HERITAGE GLOBAL INC.

HGBL · Technology · $43.4M mkt cap · FY2025 filings · Wide moat

Wonderful & reasonably priced

Wide moat

The four filters

Pricing power70

Median gross margin 70.1% over 3y, variable.

Returns on capital97

Median ROIC 21.8%, above the 9% hurdle in 90% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline60

Owner earnings +35.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

57% below value

Owner earnings (normalized): $5.6M
Est. intrinsic value / share: $2.92
Recent price: $1.25
Discount to value: 57% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HGBL. See the disclaimer.