Heritage Global Inc. HGBL
We are an asset services company specializing in financial and industrial asset transactions. We provide a full suite of services including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible assets across more than twenty-five global sectors. We act as an advisor as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, and charged-off receivable portfolios.
Our operations are organized into two divisions, Industrial Assets and Financial Assets. Within these two divisions, we group our business activities into the following four operating segments to manage performance:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.0M | $45.4M | $60.5M | $46.9M | $25.8M | $26.2M | $26.2M | $23.7M | $20.1M | $23.8M |
| Cost of revenue | $37.0M | — | — | — | — | — | — | — | $3.0M | $4.2M |
| Gross profit | $14.0M | — | — | — | — | — | — | — | $17.1M | $19.6M |
| SG&A | $25.0M | $24.3M | $26.0M | $21.3M | $14.8M | $14.4M | $15.9M | $15.2M | $13.6M | $12.0M |
| Total operating expenses | $45.4M | $39.0M | $47.3M | $42.8M | $22.7M | $23.9M | $24.5M | $19.6M | $19.8M | — |
| Operating income | $5.7M | $9.1M | $14.3M | $11.1M | $3.0M | $6.1M | $3.0M | $4.1M | $364.0K | $190.0K |
| Interest expense | — | — | — | — | — | — | — | — | — | $182.0K |
| Pre-tax income | $5.8M | $9.0M | $14.0M | $11.0M | $3.0M | $6.0M | $3.0M | $4.0M | -$669.0K | $35.0K |
| Income tax | $2.3M | $3.8M | $1.5M | $4.5M | $61.0K | $3.6M | $913.0K | $270.0K | $420.0K | $21.0K |
| Net income | $3.6M | $5.2M | $12.5M | $15.5M | $3.1M | $9.7M | $3.9M | $3.8M | -$249.0K | $14.0K |
| EPS, basic | 0.10 | 0.14 | 0.34 | 0.43 | 0.09 | 0.32 | 0.14 | 0.13 | -0.01 | 0.00 |
| EPS, diluted | 0.10 | 0.14 | 0.33 | 0.42 | 0.08 | 0.30 | 0.13 | 0.13 | -0.01 | 0.00 |
| Shares, diluted (wtd. avg.) | $35.4M | $37.1M | $37.6M | $37.1M | $36.9M | $32.7M | $29.3M | $28.9M | $28.5M | $28.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.5M | $21.7M | $12.3M | $12.7M | $13.6M | $23.4M | $2.7M | $4.3M | $2.1M | $2.5M |
| Receivables | $1.9M | $1.6M | $1.9M | $988.0K | $2.7M | $1.5M | $1.9M | $400.0K | $384.0K | — |
| Inventory | $5.9M | $5.3M | $5.1M | $4.6M | $3.2M | $235.0K | $104.0K | $2.4M | $170.0K | $263.0K |
| Total current assets | $33.6M | $33.1M | $26.3M | $23.9M | $23.3M | $27.0M | $6.8M | $7.7M | $3.0M | $4.4M |
| Property, plant and equipment | $10.9M | $1.6M | $1.7M | $1.6M | $1.5M | $130.0K | $221.0K | $175.0K | $145.0K | $156.0K |
| Goodwill | $7.4M | $7.4M | $7.4M | $7.4M | $7.4M | $5.6M | $5.6M | $6.2M | $6.2M | $6.2M |
| Other intangibles | $3.1M | $3.4M | $3.8M | $4.1M | $2.1M | $686.0K | $955.0K | $1.2M | $1.4M | $1.7M |
| Total assets | $88.4M | $81.3M | $83.2M | $67.6M | $50.5M | $44.6M | $21.9M | $20.6M | $13.4M | $15.1M |
| Accounts payable | $6.5M | $5.4M | $7.2M | $8.9M | $4.8M | $13.6M | $8.1M | $8.1M | $5.0M | $6.7M |
| Total current liabilities | $15.5M | $14.6M | $14.7M | $16.2M | $14.2M | $14.0M | $9.1M | $10.2M | $8.7M | $8.6M |
| Long-term debt | — | — | $7.2M | — | — | — | — | — | — | — |
| Total liabilities | $21.5M | $16.1M | $22.1M | $19.3M | $17.8M | $14.6M | $10.1M | $13.0M | $10.0M | $11.7M |
| Retained earnings | -$224.3M | -$227.8M | -$233.0M | -$245.3M | -$260.8M | -$263.8M | -$273.5M | -$277.4M | -$281.1M | -$280.9M |
| Total equity | $67.0M | $65.2M | $61.1M | $48.3M | $32.6M | $29.9M | $11.8M | $7.6M | $3.5M | $3.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.1M | $7.7M | $13.0M | $6.5M | -$2.6M | $9.1M | $794.0K | $7.5M | $1.2M | $3.9M |
| Depreciation and amortisation | $200.0K | $200.0K | $100.0K | $100.0K | $100.0K | $94.0K | $70.0K | $69.0K | $68.0K | $56.0K |
| Stock-based compensation | $900.0K | $1.3M | $776.0K | $540.0K | $408.0K | $353.0K | $283.0K | $289.0K | $246.0K | $99.0K |
| Capital expenditure | $8.5M | $137.0K | $257.0K | $215.0K | $1.4M | $7.0K | $116.0K | $99.0K | $44.0K | $99.0K |
| Investing cash flow | -$9.4M | $10.9M | -$15.9M | -$7.5M | -$10.2M | $4.5M | -$1.2M | -$2.9M | -$44.0K | -$79.0K |
| Financing cash flow | $2.0M | -$9.1M | $2.5M | $78.0K | $3.1M | $7.0M | -$1.2M | -$2.5M | -$1.6M | -$4.1M |
| Buybacks | $2.6M | $2.2M | $400.0K | $395.0K | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-104062.
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