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Heritage Global Inc. (HGBL) stock

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NASDAQ: HGBL Nasdaq Diversified Support Services Next results ~November 5, 2026

D Fundamentals grade

Heritage Global Inc. is a US-listed company in the diversified support services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$1.4

Cash-flow model

Base case. Range ~$1.1–$1.8 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 9% below our base value.

Price used: $1.27, November 3, 2026

Heritage Global Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 2 selling5 purchases and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds13 adding, 14 cuttingOf 4 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Heritage Global files

Where Heritage Global stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $48m, down 1.5% on a year earlier, against growth of 7.7% a quarter earlier. That puts it 19 of 20 for growth among the diversified support services companies we cover. Free-cash-flow margin rose to -2.3% from -6.3% a year earlier. Operating margin narrowed to -37.0% from 13.5%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $1.30 a share, against a share price of $1.27.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Heritage Global Inc.'s trailing-twelve-month revenue fell 1.5% year on year, with a free-cash-flow margin of -2.3%. Where it stands out: long-term debt as % of assets of 5.8% ranks 2 of 18 diversified support services companies we cover. Where it lags: gross margin of -61.8% ranks 22 of 22 diversified support services companies we cover.

Our discounted-cash-flow model values the business at ~$1.4 per share in the base case (~$1.1–$1.8 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to -37.0%, down 50.5pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 1.5% over the last 12 months.
  • Growth slowing. The growth rate is 9.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -37.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 50.5 points on a year ago.
  • Burning cash. Free cash flow was -2.3% of revenue over the last 12 months.
  • Below peers: gross margin. Gross margin of -61.8% ranks 22 of 22 diversified support services companies we cover (median 26.4%).

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$0.02 against an average estimate of $0.03: missed by 37.6%
Revenue
$12m, down 14.3% on a year earlier
Next report
November 5, 2026; average EPS estimate $0.03

Heritage Global's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week-1.6%
  • 1 month-1.6%
  • This year+0.8%
  • 1 year-11.2%
  • 5 years-32.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$48.2M
Operating margin
-37.0%
Net margin
-29.6%
EPS (TTM, diluted)
$-0.41

Growth

Revenue growth
−1.5%
Change in growth rate
−9.2 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
-$1.1M
FCF margin
-2.3%
Stock pay % of revenue
1.6%

Earnings

Last results
March 9, 2023

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Restructuring

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Heritage Global Inc. valuation models and calculator

What the price is pricing in

The share price implies about 1.4% a year of cash-flow growth for five years.That is slower than the 13.3% a year revenue growth Heritage Global has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in1.4%
  • Last 12 months-1.5%
  • 3 years a year-5.0%
  • 5 years a year13.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1.27, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$1.4
Price used
$1.27close November 3, 2026
Implied change
▲ +10%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Heritage Global Inc.'s free cash flow after stock-based pay with after-tax interest added back ($2.2M, FY2026 Q2 TTM), growing 9.4% and 2.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$1.1–~$1.8 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Heritage Global Inc.'s free cash flow after stock-based pay ( $2.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Heritage Global Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.57 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1.4 ~$1.1–$1.8 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.4 ~$1.5–$4.0 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.5 ~$2.1–$3.3 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.0 ~$1.4–$2.5 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Heritage Global Inc. with Diversified Support Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $1$1$2$2$3$4
8.5% $1$1$2$2$2$3
10% $1$1$1$2$2$2

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$0.23$0.47$0.37$0.45$0.98$2.66$1.87$2.35$2.78$1.85$1.24$1.25
Market value$6m$13m$11m$13m$29m$87m$69m$87m$104m$69m$44m$44m
+ Net debt (− = net cash)$1m−$2m−$1m−$4m−$3m−$23m−$12m−$12m−$5m−$22m−$16m−$9m
Enterprise value$8m$11m$9m$9m$26m$64m$57m$75m$99m$47m$28m$35m
Multiples
Price / sales 0.4x0.6x0.5x0.5x1.1x3.3x2.7x1.9x1.7x1.5x0.9x0.9x
Price / earnings —n/m—3.5x7.4x9.0x22.6x5.6x8.4x13.3x12.2x—
Price / free cash flow —3.5x9.3x1.8x42.3x9.5x—13.9x8.2x9.0x——
EV / EBITDA —22.7x13.6x2.1x7.7x9.9x16.3x6.5x6.7x4.9x4.5x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Heritage Global's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 12.3% of total assets over 10 years.

  • Durability 3 / 20

    Operating margin has been a median 13.3%; its worst year was -37.0%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 7 of 10 years, at a median 17.3% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.0% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $13m and EPS of $0.03 (range $0.02 to $0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.37 −470% $53m +4%
Next $0.15 — $56m +6%

Next year's EPS estimate has moved −6.1% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −369.1% on 90 days ago. In the last 30 days, 0 analysts raised Heritage Global Inc.'s forecast and 0 cut it.

Consensus EPS forecast Heritage Global Inc., last 90 days
−$0.40 −$0.20 $0.00 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.14 Current fiscal year, 60 days ago: $0.14 Current fiscal year, 30 days ago: $0.14 Current fiscal year, 7 days ago: −$0.36 Current fiscal year, Now: −$0.37 −$0.37 Next fiscal year, 90 days ago: $0.17 Next fiscal year, 60 days ago: $0.17 Next fiscal year, 30 days ago: $0.17 Next fiscal year, 7 days ago: $0.17 Next fiscal year, Now: $0.15 $0.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.14$0.17
60 days ago $0.14$0.17
30 days ago $0.14$0.17
7 days ago −$0.36$0.17
Now −$0.37$0.15

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.03 $0.02 −37.6%
Mar 2026 $0.01 $0.02 +33.3%
Dec 2025 $0.04 $0.01 −71.4%
Sept 2025 $0.04 $0.02 −50.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, March 9, 2023

No numeric guidance in Heritage Global Inc.'s latest earnings release (filed March 9, 2023). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Heritage Global Inc.'s revenue by +9.4% next year and +2.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.8%, weight 62%) and the company's own record (+2.0%, weight 38%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026134

Counts of recommendations published by analysts covering Heritage Global Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
0.81
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
37%
of shares
Held by insiders
12.2%
of shares
Employees
84
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −15.0%

$1.47 on October 31, 2025 to $1.25

ThenNowEffect
Revenue (last 12 months) $49m $48m −1.5%
P/S multiple 1.1x 0.9x −17.3%
Share count 36m 35m +4.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −62.0%

$3.29 on November 3, 2023 to $1.25

ThenNowEffect
Revenue (last 12 months) $56m $48m −14.2%
P/S multiple 2.2x 0.9x −58.6%
Share count 37m 35m +7.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HGBL−30%+26%+18%−34%−33%+1%
Industry peers (median)+4%−13%+5%+5%−7%−17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HGBL42%50%50%33%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HGBL−58%−47%−41%−48%−49%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 75% from July 17, 2023 to August 4, 2026. Getting back needed a 295% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.02 – $1.46
From 52-week high
−14.4%
vs 50-day average
−3.6%
vs 200-day average
−2.4%
Volatility (1 year)
42%
Beta vs S&P 500
0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 2 down
typical move ±6.3%
After a week
2 up, 2 down
typical move ±9.5%
After a month
3 up, 1 down
typical move ±13.0%
Results releasedNext dayS&P 500 next day5 days21 days
March 9, 2023 +12.4% −3.3% +11.6% +11.2%
January 12, 2021 +4.2% +0.3% +3.9% +7.7%
November 9, 2020 −2.8% +1.1% −14.7% +16.9%
October 2, 2020 −5.9% +0.8% −7.9% −16.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Heritage Global Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Heritage Global Inc.
$45M $50M $55M $60M $65M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $59.1M Revenue (TTM), FY23 Q4: $60.5M Revenue (TTM), FY24 Q1: $56.1M Revenue (TTM), FY24 Q2: $55M Revenue (TTM), FY24 Q3: $49.9M Revenue (TTM), FY24 Q4: $45.4M Revenue (TTM), FY25 Q1: $46.7M Revenue (TTM), FY25 Q2: $48.9M Revenue (TTM), FY25 Q3: $49.9M Revenue (TTM), FY25 Q4: $51M Revenue (TTM), FY26 Q1: $50.2M Revenue (TTM), FY26 Q2: $48.2M $48.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $59.1M
FY23 Q4 $60.5M
FY24 Q1 $56.1M
FY24 Q2 $55M
FY24 Q3 $49.9M
FY24 Q4 $45.4M
FY25 Q1 $46.7M
FY25 Q2 $48.9M
FY25 Q3 $49.9M
FY25 Q4 $51M
FY26 Q1 $50.2M
FY26 Q2 $48.2M
Revenue growth, TTM YoY Heritage Global Inc.
-40% -20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 45.5% Revenue growth, TTM YoY, FY23 Q4: 29.1% Revenue growth, TTM YoY, FY24 Q1: 3.6% Revenue growth, TTM YoY, FY24 Q2: -2.1% Revenue growth, TTM YoY, FY24 Q3: -15.6% Revenue growth, TTM YoY, FY24 Q4: -25.1% Revenue growth, TTM YoY, FY25 Q1: -16.8% Revenue growth, TTM YoY, FY25 Q2: -11.0% Revenue growth, TTM YoY, FY25 Q3: 0.0% Revenue growth, TTM YoY, FY25 Q4: 12.4% Revenue growth, TTM YoY, FY26 Q1: 7.7% Revenue growth, TTM YoY, FY26 Q2: -1.5% -1.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 45.5%
FY23 Q4 29.1%
FY24 Q1 3.6%
FY24 Q2 -2.1%
FY24 Q3 -15.6%
FY24 Q4 -25.1%
FY25 Q1 -16.8%
FY25 Q2 -11.0%
FY25 Q3 0.0%
FY25 Q4 12.4%
FY26 Q1 7.7%
FY26 Q2 -1.5%
Operating margin (TTM) Heritage Global Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 21.8% Operating margin (TTM), FY23 Q4: 23.7% Operating margin (TTM), FY24 Q1: 23.1% Operating margin (TTM), FY24 Q2: 24.4% Operating margin (TTM), FY24 Q3: 24.3% Operating margin (TTM), FY24 Q4: 20.0% Operating margin (TTM), FY25 Q1: 17.0% Operating margin (TTM), FY25 Q2: 13.5% Operating margin (TTM), FY25 Q3: 12.9% Operating margin (TTM), FY25 Q4: 11.2% Operating margin (TTM), FY26 Q1: 10.6% Operating margin (TTM), FY26 Q2: -37.0% -37.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 21.8%
FY23 Q4 23.7%
FY24 Q1 23.1%
FY24 Q2 24.4%
FY24 Q3 24.3%
FY24 Q4 20.0%
FY25 Q1 17.0%
FY25 Q2 13.5%
FY25 Q3 12.9%
FY25 Q4 11.2%
FY26 Q1 10.6%
FY26 Q2 -37.0%
FCF margin (TTM) Heritage Global Inc.
-20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 27.3% FCF margin (TTM), FY23 Q4: 21.1% FCF margin (TTM), FY24 Q1: 9.9% FCF margin (TTM), FY24 Q2: 25.4% FCF margin (TTM), FY24 Q3: 27.2% FCF margin (TTM), FY24 Q4: 16.8% FCF margin (TTM), FY25 Q1: 2.5% FCF margin (TTM), FY25 Q2: -6.3% FCF margin (TTM), FY25 Q3: -17.7% FCF margin (TTM), FY25 Q4: -4.6% FCF margin (TTM), FY26 Q1: -1.6% FCF margin (TTM), FY26 Q2: -2.3% -2.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 27.3%
FY23 Q4 21.1%
FY24 Q1 9.9%
FY24 Q2 25.4%
FY24 Q3 27.2%
FY24 Q4 16.8%
FY25 Q1 2.5%
FY25 Q2 -6.3%
FY25 Q3 -17.7%
FY25 Q4 -4.6%
FY26 Q1 -1.6%
FY26 Q2 -2.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3 17 14 9 20 17 24 20 24 26 26 26 47 61 45 51 48
Gross profit — — — 6 15 — — — — — — — — — — 14 −30
EBITDA 5 5 −2 −2 −1 −10 1 1 4 3 6 3 12 15 10 6 −17
Operating income 5 5 −2 −3 −2 −10 0 0 4 3 6 3 11 14 9 6 −18
Net income 6 31 −2 −6 −27 −10 0 −0 4 4 10 3 15 12 5 4 −14
Diluted EPS $0.21 $1.13 −$0.06 −$0.22 −$0.94 −$0.37 $0.00 −$0.01 $0.13 $0.13 $0.30 $0.08 $0.42 $0.33 $0.14 $0.10 −$0.41
Growth (year on year)
Revenue — +427.8% −18.0% −37.1% +124.8% −12.8% +36.7% −15.5% +17.6% +10.6% +0.1% −1.5% +81.9% +29.1% −25.1% +12.4% −1.5%
EBITDA — −15.6% −144.6% — — — — +33.8% +549.5% −23.7% +91.4% −45.9% +235.5% +27.3% −34.9% −36.0% −340.6%
Operating income — −15.6% −153.5% — — — — — — −25.2% +98.7% −50.3% +268.9% +28.8% −36.7% −37.0% −370.1%
Net income — +394.3% −105.9% — — — — — — +3.9% +147.7% −68.4% +407.5% −19.5% −58.5% −30.8% −498.2%
Diluted EPS — +438.1% −105.3% — — — — — — 0.0% +130.8% −73.3% +425.0% −21.4% −57.6% −28.6% −515.6%
Margins
Gross margin — — — 69.6% 76.8% — — — — — — — — — — 27.4% −61.8%
EBITDA margin 166.3% 26.6% −14.5% −27.7% −6.7% −56.1% 2.1% 3.4% 18.6% 12.8% 24.5% 13.5% 24.8% 24.5% 21.3% 12.1% −35.6%
Operating margin 166.3% 26.6% −17.4% −33.0% −9.5% −59.4% 0.8% 1.8% 17.2% 11.7% 23.1% 11.7% 23.7% 23.7% 20.0% 11.2% −37.0%
Net margin 190.3% 178.2% −12.8% −71.9% −132.7% −59.8% 0.1% −1.2% 15.9% 14.9% 36.9% 11.8% 33.0% 20.6% 11.4% 7.0% −29.6%
Free-cash-flow margin — 23.5% −34.2% 25.3% −2.4% −4.8% 16.0% 5.7% 31.1% 2.6% 34.9% −15.7% 13.4% 21.1% 16.8% −4.6% −2.3%
Cash flow
Cash from operations 5 4 −5 2 −0 −1 4 1 7 1 9 −3 6 13 8 6 1
Capital spending — 0 0 0 0 0 0 0 0 0 0 1 0 0 0 8 2
Free cash flow — 4 −5 2 −0 −1 4 1 7 1 9 −4 6 13 8 −2 −1
Stock-based pay 0 0 2 1 0 0 0 0 0 0 0 0 1 1 1 1 1
Free cash flow after stock pay — 4 −6 2 −1 −1 4 1 7 0 9 −4 6 12 6 −3 −2
Balance sheet
Cash 3 7 4 3 4 3 3 2 4 3 23 14 13 12 22 21 13
Total debt 4 3 11 4 6 4 1 1 0 0 — 1 1 7 0 4 4
Net debt (negative = net cash) 2 −4 7 1 2 1 −2 −1 −4 −3 −23 −12 −12 −5 −22 −16 −9
Diluted shares — 27m 28m 29m 28m 28m 28m 28m 29m 29m 33m 37m 37m 38m 37m 35m 35m
Returned to shareholders
Buybacks — — — — — — — — — — — 0 0 0 2 3 0
Total returned — — — — — — — — — — — 0 0 0 2 3 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $70m
Short-term assets $23mLonger-term assets $47m
What it owes, and who funded it · $70m
Short-term liabilities $14mLonger-term liabilities $5mShareholders' equity $52m
  • Short-term assets cover short-term liabilities $23m of assets due within a year against $14m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $23m short-term assets against $5m of longer-dated liabilities.
  • More cash than debt $13m of cash against $4m of debt.
  • Debt below 40% of shareholders' equity Debt is 8% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4% to 8% over five years.
  • A year's operating cash flow covers at least 20% of debt $579,000 of operating cash flow against $4m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Heritage Global Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$275,000
Returned to shareholders
-25%
of free cash flow
Buybacks, last 3 fiscal years
$5.2M
Diluted share count
−4.2%
year over year
Total shareholder yield
0.6%
dividends 0.0% + buybacks 0.6% of market value
Sales & admin spending
63.8%
of revenue
Days sales outstanding
19 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in diversified support services
Last 12 months unless stated HGBL GFAI SUGP THH CRE HCAI Median
Revenue, last 12 months $48m $35m $25m $21m $17m $15m $906m
Revenue growth, last 12 months −1.5% 8.0% 5.9% −13.3% 26.2% −63.6% 6.3%
Gross margin −61.8% 15.0% 16.0% 9.7% 41.9% 2.7% 29.0%
Operating margin −37.0% −16.7% −10.4% −8.3% 4.5% −142.5% 4.9%
Net margin −29.6% −18.9% −9.6% 0.6% 4.0% −283.6% 2.7%
Cash from operations / revenue 1.2% −3.7% −8.0% −20.9% 8.8% −8.7% 7.1%
Free-cash-flow margin −2.3% −4.7% −8.9% −22.4% 8.3% −8.7% 3.7%
Stock pay / revenue 1.6% 3.8% — — — 140.4% 1.4%
Change in share count −4.2% 96.4% 6.2% 2.1% 3.3% 12.6% 0.1%

Median of all 32 companies we cover in diversified support services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 diversified support services companies
Measure Company Peer median Rank
Revenue growth Growth -1.5% 6.5% 28 of 32
Change in growth rate Growth -9.2pp +0.8pp 28 of 32
Gross margin Profitability -61.8% 26.4% 22 of 22
Operating margin Profitability -37.0% 4.5% 25 of 29
Net margin Profitability -29.6% 3.3% 27 of 32
Free-cash-flow margin Cash generation -2.3% 4.1% 23 of 31
Stock pay as % of revenue Cash generation 1.6% 1.4% 16 of 26
Long-term debt as % of assets Balance sheet 5.8% 33.7% 2 of 18
Change in share count Balance sheet -4.2% -0.1% 6 of 28
Days sales outstanding Balance sheet 19 days 60 days 3 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Services $33.3M 65.3% ▲ 2.1%
Products $17.7M 34.7% ▲ 38.8%

From Heritage Global Inc.'s 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.3M
Institutions reporting
36
Shares held vs prior quarter
▼ 13.9%
Positions opened / closed
3 / 5

Top buyers and sellers, Q2 2026: 13 institutions bought and 14 sold ; the biggest buyer was Citadel Advisors LLC (+38K shares) and the biggest seller Militia Capital Management LLC (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Mink Brook Asset Management LLC $2.8M 2.3M 19.2% ▲ 1.6%
Punch & Associates Investment Management, Inc. $2.4M 2.0M 17.1% ▼ 9.9%
Topline Capital Management, LLC $2.2M 1.8M 15.1% 0.0%
Vanguard Capital Management LLC $1.7M 1.4M 11.8% ▼ 15.9%
Truffle Hound Capital, LLC $1.3M 1.1M 9.3% 0.0%
Koshinski Asset Management, Inc. $1.1M 917K 7.8% 0.0%
Militia Capital Management LLC $682,286 564K 4.8% ▼ 66.7%
Geode Capital Management, LLC $434,925 359K 3.0% ▲ 5.0%
Renaissance Technologies LLC $302,037 250K 2.1% ▲ 2.2%
Ridgewood Investments LLC $268,820 222K 1.9% ▼ 6.3%
Dimensional Fund Advisors LP $216,917 179K 1.5% ▼ 12.4%
Blackrock, Inc. $203,791 168K 1.4% ▲ 14.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Heritage Global Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $530,120 5 trades by 4 insiders, last 12 months Insider sales History → $440,151 10 trades by 2 insiders · 9% under pre-set plans
Net ▲ $89,969 net buying
Insider Date Trade Shares Price Value
Sklar James Edward EVP, Gen Counsel & Secretary October 1, 2026 Sell pre-set plan 2,500 $1.27 $3,175
Burnham William L Director September 25, 2026 Buy 300,000 $1.33 $399,000
Dove Ross CEO September 25, 2026 Sell 300,000 $1.33 $399,000
Sklar James Edward EVP, Gen Counsel & Secretary September 1, 2026 Sell pre-set plan 2,500 $1.27 $3,175
Cobb Brian J. CFO August 20, 2026 Buy 20,000 $1.10 $22,000
Dove Nicholas Kirk President, Industrial Assets August 17, 2026 Buy 60,000 $1.10 $66,000
Hounsell Bruce Kenneth President, Heritage DebtX LLC August 17, 2026 Buy 10,000 $1.14 $11,400
Dove Nicholas Kirk President, Industrial Assets May 21, 2026 Buy 26,000 $1.22 $31,720
Sklar James Edward EVP, Gen Counsel & Secretary May 1, 2026 Sell pre-set plan 3,734 $1.33 $4,966
Sklar James Edward EVP, Gen Counsel & Secretary April 1, 2026 Sell pre-set plan 3,734 $1.35 $5,041
Sklar James Edward EVP, Gen Counsel & Secretary March 2, 2026 Sell pre-set plan 3,734 $1.30 $4,854
Sklar James Edward EVP, Gen Counsel & Secretary February 2, 2026 Sell pre-set plan 3,734 $1.37 $5,116

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • March 9, 2023
  • January 12, 2021
  • November 9, 2020
  • October 2, 2020

Recent SEC filings

Data status

When each part of this page on Heritage Global Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Heritage Global Inc. in brief

What does Heritage Global Inc. do?
Heritage Global Inc. is a US-listed company in the diversified support services industry. Its financial year ends in December.
What is Heritage Global Inc.'s stock ticker?
Heritage Global Inc. trades under the ticker HGBL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Heritage Global Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Heritage Global Inc. reported revenue of $48.2M, 1.5% lower than a year earlier, according to its SEC filings.
What is Heritage Global Inc.'s free cash flow?
Heritage Global Inc.'s free-cash-flow margin is -2.3% of revenue over the trailing twelve months, ranking 23 of the 31 diversified support services companies we cover.
What is Heritage Global Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Heritage Global Inc.'s free cash flow after stock-based pay gives ~$1.4 per share in the base case, and ~$1.1–$1.8 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Heritage Global Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Mink Brook Asset Management LLC, Punch & Associates Investment Management, Inc. and Topline Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Heritage Global Inc. buying back stock, and does it pay a dividend?
Heritage Global Inc. spent $275,000 on share repurchases over the trailing twelve months, and its diluted share count fell 4.2% over the year.
What is Heritage Global Inc.'s market cap?
On November 2, 2026, Heritage Global Inc.'s market capitalisation was about $43.7M and net debt of -$9.1M. Market figures come from third-party market data and may be delayed.
How much debt does Heritage Global Inc. have?
Heritage Global Inc.'s debt-to-equity ratio is 7.9%, from its latest balance sheet (4.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Heritage Global Inc.'s competitors?
In our Diversified Support Services peer group, the companies closest to Heritage Global Inc. are Guardforce AI Co., Ltd., SU Group Holdings Ltd, Tryhard Holdings Ltd, Cre8 Enterprise Ltd and Huachen AI Parking Management Technology Holding Co., Ltd. The side-by-side comparison below sets their revenue, margins and growth against Heritage Global Inc.'s.
Are insiders buying or selling Heritage Global Inc. stock?
Over the last 12 months, Heritage Global Inc.'s directors and officers reported 5 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is Heritage Global Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Heritage Global Inc. announces its own schedule.