Growth & profitability
- Revenue has grown 14.3% per year over the past 5 years.
- Net income has grown slower than revenue (-18.0% vs 14.3% per year).
- Operating margin has contracted, at 11.2% in the latest year.
HGBL Financials Heritage Global Inc.
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $51M | $4M | 27.4% | 11.2% | -$2M | — | $21M |
| 2024 | $45M | $5M | 0.0% | 20.0% | $8M | — | $22M |
| 2023 | $61M | $12M | 0.0% | 23.7% | $13M | $7M | $12M |
| 2022 | $47M | $15M | 0.0% | 23.7% | $6M | — | $13M |
| 2021 | $26M | $3M | 0.0% | 11.7% | -$4M | — | $14M |
| 2020 | $26M | $10M | 0.0% | 23.1% | $9M | — | $23M |
| 2019 | $26M | $4M | 0.0% | 11.7% | $678000 | — | $3M |
| 2018 | $24M | $4M | 0.0% | 17.2% | $7M | — | $4M |
| 2017 | $20M | -$249000 | 0.0% | 1.8% | $1M | — | $2M |
| 2016 | — | $14000 | — | — | — | — | $3M |
| 2015 | — | -$10M | — | — | — | — | $3M |
| 2014 | — | -$27M | — | — | -$484000 | — | $4M |
| 2013 | — | -$6M | — | — | $2M | — | $3M |
| 2012 | — | -$2M | — | — | -$5M | — | $4M |
| 2011 | — | $31M | — | — | $4M | -$3M | $7M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $13M | $717000 | -285.1% | 7.9% | -$3M | $4M | $12M |
| Dec '25 | $12M | $301000 | 7.2% | 6.5% | $971000 | — | $21M |
| Sep '25 | $11M | $585000 | -5.6% | 11.5% | -$233000 | $4M | $19M |
| Jun '25 | $14M | $2M | 0.0% | 15.6% | $2M | $4M | $20M |
| Mar '25 | $13M | $1M | 0.0% | 10.4% | -$5M | $4M | $19M |
| Dec '24 | $11M | -$203000 | 0.0% | 13.8% | -$6M | — | $22M |
| Sep '24 | $10M | $1M | 0.0% | 14.2% | $5M | — | $27M |
| Jun '24 | $12M | $2M | 0.0% | 29.5% | $6M | — | $25M |
| Mar '24 | $12M | $2M | 0.0% | 21.0% | $2M | — | $16M |
| Dec '23 | $15M | $5M | 0.0% | 29.8% | $426000 | $7M | $12M |
| Sep '23 | $16M | $2M | 0.0% | 17.8% | $6M | — | $16M |
| Jun '23 | $13M | $3M | 0.0% | 23.7% | -$2M | — | $15M |
| Mar '23 | $17M | $3M | 0.0% | 23.4% | $9M | — | $16M |
| Dec '22 | $14M | $10M | 0.0% | 22.8% | $4M | — | $13M |
| Sep '22 | $13M | $2M | 0.0% | 27.4% | $1M | — | $17M |
| Jun '22 | $11M | $3M | 0.0% | 32.8% | -$2M | — | $16M |
| Mar '22 | $9M | $645000 | 0.0% | 9.4% | $3M | — | $15M |
| Dec '21 | $8M | $960000 | 0.0% | 18.1% | $1M | — | $14M |
| Sep '21 | $6M | $474000 | 0.0% | 8.9% | -$1M | — | $13M |
| Jun '21 | $5M | $587000 | 0.0% | 1.4% | $2M | — | $18M |
Valuation over time
How the market has priced HGBL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 6.5× (Mar '23) to 12.2× (Jun '26).
- The price-to-sales ratio has fallen from 2.1× (Mar '23) to 0.9× (Jun '26).
P/E
P/S
Frequently asked questions
Is HGBL growing its revenue and profit?
Over the past 5 years, Heritage Global Inc.'s revenue has grown 14.3% per year, and net income declined 18.0% per year. These are computed facts, not advice.
How much debt does HGBL have?
As of FY2025, Heritage Global Inc. reported — of total debt against $21M of cash.
What is HGBL's profit margin?
In FY2025, gross margin was 27.4%, operating margin 11.2%, and net margin 7.0%.
What is HGBL's P/E ratio?
As of Jun '26, Heritage Global Inc. traded at a price-to-earnings ratio of about 12.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.