What is Heritage Global Inc's earnings per share (EPS)?

Heritage Global Inc (HGBL) reported diluted earnings per share of $0.10 for fiscal year 2025. This represents a -28.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Heritage Global Inc Financials

HGBL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Heritage Global Inc (HGBL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Heritage Global Inc has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 20.0% the prior year.

Growth

Heritage Global Inc's revenue grew 12.4% year-over-year to $51.0M, a solid pace of expansion. This earns a growth score of 54/100.

Leverage

Heritage Global Inc carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Heritage Global Inc's current ratio of 2.16 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Heritage Global Inc generated $6.1M in operating cash flow, capex of $8.5M consumed most of it, leaving -$2.3M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Heritage Global Inc generates a 5.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 8.0% the prior year.

Altman Z-Score Distress

-1.17

Heritage Global Inc scores -1.17, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($47.9M) relative to total liabilities ($21.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Heritage Global Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.71x

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

Export CSV

Earnings & Revenue

Revenue

$51.0M

YoY+12.4%

5Y CAGR+14.3%

10Y CAGR+11.3%

Heritage Global Inc generated $51.0M in revenue in fiscal year 2025. This represents an increase of 12.4% from the prior year.

EBITDA

$6.2M

YoY-36.0%

5Y CAGR-0.8%

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.

Net Income

$3.6M

YoY-30.8%

5Y CAGR-18.0%

Heritage Global Inc reported $3.6M in net income in fiscal year 2025. This represents a decrease of 30.8% from the prior year.

EPS (Diluted)

$0.10

YoY-28.6%

5Y CAGR-19.7%

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

Free Cash Flow

-$2.3M

YoY-130.7%

Heritage Global Inc generated -$2.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 130.7% from the prior year.

Cash & Debt

$20.5M

YoY-5.6%

5Y CAGR-2.6%

10Y CAGR+22.1%

Heritage Global Inc held $20.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

35M

YoY-2.7%

5Y CAGR-0.3%

10Y CAGR+2.0%

Heritage Global Inc had 35M shares outstanding in fiscal year 2025. This represents a decrease of 2.7% from the prior year.

Margins & Returns

Gross Margin

27.4%

10Y CAGR-53.0pp

Heritage Global Inc's gross margin was 27.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

11.2%

YoY-8.8pp

5Y CAGR-11.9pp

10Y CAGR+70.6pp

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.

Net Margin

7.0%

YoY-4.4pp

5Y CAGR-29.8pp

10Y CAGR+66.8pp

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.

Return on Equity

5.4%

YoY-2.6pp

5Y CAGR-26.9pp

10Y CAGR+312.4pp

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

R&D Spending

N/A

Share Buybacks

$2.6M

YoY+19.5%

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.

Capital Expenditures

$8.5M

YoY+6082.5%

5Y CAGR+313.6%

10Y CAGR+98.3%

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.

HGBL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$51.0M+12.4%	$45.4M-25.1%	$60.5M+29.1%	$46.9M+81.9%	$25.8M-1.5%	$26.2M
Cost of Revenue	$37.0M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$14.0M	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$25.0M+2.9%	$24.3M-6.8%	$26.0M+22.1%	$21.3M+44.0%	$14.8M+2.5%	$14.4M
Operating Income	$5.7M-37.0%	$9.1M-36.7%	$14.3M+28.8%	$11.1M+268.9%	$3.0M-50.3%	$6.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.3M-40.4%	$3.8M+149.4%	$1.5M+133.9%	-$4.5M-7254.1%	-$61K+98.3%	-$3.6M
Net Income	$3.6M-30.8%	$5.2M-58.5%	$12.5M-19.5%	$15.5M+407.5%	$3.1M-68.4%	$9.7M
EPS (Diluted)	$0.10-28.6%	$0.14-57.6%	$0.33-21.4%	$0.42+425.0%	$0.08-73.3%	$0.30

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$11.9M+4.4%	$11.4M-20.6%	$14.3M+6.3%	$13.5M+25.0%	$10.8M+3.4%	$10.4M-13.4%	$12.0M-1.1%	$12.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$6.3M+6.1%	$6.0M-2.8%	$6.1M-6.0%	$6.5M+11.2%	$5.9M+3.3%	$5.7M-10.4%	$6.3M-0.2%	$6.4M
Operating Income	$775K-40.4%	$1.3M-41.7%	$2.2M+59.1%	$1.4M-5.5%	$1.5M+0.4%	$1.5M-58.3%	$3.5M+38.5%	$2.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.0M+366.7%	-$750K-222.3%	$613K+55.2%	$395K-77.8%	$1.8M+336.9%	$407K-56.7%	$939K+40.8%	$667K
Net Income	$301K-48.5%	$585K-64.3%	$1.6M+53.9%	$1.1M+624.1%	-$203K-118.6%	$1.1M-56.4%	$2.5M+38.8%	$1.8M
EPS (Diluted)	N/A	$0.02-60.0%	$0.05+66.7%	$0.03	N/A	$0.03-57.1%	$0.07+40.0%	$0.05

HGBL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$88.4M+8.8%	$81.3M-2.2%	$83.2M+23.1%	$67.6M+33.9%	$50.5M+13.3%	$44.6M
Current Assets	$33.6M+1.4%	$33.1M+26.0%	$26.3M+10.0%	$23.9M+2.6%	$23.3M-13.6%	$27.0M
Cash & Equivalents	$20.5M-5.6%	$21.7M+77.1%	$12.3M-3.1%	$12.7M-7.0%	$13.6M-41.7%	$23.4M
Inventory	$5.9M+10.9%	$5.3M+5.4%	$5.1M+9.9%	$4.6M+43.4%	$3.2M+1270.2%	$235K
Accounts Receivable	$1.9M+19.1%	$1.6M-18.4%	$1.9M+93.3%	$988K-63.8%	$2.7M+82.6%	$1.5M
Goodwill	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M+33.3%	$5.6M
Total Liabilities	$21.5M+33.2%	$16.1M-27.1%	$22.1M+14.7%	$19.3M+8.1%	$17.8M+22.0%	$14.6M
Current Liabilities	$15.5M+6.4%	$14.6M-0.9%	$14.7M-9.2%	$16.2M+14.1%	$14.2M+1.7%	$14.0M
Long-Term Debt	N/A	N/A	$7.2M	N/A	N/A	N/A
Total Equity	$67.0M+2.7%	$65.2M+6.7%	$61.1M+26.5%	$48.3M+48.0%	$32.6M+9.0%	$29.9M
Retained Earnings	-$224.3M+1.6%	-$227.8M+2.2%	-$233.0M+5.0%	-$245.3M+5.9%	-$260.8M+1.2%	-$263.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$88.4M+2.2%	$86.5M-1.3%	$87.7M+1.2%	$86.7M+6.6%	$81.3M-8.2%	$88.5M-1.6%	$90.0M+7.5%	$83.7M
Current Assets	$33.6M+5.6%	$31.8M-1.0%	$32.1M+8.9%	$29.5M-11.0%	$33.1M-10.4%	$37.0M+2.9%	$35.9M+24.5%	$28.9M
Cash & Equivalents	$20.5M+5.6%	$19.4M-2.1%	$19.8M+5.6%	$18.8M-13.6%	$21.7M-18.1%	$26.6M+8.1%	$24.6M+57.8%	$15.6M
Inventory	$5.9M+5.7%	$5.6M-0.3%	$5.6M+10.7%	$5.1M-5.0%	$5.3M+13.3%	$4.7M+10.2%	$4.3M-9.5%	$4.7M
Accounts Receivable	$1.9M+1.0%	$1.8M-15.2%	$2.2M+30.4%	$1.7M+6.6%	$1.6M+77.8%	$877K-16.4%	$1.0M-32.7%	$1.6M
Goodwill	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M0.0%	$7.4M
Total Liabilities	$21.5M+7.2%	$20.0M-8.9%	$22.0M+3.4%	$21.3M+32.0%	$16.1M-28.1%	$22.4M-7.4%	$24.2M+17.0%	$20.7M
Current Liabilities	$15.5M+11.9%	$13.9M-11.4%	$15.7M+6.1%	$14.8M+1.2%	$14.6M-29.5%	$20.7M+15.0%	$18.0M+29.5%	$13.9M
Long-Term Debt	N/A	$4.1M-3.2%	$4.2M-3.0%	$4.4M	N/A	N/A	N/A	N/A
Total Equity	$67.0M+0.7%	$66.5M+1.2%	$65.7M+0.4%	$65.4M+0.3%	$65.2M-1.4%	$66.1M+0.5%	$65.8M+4.4%	$63.0M
Retained Earnings	-$224.3M+0.1%	-$224.6M+0.3%	-$225.1M+0.7%	-$226.8M+0.5%	-$227.8M-0.1%	-$227.6M+0.5%	-$228.7M+1.1%	-$231.2M

HGBL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$6.1M-20.8%	$7.7M-40.5%	$13.0M+100.8%	$6.5M+346.4%	-$2.6M-128.8%	$9.1M
Capital Expenditures	$8.5M+6082.5%	$137K-46.7%	$257K+19.5%	$215K-84.9%	$1.4M+20257.1%	$7K
Free Cash Flow	-$2.3M-130.7%	$7.6M-40.4%	$12.8M+103.6%	$6.3M+254.5%	-$4.1M-144.4%	$9.1M
Investing Cash Flow	-$9.4M-186.4%	$10.9M+168.5%	-$15.9M-111.1%	-$7.5M+26.3%	-$10.2M-326.2%	$4.5M
Financing Cash Flow	$2.0M+122.2%	-$9.1M-471.9%	$2.5M+3053.8%	$78K-97.5%	$3.1M-56.2%	$7.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.6M+19.5%	$2.2M+449.5%	$400K+1.3%	$395K	$0	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.6M+2490.2%	$61K-96.8%	$1.9M-28.2%	$2.6M+147.5%	-$5.5M-199.7%	$5.5M-8.8%	$6.1M+261.2%	$1.7M
Capital Expenditures	$609K+107.1%	$294K+84.9%	$159K-97.9%	$7.4M+246833.3%	$3K-91.4%	$35K-54.5%	$77K+250.0%	$22K
Free Cash Flow	$971K+516.7%	-$233K-113.5%	$1.7M+135.9%	-$4.8M+13.1%	-$5.5M-200.4%	$5.5M-8.2%	$6.0M+261.4%	$1.7M
Investing Cash Flow	-$471K-38.9%	-$339K-137.8%	$896K+109.5%	-$9.5M-575.8%	$2.0M-41.0%	$3.4M-0.4%	$3.4M+59.9%	$2.1M
Financing Cash Flow	-$21K+84.3%	-$134K+92.2%	-$1.7M-144.0%	$3.9M+398.8%	-$1.3M+81.1%	-$6.9M-1484.9%	-$436K+12.3%	-$497K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$1.6M+52.1%	$1.0M-8.6%	$1.1M+7.8%	$1.1M	$0	$0

HGBL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	27.4%	N/A	N/A	N/A	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%
Net Margin	7.0%-4.4pp	11.4%-9.2pp	20.6%-12.4pp	33.0%+21.2pp	11.8%-25.1pp	36.9%
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%
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%
Current Ratio	2.16-0.1	2.27+0.5	1.78+0.3	1.47-0.2	1.64-0.3	1.93
Debt-to-Equity	0.32+0.1	0.25+0.1	0.12-0.3	0.40-0.1	0.55+0.1	0.49
FCF Margin	-4.6%-21.3pp	16.8%-4.3pp	21.1%+7.7pp	13.4%+29.1pp	-15.7%-50.6pp	34.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	6.5%-4.9pp	11.5%-4.1pp	15.6%+5.2pp	10.4%-3.4pp	13.8%-0.4pp	14.2%-15.3pp	29.5%+8.5pp	21.0%
Net Margin	2.5%-2.6pp	5.1%-6.3pp	11.4%+3.5pp	7.9%+9.8pp	-1.9%-12.3pp	10.5%-10.3pp	20.8%+6.0pp	14.8%
Return on Equity	0.4%-0.4pp	0.9%-1.6pp	2.5%+0.9pp	1.6%+1.9pp	-0.3%-2.0pp	1.7%-2.1pp	3.8%+0.9pp	2.9%
Return on Assets	0.3%-0.3pp	0.7%-1.2pp	1.9%+0.6pp	1.2%+1.5pp	-0.3%-1.5pp	1.2%-1.5pp	2.8%+0.6pp	2.1%
Current Ratio	2.16-0.1	2.29+0.2	2.05+0.1	2.00-0.3	2.27+0.5	1.78-0.2	1.99-0.1	2.07
Debt-to-Equity	0.32+0.3	0.060.0	0.060.0	0.07-0.2	0.25-0.1	0.34-0.0	0.37+0.0	0.33
FCF Margin	8.2%+10.2pp	-2.1%-14.1pp	12.0%+47.6pp	-35.6%+15.6pp	-51.2%-103.9pp	52.7%+3.0pp	49.7%+36.1pp	13.6%

Similar Companies

Scully Royalty Ltd SRL

$115.0M

Siebert Finl Corp SIEB

$75.3M

DOMINARI HOLDINGS INC DOMH

$44.6M

Metalpha Tech MATH

$46.9M

TOP FINANCIAL GROUP TOP

$29.6M

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) generated -$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.

Does Heritage Global Inc buy back shares?

Yes, Heritage Global Inc (HGBL) spent $2.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Heritage Global Inc have outstanding?

Heritage Global Inc (HGBL) had 35M shares outstanding as of fiscal year 2025.

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 Altman Z-Score?

Heritage Global Inc (HGBL) has an Altman Z-Score of -1.17, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Heritage Global Inc's Piotroski F-Score?

Heritage Global Inc (HGBL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 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 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.