Heritage Global Inc Financials
Heritage Global Inc (HGBL) reported $51.0M in revenue for fiscal year 2025, up 12.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Heritage Global’s latest year looks like a cash-generating core business absorbing a sudden investment step-up while sale-level economics thinned.
By FY2025, operating margin had nearly halved from FY2023’s23.7% to11.2% , even after sales recovered from the FY2024 dip. Because operating cash flow still topped net income, the shortfall was mainly an investment choice: capex jumped from$137K in FY2024 to$8.5M , pushing free cash flow below zero.
Balance-sheet liquidity stayed strong enough to absorb that spending: FY2025 cash of
What weakened most was asset productivity, not solvency: total assets reached
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Heritage Global Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Heritage Global Inc, and counted as zero in the overall score.
Not available for Heritage Global Inc, and counted as zero in the overall score.
Heritage Global Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Heritage Global Inc generates $1.71 in operating cash flow ($6.1M OCF vs $3.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Heritage Global Inc generated $51.0M in revenue in fiscal year 2025. This represents an increase of 12.4% from the prior year.
Heritage Global Inc's EBITDA was $6.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 36.0% from the prior year.
Heritage Global Inc reported $3.6M in net income in fiscal year 2025. This represents a decrease of 30.8% from the prior year.
Heritage Global Inc earned $0.10 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 28.6% from the prior year.
Cash & Balance Sheet
Heritage Global Inc recorded an outflow of $2.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 130.7% from the prior year.
Heritage Global Inc held $20.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Heritage Global Inc's gross margin was 27.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Heritage Global Inc's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is down 8.8 percentage points from the prior year.
Heritage Global Inc's net profit margin was 7.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.4 percentage points from the prior year.
Heritage Global Inc's ROE was 5.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.
Capital Allocation
Heritage Global Inc spent $2.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 19.5% from the prior year.
Heritage Global Inc invested $8.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 6082.5% from the prior year.
Not reported for fiscal year 2025.
HGBL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.2M | $51.0M+12.4% | $45.4M-25.1% | $60.5M+29.1% | $46.9M+81.9% | $25.8M-1.5% | $26.2M+0.1% | $26.2M+10.6% | $23.7M+17.6% | $20.1M-15.5% | $23.8M+36.7% | $17.4M-12.8% | $20.0M+124.8% | $8.9M-37.1% | $14.1M-18.0% | $17.2M |
| Cost of Revenue | N/A | $37.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.7M-76.1% | $7.1M+109.0% | $3.4M-26.3% | $4.6M+71.1% | $2.7M | N/A | N/A |
| Gross Profit | N/A | $14.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $18.4M+10.3% | $16.7M+19.1% | $14.0M-8.7% | $15.4M+148.2% | $6.2M | N/A | N/A |
| SG&A Expenses | $30.8M | $25.0M+2.9% | $24.3M-6.8% | $26.0M+22.1% | $21.3M+44.0% | $14.8M+2.5% | $14.4M-9.0% | $15.9M+4.3% | $15.2M+11.9% | $13.6M+13.2% | $12.0M-6.0% | $12.8M+14.2% | $11.2M+15.8% | $9.7M-6.6% | $10.3M+134.6% | $4.4M |
| Operating Income | -$17.8M | $5.7M-37.0% | $9.1M-36.7% | $14.3M+28.8% | $11.1M+268.9% | $3.0M-50.3% | $6.1M+98.7% | $3.0M-25.2% | $4.1M+1020.3% | $364K+91.6% | $190K+101.8% | -$10.4M-444.9% | -$1.9M+35.3% | -$2.9M-19.7% | -$2.5M-153.5% | $4.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $182K-47.9% | $349K-29.5% | $495K+27.6% | $388K | N/A | $245K |
| Income Tax | -$3.6M | $2.3M-40.4% | $3.8M+149.4% | $1.5M+133.9% | -$4.5M-7254.1% | -$61K+98.3% | -$3.6M-299.1% | -$913K-438.1% | $270K+164.3% | -$420K-2100.0% | $21K+40.0% | $15K-99.9% | $24.7M+716.2% | $3.0M+409.7% | -$978K+96.3% | -$26.3M |
| Net Income | -$14.3M | $3.6M-30.8% | $5.2M-58.5% | $12.5M-19.5% | $15.5M+407.5% | $3.1M-68.4% | $9.7M+147.7% | $3.9M+3.9% | $3.8M+1606.4% | -$249K-1878.6% | $14K+100.1% | -$10.4M+60.7% | -$26.5M-314.5% | -$6.4M-252.8% | -$1.8M-105.9% | $30.7M |
| EPS (Diluted) | — | $0.10-28.6% | $0.14-57.6% | $0.33-21.4% | $0.42+425.0% | $0.08-73.3% | $0.30+130.8% | $0.130.0% | $0.13+1400.0% | -$0.01 | $0.00+100.0% | -$0.37 | N/A | N/A | -$0.06-105.3% | $1.13 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HGBL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $88.4M+8.8% | $81.3M-2.2% | $83.2M+23.1% | $67.6M+33.9% | $50.5M+13.3% | $44.6M+103.3% | $21.9M+6.2% | $20.6M+53.4% | $13.4M-11.2% | $15.1M-19.5% | $18.8M-41.0% | $31.9M-36.3% | $50.0M-18.5% | $61.3M+30.0% | $47.1M |
| Current Assets | $33.6M+1.4% | $33.1M+26.0% | $26.3M+10.0% | $23.9M+2.6% | $23.3M-13.6% | $27.0M+298.1% | $6.8M-11.8% | $7.7M+154.3% | $3.0M-31.9% | $4.4M+4.0% | $4.3M-42.3% | $7.4M+0.9% | $7.3M-43.4% | $12.9M+9.4% | $11.8M |
| Cash & Equivalents | $20.5M-5.6% | $21.7M+77.1% | $12.3M-3.1% | $12.7M-7.0% | $13.6M-41.7% | $23.4M+757.2% | $2.7M-36.1% | $4.3M+102.4% | $2.1M-16.6% | $2.5M-8.9% | $2.8M-23.6% | $3.6M+13.1% | $3.2M-25.5% | $4.3M-35.3% | $6.7M |
| Inventory | $5.9M+10.9% | $5.3M+5.4% | $5.1M+9.9% | $4.6M+43.4% | $3.2M+1270.2% | $235K+126.0% | $104K-95.7% | $2.4M+1314.7% | $170K-35.4% | $263K-33.4% | $395K+184.2% | $139K-76.0% | $578K-29.5% | $820K-19.1% | $1.0M |
| Accounts Receivable | $1.9M+19.1% | $1.6M-18.4% | $1.9M+93.3% | $988K-63.8% | $2.7M+82.6% | $1.5M-19.5% | $1.9M+364.8% | $400K+4.2% | $384K | N/A | N/A | N/A | N/A | $1.0M+43.3% | $730K |
| Goodwill | $7.4M0.0% | $7.4M0.0% | $7.4M0.0% | $7.4M0.0% | $7.4M+33.3% | $5.6M0.0% | $5.6M-9.3% | $6.2M0.0% | $6.2M0.0% | $6.2M0.0% | $6.2M-30.4% | $8.8M+66.9% | $5.3M0.0% | $5.3M+825.1% | $573K |
| Total Liabilities | $21.5M+33.2% | $16.1M-27.1% | $22.1M+14.7% | $19.3M+8.1% | $17.8M+22.0% | $14.6M+45.1% | $10.1M-22.7% | $13.0M+30.8% | $10.0M-14.5% | $11.7M-24.4% | $15.4M-16.2% | $18.4M+75.2% | $10.5M-31.4% | $15.3M+263.6% | $4.2M |
| Current Liabilities | $15.5M+6.4% | $14.6M-0.9% | $14.7M-9.2% | $16.2M+14.1% | $14.2M+1.7% | $14.0M+53.3% | $9.1M-10.3% | $10.2M+17.4% | $8.7M+1.1% | $8.6M-8.4% | $9.4M-18.9% | $11.5M+9.9% | $10.5M | N/A | N/A |
| Long-Term Debt | N/A | N/A | $7.2M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Total Equity | $67.0M+2.7% | $65.2M+6.7% | $61.1M+26.5% | $48.3M+48.0% | $32.6M+9.0% | $29.9M+152.7% | $11.8M+55.9% | $7.6M+117.9% | $3.5M-0.2% | $3.5M+2.9% | $3.4M-74.8% | $13.5M-65.9% | $39.5M-14.2% | $46.0M+7.2% | $42.9M |
| Retained Earnings | -$224.3M+1.6% | -$227.8M+2.2% | -$233.0M+5.0% | -$245.3M+5.9% | -$260.8M+1.2% | -$263.8M+3.5% | -$273.5M+1.4% | -$277.4M+1.3% | -$281.1M-0.1% | -$280.9M0.0% | -$280.9M-3.9% | -$270.5M-10.9% | -$244.0M-2.7% | -$237.6M-0.8% | -$235.7M |
HGBL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $579K | $6.1M-20.8% | $7.7M-40.5% | $13.0M+100.8% | $6.5M+346.4% | -$2.6M-128.8% | $9.1M+1052.1% | $794K-89.4% | $7.5M+532.0% | $1.2M-69.8% | $3.9M+568.7% | -$836K-134.2% | -$357K-115.8% | $2.3M+147.1% | -$4.8M-218.5% | $4.1M |
| Capital Expenditures | $1.7M | $8.5M+6082.5% | $137K-46.7% | $257K+19.5% | $215K-84.9% | $1.4M+20257.1% | $7K-94.0% | $116K+17.2% | $99K+125.0% | $44K-55.6% | $99K+1000.0% | $9K-92.9% | $127K+1170.0% | $10K-64.3% | $28K | $0 |
| Free Cash Flow | -$1.1M | -$2.3M-130.7% | $7.6M-40.4% | $12.8M+103.6% | $6.3M+254.5% | -$4.1M-144.4% | $9.1M+1248.2% | $678K-90.8% | $7.4M+547.7% | $1.1M-70.2% | $3.8M+552.0% | -$845K-74.6% | -$484K-121.5% | $2.3M+146.6% | -$4.8M-219.2% | $4.1M |
| Investing Cash Flow | -$6.1M | -$9.4M-186.4% | $10.9M+168.5% | -$15.9M-111.1% | -$7.5M+26.3% | -$10.2M-326.2% | $4.5M+490.0% | -$1.2M+59.5% | -$2.9M-6381.8% | -$44K | N/A | N/A | -$1.1M-236.5% | $773K+136.2% | -$2.1M-903.8% | -$213K |
| Financing Cash Flow | -$1.2M | $2.0M+122.2% | -$9.1M-471.9% | $2.5M+3053.8% | $78K-97.5% | $3.1M-56.2% | $7.0M+694.3% | -$1.2M+52.1% | -$2.5M-57.7% | -$1.6M | N/A | N/A | $1.8M+144.3% | -$4.1M-190.2% | $4.6M+1927.4% | $226K |
| Share Buybacks | $275K | $2.6M+19.5% | $2.2M+449.5% | $400K+1.3% | $395K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HGBL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 91.5%+21.4pp | 70.1%-10.4pp | 80.4%+3.6pp | 76.8%+7.3pp | 69.6% | N/A | N/A |
| Operating Margin | 11.2%-8.8pp | 20.0%-3.7pp | 23.6%-0.1pp | 23.7%+12.0pp | 11.7%-11.4pp | 23.1%+11.5pp | 11.7%-5.6pp | 17.2%+15.4pp | 1.8%+1.0pp | 0.8%+60.2pp | -59.4%-49.9pp | -9.5%+23.5pp | -33.0%-15.7pp | -17.4%-44.0pp | 26.6% |
| Net Margin | 7.0%-4.4pp | 11.4%-9.2pp | 20.6%-12.4pp | 33.0%+21.2pp | 11.8%-25.1pp | 36.9%+22.0pp | 14.9%-1.0pp | 15.8%+17.1pp | -1.2%-1.3pp | 0.1%+59.8pp | -59.8% | -132.7% | -71.9%-59.1pp | -12.8% | 178.2% |
| Return on Equity | 5.4%-2.6pp | 8.0%-12.5pp | 20.4%-11.7pp | 32.1%+22.7pp | 9.3%-22.9pp | 32.3%-0.7pp | 32.9%-16.4pp | 49.4%+56.5pp | -7.1%-7.5pp | 0.4%+307.4pp | -307.0%-110.3pp | -196.7%-180.6pp | -16.2%-12.3pp | -3.9%-75.5pp | 71.5% |
| Return on Assets | 4.1%-2.3pp | 6.4%-8.6pp | 15.0%-7.9pp | 22.9%+16.9pp | 6.0%-15.6pp | 21.7%+3.9pp | 17.8%-0.4pp | 18.2%+20.0pp | -1.8%-1.9pp | 0.1%+55.5pp | -55.4%+27.8pp | -83.2%-70.4pp | -12.8%-9.8pp | -3.0%-68.1pp | 65.1% |
| Current Ratio | 2.16-0.1x | 2.27+0.5x | 1.78+0.3x | 1.47-0.2x | 1.64-0.3x | 1.93+1.2x | 0.740.0x | 0.76+0.4x | 0.35-0.2x | 0.52+0.1x | 0.46-0.2x | 0.64-0.1x | 0.70 | N/A | N/A |
| Debt-to-Equity | 0.32+0.1x | 0.25+0.1x | 0.12-0.3x | 0.40-0.1x | 0.55+0.1x | 0.49-0.4x | 0.85-0.9x | 1.71-1.1x | 2.86-0.5x | 3.33-1.2x | 4.54+3.2x | 1.36+1.1x | 0.27-0.1x | 0.33+0.3x | 0.00 |
| FCF Margin | -4.6%-21.3pp | 16.8%-4.3pp | 21.1%+7.7pp | 13.4%+29.1pp | -15.7%-50.6pp | 34.9%+32.3pp | 2.6%-28.6pp | 31.1%+25.5pp | 5.7%-10.4pp | 16.0%+20.9pp | -4.9%-2.4pp | -2.4%-27.7pp | 25.3%+59.5pp | -34.2%-57.7pp | 23.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Heritage Global Inc Ranks
Frequently Asked Questions
What is Heritage Global Inc's annual revenue?
Heritage Global Inc (HGBL) reported $51.0M in total revenue for fiscal year 2025. This represents a 12.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Heritage Global Inc's revenue growing?
Heritage Global Inc (HGBL) revenue grew by 12.4% year-over-year, from $45.4M to $51.0M in fiscal year 2025.
Is Heritage Global Inc profitable?
Yes, Heritage Global Inc (HGBL) reported a net income of $3.6M in fiscal year 2025, with a net profit margin of 7.0%.
What is Heritage Global Inc's EBITDA?
Heritage Global Inc (HGBL) had EBITDA of $6.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Heritage Global Inc's gross margin?
Heritage Global Inc (HGBL) had a gross margin of 27.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Heritage Global Inc's operating margin?
Heritage Global Inc (HGBL) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Heritage Global Inc's net profit margin?
Heritage Global Inc (HGBL) had a net profit margin of 7.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Heritage Global Inc's return on equity (ROE)?
Heritage Global Inc (HGBL) has a return on equity of 5.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Heritage Global Inc's free cash flow?
Heritage Global Inc (HGBL) recorded an outflow of $2.3M in free cash flow during fiscal year 2025. This represents a -130.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Heritage Global Inc's operating cash flow?
Heritage Global Inc (HGBL) generated $6.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Heritage Global Inc's total assets?
Heritage Global Inc (HGBL) had $88.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Heritage Global Inc's capital expenditures?
Heritage Global Inc (HGBL) invested $8.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Heritage Global Inc's current ratio?
Heritage Global Inc (HGBL) had a current ratio of 2.16 as of fiscal year 2025, which is generally considered healthy.
What is Heritage Global Inc's debt-to-equity ratio?
Heritage Global Inc (HGBL) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Heritage Global Inc's return on assets (ROA)?
Heritage Global Inc (HGBL) had a return on assets of 4.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Heritage Global Inc's Piotroski F-Score?
Heritage Global Inc (HGBL) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Heritage Global Inc's earnings high quality?
Heritage Global Inc (HGBL) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Heritage Global Inc?
Heritage Global Inc (HGBL) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.