Heritage Global Inc.
- Open
- 1.22
- Day high
- 1.23
- Day low
- 1.21
- Prev close
- 1.22
- Volume
- 39K
- Mkt cap
- $42M
- P/E (TTM)
- 13.1
- EPS (TTM)
- $0.09
- P/B
- 0.6
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▲Insiders net buying $27K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions mixed (13F)
Heritage Global Inc. (HGBL) is a Financial Services company listed on NASDAQ. The stock is down 45% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
Heritage Global Inc. (HGBL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HGBL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.03 | $0.02 | -27.3% | $13M | -5.6% |
| Mar 12, 2026 | $0.03 | $0.01 | -73.9% | $12M | -8.0% |
| Nov 6, 2025 | $0.05 | $0.02 | -60.0% | $11M | -11.8% |
| Aug 7, 2025 | $0.05 | $0.05 | +0.0% | $14M | +15.6% |
| May 8, 2025 | $0.04 | $0.03 | -25.0% | $13M | +13.0% |
| Mar 13, 2025 | $0.05 | $-0.01 | -120.0% | $11M | -12.4% |
| Nov 7, 2024 | $0.06 | $0.03 | -50.0% | $10M | -15.3% |
| Aug 8, 2024 | $0.07 | $0.07 | +0.0% | $12M | -15.0% |
| May 9, 2024 | $0.06 | $0.05 | -16.7% | $12M | -14.4% |
| Mar 14, 2024 | $0.07 | $0.13 | +85.7% | $15M | -0.4% |
| Nov 9, 2023 | $0.07 | $0.05 | -28.6% | $16M | +1.3% |
| Aug 10, 2023 | $0.07 | $0.07 | +0.0% | $13M | -7.0% |
HGBL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 27, 2026 | Dove Nicholas Kirkofficer: President, Industrial Assets | Buy | 26,000 | $1.22 |
| May 18, 2026 | Ludwig Thomas Vanofficer: President, NLEX | Option | 31,875 | $0.70 |
| May 18, 2026 | Ludwig Thomas Vanofficer: President, NLEX | Tax | 23,919 | $1.22 |
| May 8, 2026 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 3,734 | $1.33 |
| Apr 2, 2026 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 3,734 | $1.35 |
| Mar 27, 2026 | Sharpe Kelly Sdirector | Grant | 20,000 | — |
| Mar 26, 2026 | Hexner Michaeldirector | Grant | 20,000 | — |
| Mar 26, 2026 | Burnham William Ldirector | Grant | 20,000 | — |
| Mar 26, 2026 | Sinsley Barbara Adirector | Grant | 20,000 | — |
| Mar 26, 2026 | SHIMER SAMUEL Ldirector | Grant | 20,000 | — |
| Feb 3, 2026 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 3,734 | $1.37 |
| Jan 5, 2026 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 3,734 | $1.23 |
| Dec 2, 2025 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 3,734 | $1.31 |
| Nov 4, 2025 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 3,734 | $1.43 |
| Oct 2, 2025 | Sklar James Edwardofficer: EVP, Gen Counsel & Secretary | Sell | 7,468 | $1.63 |
Source: HGBL SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.
See the full HGBL insider & 13F page →Heritage Global Inc. company profile
Overview
Heritage Global Inc. (NASDAQ:HGBL) is a San Diego-based asset services company that operates as both an adviser and principal in financial and industrial asset transactions. Founded in 1983 and originally incorporated as Counsel RB Capital Inc., the company changed its name to Heritage Global in August 2013 and went public in March 1993. The company specializes in identifying, valuing, acquiring, and monetizing tangible and intangible assets across two primary business divisions: Industrial Assets and Financial Assets. Heritage Global serves as a market maker in distressed and surplus assets, providing services ranging from asset auctions and valuations to specialty lending and brokerage of non-performing loan portfolios.
Business
Heritage Global operates in the specialized asset services industry, functioning as an intermediary in markets for distressed, surplus, and non-performing assets. The company's business is divided into two main segments that together generated $45.4 million in revenue for fiscal year 2024. The Industrial Assets Division (approximately 20-25% of operating income) focuses on the acquisition, valuation, and disposition of manufacturing facilities, industrial machinery and equipment, and business enterprises. This division conducts industrial auctions, often serving companies undergoing bankruptcy, plant closures, or corporate downsizing. The division also engages in principal transactions where Heritage Global purchases entire facilities or equipment lots and then monetizes the assets through resale or auction. A key component is their American Laboratory Trading subsidiary, which specializes in laboratory and scientific equipment. The Financial Assets Division (approximately 75-80% of operating income) operates two sub-segments. The brokerage segment acts as an intermediary in the sale of non-performing loan portfolios, including charged-off credit card debt, auto loans, and other consumer receivables. This business benefits from the growing consumer debt market, where Heritage Global connects sellers (banks, credit card companies, fintech lenders) with buyers (debt collection agencies, investment funds). The specialty lending segment provides secured loans, primarily to businesses, with a current loan book of approximately $31 million. Both divisions capitalize on economic stress and corporate restructuring, as financial difficulties create opportunities for asset disposition and debt portfolio sales. The company maintains extensive databases of asset values and buyer networks, which serve as key competitive advantages in pricing and marketing distressed assets.
Revenue model
Heritage Global generates revenue through multiple complementary business models across its two divisions. In the Industrial Assets Division, the company earns money through auction commissions (typically 10-25% of sale proceeds), direct asset purchases and resales (buying facilities or equipment lots at discount and reselling for profit), and advisory fees for asset valuations and disposition consulting. The Financial Assets Division generates revenue through brokerage commissions on non-performing loan portfolio sales (typically 1-5% of portfolio face value) and interest income from its specialty lending operations. The company's customers include distressed companies, bankruptcy trustees, banks, credit card companies, fintech lenders, debt buyers, equipment dealers, and industrial buyers. Payment typically occurs upon successful transaction completion, creating a performance-based revenue model with relatively predictable margins. Several factors influence Heritage Global's profitability margins. Economic downturns and corporate distress increase asset flow and deal volume, benefiting both divisions as more companies need to liquidate assets and more financial institutions seek to sell non-performing loans. Rising consumer debt levels and interest rates drive higher charge-off volumes, expanding the addressable market for financial asset brokerage. Conversely, strong economic conditions reduce distressed asset flow, while increased competition from other auctioneers, asset managers, and debt brokers can compress commission rates. The company's margins also depend on the size and complexity of transactions, with larger deals typically offering better economies of scale but requiring more capital deployment and risk-taking in principal transactions.
Competitive moat
Heritage Global's competitive moat is moderate and primarily built on specialized expertise, established relationships, and proprietary databases rather than strong structural barriers. The company has developed deep domain knowledge in asset valuation across diverse industrial sectors and maintains extensive buyer networks that are difficult for new entrants to replicate quickly. Their database of historical asset values, buyer preferences, and market intelligence provides pricing advantages and deal flow insights that competitors lack. However, the moat faces several vulnerabilities. The asset services industry has relatively low barriers to entry, and larger competitors with greater capital resources could potentially outbid Heritage Global for attractive deals or offer more competitive commission structures. Online auction platforms and digital marketplaces are increasingly automating parts of the asset disposition process, potentially disintermediating traditional brokers. In the financial assets segment, large investment banks and specialized debt trading platforms have greater scale and technology resources. The company's strongest competitive position lies in its dual-division structure, which provides diversification and cross-selling opportunities that pure-play industrial auctioneers or debt brokers cannot match. Their ability to handle both principal transactions (taking ownership risk) and agency transactions (commission-based) offers flexibility that many competitors lack. However, this advantage is not insurmountable, and the company must continue investing in technology, relationships, and market expertise to maintain its competitive position in an evolving industry landscape.
Risks & safety
Heritage Global demonstrates a strong margin of safety with minimal financial risk and reasonable valuation metrics. • Liquidity and Solvency: Excellent financial position with $21.7 million in cash, minimal debt (debt-to-equity ratio of 0.04), and current ratio of 2.27. The company generates positive operating cash flow and has no significant solvency concerns. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 13.0, EV/EBITDA of 4.7, and price-to-book ratio of 1.03. The Graham Net-Net ratio of 0.33 suggests the stock trades below net current asset value. • Operational Risks: Primary concern is the $22-23 million in non-accrual loans (representing significant portion of loan book), though management maintains $1.4 million in reserves and expects eventual recovery. Revenue can be volatile due to deal timing and economic cycles. • Capital Allocation: Company has been returning capital through share repurchases ($6 million program) and maintains conservative balance sheet management with minimal leverage.
Recent development
Over the past few years, Heritage Global has pursued several strategic initiatives to expand its market presence and operational capabilities. The company significantly expanded its lending capacity from $80 million to $200 million and grew its specialty lending segment, though it faced challenges in 2024 when its largest borrower was placed in default, resulting in $24.6 million in non-accrual loans. In the Industrial Assets Division, Heritage Global acquired American Laboratory Trading to create synergies between auction and resale operations, particularly in scientific and laboratory equipment. The company has expanded its warehouse and staffing capabilities to handle larger asset inventories and has been selected for prominent bankruptcy auctions, including aerospace company projects scheduled for 2025. The company has been actively exploring mergers and acquisitions opportunities with two primary strategic goals: geographic expansion beyond its current 90-95% North American focus, and sector-specific dominance in new market segments. Management has indicated particular interest in bio-related companies and industrial asset-based lending opportunities. Heritage Global has also been returning capital to shareholders through an expanded share repurchase program, buying back approximately 1.3 million shares in 2024, while maintaining its dividend policy and debt-free balance sheet to preserve financial flexibility for opportunistic acquisitions.
HGBL company profile · for informational purposes only — not investment advice.
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