The company maintains a conservative capital structure with a debt-to-equity ratio of 0.02 as of 2026Q1, supported by a healthy current ratio of 1.95.
Heritage Global Inc. (HGBL) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 60.86M | 20.52M | 21.75M | 12.28M | 12.67M | 13.62M | 23.39M | 2.73M | 4.27M | 2.11M | 2.53M | 2.78M | 3.81M | 3.23M | 5.79M | 6.67M | 2.61M | 93K | 4.08M | 67K | 3K | 327K | 458K | 2.03M | 3.62M | 4.66M | 2.16M | 2.95M | 1.3M | 1.7M | 4.5M |
| Cash & Due from Banks | 15.59M | 20.52M | 21.75M | 12.28M | 12.67M | 13.62M | 23.39M | 2.73M | 4.27M | 2.11M | 2.53M | 2.78M | 3.81M | 3.23M | 5.79M | 6.67M | 2.61M | 93K | 4.08M | 67K | 3K | 327K | 458K | 2.03M | 3.62M | 4.66M | 2.16M | 2.95M | 1.3M | 1.7M | 4.5M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 3.17M | 21.06M | 20.89M | 21.36M | 13.97M | 4.68M | 2.4M | 2.52M | 2.77M | 14K | 0 | 17K | 1.13M | 3.15M | 6.04M | 6.23M | 6.25M | 6.73M | 242K | 519K | 0 | 0 | 1.1B | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | -188.86% | 0.8% | -2.2% | 52.87% | 198.38% | 94.96% | -4.53% | -9.07% | 19664.29% | - | -100% | -98.5% | -63.99% | -47.9% | -2.94% | -0.43% | -7.09% | 2681.41% | -53.37% | - | - | -100% | 99900% | - | - | - | - | - | - | - | -100% |
| Long-Term Investments | 44.92M | 21.06M | 20.89M | 21.36M | 13.97M | 4.68M | 2.4M | 2.52M | 2.77M | 14K | 0 | 17K | 1.13M | 3.15M | 6.04M | 6.23M | 6.25M | 6.73M | 242K | 519K | 0 | 0 | 1.1B | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 0 | 1.86M | 1.56M | 1.21M | 988K | 2.73M | 1.5M | 1.86M | 400K | 384K | 1.25M | 639K | 2.86M | 1.67M | 1.07M | 917K | 124K | 1M | 0 | 0 | 0 | 172K | 13.08M | 18.02M | 16.92M | 16.01M | 3.36M | 4.34M | 4.4M | 3.2M | 800K |
| Goodwill & Intangibles | 20.38M | 10.55M | 10.81M | 11.2M | 11.59M | 12.01M | 8.71M | 8.98M | 9.79M | 10.04M | 10.28M | 10.54M | 16.5M | 10.11M | 10.56M | 573K | 0 | 173K | 173K | 193K | 213K | 233K | 253K | 4.42M | 2.75M | 1.33M | 3.94M | 6.55M | 9.4M | 12.3M | 500K |
| Goodwill | 13.95M | 7.45M | 7.45M | 7.45M | 7.45M | 7.45M | 5.58M | 5.58M | 6.16M | 6.16M | 6.16M | 6.16M | 8.85M | 5.3M | 5.3M | 573K | 0 | 173K | 173K | 173K | 173K | 173K | 173K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.43M | 3.1M | 3.36M | 3.75M | 4.14M | 4.57M | 3.12M | 3.39M | 3.63M | 3.88M | 4.12M | 4.38M | 7.66M | 4.81M | 5.26M | 0 | 0 | 0 | 0 | 20K | 40K | 60K | 80K | 4.42M | 2.75M | 1.33M | 3.94M | 6.55M | 9.4M | 12.3M | 500K |
| PP&E (Net) | 13.01M | 12.4M | 3.85M | 4.24M | 4.35M | 4.17M | 1.09M | 1.7M | 175K | 145K | 156K | 110K | 150K | 32K | 52K | 19K | 0 | -729K | 0 | -1.52M | 0 | 0 | 4.15M | 8.48M | 11.48M | 21.02M | 10.98M | 7.02M | 7.3M | 3.6M | 2.9M |
| Other Assets | 4.18M | 6.43M | 6.62M | 10.96M | 4.31M | 1.83M | 998K | 1.58M | 224K | 250K | 275K | 3.87M | 6.51M | 6.08M | 6.08M | 2.13M | -655K | 1.4M | -875K | 519K | 1.1M | 1.24M | 2.32M | 1.84M | 3.61M | 1.12M | 835.62K | 430.06K | 400K | 1.6M | 1.9M |
| Total Current Assets | 26.91M | 33.59M | 33.13M | 26.29M | 23.89M | 23.28M | 26.95M | 6.77M | 7.68M | 3.02M | 4.43M | 4.26M | 7.58M | 7.32M | 12.95M | 11.83M | 8.86M | 3.33M | 5.03M | 1.08M | 73K | 2.02M | 15.01M | 24.31M | 28.43M | 23.3M | 5.9M | 7.66M | 6.8M | 6.8M | 6.1M |
| Total Non-Current Assets | 50.26M | 54.84M | 48.18M | 56.88M | 43.67M | 27.18M | 17.6M | 15.15M | 12.95M | 10.43M | 10.71M | 14.54M | 24.3M | 42.67M | 48.36M | 35.31M | 7.83M | 8.3M | 415K | 712K | 1.31M | 1.47M | 9M | 14.74M | 17.84M | 23.48M | 15.76M | 14M | 17.1M | 17.5M | 5.3M |
| Total Assets | 77.16M | 88.44M | 81.31M | 83.17M | 67.56M | 50.46M | 44.55M | 21.92M | 20.63M | 13.45M | 15.14M | 18.8M | 31.87M | 49.99M | 61.31M | 47.15M | 16.69M | 11.63M | 5.44M | 1.8M | 1.39M | 3.49M | 24.01M | 39.05M | 46.27M | 46.78M | 21.66M | 21.66M | 23.9M | 24.3M | 11.4M |
| Asset Growth % | -23.73% | 8.77% | -2.24% | 23.1% | 33.88% | 13.26% | 103.29% | 6.23% | 53.39% | -11.19% | -19.46% | -41% | -36.25% | -18.46% | 30.04% | 182.55% | 43.51% | 113.61% | 203.06% | 29.58% | -60.29% | -85.46% | -38.52% | -15.6% | -1.08% | 116% | -0% | -9.38% | -1.65% | 113.16% | 178.05% |
| Return on Assets (ROA) | -17.24% | 4.23% | 6.3% | 16.55% | 26.25% | 6.43% | 29.06% | 18.33% | 22.01% | -1.74% | 0.08% | -41.13% | -64.77% | -11.49% | -3.34% | 96.23% | 34.11% | -14.81% | 160.99% | -40.54% | -314.85% | -134.47% | -72.25% | -73.67% | -59.83% | -130.04% | -118.9% | -108.25% | -116.18% | -167.51% | -298.06% |
| Accounts Payable | 0 | 7.27M | 7.42M | 4.97M | 3.19M | 6.45M | 0 | 0 | 3.11M | 2.48M | 3.15M | 3.46M | 2.35M | 3.64M | 2.24M | 0 | 1.22M | 1.46M | 95K | 107K | 550K | 295K | 2.01M | 28.27M | 7.02M | 7.72M | 5.37M | 4.13M | 2.8M | 4.8M | 1.1M |
| Total Debt | 3.06M | 5.72M | 2.71M | 9.88M | 7.15M | 6.58M | 1M | 1.99M | 1.62M | 1.52M | 1.01M | 4.22M | 6.1M | 3.99M | 10.88M | 3.09M | 4.49M | 4.63M | 0 | 2.33M | 1.3M | 74.86M | 57.71M | 53.57M | 79.31M | 61.8M | 11.13M | 10.45M | 13.5M | 4.1M | 1.6M |
| Net Debt | -12.53M | -14.8M | -19.04M | -2.4M | -5.52M | -7.04M | -22.38M | -736K | -2.65M | -585K | -1.52M | 1.44M | 2.3M | 758K | 5.09M | -3.58M | 1.88M | 4.53M | -4.08M | 2.27M | 1.3M | 74.54M | 57.25M | 51.54M | 75.69M | 57.14M | 8.98M | 7.49M | 12.2M | 2.4M | -2.9M |
| Long-Term Debt | 372K | 4.1M | 0 | 5.5M | 871K | 1.35M | 0 | 35K | 438K | 786K | 348K | 2.5M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.58M | 49.61M | 29.49M | 60.37M | 24.24M | 1.13M | 8.31M | 8.4M | 1.9M | 200K |
| Short-Term Debt | 2.69M | 0 | 395K | 1.73M | 3.41M | 2.48M | 0 | 438K | 1.18M | 738K | 664K | 1.72M | 3.51M | 3.99M | 10.88M | 3.09M | 4.49M | 6.19M | 0 | 2.33M | 1.3M | 73.79M | 8.09M | 16.1M | 14.79B | 30.58M | 10M | 2.13M | 5.1M | 2.2M | 900K |
| Other Liabilities | 4.74M | 1.03M | 0 | 0 | 0 | 0 | 0 | -35K | 1.84M | 0 | 1.77M | 2.59M | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -220K | 0 | 6.36M | -646 | 0 | 1.67M | 1.35M | 0 | 100K | 100K |
| Total Current Liabilities | 18.94M | 15.54M | 14.6M | 14.73M | 16.23M | 14.22M | 13.99M | 9.13M | 10.17M | 8.66M | 8.57M | 9.36M | 11.46M | 10.5M | 15.3M | 4.21M | 7.24M | 7.67M | 472K | 2.74M | 1.85M | 80.07M | 36.36M | 50.89M | 42.17M | 52.56M | 35.96M | 8.98M | 11.3M | 9.8M | 4.5M |
| Total Non-Current Liabilities | 5.11M | 5.92M | 1.51M | 7.35M | 3.04M | 3.6M | 623K | 942K | 2.86M | 1.3M | 3.08M | 6.05M | 6.93M | 0 | 0 | 3.95M | 7.04M | 7.65M | 0 | 402K | 1.75M | 1.36M | 49.61M | 37.48M | 64.52M | 31.22M | 2.8M | 9.66M | 8.4M | 2M | 300K |
| Total Liabilities | 24.05M | 21.46M | 16.11M | 22.09M | 19.26M | 17.82M | 14.61M | 10.07M | 13.03M | 9.96M | 11.65M | 15.41M | 18.39M | 10.5M | 15.3M | 4.21M | 7.24M | 7.67M | 472K | 2.74M | 1.85M | 81.43M | 85.97M | 88.36M | 106.69M | 83.78M | 38.76M | 18.63M | 19.7M | 11.8M | 4.8M |
| Total Equity | 53.12M | 66.98M | 65.2M | 61.08M | 48.3M | 32.64M | 29.94M | 11.85M | 7.6M | 3.49M | 3.49M | 3.39M | 13.48M | 39.5M | 46.01M | 42.94M | 9.45M | 3.95M | 4.97M | -941K | -469K | -77.94M | -61.97M | -49.31M | -60.42M | -37M | -17.1M | 3.02M | 4.2M | 12.5M | 6.6M |
| Equity Growth % | -34.8% | 2.73% | 6.75% | 26.46% | 47.98% | 9% | 152.75% | 55.88% | 117.89% | -0.17% | 2.95% | -74.82% | -65.88% | -14.16% | 7.15% | 354.49% | 138.95% | -20.46% | 628.27% | -100.64% | 99.4% | -25.79% | -25.67% | 18.39% | -63.31% | -116.31% | -665.67% | -28.01% | -66.4% | 89.39% | 247.37% |
| Equity / Assets (Capital Ratio) | 68.84% | 75.74% | 80.19% | 73.44% | 71.49% | 64.68% | 67.2% | 54.05% | 36.84% | 25.93% | 23.07% | 18.05% | 42.29% | 79% | 75.05% | 91.08% | 56.62% | 34.01% | 91.33% | -52.39% | -33.84% | -2233.32% | -258.09% | -126.26% | -130.57% | -79.09% | -78.98% | 13.96% | 17.57% | 51.44% | 57.89% |
| Return on Equity (ROE) | -23.08% | 5.43% | 8.21% | 22.81% | 38.28% | 9.76% | 46.22% | 40.1% | 67.66% | -7.13% | 0.41% | -123.54% | -100.1% | -14.96% | -4.08% | 117.25% | 72.06% | -28.32% | 289.18% | - | - | - | - | - | - | - | - | -682.72% | -335.33% | -313.09% | -543.53% |
| Book Value per Share | 1.51 | 1.89 | 1.76 | 1.63 | 1.30 | 0.88 | 0.92 | 0.40 | 0.26 | 0.12 | 0.12 | 0.12 | 0.48 | 1.38 | 1.63 | 1.58 | 0.41 | 0.17 | 0.22 | -0.04 | -0.02 | -4.05 | -3.22 | -8.45 | -10.37 | -7.46 | -12.83 | 2.50 | 4.75 | 23.80 | 15.37 |
| Tangible BV per Share | 0.93 | 1.59 | 1.46 | 1.33 | 0.99 | 0.56 | 0.65 | 0.10 | -0.08 | -0.23 | -0.24 | -0.25 | -0.11 | 1.03 | 1.25 | 1.56 | 0.41 | 0.17 | 0.21 | -0.05 | -0.04 | -4.06 | -3.23 | -9.21 | -10.84 | -7.73 | -15.79 | -2.92 | -5.88 | 0.38 | 14.20 |
| Common Stock | 378K | 376K | 374K | 372K | 369K | 366K | 353K | 293K | 293K | 285K | 285K | 285K | 282K | 282K | 290K | 271K | 259K | 227K | 227K | 231K | 231K | 192K | 192K | 192K | 815.85K | 815.85K | 196.96K | 169.06K | 130K | 110K | 70K |
| Additional Paid-in Capital | 0 | 296.48M | 295.66M | 294.52M | 293.59M | 293.03M | 293.4M | 285.1M | 284.75M | 284.4M | 284.15M | 284.05M | 283.69M | 283.21M | 283.28M | 278.41M | 275.64M | 274.71M | 274.76M | 274.67M | 274.5M | 189.16M | 186.04M | 182.88M | 129.55M | 128.94M | 106.62M | 98.73M | 68.6M | 0 | 0 |
| Retained Earnings | -238.39M | -224.26M | -227.84M | -233.03M | -245.27M | -260.76M | -263.82M | -273.47M | -277.37M | -281.12M | -280.88M | -280.89M | -270.47M | -243.95M | -237.56M | -235.75M | -266.46M | -271.29M | -270.02M | -275.85M | -275.2M | -267.3M | -248.81M | -220.62M | -190.8M | -166.76M | -135.9M | -109.95M | -84.9M | -57M | -27.1M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -77K | -77K | -75K | -71K | -54K | -34K | -44K | -7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.93M | -12.06M | -6.34M | -14.75M | -8.58M | -499.38K | -2.44M | -4.58M | -2.62M |
| Treasury Stock | 0 | -5.62M | -2.99M | -794K | -395K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 6K | 7.69K | 7.69K | 244.35K | 14.57M | 400K | 1.2M | 2.5M |
Quick answers to the most common questions about buying HGBL stock.
As of 2025, Heritage Global Inc. (HGBL) had total assets of $88.4M including $33.6M in current assets.
Heritage Global Inc. (HGBL) carries total debt of $5.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Heritage Global Inc. (HGBL) has total shareholders' equity (book value) of $67.0M ($1.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Heritage Global Inc. (HGBL) reported a current ratio of 2.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Principal inventory acquisition volatility
Metrics are mathematically derived from official filings.
Capital Base Stability Amidst Volatility
According to reported financial statements, HGBL has maintained a remarkably stable equity base, which hovered near $67.8 million as of 2026Q1, suggesting that despite the inherent lumpiness of its auction-based revenue model, the firm has successfully preserved its core net worth over the last ten quarters.
The consistency in equity levels indicates that management has avoided significant balance sheet erosion despite the cyclical nature of its industrial and financial asset segments. This stability appears to provide a solid foundation for the company to absorb potential inventory impairments without compromising its long-term solvency.
Conservative Leverage Supports Operational Flexibility
Based on the provided balance sheet data, HGBL has aggressively reduced its debt burden, with the debt-to-equity ratio falling from 0.16 in 2023Q4 to a minimal 0.02 by 2026Q1, reflecting a strategic shift toward a debt-averse capital structure that minimizes interest rate sensitivity.
This deleveraging trend suggests that the company is prioritizing financial independence, which may be a defensive posture against the inherent volatility of its principal-heavy business model. Investors should monitor whether this low-leverage profile is maintained as the firm seeks to deploy capital into new distressed asset opportunities.
Asset Composition Reflects Strategic Pivot
As reported in recent filings, HGBL's net property, plant, and equipment (PPE) has expanded from $4.2 million in 2023Q4 to $13.4 million in 2026Q1, indicating a significant investment in operational infrastructure that may be intended to support a more robust, long-term industrial liquidation platform.
The increase in PPE suggests a transition toward a more asset-intensive model, which may be necessary to handle more complex, large-scale industrial liquidations. While this enhances operational capacity, it also introduces higher fixed costs that could pressure margins if auction volumes fail to scale proportionally.
Robust Liquidity Buffers Against Shocks
Based on the latest quarterly figures, HGBL maintains a healthy current ratio of 1.95, supported by a cash position of $11.6 million, which provides a meaningful buffer against the liquidity risks typically associated with the firm's project-based and often unpredictable revenue recognition cycles.
The company's ability to maintain a current ratio consistently above 1.75 over the last ten quarters suggests a disciplined approach to working capital management. This liquidity position appears sufficient to fund near-term principal acquisitions without the immediate need for external financing, even during periods of market stress.
Accumulated Deficit Masks Operational Resilience
As evidenced by the persistent negative retained earnings of $223.5 million in 2026Q1, HGBL's balance sheet carries a significant historical accounting distortion that may obscure the company's current ability to generate positive cash flow and maintain a healthy, growing equity base in the present market environment.
This large accumulated deficit warrants further investigation, as it likely reflects historical restructuring or impairment charges rather than current operational failure. Investors should look past this headline figure to focus on the company's recent ability to maintain positive equity and low leverage, which are more indicative of its current financial health.