A Business at a Glance
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Heritage Global Inc.
HGBL
$43M
Mkt Cap
$1.20
+0.00%
Heritage Global Inc. (HGBL) has a current P/E ratio of 13.3, compared to its historical median P/E of 8.6. The stock is currently considered Fair based on its historical valuation range.
Heritage Global Inc. (HGBL) has a 5-year average return on invested capital (ROIC) of 16.6%. This indicates strong capital allocation and a potential competitive advantage.
Heritage Global Inc. (HGBL) has a market capitalization of $42M. It is classified as a small-cap stock.
Heritage Global Inc. (HGBL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.14%.
Based on historical P/E analysis, Heritage Global Inc. (HGBL) appears fair. The current P/E of 13.3 is 55% above its historical median of 8.6. The estimated fair value CAGR (P/E method) is 3.8%.
Heritage Global Inc. (HGBL) operates in the Services-Business Services, Nec industry, within the Industrials sector.
Heritage Global Inc. (HGBL) reported annual revenue of $51 million in its most recent fiscal year, based on SEC EDGAR filings.
Overview and History We are an asset services company specializing in financial and industrial asset transactions. We provide a full suite of services including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible assets across more than twenty-five global sectors. We act as an advisor as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, and charged-off receivable portfolios. Our operations are organized into two divisions, Industrial Assets and Financial Assets. Within these two divisions, we group our business activities into the following four operating segments to manage performance: Industrial Assets Division •Auction and Liquidation – Through our subsidiary Heritage Global Partners, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 50M | 51M | 45M | 61M | 47M | 26M |
| Net Income | 3.2M | 3.6M | 5.2M | 12M | 15M | 3.1M |
| EPS | $0.09 | $0.10 | $0.14 | $0.33 | $0.42 | $0.08 |
| Free Cash Flow | -783K | -2.3M | 7.6M | 13M | 6.3M | -4.1M |
| ROIC | 5.2% | 7.0% | 9.9% | 22.0% | 30.2% | 14.0% |
| Gross Margin | - | 27.4% | 68.8% | 65.5% | 55.0% | 71.3% |
| Debt/Equity | 0.08 | 0.15 | 0.04 | 0.40 | 0.21 | 0.36 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 5.3M | 5.7M | 9.1M | 14M | 11M | 3.0M |
| Operating Margin | 10.6% | 11.2% | 20.0% | 23.7% | 23.7% | 11.7% |
| ROE | 4.8% | 5.4% | 8.2% | 22.8% | 38.3% | 9.8% |
| Shares Outstanding | 35M | 36M | 37M | 38M | 37M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 20M | 17M | 24M | 20M | 24M | 26M | 26M | 26M | 47M | 61M | 45M | 51M | 50M |
| Gross Margin | 76.8% | 15.6% | 70.1% | 71.1% | 83.2% | 68.6% | 65.6% | 71.3% | 55.0% | 65.5% | 68.8% | 27.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11M | 13M | 12M | 14M | 15M | 16M | 14M | 15M | 21M | 26M | 24M | 25M | 26M |
| EBIT | -1.9M | -10M | 190K | 364K | 4.1M | 3.1M | 6.1M | 3.0M | 11M | 14M | 9.1M | 5.7M | 5.3M |
| Op. Margin | -9.5% | -59.4% | 0.8% | 1.8% | 17.2% | 11.7% | 23.1% | 11.7% | 23.7% | 23.7% | 20.0% | 11.2% | 10.6% |
| Net Income | -27M | -10M | 14K | -249K | 3.8M | 3.9M | 9.7M | 3.1M | 15M | 12M | 5.2M | 3.6M | 3.2M |
| Net Margin | -132.7% | -59.8% | 0.1% | -1.2% | 15.9% | 14.9% | 36.9% | 11.8% | 33.0% | 20.6% | 11.4% | 7.0% | 6.4% |
| Non-Recurring | 0 | 2.7M | 0 | 0 | 0 | 573K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -6.8% | -95.3% | 2.2% | 11.4% | 60.9% | 32.2% | 50.4% | 14.0% | 30.2% | 22.0% | 9.9% | 7.0% | 5.2% |
| ROE | -100.1% | -123.5% | 0.4% | -7.1% | 67.7% | 40.1% | 46.2% | 9.8% | 38.3% | 22.8% | 8.2% | 5.4% | 4.8% |
| ROA | -64.8% | -41.1% | 0.1% | -1.7% | 22.0% | 18.3% | 29.1% | 6.4% | 26.3% | 16.6% | 6.3% | 4.2% | 3.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -357K | -836K | 3.9M | 1.2M | 7.5M | 794K | 9.1M | -2.6M | 6.5M | 13M | 7.7M | 6.1M | 841K |
| Free Cash Flow | -484K | -845K | 3.8M | 1.1M | 7.4M | 678K | 9.1M | -4.1M | 6.3M | 13M | 7.6M | -2.3M | -783K |
| Owner Earnings | -1.1M | -1.4M | 3.6M | 626K | 6.8M | 185K | 8.4M | -3.5M | 5.7M | 12M | 5.9M | 4.5M | -1.1M |
| CapEx | 127K | 9K | 99K | 44K | 99K | 116K | 7K | 1.4M | 215K | 257K | 137K | 8.5M | 1.6M |
| Maint. CapEx | 251K | 230K | 242K | 310K | 379K | 326K | 413K | 460K | 218K | 346K | 545K | 753K | 1.1M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 965K | 0 | 0 | 0 | 7.7M | 510K |
| D&A | 251K | 230K | 242K | 310K | 379K | 326K | 413K | 460K | 218K | 346K | 545K | 753K | 1.1M |
| CapEx/OCF | 20.5% | N/A | 2.5% | 3.7% | 1.3% | 14.6% | 0.1% | N/A | 3.3% | 2.0% | 1.8% | N/A | 193.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 395K | 400K | 2.2M | 2.6M | 1.7M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.5% | 0.4% | 3.5% | 0.0% | 4.1% |
| Stock-Based Comp | 484K | 358K | 99K | 246K | 289K | 283K | 353K | 408K | 540K | 776K | 1.3M | 900K | 831K |
| Debt Repayment | 1.9M | 525K | 2.5M | 0 | 826K | 2.4M | 6.1M | 1.4M | 2.4M | 10M | 6.8M | 395K | 395K |
| Balance Sheet | |||||||||||||
| Net Debt | 2.4M | 1.4M | -30K | -967K | -1.4M | 514K | -17M | -1.8M | -2.6M | 12M | -19M | -11M | -6.5M |
| Cash & Equiv. | 3.6M | 2.8M | 2.5M | 2.1M | 4.3M | 2.7M | 23M | 14M | 13M | 12M | 22M | 21M | 12M |
| Long-Term Debt | 2.5M | 2.5M | 0 | 786K | 438K | 35K | N/A | 1.4M | 871K | 7.2M | 0 | 4.1M | 4.1M |
| Debt/Equity | 0.45 | 1.24 | 0.72 | 0.33 | 0.38 | 0.27 | 0.22 | 0.36 | 0.21 | 0.40 | 0.04 | 0.15 | 0.08 |
| Interest Coverage | -3.8 | -29.7 | 1.0 | 11.0 | 509.8 | 41.2 | 140.9 | 137.0 | 108.0 | 1022.8 | 503.7 | 3.8 | 2.2 |
| Equity | 13M | 3.4M | 3.5M | 3.5M | 7.6M | 12M | 30M | 33M | 48M | 61M | 65M | 67M | 68M |
| Total Assets | 32M | 19M | 15M | 13M | 21M | 22M | 45M | 50M | 68M | 83M | 81M | 88M | 85M |
| Total Liabilities | 18M | 15M | 12M | 10.0M | 13M | 10M | 15M | 18M | 19M | 22M | 16M | 21M | 17M |
| Intangibles | 7.7M | 4.4M | 4.1M | 1.4M | 1.2M | 955K | 3.1M | 4.6M | 4.1M | 3.8M | 3.4M | 3.1M | 6.1M |
| Retained Earnings | -270M | -281M | -281M | -281M | -277M | -273M | -264M | -261M | -245M | -233M | -228M | -224M | -224M |
| Working Capital | -4.1M | -5.1M | -4.1M | -5.6M | -2.5M | -2.4M | 13M | 9.1M | 7.7M | 12M | 19M | 18M | 12M |
| Current Assets | 7.4M | 4.3M | 4.4M | 3.0M | 7.7M | 6.8M | 27M | 23M | 24M | 26M | 33M | 34M | 24M |
| Current Liabilities | 12M | 9.4M | 8.6M | 8.7M | 10M | 9.1M | 14M | 14M | 16M | 15M | 15M | 16M | 12M |
| Per Share Data | |||||||||||||
| EPS | -0.94 | -0.37 | 0.00 | -0.01 | 0.13 | 0.13 | 0.30 | 0.08 | 0.42 | 0.33 | 0.14 | 0.10 | 0.09 |
| Owner EPS | -0.04 | -0.05 | 0.13 | 0.03 | 0.24 | 0.01 | 0.26 | -0.09 | 0.16 | 0.31 | 0.16 | 0.13 | -0.03 |
| Book Value | 0.48 | 0.12 | 0.12 | 0.14 | 0.26 | 0.40 | 0.93 | 0.86 | 1.31 | 1.62 | 1.76 | 1.87 | 1.95 |
| Cash Flow/Share | -0.01 | -0.03 | 0.14 | 0.05 | 0.26 | 0.03 | 0.28 | -0.07 | 0.18 | 0.34 | 0.21 | 0.17 | 0.13 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 28.2M | 28.2M | 28.5M | 24.9M | 28.9M | 30.0M | 32.2M | 38.2M | 36.9M | 37.8M | 37.0M | 35.9M | 34.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 3.6 | 6.9 | 10.5 | 19.8 | 5.4 | 8.6 | 12.3 | N/A | 12.9 |
| P/FCF | N/A | N/A | 3.2 | 8.1 | 1.8 | 39.8 | 11.1 | N/A | 13.2 | 8.4 | 8.4 | N/A | N/A |
| EV/EBIT | N/A | N/A | 51.1 | 21.7 | 2.4 | N/A | N/A | 15.9 | 6.4 | 7.0 | 4.6 | N/A | 6.6 |
| Price/Book | 0.6 | 1.7 | 3.5 | 2.6 | 1.8 | 2.3 | 3.4 | 1.8 | 1.7 | 1.8 | 1.0 | N/A | 0.6 |
| Price/Sales | 0.7 | 0.5 | 0.4 | 0.5 | 0.6 | 0.8 | 2.1 | 3.6 | 1.3 | 1.9 | 1.8 | N/A | 0.8 |
| FCF Yield | -5.7% | -14.3% | 31.2% | 12.4% | 54.4% | 2.5% | 9.0% | -6.7% | 7.6% | 11.9% | 12.0% | N/A | -1.9% |
| Market Cap | 8.5M | 5.9M | 12M | 9.2M | 14M | 27M | 101M | 60M | 83M | 107M | 64M | 0 | 42M |
| Avg. Price | 0.47 | 0.29 | 0.30 | 0.44 | 0.50 | 0.68 | 1.68 | 2.43 | 1.64 | 3.06 | 2.25 | 0.00 | 1.20 |
| Year-End Price | 0.30 | 0.21 | 0.43 | 0.37 | 0.47 | 0.90 | 3.15 | 1.58 | 2.25 | 2.83 | 1.72 | 0.00 | 1.20 |
Heritage Global Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Heritage Global Inc. trades at 13.3x trailing earnings, compared to its 15-year median P/E of 8.6x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 16.6% with a gross margin of 57.6%. Total shareholder yield (buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +12.6%.
Heritage Global Inc. (HGBL) has a net profit margin of 7.0%. This is a modest margin.
Heritage Global Inc. (HGBL) generated $-2 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Heritage Global Inc. (HGBL) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
Heritage Global Inc. (HGBL) reported earnings per share (EPS) of $0.10 in its most recent fiscal year.
Heritage Global Inc. (HGBL) has a return on equity (ROE) of 5.4%. This indicates moderate shareholder returns.
Heritage Global Inc. (HGBL) has a 5-year average gross margin of 57.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for Heritage Global Inc. (HGBL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Heritage Global Inc. (HGBL) has a book value per share of $1.87, based on its most recent annual SEC filing.