Heritage Global Inc. (HGBL) intrinsic value & 10-year financials
Heritage Global Inc. (HGBL) has a Graham intrinsic value of $0.10 per share. At $1.30 on Oct 17, 2026, the stock trades 1200% above that value. Over the last 10 fiscal years revenue grew 8.8% a year to $51.0M, with an average return on invested capital of 28.1%.
- Graham intrinsic value
- $0.10
- Share price (Oct 17, 2026)
- $1.30
- Price vs Graham value
- 1200% above
- Market cap
- $46.1M
- Revenue (FY2025)
- $51.0M
- Revenue growth (10-yr CAGR)
- 8.8%
- ROIC (10-yr avg)
- 28.1%
- Free cash flow (FY2025)
- -$2.3M
HGBL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $51.0M | $3.6M | $0.10 | -$2.3M | 11.2% | 7.6% |
| FY2024 | $45.4M | $5.2M | $0.14 | $7.6M | 20.0% | 10.2% |
| FY2023 | $60.5M | $12.5M | $0.33 | $12.8M | 23.7% | 26.7% |
| FY2022 | $46.9M | $15.5M | $0.42 | $6.3M | 23.7% | 37.7% |
| FY2021 | $25.8M | $3.1M | $0.08 | -$4.1M | 11.7% | 21.2% |
| FY2020 | $26.2M | $9.7M | $0.30 | $9.1M | 23.1% | 70.3% |
| FY2019 | $26.2M | $3.9M | $0.13 | $678.0K | 11.7% | 30.3% |
| FY2018 | $23.7M | $3.8M | $0.13 | $7.4M | 17.2% | 68.6% |
| FY2017 | $20.1M | -$249.0K | -$0.01 | $1.1M | 1.8% | 5.2% |
| FY2016 | $23.8M | $14.0K | $0.00 | $3.8M | 0.8% | 2.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Heritage Global Inc. is a consistent compounder, expanding top-line revenue at 8.8% annually over the past decade.
Heritage Global Inc. has earned high returns on invested capital, averaging 28.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Heritage Global Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Heritage Global Inc. is modeled at -3.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.10 per share.