What is Heritage Global's operating income?

Heritage Global's total operating income in 2025 was $5.71 million, based on the following breakdown: Total Gross Profit: $31.03 million Total Operating Expenses: $25.32 million

Heritage Global (HGBL) Financials

$1.25 0.00 (0.00%)

Closing price 07/16/2026 04:00 PM Eastern

Extended Trading

$1.25 0.00 (0.00%)

As of 07/16/2026 04:10 PM Eastern

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Annual Income Statements for Heritage Global

This table shows Heritage Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-10	0.01	-0.25	3.75	3.90	9.66	3.05	15	12	5.18	3.59
Consolidated Net Income / (Loss)	-10	0.01	-0.25	3.75	3.90	9.66	3.05	15	12	5.18	3.59
Net Income / (Loss) Continuing Operations	-10	0.01	-0.25	3.75	3.90	9.66	3.05	15	12	5.18	3.59
Total Pre-Tax Income	-10	0.04	-0.67	4.02	2.99	6.01	2.99	11	14	8.97	5.85
Total Operating Income	-10	0.19	0.36	4.08	3.05	6.06	3.01	11	14	9.07	5.71
Total Gross Profit	11	13	15	20	18	17	18	26	40	31	31
Total Revenue	17	24	20	24	26	26	26	47	61	45	51
Operating Revenue	17	24	20	24	26	26	26	47	61	45	51
Total Cost of Revenue	6.54	11	4.71	4.05	7.74	9.11	7.43	21	21	14	20
Operating Cost of Revenue	6.54	11	4.71	4.05	7.74	9.11	7.43	21	21	14	20
Total Operating Expenses	21	12	15	16	15	11	15	15	25	22	25
Selling, General & Admin Expense	13	12	14	15	16	14	15	21	26	24	25
Depreciation Expense	0.58	0.32	0.31	0.32	0.31	0.36	0.46	0.54	0.51	0.59	0.47
Other Operating Expenses / (Income)	2.46	-	-	-	-1.37	-3.80	0.08	-6.98	-1.06	-2.69	-0.12
Total Other Income / (Expense), net	-0.05	-0.16	-1.03	-0.06	-0.06	-0.05	-0.02	-0.11	-0.32	-0.09	0.13
Interest Expense	0.35	0.06	0.10	0.21	0.06	0.05	0.02	0.11	0.32	0.09	-0.13
Income Tax Expense	0.02	0.02	-0.42	0.27	-0.91	-3.64	-0.06	-4.49	1.52	3.79	2.26
Basic Earnings per Share	($0.37)	$0.00	($0.01)	$0.13	$0.14	$0.32	$0.09	$0.43	$0.34	$0.14	$0.10
Weighted Average Basic Shares Outstanding	28.25M	28.40M	28.47M	28.58M	28.66M	30.20M	35.46M	36.02M	36.68M	36.43M	34.83M
Diluted Earnings per Share	($0.37)	$0.00	($0.01)	$0.13	$0.13	$0.30	$0.08	$0.42	$0.33	$0.14	$0.10
Weighted Average Diluted Shares Outstanding	28.25M	28.43M	28.47M	28.89M	29.27M	32.71M	36.90M	37.10M	37.59M	37.13M	35.43M
Weighted Average Basic & Diluted Shares Outstanding	28.34M	28.47M	28.48M	29.25M	29.35M	35.36M	36.60M	36.93M	37.16M	35.50M	34.74M

This table shows Heritage Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.98	4.89	1.80	2.50	1.09	-0.20	1.06	1.64	2.09	-1.20	0.72
Consolidated Net Income / (Loss)	1.98	4.89	1.80	2.50	1.09	-0.20	1.06	1.64	0.59	0.30	0.72
Net Income / (Loss) Continuing Operations	1.98	4.89	1.80	2.50	1.09	-0.20	1.06	1.64	2.09	-1.20	0.72
Total Pre-Tax Income	2.71	4.46	2.47	3.44	1.50	1.58	1.46	2.25	1.34	0.80	0.99
Total Operating Income	2.77	4.56	2.56	3.54	1.48	1.49	1.40	2.23	1.30	0.78	1.01
Total Gross Profit	9.72	11	8.27	8.30	7.22	7.45	8.01	8.41	7.30	7.31	8.30
Total Revenue	16	15	12	12	10	11	13	14	11	12	13
Operating Revenue	16	15	12	12	10	11	13	14	11	12	13
Total Cost of Revenue	5.84	4.48	3.89	3.72	3.19	3.32	5.45	5.89	4.06	4.55	4.43
Operating Cost of Revenue	5.84	4.48	3.89	3.72	3.19	3.32	5.45	5.89	4.06	4.55	4.43
Total Operating Expenses	6.94	6.26	5.71	4.76	5.74	5.96	6.61	6.18	6.00	6.54	7.29
Selling, General & Admin Expense	6.81	6.49	6.36	6.35	5.69	5.88	6.53	6.14	5.97	6.33	7.62
Depreciation Expense	0.13	0.14	0.14	0.15	0.15	0.15	0.12	0.12	0.12	0.12	0.17
Other Operating Expenses / (Income)	-	-	-0.79	-1.74	-0.10	-0.07	-0.04	-0.08	-0.09	0.09	-0.50
Total Other Income / (Expense), net	-0.06	-0.09	-0.09	-0.11	0.02	0.09	0.06	0.02	0.03	0.03	-0.02
Interest Expense	0.06	0.10	0.09	0.11	-0.02	-0.09	-0.06	-0.02	-0.03	-0.03	0.02
Income Tax Expense	0.74	-0.43	0.67	0.94	0.41	1.78	0.40	0.61	-0.75	2.00	0.27
Basic Earnings per Share	$0.05	$0.13	$0.05	$0.07	$0.03	($0.01)	$0.03	$0.05	$0.02	-	$0.02
Weighted Average Basic Shares Outstanding	36.74M	36.68M	36.59M	36.74M	36.58M	36.43M	35.28M	34.87M	34.55M	34.83M	34.60M
Diluted Earnings per Share	$0.05	$0.13	$0.05	$0.07	$0.03	($0.01)	$0.03	$0.05	$0.02	-	$0.02
Weighted Average Diluted Shares Outstanding	37.65M	37.59M	37.37M	36.82M	37.19M	37.13M	36.06M	35.51M	35.21M	35.43M	34.99M
Weighted Average Basic & Diluted Shares Outstanding	37.15M	37.16M	37.34M	37.34M	37.34M	35.50M	35.28M	34.74M	34.74M	34.74M	34.73M

This table details how cash moves in and out of Heritage Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.83	-0.25	-0.42	2.16	-1.54	21	-9.76	-0.96	-0.39	9.47	-1.23
Net Cash From Operating Activities	-0.84	3.92	1.18	7.47	0.79	9.15	-2.63	6.48	13	7.75	6.14
Net Cash From Continuing Operating Activities	-0.84	3.92	1.18	7.47	0.79	9.15	-2.63	6.48	13	7.75	6.14
Net Income / (Loss) Continuing Operations	-10	0.01	-0.25	3.75	3.90	9.66	3.05	15	12	5.18	3.59
Consolidated Net Income / (Loss)	-10	0.01	-0.25	3.75	3.90	9.66	3.05	15	12	5.18	3.59
Depreciation Expense	0.58	0.32	0.31	0.32	0.31	0.36	0.46	0.54	0.51	0.59	0.47
Amortization Expense	-	-	-	-	0.00	-0.03	0.14	0.28	0.37	0.57	0.68
Non-Cash Adjustments To Reconcile Net Income	9.08	0.26	2.36	0.13	-0.54	-2.85	-1.58	-9.67	2.03	0.08	0.61
Changes in Operating Assets and Liabilities, net	-0.07	3.33	-1.24	3.27	-2.87	2.00	-4.71	-0.16	-2.37	1.32	0.78
Net Cash From Investing Activities	2.69	-0.08	-0.04	-2.85	-1.16	4.51	-10	-7.52	-16	11	-9.39
Net Cash From Continuing Investing Activities	2.69	-0.08	-0.04	-2.85	-1.16	4.51	-10	-7.52	-16	11	-9.39
Purchase of Property, Plant & Equipment	-0.01	-0.10	-0.04	-0.10	-0.12	-0.01	-1.43	-0.22	-0.26	-0.14	-8.47
Acquisitions	-0.14	-	0.00	-2.75	-0.60	-1.43	-6.92	-15	-17	-0.34	-1.58
Divestitures	1.99	-	-	-	-	-	-	-	-	0.00	0.09
Sale and/or Maturity of Investments	0.85	0.02	-	0.00	2.39	7.07	4.23	16	23	17	8.07
Other Investing Activities, net	-	-	-	0.00	-2.83	-1.13	-6.08	-8.44	-21	-5.68	-7.51
Net Cash From Financing Activities	-2.68	-4.09	-1.56	-2.46	-1.18	7.00	3.07	0.08	2.46	-9.15	2.03
Net Cash From Continuing Financing Activities	-2.68	-4.09	-1.56	-2.46	-1.18	7.00	3.07	0.08	2.46	-9.15	2.03
Repayment of Debt	-2.94	-4.37	-1.41	-1.22	-2.43	-6.06	-1.42	-2.43	-10	-6.83	-0.42
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-0.40	-0.40	-2.20	-2.63
Issuance of Debt	0.78	1.10	0.75	1.30	1.25	5.63	5.25	2.88	13	0.00	5.15
Issuance of Common Equity	-	-	-	-	0.00	7.61	0.22	0.07	0.04	0.00	0.00
Other Financing Activities, net	-0.51	-0.81	-0.90	-2.54	0.00	-0.17	-0.99	-0.04	-0.12	-0.12	-0.08
Cash Interest Paid	0.18	0.19	0.00	0.25	0.07	0.04	0.02	0.10	0.41	0.09	0.04
Cash Income Taxes Paid	0.08	0.03	0.02	0.06	0.29	0.14	0.12	0.30	0.85	0.64	0.70

This table details how cash moves in and out of Heritage Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	0.54	-3.30	3.30	9.01	1.99	-4.82	-2.96	1.06	-0.41	1.09	-8.96
Net Cash From Operating Activities	5.91	0.45	1.68	6.05	5.52	-5.51	2.62	1.88	0.06	1.58	-2.68
Net Cash From Continuing Operating Activities	5.91	0.45	1.68	6.05	5.52	-5.51	2.62	1.88	0.06	1.58	-2.68
Net Income / (Loss) Continuing Operations	1.98	4.89	1.80	2.50	1.09	-0.20	1.06	1.64	0.59	0.30	0.72
Consolidated Net Income / (Loss)	1.98	4.89	1.80	2.50	1.09	-0.20	1.06	1.64	0.59	0.30	0.72
Depreciation Expense	0.13	0.14	0.14	0.15	0.15	0.15	0.12	0.12	0.12	0.12	0.17
Amortization Expense	0.04	0.29	0.17	0.11	0.13	0.16	0.15	0.18	0.18	0.18	0.18
Non-Cash Adjustments To Reconcile Net Income	3.29	-6.41	1.28	1.94	2.88	-6.02	1.38	-0.30	-1.22	0.75	-2.27
Changes in Operating Assets and Liabilities, net	0.48	1.53	-1.71	1.36	1.27	0.40	-0.10	0.25	0.40	0.24	-1.48
Net Cash From Investing Activities	-6.55	-1.33	2.12	3.39	3.37	1.99	-9.48	0.90	-0.34	-0.47	-5.40
Net Cash From Continuing Investing Activities	-6.55	-1.33	2.12	3.39	3.37	1.99	-9.48	0.90	-0.34	-0.47	-5.40
Purchase of Property, Plant & Equipment	-0.02	-0.02	-0.02	-0.08	-0.04	-0.00	-7.41	-0.16	-0.29	-0.61	-0.56
Acquisitions	-2.22	-11	-0.19	-0.15	-	-	-1.58	-	-	-	-8.46
Divestitures	-	-	0.00	-	-	-	0.00	-	-	0.05	0.61
Sale and/or Maturity of Investments	4.62	12	4.59	5.88	3.94	2.62	2.43	2.76	1.29	1.59	4.06
Other Investing Activities, net	-8.94	-2.19	-2.26	-2.26	-0.53	-0.63	-2.92	-1.70	-1.38	-1.50	-1.05
Net Cash From Financing Activities	1.18	-2.42	-0.50	-0.44	-6.91	-1.31	3.90	-1.72	-0.13	-0.02	-0.88
Net Cash From Continuing Financing Activities	1.18	-2.42	-0.50	-0.44	-6.91	-1.31	3.90	-1.72	-0.13	-0.02	-0.88
Repayment of Debt	-0.42	-2.02	-0.42	-0.43	-5.85	-0.13	-0.13	-0.13	-0.13	-0.02	-1.73
Repurchase of Common Equity	-	-0.40	0.00	-	-1.06	-1.14	-1.04	-1.59	-	-	-0.14
Issuance of Debt	1.60	-	0.00	-	-	-	5.15	-	-	-	1.00
Other Financing Activities, net	-0.00	-0.00	-0.08	-0.01	-	-0.04	-0.08	-0.00	-	-	0.00
Cash Interest Paid	0.08	0.09	0.09	0.11	0.13	-0.24	0.00	-0.03	0.02	0.01	0.02

This table presents Heritage Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	19	15	13	21	22	45	50	68	83	81	88
Total Current Assets	4.26	4.43	3.02	7.68	6.77	27	23	24	26	33	34
Cash & Equivalents	2.78	2.53	2.11	4.27	2.73	23	14	13	12	22	21
Note & Lease Receivable	0.64	1.25	-	-	1.30	1.34	2.25	4.51	6.58	3.42	4.53
Accounts Receivable	-	-	0.38	0.40	1.86	1.50	2.73	0.99	1.91	1.56	1.86
Inventories, net	0.40	0.26	0.17	2.41	0.10	0.24	3.22	4.62	5.07	5.35	5.93
Prepaid Expenses	0.45	0.39	0.36	0.61	0.78	0.50	1.46	1.11	0.45	1.06	0.76
Plant, Property, & Equipment, net	0.11	0.16	0.15	0.18	0.22	0.13	1.47	1.57	1.71	1.64	11
Total Noncurrent Assets	14	11	10	13	15	17	26	42	55	47	44
Long-Term Investments	-	-	0.01	2.77	2.52	2.40	4.68	14	21	21	21
Noncurrent Note & Lease Receivables	-	-	-	-	1.37	0.75	1.78	4.25	11	6.56	4.89
Goodwill	6.16	6.16	6.16	6.16	5.59	5.59	7.45	7.45	7.45	7.45	7.45
Intangible Assets	4.38	4.12	3.88	3.63	3.39	3.12	4.57	4.14	3.75	3.36	3.10
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	0.37	4.40	4.49	9.45	9.12	6.01	4.40
Other Noncurrent Operating Assets	3.89	0.28	0.24	0.22	1.70	1.21	2.74	2.84	2.61	2.27	3.06
Total Liabilities & Shareholders' Equity	19	15	13	21	22	45	50	68	83	81	88
Total Liabilities	15	12	9.96	13	10	15	18	19	22	16	21
Total Current Liabilities	9.36	8.57	8.66	10	9.13	14	14	16	15	15	16
Short-Term Debt	0.87	0.96	3.13	1.18	0.44	0.00	2.48	3.41	1.73	0.40	0.00
Accounts Payable	8.36	7.41	5.40	8.10	8.11	14	4.79	8.92	7.24	5.43	6.49
Other Current Liabilities	0.13	0.20	0.13	0.89	0.58	0.38	6.95	3.89	5.76	8.77	9.05
Total Noncurrent Liabilities	6.05	3.08	1.30	2.86	0.94	0.62	3.60	3.04	7.35	1.51	5.92
Long-Term Debt	2.50	0.00	0.79	0.44	-	0.00	1.35	0.87	5.50	0.00	4.10
Other Noncurrent Operating Liabilities	2.59	1.77	-	1.84	0.94	0.62	2.25	2.16	1.86	1.51	1.82
Total Equity & Noncontrolling Interests	3.39	3.49	3.49	7.60	12	30	33	48	61	65	67
Total Preferred & Common Equity	3.39	3.49	3.49	7.60	12	30	33	48	61	65	67
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	3.39	3.49	3.48	7.59	12	30	33	48	61	65	67
Common Stock	284	284	285	285	285	294	293	294	295	296	297
Retained Earnings	-281	-281	-281	-277	-273	-264	-261	-245	-233	-228	-224
Treasury Stock	-	-	-	-	-	-	0.00	-0.40	-0.79	-2.99	-5.62

This table presents Heritage Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	84	84	90	89	87	88	87	85
Total Current Assets	34	29	36	37	29	32	32	24
Cash & Equivalents	16	16	25	27	19	20	19	12
Note & Lease Receivable	10	6.51	5.07	3.96	3.42	3.63	4.16	4.37
Accounts Receivable	2.89	1.56	1.05	0.88	1.66	2.17	1.84	1.73
Inventories, net	4.45	4.74	4.29	4.72	5.08	5.63	5.61	5.35
Prepaid Expenses	0.68	0.49	0.95	0.83	0.54	0.84	0.76	0.76
Plant, Property, & Equipment, net	1.73	1.68	1.71	1.69	9.05	9.13	9.49	12
Total Noncurrent Assets	49	53	52	50	48	46	45	49
Long-Term Investments	16	20	22	21	22	21	21	19
Noncurrent Note & Lease Receivables	10	11	8.53	7.34	6.31	5.54	5.16	4.18
Goodwill	7.45	7.45	7.45	7.45	7.45	7.45	7.45	13
Intangible Assets	3.85	3.66	3.56	3.46	3.30	3.23	3.16	6.07
Noncurrent Deferred & Refundable Income Taxes	8.36	8.64	8.16	7.74	5.72	5.45	4.83	4.49
Other Noncurrent Operating Assets	2.77	2.44	2.28	2.45	3.68	3.50	3.29	2.27
Total Liabilities & Shareholders' Equity	84	84	90	89	87	88	87	85
Total Liabilities	28	21	24	22	21	22	20	17
Total Current Liabilities	20	14	18	21	15	16	14	12
Short-Term Debt	3.30	1.77	1.80	0.53	0.27	0.13	0.00	0.00
Accounts Payable	5.81	4.56	5.11	6.27	5.12	6.60	6.25	5.17
Other Current Liabilities	11	7.60	11	14	9.38	8.94	7.64	7.03
Total Noncurrent Liabilities	7.96	6.75	6.16	1.68	6.49	6.31	6.13	5.01
Long-Term Debt	5.94	5.04	4.58	0.00	4.10	4.10	4.10	4.10
Other Noncurrent Operating Liabilities	2.02	1.71	1.58	1.68	2.39	2.21	2.03	0.91
Total Equity & Noncontrolling Interests	56	63	66	66	65	66	66	68
Total Preferred & Common Equity	56	63	66	66	65	66	66	68
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	56	63	66	66	65	66	66	68
Common Stock	295	295	295	296	296	296	297	297
Retained Earnings	-238	-231	-229	-228	-227	-225	-225	-224
Treasury Stock	-0.40	-0.79	-0.79	-1.85	-4.03	-5.62	-5.62	-5.76

This table displays calculated financial ratios and metrics derived from Heritage Global's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	28,467,648.00	28,507,648.00	28,480,148.00	29,253,278.00	29,253,278.00	35,193,248.00	36,574,702.00	36,932,177.00	37,151,924.00	37,341,185.00	34,741,553.00
DEI Adjusted Shares Outstanding	28,467,648.00	28,507,648.00	28,480,148.00	29,253,278.00	29,253,278.00	35,193,248.00	36,574,702.00	36,932,177.00	37,151,924.00	37,341,185.00	34,741,553.00
DEI Earnings Per Adjusted Shares Outstanding	-0.37	0.00	-0.01	0.13	0.13	0.27	0.08	0.42	0.34	0.14	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.78%	36.73%	-15.54%	17.56%	10.58%	0.06%	-1.49%	81.89%	29.06%	-25.08%	12.38%
EBITDA Growth	-639.63%	104.37%	-163.04%	1,844.83%	-26.33%	90.49%	-43.44%	230.15%	27.37%	-32.75%	-32.85%
EBIT Growth	-444.21%	100.97%	-685.71%	837.80%	-27.98%	98.66%	-50.26%	268.94%	28.77%	-36.69%	-37.01%
NOPAT Growth	-444.95%	101.05%	235.26%	1,393.00%	4.69%	144.32%	-68.39%	408.94%	-18.45%	-58.98%	-33.06%
Net Income Growth	60.70%	100.13%	-1,878.57%	1,606.43%	3.95%	147.70%	-68.39%	407.47%	-19.48%	-58.46%	-30.78%
EPS Growth	60.64%	100.00%	0.00%	1,400.00%	0.00%	130.77%	-73.33%	425.00%	-21.43%	-57.58%	-28.57%
Operating Cash Flow Growth	-234.62%	568.66%	-69.83%	531.98%	-89.37%	1,052.14%	-128.76%	346.41%	100.85%	-40.52%	-20.76%
Free Cash Flow Firm Growth	-93.68%	36.45%	-254.24%	350.77%	-112.71%	1,537.75%	-186.67%	172.04%	-48.75%	319.85%	-117.94%
Invested Capital Growth	-68.24%	-42.92%	132.34%	-58.70%	222.83%	-40.97%	337.08%	42.81%	33.64%	-33.79%	28.52%
Revenue Q/Q Growth	-17.21%	1.73%	-1.43%	241.57%	-32.03%	9.93%	9.70%	-1.66%	2.46%	-9.06%	2.18%
EBITDA Q/Q Growth	-104.71%	109.11%	-305.51%	34.06%	-24.25%	137.14%	-31.97%	17.84%	11.37%	-23.80%	-9.60%
EBIT Q/Q Growth	-88.65%	102.01%	-215.38%	37.59%	-26.02%	165.28%	-39.49%	19.12%	10.91%	-25.30%	-11.06%
NOPAT Q/Q Growth	-103.62%	101.74%	-73.45%	7.95%	4.96%	143.45%	-63.44%	138.23%	-28.66%	-50.23%	-21.17%
Net Income Q/Q Growth	-104.82%	100.27%	-55.63%	26.94%	4.53%	146.50%	-63.70%	138.98%	-28.94%	-49.57%	16.35%
EPS Q/Q Growth	-117.65%	100.00%	0.00%	18.18%	8.33%	130.77%	-68.00%	147.06%	-29.79%	-50.00%	11.11%
Operating Cash Flow Q/Q Growth	43.59%	-1.90%	-33.41%	101.08%	-80.84%	258.32%	-218.73%	59.44%	-21.02%	-43.47%	744.64%
Free Cash Flow Firm Q/Q Growth	136.50%	-49.56%	-775.30%	467.77%	-117.10%	1,381.11%	-445.77%	-19.45%	281.21%	-34.35%	54.93%
Invested Capital Q/Q Growth	-59.53%	17.10%	111.83%	-54.57%	103.32%	-37.11%	6.71%	87.77%	2.17%	23.19%	-1.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.50%	52.51%	76.59%	82.89%	70.43%	65.21%	71.20%	55.43%	65.76%	68.86%	60.87%
EBITDA Margin	-54.40%	1.74%	-1.30%	19.24%	12.82%	24.41%	14.02%	25.44%	25.11%	22.54%	13.47%
Operating Margin	-59.40%	0.80%	1.81%	17.23%	11.66%	23.14%	11.69%	23.70%	23.65%	19.99%	11.20%
EBIT Margin	-57.70%	0.41%	-2.85%	17.90%	11.66%	23.14%	11.69%	23.70%	23.65%	19.99%	11.20%
Profit (Net Income) Margin	-59.78%	0.06%	-1.24%	15.85%	14.90%	36.89%	11.84%	33.02%	20.60%	11.42%	7.04%
Tax Burden Percent	100.14%	40.00%	37.22%	93.29%	130.58%	160.59%	102.04%	140.76%	89.14%	57.75%	61.37%
Interest Burden Percent	103.47%	35.71%	116.55%	94.95%	97.90%	99.26%	99.27%	98.98%	97.74%	98.97%	102.35%
Effective Tax Rate	0.00%	60.00%	0.00%	6.71%	-30.58%	-60.59%	-2.04%	-40.76%	10.86%	42.25%	38.63%
Return on Invested Capital (ROIC)	-87.75%	2.43%	6.75%	101.96%	86.37%	173.80%	27.56%	70.97%	42.12%	18.17%	13.36%
ROIC Less NNEP Spread (ROIC-NNEP)	1,720.35%	22.02%	-169.41%	104.89%	88.01%	174.27%	27.67%	71.84%	43.30%	18.33%	13.16%
Return on Net Nonoperating Assets (RNNOA)	-35.79%	-2.02%	-13.88%	-34.30%	-46.27%	-127.58%	-17.80%	-32.69%	-19.31%	-9.97%	-7.94%
Return on Equity (ROE)	-123.54%	0.41%	-7.13%	67.66%	40.10%	46.22%	9.76%	38.28%	22.81%	8.21%	5.43%
Cash Return on Invested Capital (CROIC)	15.84%	57.07%	-72.89%	185.05%	-19.03%	225.33%	-97.97%	35.71%	13.32%	58.83%	-11.60%
Operating Return on Assets (OROA)	-39.69%	0.58%	-4.01%	24.85%	14.34%	18.23%	6.34%	18.84%	19.00%	11.02%	6.73%
Return on Assets (ROA)	-41.13%	0.08%	-1.74%	22.01%	18.33%	29.06%	6.43%	26.25%	16.55%	6.30%	4.23%
Return on Common Equity (ROCE)	-123.45%	0.41%	-7.12%	67.59%	40.07%	46.21%	9.75%	38.28%	22.81%	8.21%	5.43%
Return on Equity Simple (ROE_SIMPLE)	-307.04%	0.40%	-7.14%	49.36%	32.91%	32.25%	9.35%	32.08%	20.42%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.25	0.08	0.25	3.80	3.98	9.73	3.08	16	13	5.24	3.50
NOPAT Margin	-41.58%	0.32%	1.27%	16.08%	15.22%	37.16%	11.92%	33.36%	21.08%	11.54%	6.88%
Net Nonoperating Expense Percent (NNEP)	-1,808.09%	-19.59%	176.15%	-2.93%	-1.63%	-0.47%	-0.11%	-0.86%	-1.18%	-0.16%	0.21%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	18.69%	7.98%	4.93%
Cost of Revenue to Revenue	37.50%	47.49%	23.41%	17.11%	29.57%	34.79%	28.80%	44.57%	34.24%	31.14%	39.13%
SG&A Expenses to Revenue	73.28%	50.39%	67.55%	64.31%	60.66%	55.18%	57.42%	45.46%	43.01%	53.50%	48.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	121.90%	51.71%	74.78%	65.66%	58.77%	42.07%	59.51%	31.73%	42.11%	48.87%	49.67%
Earnings before Interest and Taxes (EBIT)	-10	0.10	-0.57	4.24	3.05	6.06	3.01	11	14	9.07	5.71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-9.48	0.41	-0.26	4.55	3.36	6.39	3.62	12	15	10	6.87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.70	3.59	3.60	1.77	2.42	3.13	2.10	1.80	1.69	1.06	0.64
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	9.99	4.41	3.32	2.36	2.07	1.27	0.76
Price to Revenue (P/Rev)	0.72	0.53	0.62	0.57	1.09	3.58	2.65	1.85	1.71	1.52	0.85
Price to Earnings (P/E)	0.00	895.55	0.00	3.59	7.34	9.69	22.40	5.60	8.28	13.33	12.01
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.11%	0.00%	27.88%	13.63%	10.32%	4.46%	17.85%	12.08%	7.50%	8.33%
Enterprise Value to Invested Capital (EV/IC)	3.29	4.83	2.71	3.69	3.38	16.32	2.97	2.48	2.22	1.17	0.19
Enterprise Value to Revenue (EV/Rev)	0.75	0.46	0.71	0.34	0.91	2.59	2.09	1.37	1.27	0.59	0.11
Enterprise Value to EBITDA (EV/EBITDA)	0.00	26.51	0.00	1.77	7.10	10.61	14.92	5.40	5.06	2.63	0.82
Enterprise Value to EBIT (EV/EBIT)	0.00	111.99	0.00	1.90	7.81	11.20	17.89	5.79	5.37	2.96	0.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	144.40	56.22	2.11	5.98	6.97	17.53	4.12	6.02	5.13	1.60
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.80	12.12	1.08	29.99	7.42	0.00	9.94	5.90	3.47	0.91
Enterprise Value to Free Cash Flow (EV/FCFF)	10.02	6.15	0.00	1.17	0.00	5.38	0.00	8.18	19.04	1.58	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	0.28	1.12	0.21	0.04	0.00	0.12	0.09	0.12	0.01	0.06
Long-Term Debt to Equity	0.74	0.00	0.23	0.06	0.00	0.00	0.04	0.02	0.09	0.00	0.06
Financial Leverage	-0.02	-0.09	0.08	-0.33	-0.53	-0.73	-0.64	-0.46	-0.45	-0.54	-0.60
Leverage Ratio	3.00	4.93	4.10	3.07	2.19	1.59	1.52	1.46	1.38	1.30	1.28
Compound Leverage Factor	3.11	1.76	4.77	2.92	2.14	1.58	1.51	1.44	1.35	1.29	1.31
Debt to Total Capital	49.79%	21.57%	52.89%	17.53%	3.57%	0.00%	10.50%	8.14%	10.58%	0.60%	5.77%
Short-Term Debt to Total Capital	12.80%	21.57%	42.27%	12.78%	3.57%	0.00%	6.80%	6.49%	2.54%	0.60%	0.00%
Long-Term Debt to Total Capital	36.99%	0.00%	10.62%	4.75%	0.00%	0.00%	3.71%	1.66%	8.04%	0.00%	5.77%
Preferred Equity to Total Capital	0.09%	0.13%	0.08%	0.07%	0.05%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.13%	78.29%	47.03%	82.40%	96.39%	99.98%	89.48%	91.85%	89.41%	99.39%	94.22%
Debt to EBITDA	-0.35	2.32	-15.00	0.35	0.13	0.00	1.06	0.36	0.48	0.04	0.60
Net Debt to EBITDA	-0.06	-3.79	-6.87	-1.19	-1.43	0.00	-4.00	-1.87	-1.74	-4.13	-5.46
Long-Term Debt to EBITDA	-0.26	0.00	-3.01	0.10	0.00	0.00	0.37	0.07	0.36	0.00	0.60
Debt to NOPAT	-0.46	12.64	15.37	0.42	0.11	0.00	1.25	0.27	0.57	0.08	1.17
Net Debt to NOPAT	-0.08	-20.64	7.04	-1.42	-1.21	0.00	-4.71	-1.43	-2.07	-8.07	-10.69
Long-Term Debt to NOPAT	-0.34	0.00	3.08	0.12	0.00	0.00	0.44	0.06	0.43	0.00	1.17
Altman Z-Score	-21.59	-24.05	-27.66	-16.52	-14.24	-3.06	-4.01	-1.01	0.35	-0.15	-1.31
Noncontrolling Interest Sharing Ratio	0.07%	0.17%	0.17%	0.11%	0.06%	0.03%	0.02%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.46	0.52	0.35	0.76	0.74	1.93	1.64	1.47	1.78	2.27	2.16
Quick Ratio	0.37	0.44	0.29	0.46	0.64	1.87	1.31	1.12	1.41	1.83	1.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.31	1.79	-2.75	6.90	-0.88	13	-11	7.88	4.04	17	-3.04
Operating Cash Flow to CapEx	-9,288.89%	3,957.58%	2,686.36%	7,545.45%	684.48%	130,685.71%	-184.63%	3,015.35%	5,066.54%	5,653.28%	72.46%
Free Cash Flow to Firm to Interest Expense	3.75	28.33	-28.98	32.26	-13.71	280.34	-496.98	69.70	12.46	182.24	0.00
Operating Cash Flow to Interest Expense	-2.40	62.19	12.44	34.91	12.41	203.29	-119.59	57.37	40.19	83.28	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.42	60.62	11.98	34.44	10.59	203.13	-184.36	55.47	39.40	81.81	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	1.40	1.41	1.39	1.23	0.79	0.54	0.80	0.80	0.55	0.60
Accounts Receivable Turnover	0.00	0.00	0.00	60.37	23.17	15.61	12.20	25.22	41.78	26.15	29.85
Inventory Turnover	24.48	34.40	21.77	3.14	6.17	53.74	4.30	5.33	4.28	2.71	3.54
Fixed Asset Turnover	134.08	179.20	133.75	147.90	132.16	149.19	32.22	30.84	36.96	27.10	8.14
Accounts Payable Turnover	0.70	1.44	0.74	0.60	0.95	0.84	0.81	3.05	2.57	2.23	3.35
Days Sales Outstanding (DSO)	0.00	0.00	0.00	6.05	15.75	23.38	29.92	14.47	8.74	13.96	12.23
Days Inventory Outstanding (DIO)	14.91	10.61	16.77	116.09	59.17	6.79	84.89	68.42	85.33	134.65	103.20
Days Payable Outstanding (DPO)	518.44	254.29	496.08	608.72	382.36	435.20	452.12	119.72	142.27	163.64	109.03
Cash Conversion Cycle (CCC)	-503.53	-243.68	-479.31	-486.59	-307.43	-405.03	-337.32	-36.83	-48.20	-15.03	6.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3.98	2.27	5.28	2.18	7.04	4.16	18	26	35	23	30
Invested Capital Turnover	2.11	7.62	5.33	6.34	5.68	4.68	2.31	2.13	2.00	1.57	1.94
Increase / (Decrease) in Invested Capital	-8.56	-1.71	3.01	-3.10	4.86	-2.89	14	7.78	8.73	-12	6.55
Enterprise Value (EV)	13	11	14	8.04	24	68	54	64	77	27	5.60
Market Capitalization	13	13	13	13	29	94	68	87	103	69	43
Book Value per Share	$0.12	$0.12	$0.12	$0.26	$0.40	$0.85	$0.89	$1.31	$1.64	$1.75	$1.93
Tangible Book Value per Share	($0.25)	($0.24)	($0.23)	($0.07)	$0.10	$0.60	$0.56	$0.99	$1.34	$1.46	$1.62
Total Capital	6.76	4.46	7.40	9.22	12	30	36	53	68	66	71
Total Debt	3.37	0.96	3.92	1.62	0.44	0.00	3.83	4.28	7.23	0.40	4.10
Total Long-Term Debt	2.50	0.00	0.79	0.44	0.00	0.00	1.35	0.87	5.50	0.00	4.10
Net Debt	0.59	-1.57	1.79	-5.42	-4.81	-26	-14	-22	-26	-42	-37
Capital Expenditures (CapEx)	0.01	0.10	0.04	0.10	0.12	0.01	1.43	0.22	0.26	0.14	8.47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7.00	-5.71	-4.62	-5.58	-4.65	-10	-2.08	-1.59	1.01	-2.82	-2.47
Debt-free Net Working Capital (DFNWC)	-4.23	-3.18	-2.51	-1.31	-1.92	13	12	11	13	19	18
Net Working Capital (NWC)	-5.09	-4.14	-5.64	-2.49	-2.36	13	9.06	7.67	12	19	18
Net Nonoperating Expense (NNE)	3.17	0.06	0.50	0.05	0.08	0.07	0.02	0.16	0.29	0.05	-0.08
Net Nonoperating Obligations (NNO)	0.59	-1.22	1.79	-5.42	-4.81	-26	-14	-22	-26	-42	-37
Total Depreciation and Amortization (D&A)	0.58	0.32	0.31	0.32	0.31	0.33	0.60	0.82	0.88	1.16	1.15
Debt-free, Cash-free Net Working Capital to Revenue	-40.18%	-23.94%	-22.97%	-23.58%	-17.76%	-39.80%	-8.08%	-3.39%	1.67%	-6.23%	-4.84%
Debt-free Net Working Capital to Revenue	-24.25%	-13.33%	-12.49%	-5.55%	-7.34%	49.51%	44.74%	23.61%	21.95%	41.72%	35.42%
Net Working Capital to Revenue	-29.21%	-17.36%	-28.04%	-10.53%	-9.01%	49.51%	35.13%	16.34%	19.09%	40.85%	35.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.37)	$0.00	($0.01)	$0.13	$0.14	$0.32	$0.09	$0.00	$0.34	$0.14	$0.10
Adjusted Weighted Average Basic Shares Outstanding	28.47M	28.40M	28.47M	28.58M	28.66M	30.20M	35.46M	0.00	36.68M	36.43M	34.83M
Adjusted Diluted Earnings per Share	($0.37)	$0.00	($0.01)	$0.13	$0.13	$0.30	$0.08	$0.00	$0.33	$0.14	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	28.47M	28.43M	28.47M	28.89M	29.27M	32.71M	36.90M	0.00	37.59M	37.13M	35.43M
Adjusted Basic & Diluted Earnings per Share	($0.37)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.34M	28.47M	28.48M	29.25M	29.35M	35.36M	36.60M	0.00	37.16M	35.50M	34.74M
Normalized Net Operating Profit after Tax (NOPAT)	-3.44	0.13	1.05	3.80	2.54	4.24	2.11	7.78	13	5.24	3.50
Normalized NOPAT Margin	-19.75%	0.56%	5.24%	16.08%	9.69%	16.20%	8.18%	16.59%	21.08%	11.54%	6.88%
Pre Tax Income Margin	-59.70%	0.15%	-3.32%	16.99%	11.41%	22.97%	11.60%	23.46%	23.12%	19.78%	11.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-28.82	1.56	-6.04	19.79	47.66	134.64	137.00	98.41	44.19	97.48	0.00
NOPAT to Interest Expense	-20.77	1.21	2.68	17.78	62.23	216.23	139.79	138.51	39.39	56.30	0.00
EBIT Less CapEx to Interest Expense	-28.84	-0.02	-6.51	19.33	45.84	134.49	72.23	96.50	43.40	96.01	0.00
NOPAT Less CapEx to Interest Expense	-20.79	-0.37	2.22	17.31	60.42	216.07	75.02	136.61	38.60	54.82	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.55%	3.21%	42.42%	73.24%

This table displays calculated financial ratios and metrics derived from Heritage Global's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	37,145,151.00	37,151,924.00	37,157,616.00	37,341,185.00	37,341,185.00	37,341,185.00	35,495,057.00	35,275,204.00	34,741,553.00	34,741,553.00	34,741,553.00
DEI Adjusted Shares Outstanding	37,145,151.00	37,151,924.00	37,157,616.00	37,341,185.00	37,341,185.00	37,341,185.00	35,495,057.00	35,275,204.00	34,741,553.00	34,741,553.00	34,741,553.00
DEI Earnings Per Adjusted Shares Outstanding	0.05	0.13	0.05	0.07	0.03	-0.01	0.03	0.05	0.06	-0.03	0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.83%	10.51%	-26.79%	-8.21%	-33.06%	-29.55%	10.67%	18.97%	9.13%	10.11%	-5.45%
EBITDA Growth	-18.91%	45.16%	-29.25%	17.84%	-40.07%	-64.00%	-41.52%	-33.62%	-9.20%	-40.59%	-18.99%
EBIT Growth	-20.29%	44.74%	-34.31%	14.29%	-46.59%	-67.40%	-45.15%	-37.02%	-12.04%	-47.81%	-28.15%
NOPAT Growth	-12.80%	-50.13%	-35.19%	-10.34%	-46.64%	-103.83%	-45.17%	-36.95%	88.73%	-506.10%	-28.50%
Net Income Growth	-14.04%	-50.95%	-36.41%	-10.15%	-44.92%	-104.15%	-40.86%	-34.44%	-46.28%	248.28%	-32.61%
EPS Growth	-16.67%	-51.85%	-37.50%	0.00%	-40.00%	-107.69%	-40.00%	-28.57%	-33.33%	0.00%	-33.33%
Operating Cash Flow Growth	307.16%	-88.60%	-81.26%	365.29%	-6.56%	-1,335.20%	56.15%	-68.96%	-98.90%	128.68%	-202.37%
Free Cash Flow Firm Growth	-427.78%	-265.84%	51.54%	163.73%	190.47%	409.03%	222.06%	-122.23%	-155.95%	-166.88%	-289.79%
Invested Capital Growth	145.62%	33.64%	23.81%	-19.90%	-45.09%	-33.79%	-13.76%	14.23%	60.07%	28.52%	39.40%
Revenue Q/Q Growth	18.73%	-1.72%	-20.43%	-1.13%	-13.42%	3.43%	25.00%	6.28%	-20.58%	4.36%	7.34%
EBITDA Q/Q Growth	-9.01%	69.87%	-42.59%	32.82%	-53.73%	2.05%	-6.74%	50.75%	-36.71%	-33.23%	27.18%
EBIT Q/Q Growth	-10.71%	64.50%	-43.84%	38.55%	-58.27%	0.41%	-5.52%	59.09%	-41.71%	-40.43%	30.06%
NOPAT Q/Q Growth	-29.76%	147.73%	-62.67%	38.01%	-58.20%	-117.78%	634.57%	58.71%	25.12%	-157.09%	163.06%
Net Income Q/Q Growth	-28.86%	147.34%	-63.21%	38.80%	-56.39%	-118.64%	624.14%	53.85%	-64.26%	-48.55%	138.21%
EPS Q/Q Growth	-28.57%	160.00%	-61.54%	40.00%	-57.14%	-133.33%	400.00%	66.67%	-60.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	359.07%	-92.46%	275.78%	261.22%	-8.75%	-199.73%	147.50%	-28.20%	-96.75%	2,490.16%	-269.56%
Free Cash Flow Firm Q/Q Growth	-30.43%	79.40%	-25.25%	289.39%	85.15%	-29.64%	-50.53%	-134.49%	-366.00%	15.89%	-40.39%
Invested Capital Q/Q Growth	7.74%	2.17%	-1.96%	-25.78%	-26.13%	23.19%	27.69%	-1.69%	3.51%	-1.10%	38.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.47%	70.70%	68.00%	69.05%	69.33%	69.16%	59.52%	58.80%	64.26%	61.66%	65.21%
EBITDA Margin	18.89%	32.64%	23.55%	31.64%	16.91%	16.68%	12.45%	17.65%	14.07%	9.00%	10.66%
Operating Margin	17.81%	29.80%	21.03%	29.48%	14.21%	13.79%	10.42%	15.60%	11.45%	6.54%	7.92%
EBIT Margin	17.81%	29.80%	21.03%	29.48%	14.21%	13.79%	10.42%	15.60%	11.45%	6.54%	7.92%
Profit (Net Income) Margin	12.71%	31.99%	14.79%	20.77%	10.46%	-1.89%	7.91%	11.44%	5.15%	2.54%	5.63%
Tax Burden Percent	72.87%	109.74%	72.95%	72.67%	72.79%	-12.89%	72.93%	72.76%	43.82%	37.58%	72.57%
Interest Burden Percent	97.98%	97.83%	96.40%	96.95%	101.15%	106.06%	103.99%	100.81%	102.61%	103.35%	98.02%
Effective Tax Rate	27.13%	-9.74%	27.05%	27.33%	27.21%	112.89%	27.07%	27.24%	-56.18%	249.69%	27.43%
Return on Invested Capital (ROIC)	32.12%	65.34%	28.02%	41.56%	19.63%	-2.80%	11.21%	20.56%	36.83%	-19.02%	8.23%
ROIC Less NNEP Spread (ROIC-NNEP)	32.29%	65.79%	28.27%	41.80%	19.59%	-2.77%	11.08%	20.53%	40.27%	-22.68%	8.28%
Return on Net Nonoperating Assets (RNNOA)	-16.00%	-29.33%	-13.07%	-22.05%	-11.19%	1.50%	-5.62%	-12.09%	-25.55%	13.68%	-3.92%
Return on Equity (ROE)	16.11%	36.01%	14.95%	19.50%	8.44%	-1.30%	5.59%	8.47%	11.28%	-5.34%	4.32%
Cash Return on Invested Capital (CROIC)	-9.33%	13.32%	17.01%	62.53%	98.23%	58.83%	28.73%	-0.37%	-27.85%	-11.60%	-23.78%
Operating Return on Assets (OROA)	15.09%	23.94%	14.82%	19.09%	8.19%	7.61%	5.71%	8.60%	6.53%	3.93%	4.64%
Return on Assets (ROA)	10.77%	25.70%	10.42%	13.45%	6.03%	-1.04%	4.33%	6.30%	2.94%	1.53%	3.30%
Return on Common Equity (ROCE)	16.11%	36.00%	14.95%	19.50%	8.44%	-1.30%	5.59%	8.47%	11.27%	-5.34%	4.31%
Return on Equity Simple (ROE_SIMPLE)	31.13%	0.00%	18.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2.02	5.00	1.87	2.58	1.08	-0.19	1.02	1.62	2.03	-1.16	0.73
NOPAT Margin	12.98%	32.71%	15.35%	21.42%	10.34%	-1.78%	7.60%	11.35%	17.89%	-9.79%	5.75%
Net Nonoperating Expense Percent (NNEP)	-0.17%	-0.45%	-0.25%	-0.25%	0.04%	-0.03%	0.13%	0.03%	-3.44%	3.67%	-0.05%
Return On Investment Capital (ROIC_SIMPLE)	-	7.32%	2.67%	3.57%	1.62%	-0.29%	1.47%	2.32%	2.88%	-1.63%	1.02%
Cost of Revenue to Revenue	37.53%	29.30%	32.00%	30.95%	30.67%	30.84%	40.48%	41.20%	35.74%	38.34%	34.79%
SG&A Expenses to Revenue	43.77%	42.49%	52.28%	52.78%	54.62%	54.57%	48.55%	42.93%	52.54%	53.40%	59.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.61%	40.95%	46.97%	39.57%	55.12%	55.36%	49.10%	43.20%	52.81%	55.12%	57.29%
Earnings before Interest and Taxes (EBIT)	2.77	4.56	2.56	3.54	1.48	1.49	1.40	2.23	1.30	0.78	1.01
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.94	4.99	2.86	3.80	1.76	1.80	1.68	2.53	1.60	1.07	1.36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.06	1.69	1.56	1.40	0.96	1.06	1.18	1.19	0.87	0.64	0.70
Price to Tangible Book Value (P/TBV)	2.57	2.07	1.89	1.68	1.15	1.27	1.42	1.42	1.03	0.76	0.97
Price to Revenue (P/Rev)	1.96	1.71	1.75	1.67	1.27	1.52	1.66	1.60	1.16	0.85	0.94
Price to Earnings (P/E)	6.60	8.28	8.57	8.23	6.18	13.33	17.40	21.83	12.58	12.01	14.58
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	15.15%	12.08%	11.67%	12.15%	16.19%	7.50%	5.75%	4.58%	7.95%	8.33%	6.86%
Enterprise Value to Invested Capital (EV/IC)	2.75	2.22	2.03	2.03	0.86	1.17	1.41	1.44	0.70	0.19	0.50
Enterprise Value to Revenue (EV/Rev)	1.58	1.27	1.23	0.93	0.32	0.59	0.88	0.85	0.42	0.11	0.41
Enterprise Value to EBITDA (EV/EBITDA)	6.85	5.06	4.93	3.51	1.19	2.63	4.57	5.34	2.77	0.82	3.11
Enterprise Value to EBIT (EV/EBIT)	7.24	5.37	5.32	3.82	1.32	2.96	5.22	6.28	3.27	0.98	3.83
Enterprise Value to NOPAT (EV/NOPAT)	5.22	6.02	5.87	4.47	1.52	5.13	9.35	11.87	4.73	1.60	6.35
Enterprise Value to Operating Cash Flow (EV/OCF)	5.67	5.90	12.01	3.64	1.17	3.47	4.75	9.18	0.00	0.91	24.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.04	13.22	2.89	0.62	1.58	4.54	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.12	0.11	0.10	0.01	0.01	0.07	0.06	0.06	0.06	0.06
Long-Term Debt to Equity	0.11	0.09	0.08	0.07	0.00	0.00	0.06	0.06	0.06	0.06	0.06
Financial Leverage	-0.50	-0.45	-0.46	-0.53	-0.57	-0.54	-0.51	-0.59	-0.63	-0.60	-0.47
Leverage Ratio	1.47	1.38	1.39	1.42	1.41	1.30	1.33	1.35	1.32	1.28	1.29
Compound Leverage Factor	1.44	1.35	1.34	1.37	1.43	1.38	1.38	1.36	1.35	1.33	1.26
Debt to Total Capital	14.08%	10.58%	9.74%	8.83%	0.79%	0.60%	6.25%	6.05%	5.81%	5.77%	5.70%
Short-Term Debt to Total Capital	5.03%	2.54%	2.53%	2.49%	0.79%	0.60%	0.38%	0.19%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	9.05%	8.04%	7.22%	6.34%	0.00%	0.00%	5.87%	5.86%	5.81%	5.77%	5.70%
Preferred Equity to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.91%	89.41%	90.25%	91.16%	99.20%	99.39%	93.74%	93.94%	94.18%	94.22%	94.29%
Debt to EBITDA	0.68	0.48	0.49	0.44	0.04	0.04	0.48	0.55	0.54	0.60	0.63
Net Debt to EBITDA	-1.65	-1.74	-2.07	-2.78	-3.54	-4.13	-4.00	-4.76	-4.83	-5.46	-4.11
Long-Term Debt to EBITDA	0.44	0.36	0.36	0.31	0.00	0.00	0.45	0.53	0.54	0.60	0.63
Debt to NOPAT	0.52	0.57	0.58	0.56	0.05	0.08	0.99	1.21	0.92	1.17	1.28
Net Debt to NOPAT	-1.26	-2.07	-2.47	-3.54	-4.51	-8.07	-8.18	-10.57	-8.25	-10.69	-8.40
Long-Term Debt to NOPAT	0.33	0.43	0.43	0.40	0.00	0.00	0.93	1.17	0.92	1.17	1.28
Altman Z-Score	-0.46	-0.04	-0.04	-0.30	-1.06	-0.46	-0.68	-0.59	-1.03	-1.50	-1.24
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.69	1.78	2.07	1.99	1.78	2.27	2.00	2.05	2.29	2.16	1.95
Quick Ratio	1.43	1.41	1.70	1.70	1.52	1.83	1.62	1.64	1.83	1.73	1.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-18	-3.73	-4.67	8.84	16	12	5.70	-1.97	-9.16	-7.71	-11
Operating Cash Flow to CapEx	34,776.47%	2,230.00%	7,618.18%	7,862.34%	15,782.86%	-183,633.33%	35.33%	1,181.76%	20.75%	259.44%	-476.69%
Free Cash Flow to Firm to Interest Expense	-323.22	-37.66	-50.76	81.89	0.00	0.00	0.00	0.00	0.00	0.00	-540.92
Operating Cash Flow to Interest Expense	105.57	4.51	18.22	56.06	0.00	0.00	0.00	0.00	0.00	0.00	-133.95
Operating Cash Flow Less CapEx to Interest Expense	105.27	4.30	17.98	55.34	0.00	0.00	0.00	0.00	0.00	0.00	-162.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.80	0.70	0.65	0.58	0.55	0.55	0.55	0.57	0.60	0.59
Accounts Receivable Turnover	25.92	41.78	39.25	27.78	26.49	26.15	28.98	30.43	36.74	29.85	29.67
Inventory Turnover	4.62	4.28	4.36	3.84	3.33	2.71	3.20	3.60	3.62	3.54	3.63
Fixed Asset Turnover	36.83	36.96	33.77	31.83	29.17	27.10	8.70	9.03	8.93	8.14	4.77
Accounts Payable Turnover	3.53	2.57	2.86	3.08	2.53	2.23	3.24	3.05	2.99	3.35	3.68
Days Sales Outstanding (DSO)	14.08	8.74	9.30	13.14	13.78	13.96	12.59	12.00	9.94	12.23	12.30
Days Inventory Outstanding (DIO)	79.04	85.33	83.66	95.03	109.47	134.65	114.23	101.30	100.72	103.20	100.57
Days Payable Outstanding (DPO)	103.45	142.27	127.66	118.48	144.20	163.64	112.74	119.65	122.00	109.03	99.31
Cash Conversion Cycle (CCC)	-10.34	-48.20	-34.70	-10.32	-20.96	-15.03	14.08	-6.35	-11.35	6.40	13.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34	35	34	25	19	23	29	29	30	30	41
Invested Capital Turnover	2.48	2.00	1.83	1.94	1.90	1.57	1.47	1.81	2.06	1.94	1.43
Increase / (Decrease) in Invested Capital	20	8.73	6.54	-6.27	-15	-12	-4.68	3.59	11	6.55	12
Enterprise Value (EV)	93	77	69	51	16	27	41	41	21	5.60	20
Market Capitalization	116	103	98	92	63	69	77	78	58	43	47
Book Value per Share	$1.52	$1.64	$1.70	$1.76	$1.77	$1.75	$1.84	$1.86	$1.91	$1.93	$1.95
Tangible Book Value per Share	$1.21	$1.34	$1.40	$1.47	$1.48	$1.46	$1.54	$1.56	$1.61	$1.62	$1.41
Total Capital	66	68	70	72	67	66	70	70	71	71	72
Total Debt	9.24	7.23	6.81	6.38	0.53	0.40	4.37	4.23	4.10	4.10	4.10
Total Long-Term Debt	5.94	5.50	5.04	4.58	0.00	0.00	4.10	4.10	4.10	4.10	4.10
Net Debt	-22	-26	-29	-41	-47	-42	-36	-37	-37	-37	-27
Capital Expenditures (CapEx)	0.02	0.02	0.02	0.08	0.04	0.00	7.41	0.16	0.29	0.61	0.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.53	1.01	1.14	-4.88	-9.81	-2.82	-3.80	-3.27	-1.52	-2.47	-0.01
Debt-free Net Working Capital (DFNWC)	17	13	17	20	17	19	15	17	18	18	12
Net Working Capital (NWC)	14	12	15	18	16	19	15	16	18	18	12
Net Nonoperating Expense (NNE)	0.04	0.11	0.07	0.08	-0.01	0.01	-0.04	-0.01	1.45	-1.46	0.01
Net Nonoperating Obligations (NNO)	-22	-26	-29	-41	-47	-42	-36	-37	-37	-37	-27
Total Depreciation and Amortization (D&A)	0.17	0.43	0.31	0.26	0.28	0.31	0.27	0.29	0.30	0.29	0.35
Debt-free, Cash-free Net Working Capital to Revenue	2.58%	1.67%	2.03%	-8.86%	-19.66%	-6.23%	-8.14%	-6.69%	-3.04%	-4.84%	-0.02%
Debt-free Net Working Capital to Revenue	28.94%	21.95%	29.80%	35.82%	33.61%	41.72%	32.12%	33.86%	35.91%	35.42%	23.00%
Net Working Capital to Revenue	23.35%	19.09%	26.65%	32.55%	32.56%	40.85%	31.55%	33.59%	35.91%	35.42%	23.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.13	$0.05	$0.07	$0.03	($0.01)	$0.03	$0.05	$0.02	$0.00	$0.02
Adjusted Weighted Average Basic Shares Outstanding	36.74M	36.68M	36.59M	36.74M	36.58M	36.43M	35.28M	34.87M	34.55M	34.83M	34.60M
Adjusted Diluted Earnings per Share	$0.05	$0.13	$0.05	$0.07	$0.03	($0.01)	$0.03	$0.05	$0.02	$0.00	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	37.65M	37.59M	37.37M	36.82M	37.19M	37.13M	36.06M	35.51M	35.21M	35.43M	34.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.15M	37.16M	37.34M	37.34M	37.34M	35.50M	35.28M	34.74M	34.74M	34.74M	34.73M
Normalized Net Operating Profit after Tax (NOPAT)	2.02	3.19	1.87	2.58	1.08	1.04	1.02	1.62	0.91	0.54	0.73
Normalized NOPAT Margin	12.98%	20.86%	15.35%	21.42%	10.34%	9.65%	7.60%	11.35%	8.02%	4.58%	5.75%
Pre Tax Income Margin	17.45%	29.15%	20.28%	28.58%	14.37%	14.63%	10.84%	15.73%	11.75%	6.76%	7.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	49.45	46.01	27.80	32.81	0.00	0.00	0.00	0.00	0.00	0.00	50.40
NOPAT to Interest Expense	36.03	50.49	20.28	23.85	0.00	0.00	0.00	0.00	0.00	0.00	36.58
EBIT Less CapEx to Interest Expense	49.14	45.81	27.57	32.10	0.00	0.00	0.00	0.00	0.00	0.00	22.30
NOPAT Less CapEx to Interest Expense	35.73	50.29	20.04	23.13	0.00	0.00	0.00	0.00	0.00	0.00	8.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.56%	3.21%	0.00%	0.00%	14.19%	42.42%	72.86%	134.51%	122.19%	73.24%	53.27%

Financials Breakdown Chart

Heritage Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Heritage Global's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Heritage Global's net income appears to be on an upward trend, with a most recent value of $3.59 million in 2025, falling from -$10.42 million in 2015. The previous period was $5.18 million in 2024. Check out Heritage Global's forecast to explore projected trends and price targets.

Heritage Global's total operating income in 2025 was $5.71 million, based on the following breakdown:

Total Gross Profit: $31.03 million
Total Operating Expenses: $25.32 million

Over the last 10 years, Heritage Global's total revenue changed from $17.43 million in 2015 to $50.98 million in 2025, a change of 192.5%.

Heritage Global's total liabilities were at $21.46 million at the end of 2025, a 33.2% increase from 2024, and a 39.3% increase since 2015.

In the past 10 years, Heritage Global's cash and equivalents has ranged from $2.11 million in 2017 to $23.39 million in 2020, and is currently $20.52 million as of their latest financial filing in 2025.

Over the last 10 years, Heritage Global's book value per share changed from 0.12 in 2015 to 1.93 in 2025, a change of 1,520.1%.

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Financial statements for NASDAQ:HGBL last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Heritage Global (HGBL) Financials

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Heritage Global Financials - Frequently Asked Questions

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Heritage Global (HGBL) Financials

Annual Income Statements for Heritage Global

Quarterly Income Statements for Heritage Global

Annual Cash Flow Statements for Heritage Global

Quarterly Cash Flow Statements for Heritage Global

Annual Balance Sheets for Heritage Global

Quarterly Balance Sheets for Heritage Global

Annual Metrics And Ratios for Heritage Global

Quarterly Metrics And Ratios for Heritage Global

Financials Breakdown Chart

Heritage Global Financials - Frequently Asked Questions

When does Heritage Global's financial year end?

How has Heritage Global's net income changed over the last 10 years?

What is Heritage Global's operating income?

How has Heritage Global's revenue changed over the last 10 years?

How much debt does Heritage Global have?

How much cash does Heritage Global have?

How has Heritage Global's book value per share changed over the last 10 years?

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