	88.5M	81.3M	86.7M	87.7M	86.5M	88.4M	85M	70.4M
Accounts payable	16M	5M	11.4M	15.5M	19.4M	7.4M	13.7M	14.7M	13.1M	7.3M	10.5M	12.2M
Short-term debt	4.1M	2.5M	2.5M	2.5M	1.3M	1.2M	1.1M	951K	823K	829K	818K	739K
Total current liabilities	20.1M	14.7M	13.9M	18M	20.7M	14.6M	14.8M	15.7M	13.9M	15.5M	12.2M	13.6M
Long-term debt	8M	7.4M	6.8M	6.2M	1.7M	1.5M	5.4M	5.3M	5.1M	4.9M	4.7M	4.6M
Total liabilities	28M	22.1M	20.7M	24.2M	22.4M	16.1M	21.3M	22M	20M	21.5M	17.2M	18.5M
Shareholders' equity	56.4M	61.1M	63M	65.8M	66.1M	65.2M	65.4M	65.7M	66.5M	67M	67.8M	51.9M
Total debt	12M	9.9M	9.3M	8.7M	3M	2.7M	6.5M	6.2M	5.9M	5.7M	5.5M	5.3M
Net debt	-3.5M	-2.4M	-6.3M	-15.9M	-23.6M	-19M	-12.3M	-13.6M	-13.5M	-14.8M	-6M	-7.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	14K	-249K	3.8M	3.9M	9.7M	3.1M	15.5M	12.5M	5.2M	3.6M
Depreciation & amortization	316K	313K	319K	305K	362K	460K	536K	514K	1.2M	1.2M
Stock-based compensation	99K	246K	289K	283K	353K	408K	540K	776K	1.3M	900K
Change in working capital	3.2M	520K	-579K	-2.6M	534K	-7.2M	1M	-1M	0	-967K
Operating cash flow	3.8M	2.9M	3.6M	629K	7.4M	-2.7M	13.5M	13.6M	10.4M	6.1M
Capital expenditure	-99K	-44K	-99K	-116K	-7K	-1.4M	-215K	-257K	-137K	—
Investing cash flow	-79K	-44K	-5.6M	-3.4M	-830K	-10.4M	-14.5M	-16.9M	8.2M	-1M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	0	-395K	-400K	-2.2M	-2.6M
Financing cash flow	-3M	-810K	-2.5M	-1.2M	6.9M	2.8M	78K	2.5M	-9.1M	2M
Net change in cash	732K	2.1M	-4.5M	-3.9M	13.5M	-10.3M	-968K	-918K	9.5M	7.1M
Free cash flow	3.8M	1.1M	7.4M	678K	9.1M	-4.1M	6.3M	12.8M	7.6M	-2.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2M	4.9M	1.8M	2.5M	1.1M	-203K	1.1M	1.6M	585K	301K	717K	-15.9M
Depreciation & amortization	132K	141K	141K	147K	-173K	808K	118K	458K	294K	293K	174K	674K
Stock-based compensation	175K	194K	228K	290K	283K	452K	280K	229K	204K	187K	211K	171K
Change in working capital	2.2M	-3.4M	-346K	4.4M	3.6M	-7.7M	764K	-471K	-1.5M	269K	-3.3M	19K
Operating cash flow	5.9M	300K	2.5M	7.8M	5.6M	-5.4M	2.7M	1.9M	61K	1.6M	-2.7M	1.6M
Capital expenditure	-17K	-20K	-22K	-77K	-35K	-3K	-7.4M	—	—	—	—	—
Investing cash flow	-6.5M	-1.7M	1.3M	1.7M	3.3M	1.9M	-9.5M	976K	-134K	227K	-5.3M	382K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-400K	—	—	-1.1M	-1.1M	-1M	-1.6M	0	0	-141K	-134K
Financing cash flow	1.2M	-2.4M	-497K	-436K	-6.9M	-1.3M	3.9M	-1.7M	-134K	-21K	-875K	-152K
Net change in cash	540K	-3.8M	3.3M	9M	2M	-4.8M	-3M	1.1M	-207K	1.8M	-8.9M	1.8M
Free cash flow	5.9M	426K	1.7M	6M	5.5M	-5.5M	-4.8M	1.7M	-233K	971K	-3.2M	1.4M

Heritage Global Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement