Saturday 17 October 2026 Export HGBL’s income statement to Excel — free account

Heritage Global Inc.

Heritage Global Inc.’s revenue for fiscal 2025 (year ended December 2025) was $51.0 million, up 12.4% from fiscal 2024. In the quarter to June 2026, revenue fell 14.3%, EPS fell 1,020.0%, free cash flow fell 18.1% and total debt fell 3.16%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

1.30 0.05 +4.00%

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Market cap: $43.3M
P/E: 0.0×
Fwd P/E: 9.3×
Dividend yield: —
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.53

Total sells 0.44

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	1	—	—	3	1	—
Sell	1	1	1	1	1	1	1	—	—	—	2	1

Insider Ownership 14.00%

Capital & Financial Ratios $m

Market Cap 43.30

Revenue 48.21

Net Income (14.28)

Free Cash Flow (1.09)

Net Debt (9.08)

Current Ratio 1.69

Debt/Equity 0.08

P/E ratio 0.00

Fwd P/E 9.31

P/S ratio 0.93

P/B ratio 0.87

Past 5Y EPS Growth (19.73%)

This Y EPS Growth (463.33%)

Next Y EPS Growth 140.60%

Next Y revenue growth 4.28%

Next 5Y EPS Growth 9.14%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 41.91%

10-year low 10-year high

P/B against its own 10 years 9.10%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	12	22	21	13
Receivables	2	2	2	3
Inventory	5	5	6	5
Other	0	1	1	1
	26	33	34	23

	2023	2024	2025	Q'26
Payables	7	5	6	5
ST’ Debt	2	0	—	—
Other	—	1	1	1
	15	15	16	14

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	13	12	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.02	(0.46)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	0.11	0.26	0.32	0.40	0.55	1.37	1.02	2.25	1.52	1.21	Analyst estimates 2026–2028 Powerpack
	High	0.61	0.77	0.78	1.00	4.20	4.20	2.75	4.08	3.09	2.39
People
People	Employees	46	48	50	46	46	63	75	82	86	84
	Revenue/emp, $m	0.52	0.42	0.47	0.57	0.57	0.41	0.63	0.74	0.53	0.61
Income, $m
Income, $m	Revenue	24	20	24	26	26	26	47	61	45	51
	Gross margin, %	52.51	76.59	82.89	70.43	65.21	71.20	55.43	65.76	68.86	60.87
	EBT	0	(1)	4	3	6	3	11	14	9	6
	EBT margin, %	0.15	(3.32)	16.99	11.41	22.97	11.60	23.46	23.12	19.78	11.47
	Net income	0	0	4	4	10	3	15	12	5	4
	Depreciation	0	0	0	1	0	1	1	0	1	1
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
	Earnings	0.00	(0.01)	0.13	0.14	0.32	0.09	0.43	0.34	0.14	0.10
	Cash flow	0.14	0.04	0.26	0.03	0.30	(0.07)	0.18	0.36	0.21	0.18
	Capex	0.00	0.00	0.00	0.00	0.00	(0.04)	(0.01)	(0.01)	0.00	(0.24)
	Free cash flow	0.13	0.04	0.26	0.02	0.30	(0.11)	0.17	0.35	0.21	(0.07)
	Book value	0.12	0.12	0.27	0.41	0.99	0.92	1.34	1.67	1.79	1.92
	Shares, m	28	28	29	29	30	35	36	37	36	35
Valuation, ×
Valuation, ×	P/E	266.67	0.00	3.35	7.54	9.13	20.78	5.60	8.09	12.73	11.27
	P/S	0.67	0.64	0.54	1.07	3.07	2.57	1.85	1.67	1.49	0.85
	P/B	4.56	3.68	1.69	2.37	2.68	2.03	1.80	1.65	1.03	0.64
	EV/Sales	0.60	0.61	0.43	1.02	2.21	2.19	1.67	1.58	1.12	0.53
	EV/FCF	3.78	10.97	1.39	39.49	6.34	(13.93)	12.51	7.51	6.65	(11.53)
Cash, $m
Cash, $m	Operating cash flow	4	1	7	1	9	(3)	6	13	8	6
	Capex	0	0	0	0	0	(1)	0	0	0	(8)
	Free cash flow	4	1	7	1	9	(4)	6	13	8	(2)
Balance, $m
Balance, $m	Working capital	(4)	(6)	(2)	(2)	13	9	8	12	19	18
	Total debt	1	2	2	1	1	4	4	7	0	4
	Net debt	(2)	(1)	(3)	(1)	(22)	(10)	(8)	(5)	(21)	(16)
	Shareholders’ equity	3	3	8	12	30	33	48	61	65	67
Returns, %
Returns, %	ROA	0.08	(1.74)	22.01	18.33	29.06	6.43	26.25	16.55	6.30	4.23
	ROIC	6.01	7.84	51.51	18.10	50.08	8.24	17.41	15.97	12.92	7.06
	ROE	0.41	(7.14)	67.73	40.12	46.23	9.76	38.29	22.81	8.21	5.43

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NCTY The9 Limited	$51.1M	1.6×	—	−90.91% (below 0%: shrinking)	n/m	−72.45% (below 0%: shrinking)	44.80%	(1,883.71%)	Compare
MATH Metalpha Technology Holding Limited	$50.6M	— (loss-making)	— (loss-making)	+162.83% (above 0%: growing)	−83.33% (below 0%: shrinking)	−28.12% (below 0%: shrinking)	11.31%	0.00%	Compare
DOMH Dominari Holdings Inc.	$49.5M	— (loss-making)	— (loss-making)	−56.86% (below 0%: shrinking)	n/m	−2,705.10% (below 0%: shrinking)	100.00%	(6.80%)	Compare
MEGL Magic Empire Global Limited	$49.5M	—	—	—	—	—	—	—	Compare
STEX Streamex Corp.	$47.5M	— (loss-making)	— (loss-making)	+1,116.67% (above 0%: growing)	n/m	−818.54% (below 0%: shrinking)	100.00%	(10,384.25%)	Compare
VIP Vulcan Infrastructure and Power Inc	$47.0M	14.4×	— (loss-making)	−73.68% (below 0%: shrinking)	n/m	+32.03% (above 0%: growing)	(141.33%)	(284.79%)	Compare
HGBL Heritage Global Inc.	$43.3M	— (loss-making)	9.3×	−14.25% (below 0%: shrinking)	n/m	−18.14% (below 0%: shrinking)	68.01%	(170.49%)
AURE Aurelion Inc.	$35.0M	— (loss-making)	—	—	n/m	−75.78% (below 0%: shrinking)	(38.05%)	0.00%	Compare
COHN Institutional Financial Markets, Inc.	$34.7M	1.1×	2.0×	+16.06% (above 0%: growing)	+95.06% (above 0%: growing)	−71.20% (below 0%: shrinking)	100.00%	17.86%	Compare
Median of peers	$48.5M	1.6×	—	−20.40%	—	−72.45%	44.80%	(6.80%)

All 93 Capital Markets stocks →

Heritage Global Inc. (HGBL) key facts

Strength: Heritage Global Inc.’s revenue for fiscal 2025 (year ended December 2025) was $51.0 million, up 12.4% from fiscal 2024.
Heritage Global Inc. (HGBL) is a Capital Markets company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, HGBL traded at $1.30, a market capitalization of $43.3 million.
Return on equity was 5.43% and debt-to-equity 0.08.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.