Heritage Global Inc. (HGBL) Stock

Heritage Global Inc. (HGBL) is a Technology stock trading at $1.14 (as of 2026-08-21), with a market capitalization of $39.61M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Heritage Global, Inc. is an asset services company that supports financial and industrial asset transactions. It provides services such as market making, acquisitions and dispositions, valuations, and secured lending, and advises or acts as a principal in acquiring or brokering assets including facilities, industrial equipment, inventories, receivables, intellectual property, and business enterprises.

Understand Heritage Global Inc.: how it makes money

Heritage Global, Inc. provides asset services for financial and industrial asset transactions, including market making, acquisitions, dispositions, valuations, and secured lending, earning money by identifying, valuing, acquiring, and monetizing tangible and intangible assets and related portfolios.

Earnings depend on converting transaction and secured lending activity (valuations, acquisitions, dispositions, and notes receivable and related balances, plus industrial asset sales and auction activity) into operating income.

Business quality (Mixed): Business model is clear (asset services across lending, valuations, and monetization), but the provided inputs do not include a clean, official segment revenue breakdown.

Valuation: Trades at 14× trailing earnings · $0B market cap.

Bull case

Broad asset-services toolkit: The company offers market making, acquisitions, dispositions, valuations, and secured lending, targeting tangible and intangible assets (including accounts receivable portfolios and intellectual property).
KPI coverage points to active deal activity: Tracked measures include notes receivable investment balances and industrial auction pipeline activity, which align with monetization and lending operations.

Bear case

Deal-driven earnings volatility: The model relies on identifying, valuing, acquiring, and monetizing underlying assets, which can be sensitive to transaction timing and auction pipeline fluctuations.
Balance-sheet and lending exposure: The presence of notes receivable and specialty lending net balances implies performance is tied to secured lending outcomes and changes in investment balances.
Gross margin signal is unusual in the provided data: For the period ending 2026-03-31, provided gross margin is -285.1% while operating margin is 7.9%, which can complicate interpretation of profitability.

Valuation — source: SEC EDGAR (first-party)
Price	$1.14
Market Cap	$39.61M
Price / Book	0.76
Price / Sales	0.81
FCF Yield	-29.3%
DCF Value (model)	$2.05
DCF Upside vs Price	79.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$50.98M
Net Margin	7.0%
Revenue Growth (YoY)	12.4%
EPS Growth (YoY)	-28.6%
FCF Growth (YoY)	-130.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.41 (distress)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. ($3.05M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Ross Dove
Employees	86
Country	US
IPO Date	1993-03-23

Related Companies (Business model: IT Services / Consulting and Managed Services; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.