HGBL

MKT CAP:$49M

Heritage Global Inc.

Market Cap

$49M

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$1.45+$0.22 (+17.89%)

Apr 17, 2026

Company Details

Heritage Global, Inc., together with its subsidiaries, operates as an asset services company with focus on financial and industrial asset transactions. The company provides market making, acquisitions, dispositions, valuations, and secured ...

CEO

Ross Dove

IPO Date

Mar 23, 1993

Website

www.hginc.com

Key Metrics TTM

Revenue

$51M

+12.4% YoY

Net Income

$4M

EPS (Diluted)

$0.10

Free Cash Flow

-$2M

Revenue / Share

$1.44

Gross Margin

84.4%

Operating Margin

11.4%

Net Margin

7.0%

FCF Margin

-4.6%

P/S

1.0x

P/E

13.7x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 12, 2026

$51M+12.4%EPS $0.10

Q4 2025

Mar 12, 2026

$12M+10.1%EPS $0.01

Q3 2025

Nov 6, 2025

$11M+9.1%EPS $0.02

Q2 2025

Aug 7, 2025

$14M+19.0%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$9M	$3M	$875.0K
Q2 22	$11M	$904.0K	$4M
Q3 22	$13M	$5M	$3M
Q4 22	$14M	$6M	$3M
Q1 23	$17M	$5M	$4M
Q2 23	$13M	$5M	$3M
Q3 23	$16M	$6M	$3M
Q4 23	$15M	$1M	$5M
Q1 24	$12M	$4M	$3M
Q2 24	$12M	$4M	$4M
Q3 24	$10M	$4M	$1M
Q4 24	$11M	-$505.0K	$1M
Q1 25	$13M	$3M	$1M
Q2 25	$14M	$4M	$2M
Q3 25	$11M	$4M	$1M
Q4 25	$12M	$31M	$864.0K

Valuation

Quarter	P/S	P/E
Q1 22	1.7x	18.3x
Q2 22	1.6x	11.9x
Q3 22	1.5x	9.2x
Q4 22	2.0x	6.0x
Q1 23	2.0x	6.0x
Q2 23	2.5x	7.7x
Q3 23	1.9x	6.4x
Q4 23	1.7x	8.2x
Q1 24	1.7x	8.5x
Q2 24	1.6x	8.1x
Q3 24	1.2x	6.0x
Q4 24	1.4x	12.3x
Q1 25	1.7x	17.9x
Q2 25	1.6x	21.8x
Q3 25	1.2x	19.3x
Q4 25	0.8x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$3M
Q2 22	$2M	$2M
Q3 22	$1M	$1M
Q4 22	$4M	$4M
Q1 23	$9M	$9M
Q2 23	-$2M	-$2M
Q3 23	$6M	$6M
Q4 23	$446.0K	$426.0K
Q1 24	$2M	$2M
Q2 24	$6M	$6M
Q3 24	$3M	$3M
Q4 24	-$6M	-$6M
Q1 25	$3M	-$5M
Q2 25	$2M	$2M
Q3 25	$61.0K	-$233.0K
Q4 25	$2M	$971.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$12.0K
Q2 22	$27.0K
Q3 22	$55.0K
Q4 22	$121.0K
Q1 23	$89.0K
Q2 23	$131.0K
Q3 23	$17.0K
Q4 23	$20.0K
Q1 24	$22.0K
Q2 24	$77.0K
Q3 24	$35.0K
Q4 24	$3.0K
Q1 25	$7M
Q2 25	$159.0K
Q3 25	$294.0K
Q4 25	$609.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+31.8%	+40.1%
Q2 22	+113.8%	+45.8%
Q3 22	+111.3%	+68.3%
Q4 22	+83.8%	+73.4%
Q1 23	+77.5%	+49.9%
Q2 23	+18.4%	+34.4%
Q3 23	+22.8%	+39.1%
Q4 23	+10.5%	+0.4%
Q1 24	-26.8%	-24.5%
Q2 24	-8.2%	-15.2%
Q3 24	-33.1%	-30.1%
Q4 24	-29.6%	-13.5%
Q1 25	+10.7%	+25.5%
Q2 25	+19.0%	+42.4%
Q3 25	+9.1%	+12.6%
Q4 25	+10.1%	+18.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$106.0K	1.1%
Q2 22	$0	0.0%
Q3 22	$170.0K	1.3%
Q4 22	$156.0K	1.1%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$175.0K	1.1%
Q4 23	$194.0K	1.3%
Q1 24	$228.0K	1.9%
Q2 24	$290.0K	2.4%
Q3 24	$283.0K	2.7%
Q4 24	$452.0K	4.2%
Q1 25	$280.0K	2.1%
Q2 25	$229.0K	1.6%
Q3 25	$204.0K	1.8%
Q4 25	$187.0K	1.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$2M	$113.0K
Q2 22	$1M	$109.0K
Q3 22	$3M	$89.0K
Q4 22	$3M	$138.0K
Q1 23	$2M	$115.0K
Q2 23	$2M	$139.0K
Q3 23	$3M	$150.0K
Q4 23	—	$200.0K
Q1 24	$2M	$155.0K
Q2 24	$2M	$119.0K
Q3 24	$3M	$155.0K
Q4 24	—	$181.0K
Q1 25	$2M	$172.0K
Q2 25	$2M	$165.0K
Q3 25	$3M	$176.0K
Q4 25	—	$182.0K

Revenue Segments

Quarter	Product	Service
Q1 22	$5M	$4M
Q2 22	$6M	$5M
Q3 22	$5M	$7M
Q4 22	$7M	$7M
Q1 23	$6M	$10M
Q2 23	$3M	$10M
Q3 23	$6M	$10M
Q1 24	$3M	$9M
Q2 24	$4M	$8M
Q3 24	$2M	$8M
Q1 25	$6M	$8M
Q2 25	$4M	$10M
Q3 25	$4M	$7M
Q4 25	$4M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$16M	$0	$16M
Q3 22	$17M	$0	$17M
Q4 22	$13M	$0	$13M
Q1 23	$16M	$0	$16M
Q2 23	$15M	$0	$15M
Q3 23	$16M	$0	$16M
Q4 23	$12M	$0	$12M
Q1 24	$16M	$0	$16M
Q2 24	$25M	$0	$25M
Q3 24	$27M	$0	$27M
Q4 24	$22M	$0	$22M
Q1 25	$19M	$0	$19M
Q2 25	$20M	$0	$20M
Q3 25	$19M	$0	$19M
Q4 25	$21M	$0	$21M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	37M	-0.9%	-2.1%
Q2 22	37M	+0.7%	+0.1%
Q3 22	37M	+0.6%	+0.4%
Q4 22	37M	-0.3%	+0.0%
Q1 23	37M	+0.6%	+1.6%
Q2 23	38M	+0.9%	+1.8%
Q3 23	38M	-0.0%	+1.1%
Q4 23	37M	-0.4%	+1.1%
Q1 24	37M	-0.3%	+0.1%
Q2 24	37M	-1.5%	-2.2%
Q3 24	37M	+1.0%	-1.2%
Q4 24	37M	-1.0%	-1.8%
Q1 25	36M	-2.1%	-3.5%
Q2 25	36M	-1.5%	-3.6%
Q3 25	35M	-0.8%	-5.3%
Q4 25	35M	+0.7%	-3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$148.5K	63
Q2 22	$175.6K	63
Q3 22	$201.0K	63
Q4 22	$184.4K	75
Q1 23	$221.5K	75
Q2 23	$174.6K	75
Q3 23	$207.3K	75
Q4 23	$186.4K	82
Q1 24	$148.3K	82
Q2 24	$146.6K	82
Q3 24	$127.0K	82
Q4 24	$125.2K	86
Q1 25	$156.5K	86
Q2 25	$166.3K	86
Q3 25	$132.1K	86
Q4 25	$5.9K	2K

Revenue / Employee