Latest Ratios: P/E Ratio -3.2x · EV/EBITDA 22.7x · ROE 5.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $43M | $44M | $69M | $104M | $87M | $69M | $87M | $29M | $13M | $11M | $13M |
| Enterprise Value | $29M | $29M | $50M | $102M | $82M | $62M | $65M | $28M | $10M | $10M | $12M |
| P/E Ratio → | -3.17 | 12.40 | 13.21 | 8.42 | 5.60 | 22.61 | 8.87 | 7.54 | 3.50 | — | 940.00 |
| P/S Ratio | 0.84 | 0.86 | 1.52 | 1.74 | 1.86 | 2.68 | 3.33 | 1.10 | 0.56 | 0.53 | 0.56 |
| P/B Ratio | 0.66 | 0.66 | 1.05 | 1.71 | 1.80 | 2.11 | 2.91 | 2.42 | 1.73 | 3.02 | 3.82 |
| P/FCF | 24.89 | — | 9.03 | 8.19 | 13.91 | — | 9.52 | 42.31 | 1.78 | 9.26 | 3.50 |
| P/OCF | 7.08 | 7.16 | 8.87 | 8.02 | 13.45 | — | 9.51 | 36.13 | 1.76 | 8.91 | 3.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.57 | 1.10 | 1.70 | 1.74 | 2.40 | 2.47 | 1.07 | 0.45 | 0.50 | 0.50 |
| EV / EBITDA | 22.66 | 4.32 | 4.81 | 6.88 | 7.01 | 17.84 | 10.06 | 8.33 | 2.38 | 14.70 | 23.41 |
| EV / EBIT | 5.12 | 5.21 | 5.48 | 7.13 | 7.34 | 20.56 | 10.67 | 9.16 | 2.47 | — | 120.88 |
| EV / FCF | — | — | 6.53 | 8.00 | 13.03 | — | 7.07 | 41.22 | 1.42 | 8.74 | 3.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.1% | 27.1% | 31.4% | 35.5% | 22.2% | 42.7% | 39.5% | 36.3% | 62.6% | 55.7% | 34.8% |
| Operating Margin | 11.0% | 11.0% | 20.0% | 23.8% | 23.8% | 11.7% | 23.2% | 11.7% | 17.4% | 1.8% | 0.8% |
| Net Profit Margin | 7.0% | 7.0% | 11.4% | 20.7% | 33.1% | 11.8% | 37.0% | 14.9% | 16.0% | -1.2% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.4% | 5.4% | 8.2% | 22.8% | 38.3% | 9.8% | 46.2% | 40.1% | 67.7% | -7.1% | 0.4% |
| ROA | 4.2% | 4.2% | 6.3% | 16.6% | 26.3% | 6.4% | 29.1% | 18.3% | 22.0% | -1.7% | 0.1% |
| ROIC | 6.0% | 6.0% | 9.8% | 17.0% | 17.6% | 6.4% | 20.3% | 19.8% | 43.0% | 5.7% | 2.4% |
| ROCE | 8.0% | 8.0% | 13.4% | 23.9% | 25.4% | 9.0% | 28.0% | 26.2% | 53.5% | 6.4% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.04 | 0.16 | 0.15 | 0.20 | 0.03 | 0.17 | 0.21 | 0.44 | 0.29 |
| Debt / EBITDA | 0.85 | 0.85 | 0.26 | 0.67 | 0.61 | 1.89 | 0.16 | 0.59 | 0.37 | 2.25 | 2.00 |
| Net Debt / Equity | — | -0.22 | -0.29 | -0.04 | -0.11 | -0.22 | -0.75 | -0.06 | -0.35 | -0.17 | -0.43 |
| Net Debt / EBITDA | -2.19 | -2.19 | -1.85 | -0.16 | -0.47 | -2.03 | -3.49 | -0.22 | -0.60 | -0.86 | -3.00 |
| Debt / FCF | — | — | -2.50 | -0.19 | -0.88 | — | -2.45 | -1.09 | -0.36 | -0.51 | -0.40 |
| Interest Coverage | — | — | 97.48 | 44.19 | 98.41 | 137.00 | 134.64 | 47.66 | 19.79 | -6.04 | 1.56 |
Net cash position: cash ($21M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.16 | 2.16 | 2.27 | 1.78 | 1.47 | 1.64 | 1.93 | 0.74 | 0.76 | 0.35 | 0.52 |
| Quick Ratio | 2.16 | 2.16 | 2.27 | 1.78 | 1.47 | 1.64 | 1.93 | 0.74 | 0.76 | 0.35 | 0.52 |
| Cash Ratio | 1.32 | 1.32 | 1.49 | 0.83 | 0.78 | 0.96 | 1.67 | 0.30 | 0.42 | 0.24 | 0.30 |
| Asset Turnover | — | 0.58 | 0.56 | 0.72 | 0.69 | 0.51 | 0.59 | 1.19 | 1.14 | 1.49 | 1.57 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 8.1% | 7.6% | 11.9% | 17.9% | 4.4% | 11.3% | 13.3% | 28.6% | — | 0.1% |
| FCF Yield | 4.0% | — | 11.1% | 12.2% | 7.2% | — | 10.5% | 2.4% | 56.1% | 10.8% | 28.5% |
| Buyback Yield | 6.0% | 6.0% | 3.2% | 0.4% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.0% | 6.0% | 3.2% | 0.4% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $35M | $37M | $38M | $37M | $37M | $33M | $29M | $29M | $28M | $28M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HGBL stock.
Heritage Global Inc.'s current P/E ratio is -3.2x. The historical average is 7.7x.
Heritage Global Inc.'s current EV/EBITDA is 22.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Heritage Global Inc.'s return on equity (ROE) is 5.4%. The historical average is -10.5%.
Based on historical data, Heritage Global Inc. is trading at a P/E of -3.2x. Compare with industry peers and growth rates for a complete picture.
Heritage Global Inc. has 27.1% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
Heritage Global Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Principal inventory acquisition volatility
Metrics are mathematically derived from official filings.
Market Discounting Operational Complexity Risks
Based on current market data, HGBL trades at an EV/EBITDA multiple of 4.24, which appears to reflect a significant valuation discount compared to broader capital markets peers, likely driven by investor skepticism regarding the sustainability of its lumpy, project-based revenue streams and micro-cap liquidity constraints.
The current P/E of 12.50 suggests that the market is pricing the company for limited growth, potentially failing to account for the high-margin potential of its NPL brokerage segment. Investors should monitor whether this discount persists as the firm continues to pivot toward a more diversified, asset-light service model.
Capital Efficiency Constrained by Volatility
According to historical financial data, HGBL's ROIC has fluctuated between 0.5% and 4.9% over the last ten quarters, indicating that the company struggles to consistently compound returns on its invested capital due to the inherent unpredictability of its principal-heavy industrial liquidation and asset acquisition cycles.
The variability in ROIC suggests that management's ability to generate value is highly sensitive to the timing and success of individual large-scale auctions. This trend warrants further investigation into whether recent investments in operational infrastructure will eventually stabilize these returns or if they will remain tethered to cyclical market conditions.
Working Capital Dynamics Drive Performance
As reported in recent quarterly filings, HGBL's asset turnover has remained low, hovering around 0.15, which reflects the capital-intensive nature of its principal inventory holdings and the significant time required to successfully liquidate specialized industrial assets within the current US market environment.
The fluctuation in DSO, which ranged from 9 to 68 days, highlights the company's reliance on the timing of large-scale asset sales and the subsequent collection of proceeds. This volatility in working capital efficiency suggests that the firm's cash conversion cycle is highly susceptible to external project delays.
Conservative Balance Sheet Enhances Resilience
Based on the provided balance sheet figures, HGBL has maintained a disciplined financial profile, with its debt-to-equity ratio declining to a minimal 0.02 as of 2026Q1, which provides the firm with significant flexibility to navigate potential downturns in the industrial and financial asset markets.
The company's low leverage appears to be a strategic choice to mitigate the risks associated with its principal-heavy business model. This fortress-like balance sheet position may allow management to act as a buyer of last resort during periods of market distress, potentially creating long-term value for shareholders.
Misapplication of Standard P/E Multiples
Investors frequently misapply the P/E ratio to HGBL, as this metric fails to account for the significant accounting distortions caused by the firm's hybrid principal-agency revenue model and the lumpy nature of its project-based earnings, which often mask the underlying health of its fee-based brokerage business.
A more appropriate metric for this business model would be an adjusted fee-based earnings multiple or a focus on Gross Merchandise Value (GMV) to better capture the platform's true earning power. Relying solely on P/E may lead to an inaccurate assessment of the company's operational resilience and growth potential.