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Heritage Global Inc.

HGBL Financial Capital Markets

Heritage Global Inc.’s revenue for fiscal 2025 (year ended December 2025) was $51.0 million, up 12.4% from fiscal 2024.

Revenue
+28.4%
EPS
+50.0%
Free cash flow
+1,218.9%
Total debt
+48.8%

Quarter to September 2026, against a year earlier

1.26 0.02 −1.56%
Market cap
$43.7M
P/E
0.0×
Fwd P/E
−3.4×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.53
Sold, $m 0.43
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — 3 1 — —
Sell — 1 1 1 1 1 — — — 2 1 1
Insider Ownership 14.28%

Capital & Financial Ratios $m

Size
Market Cap 43.65
Revenue ttm 51.44
Net income ttm (13.83)
Free cash flow ttm 1.75
Net debt Q (9.49)
Valuation
P/E 0.00
Forward P/E (3.38) (negative: loss-making)
Price / sales 0.85
Forward P/S Powerpack
Price / FCF 25.08
Price / book 0.82
Financial health
Current ratio Q 1.42
Debt / equity Q 0.11
Interest coverage Q (99.00)
Growth
Revenue growth Q +28.44% (above 0%: growing)
Operating income growth Q −19.75% (below 0%: shrinking)
EPS, this year −463.33% (below 0%: weak)
EPS, next year A +140.60% (at or above 15%: strong)
Revenue, next year A +4.28%
EPS, past 5 yrs −19.73% (below 0%: weak)
EPS, next 5 yrs A +9.14%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 35.64%
10-year low 10-year high
P/B against its own 10 years 8.40%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12 22 21 16
Receivables 2 2 2 3
Inventory 5 5 6 7
Other 0 1 1 1
26 33 34 27
2023 2024 2025 Q'26
Payables 7 5 6 5
ST’ Debt 2 0 — 2
Other — 1 1 2
15 15 16 19

Compound Annual Growth %

10y 5y 3y
Sales 11.33% 14.25% 2.81%
Cash Flow 0.00% (7.67%) (1.81%)
Earnings 0.00% (17.97%) (38.60%)
Book Value 34.75% 17.47% 11.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY25 Estimate 0.05 Actual 0.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY20 0.08 0.07 Miss by 0.01
Q1 FY21 0.02 0.03 Beat by 0.01
Q2 FY21 0.04 0.02 Miss by 0.02
Q3 FY25 0.05 0.02 Miss by 0.03

EPS $

Mar Jun Sep Dec Year
’26 0.02 (0.46) 0.03 — —
’25 0.03 0.05 0.02 0.01 0.10
’24 0.05 0.07 0.03 (0.01) 0.14
’23 0.08 0.07 0.05 0.13 0.33
’22 0.02 0.07 0.06 0.27 0.42
’21 0.03 0.02 0.01 0.03 0.08
’20 0.00 0.07 0.04 0.17 0.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 13 12 15 — —
’25 13 14 11 12 51
’24 12 12 10 11 45
’23 17 13 16 15 61
’22 9 11 13 14 47
’21 7 5 6 8 26
’20 4 6 8 8 26
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 2 3 — —
’25 3 2 0 2 6
’24 2 6 6 (6) 8
’23 9 (2) 6 0 13
’22 3 (2) 1 4 6
’21 (6) 2 0 1 (3)
’20 0 (1) 4 6 9
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 1 3 — —
’25 (5) 2 0 1 (2)
’24 2 6 5 (6) 8
’23 9 (2) 6 0 13
’22 3 (2) 1 4 6
’21 (6) 2 (1) 1 (4)
’20 0 (1) 4 6 9
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 24 20 24 26 26 26 47 61 45 51 51 +8.8% 53 56 53 +1.4%
Gross margin, % 52.51 76.59 82.89 70.43 65.21 71.20 55.43 65.76 68.86 60.87 0.00 +8.4 pt
EBT 0 (1) 4 3 6 3 11 14 9 6 (18) +76.6%
EBT margin, % 0.15 (3.32) 16.99 11.41 22.97 11.60 23.46 23.12 19.78 11.47 (35.43) +11.3 pt
Net income 0 0 4 4 10 3 15 12 5 4 (14) +85.2%
Per share, $
Per share, $ Revenue 0.84 0.71 0.83 0.91 0.87 0.73 1.30 1.65 1.25 1.46 1.48 +6.4%
Earnings 0.00 (0.01) 0.13 0.14 0.32 0.09 0.43 0.34 0.14 0.10 (0.40) +80.2%
Cash flow 0.14 0.04 0.26 0.03 0.30 (0.07) 0.18 0.36 0.21 0.18 0.11 +2.8%
Capex 0.00 0.00 0.00 0.00 0.00 (0.04) (0.01) (0.01) 0.00 (0.24) (0.06) +60.2%
Free cash flow 0.13 0.04 0.26 0.02 0.30 (0.11) 0.17 0.35 0.21 (0.07) 0.05 n/m
Book value 0.12 0.12 0.27 0.41 0.99 0.92 1.34 1.67 1.79 1.92 1.53 +35.7%
Shares, m 28 28 29 29 30 35 36 37 36 35 35 +2.3%
Valuation, ×
Valuation, × P/E 266.67 0.00 3.35 7.54 9.13 20.78 5.60 8.09 12.73 11.27 0.00 34.5
P/S 0.67 0.64 0.54 1.07 3.07 2.57 1.85 1.67 1.49 0.85 0.85 1.4
P/B 4.56 3.68 1.69 2.37 2.68 2.03 1.80 1.65 1.03 0.64 0.82 2.2
EV/Sales 0.60 0.61 0.43 1.02 2.21 2.19 1.67 1.58 1.12 0.53 — 1.2
EV/FCF 3.78 10.97 1.39 39.49 6.34 (13.93) 12.51 7.51 6.65 (11.53) — 6.3
Cash, $m
Cash, $m Operating cash flow 4 1 7 1 9 (3) 6 13 8 6 4 +5.1%
Capex 0 0 0 0 0 (1) 0 0 0 (8) (2) +63.9%
Free cash flow 4 1 7 1 9 (4) 6 13 8 (2) 2 n/m
Balance, $m
Balance, $m Working capital (4) (6) (2) (2) 13 9 8 12 19 18 8 n/m
Net debt (2) (1) (3) (1) (22) (10) (8) (5) (21) (16) (9) +30.3%
Shareholders’ equity 3 3 8 12 30 33 48 61 65 67 53 +38.8%
Returns, %
Returns, % ROA 0.08 (1.74) 22.01 18.33 29.06 6.43 26.25 16.55 6.30 4.23 (16.90) +4.1 pt
ROIC 6.01 7.84 51.51 18.10 50.08 8.24 17.41 15.97 12.92 7.06 (25.91) +1.0 pt
ROE 0.41 (7.14) 67.73 40.12 46.23 9.76 38.29 22.81 8.21 5.43 (23.13) +5.0 pt
People
People Employees 46 48 50 46 46 63 75 82 86 84 — +6.9%
Revenue/emp, $m 0.52 0.42 0.47 0.57 0.57 0.41 0.63 0.74 0.53 0.61 — +1.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Heritage Global Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MATH Metalpha Technology Holding Limited $49.2M — (loss-making) — (loss-making) +162.83% (above 0%: growing) −83.33% (below 0%: shrinking) −28.12% (below 0%: shrinking) 11.31% 0.00% Compare
BTCS BTCS Inc. $46.2M — (loss-making) 65.0× −11.87% (below 0%: shrinking) n/m +104.59% (above 0%: growing) 61.08% (1,361.27%) Compare
HGBL Heritage Global Inc. $43.7M — (loss-making) — (loss-making) +28.44% (above 0%: growing) +50.00% (above 0%: growing) +1,218.88% (above 0%: growing) 0.00% 7.16%
NCTY The9 Limited $38.6M — (loss-making) — −90.91% (below 0%: shrinking) n/m −72.45% (below 0%: shrinking) 44.80% (1,883.71%) Compare
STEX Streamex Corp. $37.9M — (loss-making) — (loss-making) +1,116.67% (above 0%: growing) n/m −818.54% (below 0%: shrinking) 100.00% (10,384.25%) Compare
CANG Cango Inc. Sponsored ADR $37.5M — (loss-making) — (loss-making) −63.69% (below 0%: shrinking) n/m −145,939.21% (below 0%: shrinking) (33.17%) (158.75%) Compare
DOMH Dominari Holdings Inc. $36.4M — (loss-making) — (loss-making) −56.86% (below 0%: shrinking) n/m −2,705.10% (below 0%: shrinking) 100.00% (6.80%) Compare
VIP Vulcan Infrastructure and Power Inc $36.0M 11.2× — (loss-making) −73.68% (below 0%: shrinking) n/m +32.03% (above 0%: growing) (141.33%) (284.79%) Compare
AURE Aurelion Inc. $33.2M — (loss-making) — — n/m −75.78% (below 0%: shrinking) (38.05%) 0.00% Compare
Median of peers $37.7M — — −56.86% — −74.11% 28.06% (221.77%)

All 97 Capital Markets stocks →

Pay and ownership Proxy statement filed 21 April 2026

Ownership

Directors and executive officers, together 15.60%
Punch & Associates Investment Management, Inc. 8.00%
Ross Dove 6.70%
Mink Brook Asset Management LLC 6.40%
Topline Capital Partners, LP 5.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Heritage Global Inc. (HGBL) Latest News

6 Nov

Impact 4 · · Business Wire
Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · Business Wire

31 Aug

Impact 4 ·

14 Aug

Impact 4 ·
Impact 3 · · Moby transcript

13 Aug

Impact 3 ·

3 Aug

Impact 4 ·

31 Jul

Impact 3 ·

14 May

Impact 4 ·

8 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

7 May

Impact 3 · · Business Wire

26 Apr

Impact 4 · · Simply Wall St.

13 Mar

Impact 4 · · Moby

12 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire

2 Mar

Impact 3 · · Business Wire

19 Feb

Impact 3 · · Business WireWorld Construction NetworkMT NewswiresMotley FoolMotley FoolMT NewswiresMotley Fool

12 Jan

Impact 4 · · Business WireMT NewswiresMT NewswiresBanking DiveMT NewswiresPrivate Banker InternationalBanking DiveLife Insurance International

18 Nov

Impact 3 · · Business Wire

7 Nov

Impact 4 · · GuruFocus.com transcript

20 Aug

Impact 3 ·

10 Aug

Impact 4 ·

8 Aug

Impact 4 ·

7 Aug

Impact 4 · · Business Wire

30 Jul

Impact 3 · · Simply Wall St.

10 May

Impact 3 · · Simply Wall St.
stockrow.com/HGBL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com