Heritage Global Inc. key statistics and ratios

In fiscal 2025, Heritage Global Inc. had return on equity of 5.4%, an operating margin of 11.2%, debt equal to 6.1% of equity and a current ratio of 2.16. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Heritage Global Inc.: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	69.6%	76.8%	—	—	—	—	—	—	—	—	—	—	27.4%	−61.8%
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%
Return on equity	65.8%	117.3%	−4.1%	−15.0%	−100.1%	−123.5%	0.4%	−7.1%	67.7%	40.1%	46.2%	9.8%	38.3%	22.8%	8.2%	5.4%	−24.0%
Return on assets	37.2%	96.2%	−3.3%	−11.5%	−64.8%	−41.1%	0.1%	−1.7%	22.0%	18.3%	29.1%	6.4%	26.3%	16.6%	6.3%	4.2%	−18.0%
Asset turnover	0.20	0.54	0.26	0.16	0.49	0.69	1.40	1.41	1.39	1.23	0.79	0.54	0.80	0.80	0.55	0.60	0.61
Current ratio	—	—	—	0.70	0.64	0.46	0.52	0.35	0.76	0.74	1.93	1.64	1.47	1.78	2.27	2.16	1.69
Debt to equity	47.5%	7.2%	23.7%	10.1%	44.6%	124.4%	19.0%	22.5%	5.8%	0.3%	—	4.1%	1.8%	11.8%	0.0%	6.1%	7.9%
Interest cover (operating income ÷ interest)	20.0x	18.7x	—	n/m	n/m	n/m	1.0x	—	—	—	—	—	—	—	—	—	—
Effective tax rate	−27.1%	—	—	—	—	—	60.0%	—	6.7%	−30.6%	—	−2.0%	−40.8%	10.9%	42.2%	38.6%	—
SG&A as % of revenue	85.5%	25.6%	73.2%	108.6%	56.0%	73.3%	50.4%	67.5%	64.3%	60.7%	55.2%	57.4%	45.5%	43.0%	53.5%	49.0%	63.8%
Capital spending as % of revenue	—	0.0%	0.2%	0.1%	0.6%	0.1%	0.4%	0.2%	0.4%	0.4%	0.0%	5.5%	0.5%	0.4%	0.3%	16.6%	3.5%
Free cash flow ÷ net income	—	13.2%	—	—	—	—	>999%	—	196.5%	17.4%	94.6%	−132.9%	40.5%	102.3%	146.8%	−65.0%	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	—	6.3%	3.1%	28.9%	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Heritage Global Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	—	—	—	—	−5.6%	7.2%	—	51.1%
Operating margin	14.2%	13.8%	10.4%	15.6%	11.5%	6.5%	7.9%	−170.5%
Net margin	10.5%	−1.9%	7.9%	11.4%	5.1%	2.5%	5.6%	−129.5%
Free-cash-flow margin	52.7%	−51.2%	−35.6%	12.0%	−2.1%	8.2%	−25.5%	11.5%
Current ratio	1.78	2.27	2.00	2.05	2.29	2.16	1.95	1.69
Debt to equity	0.0%	0.0%	6.7%	6.4%	6.2%	6.1%	6.0%	7.9%
SG&A as % of revenue	54.6%	54.6%	48.5%	42.9%	52.5%	53.4%	59.9%	88.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: GFAI vs HGBL HGBL vs SUGP HGBL vs THH

More: Diversified Support Services stocks compared, Industrials sector, rankings of US companies

Figures from Heritage Global Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Heritage Global Inc.