What is the 13F Pro Quality Score for HGBL?

13F Pro ranks Heritage Global Inc. (HGBL) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View HGBL's current score at https://13fpro.ai/research/HGBL (free sign-up required for the full ranking).

Where does 13F Pro source HGBL data?

All Heritage Global Inc. fundamentals and ownership data come directly from SEC EDGAR. Heritage Global Inc. files with the SEC under CIK 849145. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is HGBL in?

Heritage Global Inc. (HGBL) is classified in the Industrials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/industrials.

How often is HGBL research updated on 13F Pro?

HGBL's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Heritage Global Inc.(HGBL)Stock Analysis

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13F Pro Quality Score

30.6/100

Rank #2,350 of 2,879 stocks

View Industrials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

19.0/100

Profitability

46.6/100

Balance Sheet

67.5/100

Earnings Quality

10.2/100

Free Cash Flow

17.3/100

Institutional Flow

6.8/100

Revenue Scale

11.5/100

Dilution Risk

43.2/100

HGBL Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Heritage Global Inc. (HGBL), a Industrials sector company. 13F Pro's AI-powered ranking engine scores HGBL at 30.6/100 on a 32-signal composite quality model, placing it at rank #2,350 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include institutional flow (6.8) and earnings quality (10.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 43.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Heritage Global Inc. reports quarterly revenue of $12.7M, net income of $717.0K, an operating margin of 7.9%. Top institutional holders of HGBL by reported 13-F value include PUNCH & ASSOCIATES INVESTMENT MANAGEMENT,, Mink Brook Asset Management, Topline Capital Management,, based on the most recent SEC filings. HGBL trades on the Nasdaq exchange and files with the SEC under CIK 849145. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HGBL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Heritage Global Inc. directly from SEC EDGAR. Heritage Global Inc.'s 13F Pro composite quality score has ranged between 31 and 71 since 2021, currently 30.6 — a declining long-term trajectory across 28 quarterly and live scoring snapshots.

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Fun facts about Heritage Global Inc.

Quirks, history, and lore behind HGBL — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company operating in the asset disposition space · small-cap · listed on Nasdaq · headquartered in San Diego, California.
2
The Numbers
Annual revenue in the range of roughly $50–100 million — not a giant, but it punches above its weight by turning distressed and surplus assets into cash for clients.
3
The History
The company traces its roots to the auction and liquidation industry, evolving over decades from traditional surplus sales into a broader financial assets marketplace.
4
The Secret
Beyond physical assets, it has expanded into charged-off receivables and specialty lending — meaning it buys distressed debt portfolios and tries to unlock value others left on the table.
5
The Lore
Its business model thrives when other businesses fail, downsize, or restructure — recessions are basically its version of a bull market, as distressed assets flood the pipeline.
6
The Giveaway
This firm runs industrial auctions, trades financial assets, and bills itself as a global heritage in the business of selling things nobody else wants — ticker and name both give a nod to that proud, well-worn legacy.

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Revenue

Q1 2026

$12.7M

Net Income

Q1 2026

$717.0K

Free Cash Flow

Q1 2026

$-3.2M

Operating Margin

Q1 2026

7.9%

ROIC

Q1 2026

1.4%

D/E Ratio

Q1 2026

0.06

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+12.4% YoY

$51.0MFY 2025

FY20 $26.2MFY23 $60.5MFY24 $45.4MFY25 $51.0M

Net Income

-30.8% YoY

$3.6MFY 2025

FY20 $9.7MFY23 $12.5MFY24 $5.2MFY25 $3.6M

Operating Income

-37.0% YoY

$5.7MFY 2025

FY20 $6.1MFY23 $14.3MFY24 $9.1MFY25 $5.7M

EPS (Diluted)

-28.6% YoY

$0.10FY 2025

FY20 $0.30FY23 $0.33FY24 $0.14FY25 $0.10

Total Assets

+8.8% YoY

$88.4MFY 2025

FY20 $44.6MFY23 $83.2MFY24 $81.3MFY25 $88.4M

Total Debt

—FY 2025

FY20 —FY23 $7.2MFY24 —FY25 —

Op. Cash Flow

-20.8% YoY

$6.1MFY 2025

FY20 $9.1MFY23 $13.0MFY24 $7.7MFY25 $6.1M

Metric	FY 2025	FY 2024	FY 2023	FY 2020	FY 2019	FY 2018
Revenue	$51.0M +12.4%	$45.4M -25.1%	$60.5M +131.2%	$26.2M +0.1%	$26.2M +10.6%	$23.7M
Net Income	$3.6M -30.8%	$5.2M -58.5%	$12.5M +29.2%	$9.7M +147.7%	$3.9M +3.9%	$3.8M
Operating Income	$5.7M -37.0%	$9.1M -36.7%	$14.3M +136.3%	$6.1M +98.7%	$3.0M -25.2%	$4.1M
EPS (Diluted)	$0.10 -28.6%	$0.14 -57.6%	$0.33 +10.0%	$0.30 +130.8%	$0.13 +0.0%	$0.13
Total Assets	$88.4M +8.8%	$81.3M -2.2%	$83.2M +86.7%	$44.6M +103.3%	$21.9M +6.2%	$20.6M
Total Debt	—	—	$7.2M	—	—	—
Operating Cash Flow	$6.1M -20.8%	$7.7M -40.5%	$13.0M +42.3%	$9.1M +1052.1%	$794.0K -89.4%	$7.5M

AI Insight: HGBL Financial Trends

Revenue remains volatile around $11-14M range with deteriorating operating cash flow turning negative in Q1 2026.

• Revenue fluctuated between $10M-14M across eight quarters with no clear directional trend.

• Operating cash flow declined from $6M in Q2 2024 to -$3M in Q1 2026.

• Operating income compressed from $4M in Q2 2024 to $1M in recent quarters.

⚠ Operating cash flow turned negative for second time in Q1 2026 after Q4 2024.

⚠ Debt position remains modest at $4M with stable equity around $66-68M.

AI Insight: HGBL Ratio Trends

Heritage Global's profitability has deteriorated sharply from Q2 2024 peaks, with operating margin falling from 29.5% to 7.9% in Q1 2026.

• Operating margin collapsed from 29.5% in Q2 2024 to 7.9% in Q1 2026, a 21.6pp decline.

• ROIC dropped from 21.5% in Q2 2024 to 5.6% in Q1 2026, falling below 10% for five consecutive quarters.

• ROE declined from 15.2% in Q2 2024 to 4.2% in Q1 2026, including a loss in Q4 2024.

• Debt-to-equity ratio remained stable at 0.06-0.07 throughout 2025-2026, indicating conservative leverage.

⚠ Operating margin hit cycle low of 6.5% in Q4 2025 before modest recovery to 7.9% in Q1 2026.

⚠ ROIC continues declining trend with latest quarter at 5.6%, well below historical double-digit levels.

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Available Research

13F Pro tracks comprehensive data for Heritage Global Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of HGBL

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
$3.1M2,244,148 sh
Mink Brook Asset Management LLC
$3.0M2,238,256 sh
Topline Capital Management, LLC
$2.4M1,785,488 sh
Truffle Hound Capital, LLC
$1.5M1,100,000 sh
Koshinski Asset Management, Inc.
$1.2M917,304 sh
Militia Capital Management LLC
$766.9K563,873 sh
GEODE CAPITAL MANAGEMENT, LLC
$465.4K342,134 sh
RENAISSANCE TECHNOLOGIES LLC
$332.3K244,317 sh
Ridgewood Investments LLC
$322.5K237,165 sh
DIMENSIONAL FUND ADVISORS LP
$278.1K204,544 sh

Fund	Value	Shares
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.	$3.1M	2,244,148
Mink Brook Asset Management LLC	$3.0M	2,238,256
Topline Capital Management, LLC	$2.4M	1,785,488
Truffle Hound Capital, LLC	$1.5M	1,100,000
Koshinski Asset Management, Inc.	$1.2M	917,304
Militia Capital Management LLC	$766.9K	563,873
GEODE CAPITAL MANAGEMENT, LLC	$465.4K	342,134
RENAISSANCE TECHNOLOGIES LLC	$332.3K	244,317
Ridgewood Investments LLC	$322.5K	237,165
DIMENSIONAL FUND ADVISORS LP	$278.1K	204,544

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Is HGBL a good stock to buy?

13F Pro's AI-powered analysis of Heritage Global Inc. (HGBL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for HGBL are available on the HGBL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own HGBL?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling HGBL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Heritage Global Inc.'s investment landscape.