Heritage Global Inc. (HGBL) vs Vulcan Infrastructure and Power Inc (VIP)

Heritage Global Inc. and Vulcan Infrastructure and Power Inc are both Capital Markets companies. Vulcan Infrastructure and Power Inc is the larger, with a market value of $60.5M against $46.1M — 1.3× the size. Heritage Global Inc. has negative trailing earnings, so its P/E is not meaningful; Vulcan Infrastructure and Power Inc trades at 18.1×. Heritage Global Inc. grew revenue faster over the last twelve months: −1.50% against −14.1%. Vulcan Infrastructure and Power Inc has the higher net margin (0.96% vs −29.6%) and the higher return on invested capital (0.00% vs −26.0%). Across the 18 metrics below, Vulcan Infrastructure and Power Inc leads on 13 and Heritage Global Inc. on 5.

Valuation

Metric HGBL VIP Capital Markets median
P/E n/m 18.11 15.78
P/S 0.96 0.55 2.32
P/B 0.89 n/m 1.89
Price to free cash flow n/m 14.79 6.25
EV/EBITDA n/m n/m 8.87
EV/Sales 0.77 1.26 2.28
Earnings yield (30.83%) 5.52% (3.77%)
Free cash flow yield (2.38%) 6.76% (1.49%)

Profitability

Metric HGBL VIP Capital Markets median
Gross margin 64.83% 5.26% 62.80%
Operating margin (36.98%) (23.98%) 0.00%
Net margin (29.63%) 0.96% (0.55%)
Free cash flow margin (2.27%) 3.71% 0.00%
Return on equity (24.29%) (0.82%) 0.00%
Return on assets (18.08%) 1.06% 0.00%
Return on invested capital (26.01%) 0.00% 0.00%

Growth

Metric HGBL VIP Capital Markets median
Revenue growth (TTM) (1.50%) (14.10%) 21.02%
EPS growth (last fiscal year) (28.57%) 118.05% —
Revenue growth, 5-year CAGR 14.25% 23.92% 18.16%
Net income growth, 5-year CAGR (17.97%) 0.00% 0.00%

Health

Metric HGBL VIP Capital Markets median
Debt to equity 0.08 (0.69) 0.08
Current ratio 1.69 0.41 1.51
Net debt to EBITDA (2.39) 3.23 (0.24)

Dividend

Metric HGBL VIP Capital Markets median
Dividend yield — — 2.20%
Payout ratio 0.00 0.00 0.00

Size

Metric HGBL VIP Capital Markets median
Market cap 46.07m 60.52m 724.58m

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