HGBL · Heritage Global Inc.
Heritage Global Inc., together with its subsidiaries, operates as an asset services company with focus on financial and industrial asset transactions in the United States. It operates through three segments: Auction and Liquidation, Refurbishment and Resale, Brokerage, and Specialty Lending. The company offers a suite of market making, acquisitions, refurbishment, dispositions, valuations, and secured lending services. It is also involved in identifying, valuing, acquiring, and monetizing underlying tangible assets. In addition, the company acts as an adviser, as well as a principal, acquiring, or brokering manufacturing facilities; surplus industrial machinery and equipment; industrial inventories; and charged-off receivable portfolios. The company was formerly known as Counsel RB Capital Inc. and changed its name to Heritage Global, Inc. in August 2013. Heritage Global, Inc. was founded in 1937 and is headquartered in San Diego, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.30 |
| SO | 34.6M |
| Options | 3.1M |
| Warrants | 0.0M |
| FD SO | 37.7M |
| MC | $49.0M |
| Cash | $13.2M |
| Total debt | $4.1M |
| EV | $39.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.8x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 37.1% |
| Insiders | 12.4% |
| # Institutions | 44 |
| Analysts | 4 |
| Consensus | — |
| Avg target | $2.62 |
| Short % float | 0.2% |
| Days to cover | 0.24 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-30 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-09-15; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 12.27 | 12.72 | 11.86 | 11.36 |
| Revenue YoY % | (14.3%) | (5.5%) | 10.1% | 9.1% |
| Cost of Revenue | 6.00 | 49.00 | 11.00 | 12.00 |
| Gross Profit | 6.26 | (36.27) | 0.85 | (0.64) |
| Gross Profit YoY % | (25.2%) | (557.0%) | (88.4%) | (108.9%) |
| Gross Margin % | 51.1% | (285.1%) | 7.2% | (5.6%) |
| SG&A | 10.84 | 7.62 | 6.33 | 5.97 |
| Operating Expense | 27.18 | (37.28) | 0.08 | (1.94) |
| Operating Income | (20.91) | 1.01 | 0.78 | 1.30 |
| Operating Income YoY % | (1036.9%) | (28.2%) | (47.8%) | (12.0%) |
| Operating Margin % | (170.5%) | 7.9% | 6.5% | 11.5% |
| EBITDA | (20.67) | 1.18 | 0.89 | 1.42 |
| EBITDA Margin % | (168.5%) | 9.3% | 7.5% | 12.5% |
| Other Income / (Expense) | — | — | — | (1.47) |
| Pretax Income | (20.98) | 0.99 | 0.80 | (0.17) |
| Tax Provision | (5.09) | 0.27 | 0.50 | (0.75) |
| Net Income | (15.89) | 0.72 | 0.30 | 0.58 |
| Net Margin % | (129.5%) | 5.6% | 2.5% | 5.1% |
| Diluted EPS | -$0.46 | $0.02 | $0.01 | $0.02 |
| Basic EPS | -$0.46 | $0.02 | $0.01 | $0.02 |
| Diluted Avg Shares | 34.6 | 35.0 | — | 35.2 |
| Basic Avg Shares | 34.6 | 34.6 | — | 34.5 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 48.20 | 50.98 | 45.36 | 60.55 | 46.91 |
| Revenue YoY % | (5.4%) | 12.4% | (25.1%) | 29.1% | — |
| Cost of Revenue | 78.00 | 37.00 | — | — | — |
| Gross Profit | (29.80) | 13.98 | 33.33 | 40.36 | 32.45 |
| Gross Profit YoY % | (313.2%) | (58.1%) | (17.4%) | 24.4% | — |
| Gross Margin % | (61.8%) | 27.4% | 73.5% | 66.7% | 69.2% |
| SG&A | 30.76 | 24.97 | 24.27 | 26.04 | 21.33 |
| Operating Expense | (11.97) | 8.27 | — | — | — |
| Operating Income | (17.83) | 5.71 | 9.07 | 14.32 | 11.12 |
| Operating Income YoY % | (412.2%) | (37.0%) | (36.7%) | 28.8% | — |
| Operating Margin % | (37.0%) | 11.2% | 20.0% | 23.7% | 23.7% |
| EBITDA | (17.18) | 6.18 | 9.66 | 14.83 | 11.66 |
| EBITDA Margin % | (35.6%) | 12.1% | 21.3% | 24.5% | 24.8% |
| Other Income / (Expense) | (1.52) | — | — | — | — |
| Pretax Income | (19.35) | 5.84 | 8.97 | 13.99 | 11.01 |
| Tax Provision | (5.07) | 2.26 | 3.79 | 1.52 | (4.49) |
| Net Income | (14.29) | 3.59 | 5.18 | 12.47 | 15.49 |
| Net Margin % | (29.6%) | 7.0% | 11.4% | 20.6% | 33.0% |
| Diluted EPS | -$0.41 | $0.10 | $0.14 | $0.33 | $0.42 |
| Basic EPS | -$0.41 | $0.10 | $0.14 | $0.34 | $0.43 |
| Diluted Avg Shares | 34.6 | 35.4 | 37.1 | 37.6 | 37.1 |
| Basic Avg Shares | 34.6 | 34.8 | 36.4 | 36.7 | 36.0 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 13.18 | 11.57 | 20.52 | 19.43 |
| Receivables | 2.51 | 1.73 | 1.86 | 1.84 |
| Inventory | 5.47 | 5.35 | 5.93 | 5.61 |
| Other Current Assets | 1.84 | 5.12 | 5.28 | 4.92 |
| Total Current Assets | 23.00 | 23.76 | 33.59 | 31.80 |
| Net PPE | 12.18 | 12.03 | 10.88 | 9.49 |
| Operating Lease ROU | 1.08 | 1.34 | 1.52 | 1.69 |
| Goodwill | 12.75 | 12.75 | 7.45 | 7.45 |
| Intangible Assets | 5.97 | 6.07 | 3.10 | 3.16 |
| Long-term Investments | 1.24 | 19.44 | 21.06 | 21.33 |
| Other Assets | 14.16 | 9.60 | 10.84 | 11.58 |
| Total Assets | 70.38 | 84.99 | 88.44 | 86.51 |
| Current Lease Liabilities | 0.74 | 0.82 | 0.83 | 0.82 |
| Other Current Liabilities | 12.84 | 11.39 | 14.71 | 13.06 |
| Total Current Liabilities | 13.58 | 12.21 | 15.54 | 13.89 |
| Long-term Debt | 4.10 | 4.10 | — | 4.10 |
| Long-term Lease Liabilities | 0.51 | 0.62 | 0.79 | 0.98 |
| Other Liabilities | — | — | 5.13 | 1.05 |
| Total Liabilities | 18.46 | 17.22 | 21.46 | 20.01 |
| Retained Earnings | (239.43) | (223.54) | (224.26) | (224.56) |
| Total Equity | 51.91 | 67.77 | 66.98 | 66.50 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 13.18 | 20.52 | 21.75 | 12.28 | 12.67 |
| Receivables | 2.51 | 1.86 | 1.56 | 1.91 | 0.99 |
| Inventory | 5.47 | 5.93 | 5.35 | 5.07 | 4.62 |
| Other Current Assets | 1.84 | 5.28 | 4.47 | 7.03 | 5.62 |
| Total Current Assets | 23.00 | 33.59 | 33.13 | 26.29 | 23.89 |
| Net PPE | 12.18 | 10.88 | 1.64 | 1.71 | 1.57 |
| Operating Lease ROU | 1.08 | 1.52 | 2.21 | 2.54 | 2.78 |
| Goodwill | 12.75 | 7.45 | 7.45 | 7.45 | 7.45 |
| Intangible Assets | 5.97 | 3.10 | 3.36 | 3.75 | 4.14 |
| Long-term Investments | 1.24 | 21.06 | 20.89 | 21.36 | 13.97 |
| Other Assets | 14.16 | 10.84 | 12.63 | 20.07 | 13.76 |
| Total Assets | 70.38 | 88.44 | 81.31 | 83.17 | 67.56 |
| Current Lease Liabilities | 0.74 | 0.83 | 0.81 | 0.79 | 0.70 |
| Other Current Liabilities | 12.84 | 14.71 | 13.79 | 13.95 | 15.52 |
| Total Current Liabilities | 13.58 | 15.54 | 14.60 | 14.73 | 16.23 |
| Long-term Debt | 4.10 | — | — | 7.23 | — |
| Long-term Lease Liabilities | 0.51 | 0.79 | 1.51 | 1.86 | 2.16 |
| Other Liabilities | — | 5.13 | — | (1.73) | 0.87 |
| Total Liabilities | 18.46 | 21.46 | 16.11 | 22.09 | 19.26 |
| Retained Earnings | (239.43) | (224.26) | (227.84) | (233.03) | (245.27) |
| Total Equity | 51.91 | 66.98 | 65.20 | 61.08 | 48.30 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (15.89) | 0.72 | 0.30 | 0.58 |
| D&A | 0.24 | 0.17 | 0.12 | 0.12 |
| Stock-Based Comp | 0.17 | 0.21 | 0.19 | 0.20 |
| Δ Working Cap & Other | 17.09 | (3.78) | 0.98 | (0.85) |
| Operating Cash Flow | 1.62 | (2.68) | 1.58 | 0.06 |
| CapEx | (0.21) | (0.56) | (0.61) | (0.29) |
| Other Investing | — | (4.84) | — | — |
| Investing Cash Flow | 0.15 | (5.40) | (0.47) | (0.34) |
| Stock Buyback | (0.13) | (0.14) | 0.00 | 0.00 |
| Other Financing | — | (0.73) | — | — |
| Financing Cash Flow | (0.16) | (0.88) | (0.02) | (0.13) |
| Free Cash Flow | 1.41 | (3.24) | 0.97 | (0.23) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (14.29) | 3.59 | 5.18 | 12.47 | 15.49 |
| D&A | 0.65 | 0.47 | 0.59 | 0.51 | 0.54 |
| Stock-Based Comp | 0.77 | 0.90 | 1.25 | 0.78 | 0.54 |
| Δ Working Cap & Other | 13.44 | 1.18 | 0.72 | (0.74) | (10.09) |
| Operating Cash Flow | 0.58 | 6.14 | 7.75 | 13.02 | 6.48 |
| CapEx | (1.67) | (8.47) | (0.14) | (0.26) | (0.21) |
| Acquisitions | — | — | — | — | 0.00 |
| Other Investing | (4.38) | (0.92) | 11.01 | (15.61) | (7.30) |
| Investing Cash Flow | (6.06) | (9.39) | 10.87 | (15.87) | (7.52) |
| Stock Buyback | (0.28) | (2.63) | (2.20) | (0.40) | (0.40) |
| Other Financing | (0.91) | 4.65 | (6.95) | 2.86 | — |
| Financing Cash Flow | (1.19) | 2.03 | (9.15) | 2.46 | 0.08 |
| Free Cash Flow | (1.09) | (2.33) | 7.61 | 12.76 | 6.27 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.69 | 1.95 | 2.16 | 2.29 |
| Quick Ratio | 1.29 | 1.51 | 1.78 | 1.89 |
| Debt / Equity | 0.08 | 0.06 | — | 0.06 |
| EBITDA Margin % | (168.5%) | 9.3% | 7.5% | 12.5% |
| Working Capital | 9.42 | 11.56 | 18.06 | 17.92 |
| Net Debt | (9.08) | (7.47) | — | (15.33) |
| ROE % | (30.6%) | 1.1% | 0.4% | 0.9% |
| ROA % | (22.6%) | 0.8% | 0.3% | 0.7% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.69 | 2.16 | 2.27 | 1.78 | 1.47 |
| Quick Ratio | 1.29 | 1.78 | 1.90 | 1.44 | 1.19 |
| Debt / Equity | 0.08 | — | — | 0.12 | — |
| EBITDA Margin % | (35.6%) | 12.1% | 21.3% | 24.5% | 24.8% |
| Working Capital | 9.42 | 18.06 | 18.53 | 11.56 | 7.67 |
| Net Debt | (9.08) | — | — | (5.05) | — |
| ROE % | (27.5%) | 5.4% | 7.9% | 20.4% | 32.1% |
| ROA % | (20.3%) | 4.1% | 6.4% | 15.0% | 22.9% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-29 | DOVE ROSS | Director, Officer (CEO) | 2026-09-25 | S | (300,000) | $1.33 | -$399,000 |
| 2026-09-29 | Burnham William L | Director | 2026-09-25 | P | 300,000 | $1.33 | $399,000 |
| 2026-09-02 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2026-09-01 | S | (2,500) | $1.27 | -$3,175 |
| 2026-08-20 | COBB BRIAN J. | Officer (CFO) | 2026-08-20 | P | 20,000 | $1.10 | $22,000 |
| 2026-08-17 | Hounsell Bruce Kenneth | Officer (President, Heritage DebtX LLC) | 2026-08-17 | P | 10,000 | $1.14 | $11,395 |
| 2026-08-17 | Dove Nicholas Kirk | Officer (President, Industrial Assets) | 2026-08-17 | P | 60,000 | $1.10 | $65,940 |
| 2026-05-27 | Dove Nicholas Kirk | Officer (President, Industrial Assets) | 2026-05-21 | P | 26,000 | $1.22 | $31,590 |
| 2026-05-18 | Ludwig Thomas Van | Officer (President, NLEX) | 2026-05-14 | M | 31,875 | $0.70 | $22,312 |
| 2026-05-18 | Ludwig Thomas Van | Officer (President, NLEX) | 2026-05-14 | F | 23,919 | $1.22 | $29,181 |
| 2026-05-18 | Ludwig Thomas Van | Officer (President, NLEX) | 2026-05-14 | M | (31,875) | — | $-0 |
| 2026-05-08 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2026-05-01 | S | (3,734) | $1.33 | -$4,966 |
| 2026-04-02 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2026-04-01 | S | (3,734) | $1.35 | -$5,041 |
| 2026-03-27 | Sharpe Kelly S | Director | 2026-03-05 | A | 20,000 | — | $0 |
| 2026-03-26 | SHIMER SAMUEL L | Director | 2026-03-05 | A | 20,000 | — | $0 |
| 2026-03-26 | Hexner Michael | Director | 2026-03-05 | A | 20,000 | — | $0 |
| 2026-03-26 | Sinsley Barbara A | Director | 2026-03-05 | A | 20,000 | — | $0 |
| 2026-03-26 | Burnham William L | Director | 2026-03-05 | A | 20,000 | — | $0 |
| 2026-03-03 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2026-03-02 | S | (3,734) | $1.30 | -$4,854 |
| 2026-02-03 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2026-02-02 | S | (3,734) | $1.37 | -$5,116 |
| 2026-01-05 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2026-01-02 | S | (3,734) | $1.23 | -$4,593 |
| 2025-12-02 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2025-12-01 | S | (3,734) | $1.31 | -$4,892 |
| 2025-11-04 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2025-11-03 | S | (3,734) | $1.43 | -$5,340 |
| 2025-10-02 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2025-10-01 | S | (7,468) | $1.63 | -$12,173 |
| 2025-03-28 | Ludwig David Van | Director, Officer (President of subsidiary) | 2024-11-19 | S | (10,000) | $1.61 | -$16,100 |
| 2025-03-26 | COBB BRIAN J. | Officer (CFO) | 2025-03-25 | F | (6,408) | $2.11 | -$13,521 |
| 2025-03-26 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2025-03-25 | F | (4,727) | $2.11 | -$9,974 |
| 2025-03-26 | DOVE ROSS | Director, Officer (CEO) | 2025-03-25 | F | (25,094) | $2.11 | -$52,948 |
| 2025-03-12 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-03-11 | S | (7,000) | $1.97 | -$13,790 |
| 2025-03-10 | Sharpe Kelly S | Director | 2025-03-06 | A | 20,000 | — | $0 |
| 2025-03-10 | SHIMER SAMUEL L | Director | 2025-03-06 | A | 20,000 | — | $0 |
| 2025-03-10 | Hexner Michael | Director | 2025-03-06 | A | 20,000 | — | $0 |
| 2025-03-10 | Burnham William L | Director | 2025-03-06 | A | 20,000 | — | $0 |
| 2025-03-10 | Sinsley Barbara A | Director | 2025-03-06 | A | 20,000 | — | $0 |
| 2025-03-10 | Sklar James Edward | Officer (EVP, Gen Counsel & Secretary) | 2025-03-06 | A | 11,848 | — | $0 |
| 2025-03-10 | DOVE ROSS | Director, Officer (CEO) | 2025-03-06 | A | 44,355 | — | $0 |
| 2025-03-10 | COBB BRIAN J. | Officer (CFO) | 2025-03-06 | A | 11,848 | — | $0 |
| 2025-03-07 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-03-06 | S | (10,000) | $2.07 | -$20,700 |
| 2025-03-05 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-03-04 | S | (10,000) | $2.05 | -$20,500 |
| 2025-02-27 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-02-26 | S | (10,000) | $2.02 | -$20,200 |
| 2025-02-20 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-02-19 | S | (10,000) | $2.24 | -$22,400 |
| 2025-02-13 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-02-12 | S | (10,000) | $2.24 | -$22,400 |
| 2025-01-30 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-01-29 | S | (10,000) | $2.13 | -$21,300 |
| 2025-01-16 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-01-15 | S | (10,000) | $2.07 | -$20,700 |
| 2025-01-13 | Ludwig David Van | Director, Officer (President of subsidiary) | 2025-01-08 | S | (10,000) | $1.99 | -$19,900 |
| 2025-01-03 | COBB BRIAN J. | Officer (CFO) | 2025-01-01 | A | 125,000 | — | $0 |
| 2024-12-20 | Ludwig David Van | Director, Officer (President of subsidiary) | 2024-12-18 | S | (10,000) | $1.75 | -$17,500 |
| 2024-12-06 | Ludwig David Van | Director, Officer (President of subsidiary) | 2024-12-05 | S | (10,000) | $1.76 | -$17,600 |
| 2024-12-04 | Ludwig David Van | Director, Officer (President of subsidiary) | 2024-12-03 | S | (10,000) | $1.77 | -$17,700 |
| 2024-11-25 | Ludwig David Van | Director, Officer (President of subsidiary) | 2024-11-21 | S | (10,000) | $1.63 | -$16,300 |
| 2024-11-20 | Ludwig David Van | Director, Officer (President of subsidiary) | 2024-11-19 | S | (10,000) | $1.61 | -$16,100 |