Heritage Global Inc.
HGBL · Price history
Price at last available close
$1.29
−$0.01 (-0.77%) 1M
2026-10-28
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Company & revenue
About Heritage Global Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 13, 2026. A research update is not a new financial filing.
Who they are
Heritage Global Inc., through its various subsidiary companies, operates as a specialized asset services firm, primarily concentrating on transactions involving both financial and industrial assets. The company offers a diverse array of services, including market facilitation, the acquisition and divestiture of assets, professional valuations, and asset-backed lending. Its fundamental approach involves identifying, assessing the worth of, acquiring, and ultimately monetizing a broad spectrum of tangible and intangible assets.
How they make money
Heritage Global Inc. operates as an asset-based market maker and financial services company. It generates revenue by providing acquisition, disposition, valuation, and lending services for surplus and distressed industrial and financial assets, including machinery, equipment, and loan portfolios.
Products & services
The company provides global auction, appraisal, and asset advisory services, specialty lending, and the brokerage of industrial machinery, equipment, and financial assets such as charged-off loan portfolios.
Brands & revenue mix
Subsidiary operating global full-service auction, appraisal and asset advisory services.
Separate brand revenue is not available in this research.Source
Loan sale advisor providing valuation and execution services for loan portfolios.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Strengths
- Diversified business model across industrial and financial asset sectorsSource
Risks
- Dependence on the availability and volume of surplus and distressed assetsSource
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Quarterly EPS turned negative at -0.46 versus 0.05 a year earlier.
Separate recurring operating losses from noncash or one-time charges, and check cash flow rather than interpreting negative EPS as a cash-outflow amount.
Quarterly net income turned from a profit to a loss versus the same quarter last year.
Identify the causes in the interim report and distinguish operating cash use from accounting charges. Prior profitability is not a guarantee of recovery.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
37
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
53
Fair
Financial Strength
61
Business Quality / Moat
45
Management
58
Growth Quality
23
Risk / Durability
86
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
32
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
42/100
Building Historical Record
Model Score 42/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Balance-sheet / debt profile scores strongly
- •Insider activity signal is favorable
- •Recent buyback activity is present
- •M&A headline · Aug 3, 2026
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for HGBL
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving HGBL's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can HGBL fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is HGBL likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for HGBL to reach sustainable profitability?
- •What future growth or profitability would be needed to justify HGBL's current valuation?
Essential Investment Snapshot
Wall Street Score
37
Opportunity Score
32
Market Cap
$44.7M
P/E Ratio
-3.1
EPS
$-0.41
52-Week High
$1.66
52-Week Low
$1.01
Beta
0.46
Analyst Target
$3.00
Shares Outstanding
35.4M
Total Revenue
$48.2M
Total Debt
$5.3M
Dividend
No current dividend
Liquidation Value / Share
$1.46
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for HGBL
Detected from reported data — verify before acting.Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
M&A headline · Aug 3, 2026
Heritage Global Expands Into Seller and Carryback Notes With Acquisition of Boston Note Company — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireCommunity Sentiment
0 active · 0 total callsNo personal call yet on HGBL.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Diversified business model across industrial and financial asset sectors.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Financial - Capital Markets industry.
- −Dependence on the availability and volume of surplus and distressed assets.
- −Negative free cash flow may increase the need for outside financing and dilution.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
4 historical score records availablePrevious Score
37
Sep 28, 2026
Change
+0.2
points
Current Score
37
Oct 1, 2026
Category Changes
HGBL increased 0.2 points because overall fundamentals improved.
Projected Score
Projected Score
27
Projected Change
-10.0 points
Preliminary comparable-period financial changes suggest decline of approximately 10.0 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$1.29
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.2M | $51.0M | $45.4M | $60.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $24.6M | $37.2M | $31.1M | $39.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $23.6M | $13.8M | $14.2M | $21.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $19.8M | $7.8M | $7.5M | $7.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $23.5M | $8.2M | $5.1M | $7.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$17.1M | $6.8M | $10.3M | $14.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $173K | $5.6M | $9.1M | $14.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $45K | $0.00 | $93K | $324K | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$17.9M | $5.8M | $9.0M | $14.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | -$3.6M | $2.3M | $3.8M | $1.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$14.3M | $3.6M | $5.2M | $12.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-0.41 | $0.10 | $0.14 | $0.34 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 34.63M | 34.83M | 37.02M | 36.68M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 34.63M | 35.43M | 37.13M | 37.59M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$12.3M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.46
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-13.9%
Cash Change
-33.6%
Margin Change
-141.0 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Debt reduced
What Weakened
- Margins contracted
- Cash position declined
Potential Score Impact
Positive indicators included debt levels. Pressure indicators included revenue growth, EPS growth, cash levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 14.3%. EPS declined 1106.6%. Cash declined 33.6%. Total debt declined 13.9%. Net income margin declined by 141.0 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
4 historical recordsHistorical Score Chart
3 of 4 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Financial - Capital MarketsNews
Heritage Global Partners to Conduct Two Massive Online Auctions of Wren Manufacturing's Pennsylvania Plants
Analyzing Burford Capital (OTCMKTS:BRFRF) and Heritage Global (NASDAQ:HGBL)
Heritage Global Inc. (HGBL) Q2 2026 Earnings Call Transcript
Heritage Global Inc. Reports Second Quarter 2026 Results
Rumor Mill · HGBL
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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