HGBLNasdaqServices-Business Services, NECFiscal year ends December 31
Heritage Global Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$1.28−0.02 (-1.54%)
Close on Oct 19, 2026
- Market cap
- $44.32M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
27.4%
Operating margin
11.2%−11.9 pts over 5 years
Net margin
7.0%−29.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.4% | +2.8% | +14.3% | +11.3% | |
| Gross profit | – | – | – | -0.0% | |
| Operating income | -37.0% | -19.9% | -1.2% | – | |
| Net income | -30.8% | -38.6% | -18.0% | – | |
| EPS, diluted | -28.6% | -38.0% | -19.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 0.4% | 46.2% | 5.4% | |
| Return on assets | 0.1% | 29.1% | 4.2% | |
| Current ratio | 0.52 | 1.93 | 2.16 | |
| Inventory turnover | 21.7× | – | 6.6× | |
| Capex to revenue | 0.4% | 0.0% | 16.6% | |
| Diluted shares | 28M | 33M | 35M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Heritage Global generated $36.02M from operations and spent $16.12M on capital expenditure, dividends and share buybacks. 65% of that went back into the business.
Generated
$36.02M
Used
$16.12M
Capital expenditure$10.50M65%Dividends$00%Share buybacks$5.62M35%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.0%
×Asset turnover0.60×
×Equity multiplier1.28×
=Return on equity, FY20255.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.0% | 0.60× | 1.28× | 5.4% |
| FY2024 | 11.4% | 0.55× | 1.30× | 8.2% |
| FY2023 | 20.6% | 0.80× | 1.38× | 22.8% |
| FY2022 | 33.0% | 0.79× | 1.46× | 38.3% |
| FY2021 | 11.8% | 0.54× | 1.52× | 9.8% |
| FY2020 | 36.9% | 0.79× | 1.59× | 46.2% |
| FY2019 | 14.9% | 1.23× | 2.19× | 40.1% |
| FY2018 | 15.9% | 1.39× | 3.07× | 67.7% |
| FY2017 | -1.2% | 1.41× | 4.10× | -7.1% |
| FY2016 | 0.1% | 1.40× | 4.93× | 0.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$3.59M
- Cash generatingOperating cash flow above zero$6.14M
- Return on assets improvedROA up on the prior year6.2% → 4.4%
- Earnings backed by cashOperating cash flow above net income$6.14M vs $3.59M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.27 → 2.16
- No dilutionShare count did not rise37M → 35M
- Gross margin improvedGross margin up on the prior year– → 27.42%
- More efficientAsset turnover rose0.55 → 0.63