HGBL on Nasdaq

Heritage Global Inc.

We are an asset services company specializing in financial and industrial asset transactions.4 From its latest annual report

$1.25 down 0.01 (0.79%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 19, 2026.

Overview

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  • TickerHGBL on Nasdaq1
  • IndustryServices-Business Services, NEC1
  • HeadquartersSan Diego, California1
  • Incorporated inFL3
  • Business address6130 Nancy Ridge Drive, San Diego, Ca 921213
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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We are an asset services company specializing in financial and industrial asset transactions. We provide a full suite of services including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible assets across more than twenty-five global sectors. We act as an advisor as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, and charged-off receivable portfolios.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.2%Operating margin5
7.0%Net margin5
12.4%Revenue growth, 20255
5.4%Return on equity5
-$2.3MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 65% of the revenue Heritage Global Inc. broke down this way in fiscal 2025.

  1. Service$33.3M565%up 2% from 2024
  2. Product$17.7M535%up 39% from 2024
Products and services by year
Products and services20242025
Service$32.6M$33.3M
Product$12.8M$17.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue55¢$37.0M
  • Selling, general and admin37¢$25.0M
  • Income tax3¢$2.3M
  • Profit5¢$3.6M

Out of $51.0M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending76¢$8.5M
  • Share buybacks24¢$2.6M

Out of $6.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue6789105$51.0M in 2025+95% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $26.2M$26.2M20192020: $26.2M$26.2M2020+0%2021: $25.8M$25.8M2021−1%2022: $46.9M$46.9M2022+82%2023: $60.5M$60.5M2023+29%2024: $45.4M$45.4M2024−25%2025: $51.0M$51.0M2025+12%
Operating income6789105$5.7M in 2025+87% since 2019
0$5.0M$10.0M$15.0M2019: $3.0M$3.0M20192020: $6.1M$6.1M2020+99%2021: $3.0M$3.0M2021−50%2022: $11.1M$11.1M2022+269%2023: $14.3M$14.3M2023+29%2024: $9.1M$9.1M2024−37%2025: $5.7M$5.7M2025−37%
Net income6789105$3.6M in 2025−8% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $3.9M$3.9M20192020: $9.7M$9.7M2020+148%2021: $3.1M$3.1M2021−68%2022: $15.5M$15.5M2022+407%2023: $12.5M$12.5M2023−19%2024: $5.2M$5.2M2024−58%2025: $3.6M$3.6M2025−31%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total revenues$51.0M$45.4M
Selling, general and administrative$25.0M$24.3M
Depreciation and amortization$472.0K$591.0K
Total operating costs and expenses$45.4M$39.0M
Earnings of equity method investments$123.0K$2.7M
Operating income$5.7M$9.1M
Interest income (expense), net$134.0K-$93.0K
Income before income tax expense$5.8M$9.0M
Income tax expense$2.3M$3.8M
Net income$3.6M$5.2M
Weighted average common shares outstanding basic34.8M shares36.4M shares
Weighted average common shares outstanding diluted35.4M shares37.1M shares
Net income per share basic$0.10$0.14
Net income per share diluted$0.10$0.14

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Leadership

Who has led Heritage Global Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Allan C. Silber2006
  2. Adam Marc Reich2010–2013
  3. Ross Dove2015–now

President

  1. Allan C. Silber2011–2014
  2. Ross Dove2012–2014
  3. Kirk Dove2014–2018
  4. David Van Ludwig2014–2025
  5. Nicholas Kirk Dove2020–2026
  6. Bruce Kenneth Hounsell2026
  7. Thomas Van Ludwig2026–now

Chief financial officer

  1. Stephen Wentraub2006
  2. Scott Allen West2014–2020
  3. Brian J. Cobb2023–now

Chief operating officer

  1. Kirk Dove2015–2018
2010201520202025
Board members and other officers (20)

Former names

  • Counsel RB Capital Inc.Jan 21, 2011 to Aug 14, 20133
  • C2 Global Technologies IncAug 19, 2005 to Dec 23, 20103
  • ACCERIS COMMUNICATIONS INCMar 8, 2004 to Aug 9, 20053
  • I LINK INCOct 20, 1997 to Dec 3, 20033
  • MEDCROSS INCAug 14, 1995 to Sep 8, 19973

Timeline

  1. Jun 1, 2015New chief executive Ross Dove becomes CEO13
  2. Dec 15, 2010New chief executive Adam Marc Reich becomes CEO14
  3. Aug 3, 2006New chief executive Allan C. Silber becomes CEO15

Filings

226 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 22 major events, 133 insider forms, 15 large holders, 35 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 1, 2026144 EDGAR
  3. Sep 29, 2026SCHEDULE 13D/A EDGAR
  4. Sep 29, 20264 EDGAR
  5. Sep 29, 20264 EDGAR
  6. Sep 22, 20268-K EDGAR
  7. Sep 2, 20264 EDGAR
  8. Sep 1, 2026144 EDGAR
  9. Aug 20, 20264 EDGAR
  10. Aug 17, 20264 EDGAR
  11. Aug 17, 20264 EDGAR
  12. Aug 13, 202610-Q EDGAR
  13. Aug 3, 20268-K EDGAR
  14. Jul 31, 2026SCHEDULE 13G/A EDGAR
  15. Jul 31, 20268-K EDGAR
  16. Jun 4, 20268-K EDGAR
  17. May 27, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 15, 2026SCHEDULE 13G/A EDGAR
  20. May 8, 20264 EDGAR

The 226 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

96 open-market trades by officers, directors and large owners since October 2021: 41 buys and 55 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026DOVE ROSSCEOSale300,000$1.33$399.0KForm 4
Sep 25, 2026Burnham William LDirectorBuy300,000$1.33$399.0KForm 4
Sep 1, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale2,500$1.27$3.2KForm 4
Aug 20, 2026COBB BRIAN J.CFOBuy20,000$1.10$22.0KForm 4
Aug 17, 2026Hounsell Bruce KennethPresident, Heritage DebtX LLCBuy10,000$1.14$11.4KForm 4
Aug 17, 2026Dove Nicholas KirkPresident, Industrial AssetsBuy60,000$1.10$66.0KForm 4
May 21, 2026Dove Nicholas KirkPresident, Industrial AssetsBuy26,000$1.22$31.7KForm 4
May 1, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.33$5.0KForm 4
Apr 1, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.35$5.0KForm 4
Mar 2, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.30$4.9KForm 4
Feb 2, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.37$5.1KForm 4
Jan 2, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.23$4.6KForm 4
Dec 1, 2025Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.31$4.9KForm 4
Nov 3, 2025Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.43$5.3KForm 4
Oct 1, 2025Sklar James EdwardEVP, Gen Counsel & SecretarySale7,468$1.63$12.2KForm 4
Mar 11, 2025Ludwig David VanPresident of subsidiarySale7,000$1.97$13.8KForm 4
Mar 6, 2025Ludwig David VanPresident of subsidiarySale10,000$2.07$20.7KForm 4
Mar 4, 2025Ludwig David VanPresident of subsidiarySale10,000$2.05$20.5KForm 4
Feb 26, 2025Ludwig David VanPresident of subsidiarySale10,000$2.02$20.2KForm 4
Feb 19, 2025Ludwig David VanPresident of subsidiarySale10,000$2.24$22.4KForm 4

All 96 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 36. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Mink Brook Asset Management LLC2,273,077$2.8M1.2%+34,821
Punch & Associates Investment Management, Inc.2,021,458$2.4M0.1%−222,690
Topline Capital Management, LLC1,785,488$2.2M0.6%No change
Vanguard Capital Management LLC1,393,638$1.7M0.0%−263,909
Truffle Hound Capital, LLC1,100,000$1.3M0.8%No change
Koshinski Asset Management, Inc.917,304$1.1M0.1%No change
Militia Capital Management LLC563,873$682.3K0.1%−1,127,746
Geode Capital Management, LLC359,349$434.9K0.0%+17,215
Renaissance Technologies LLC249,617$302.0K0.0%+5,300
Ridgewood Investments LLC222,165$268.8K0.1%−15,000
Dimensional Fund Advisors LP179,234$216.9K0.0%−25,310
BlackRock, Inc.168,422$203.8K0.0%+21,383
Vanguard Fiduciary Trust Co167,270$202.4K0.0%+1,222
State Street Corp116,566$141.0K0.0%No change
Northern Trust Corp51,204$62.0K0.0%+14,339
Jane Street Group, LLC42,957$52.0K0.0%+23,948
Citadel Advisors LLC38,312$46.4K0.0%New
Goldman Sachs Group Inc34,800$42.1K0.0%−421
NorthRock Partners, LLC34,139$41.3K0.0%No change
Wealth Enhancement Advisory Services, LLC25,758$32.2K0.0%No change
Morgan Stanley18,668$22.6K0.0%No change
Evergreen Capital Management LLC11,878$14.4K0.0%No change
Vanguard Global Advisers, LLC10,769$13.0K0.0%No change
XTX Topco Ltd10,000$12.1K0.0%−3,934
Royal Bank Of Canada5,782$7.0K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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