Demonstrações financeiras detalhadas de Heritage Global Inc. (HGBL): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Heritage Global Inc. registou receitas de $51.0M no último exercício, com um CAGR de 5 anos de 14.3%. O lucro líquido atingiu $3.6M, com CAGR de 5 anos de -18.0%.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $23.8M | $20.1M | $23.7M | $26.2M | $26.2M | $25.8M | $46.9M | $60.5M | $45.4M | $51.0M |
| Custo da Receita | $15.6M | $9.0M | $9.0M | $16.7M | $15.8M | $14.8M | $36.5M | $39.2M | $31.1M | $37.2M |
| Lucro Bruto | $8.3M | $11.2M | $14.7M | $9.5M | $10.3M | $11.0M | $10.4M | $21.4M | $14.2M | $13.8M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $7.8M | $9.3M | $10.3M | $6.9M | $7.7M | $8.1M | $5.7M | $7.1M | $7.5M | $7.8M |
| Despesas Operacionais | $8.1M | $10.8M | $10.6M | $6.4M | $4.3M | $8.0M | -$728000 | $7.1M | $5.1M | $8.2M |
| Lucro Operacional | $190000 | $364000 | $4.1M | $3.0M | $6.1M | $3.0M | $11.1M | $14.3M | $9.1M | $5.6M |
| EBITDA | $414000 | -$261000 | $4.6M | $3.4M | $6.4M | $3.5M | $11.7M | $14.8M | $10.3M | $6.8M |
| Despesas com Juros | $63000 | $95000 | $214000 | $64000 | $45000 | $22000 | $113000 | $324000 | $93000 | 0 |
| Lucro Antes de Impostos | $35000 | -$669000 | $4.0M | $3.0M | $6.0M | $3.0M | $11.0M | $14.0M | $9.0M | $5.8M |
| Imposto | $21000 | -$420000 | $270000 | -$913000 | -$3.6M | -$61000 | -$4.5M | $1.5M | $3.8M | $2.3M |
| Lucro Líquido | $14000 | -$249000 | $3.8M | $3.9M | $9.7M | $3.1M | $15.5M | $12.5M | $5.2M | $3.6M |
| LPA | $0.00 | $-0.01 | $0.13 | $0.14 | $0.32 | $0.09 | $0.43 | $0.34 | $0.14 | $0.10 |
| LPA Diluído | $0.00 | $-0.01 | $0.13 | $0.13 | $0.30 | $0.08 | $0.42 | $0.33 | $0.14 | $0.10 |
| Ações em Circulação (Diluídas) | $28.4M | $28.5M | $28.9M | $29.3M | $32.7M | $36.9M | $37.1M | $37.6M | $37.1M | $35.4M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $11.4M | $11.9M | $12.7M | $12.3M |
| Lucro Bruto | $4.4M | -$806000 | $11.7M | $8.3M |
| Lucro Operacional | $1.3M | $864000 | $505000 | -$2.5M |
| EBITDA | $1.5M | $1.2M | $858000 | -$20.7M |
| Lucro Líquido | $585000 | $301000 | $717000 | -$15.9M |
| LPA | $0.02 | $0.01 | $0.02 | $-0.46 |
| LPA Diluído | $0.02 | $0.01 | $0.02 | $-0.46 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $2.5M | $2.1M | $4.3M | $2.7M | $23.4M | $13.6M | $12.7M | $12.3M | $21.7M | $20.5M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $1.2M | $384000 | $400000 | $3.2M | $2.8M | $5.0M | $5.5M | $1.9M | $5.0M | $6.4M |
| Estoque | $263000 | $170000 | $2.4M | $104000 | $235000 | $3.2M | $4.6M | $5.1M | $5.3M | $5.9M |
| Ativos Circulantes | $4.4M | $3.0M | $7.7M | $6.8M | $27.0M | $23.3M | $23.9M | $26.3M | $33.1M | $33.6M |
| Imobilizado | $156000 | $145000 | $175000 | $1.7M | $1.1M | $4.2M | $4.3M | $4.2M | $3.9M | $12.4M |
| Ágio | $6.2M | $6.2M | $6.2M | $5.6M | $5.6M | $7.4M | $7.4M | $7.4M | $7.4M | $7.4M |
| Ativos Intangíveis | $4.1M | $3.9M | $3.6M | $3.4M | $3.1M | $4.6M | $4.1M | $3.8M | $3.4M | $3.1M |
| Ativos Totais | $15.1M | $13.4M | $20.6M | $21.9M | $44.6M | $50.5M | $67.6M | $83.2M | $81.3M | $88.4M |
| Contas a Pagar | $3.2M | $2.5M | $3.1M | 0 | 0 | $6.5M | $3.2M | $5.0M | $7.4M | $7.3M |
| Dívida de Curto Prazo | $664000 | $738000 | $1.2M | $438000 | 0 | $2.5M | $3.4M | $1.7M | $395000 | 0 |
| Passivos Circulantes | $8.6M | $8.7M | $10.2M | $9.1M | $14.0M | $14.2M | $16.2M | $14.7M | $14.6M | $15.5M |
| Dívida de Longo Prazo | $348000 | $786000 | $438000 | $35000 | 0 | $1.4M | $871000 | $5.5M | 0 | $4.1M |
| Passivos Totais | $11.7M | $10.0M | $13.0M | $10.1M | $14.6M | $17.8M | $19.3M | $22.1M | $16.1M | $21.5M |
| Reservas | -$280.9M | -$281.1M | -$277.4M | -$273.5M | -$263.8M | -$260.8M | -$245.3M | -$233.0M | -$227.8M | -$224.3M |
| Patrimônio Líquido | $3.5M | $3.5M | $7.6M | $11.8M | $29.9M | $32.6M | $48.3M | $61.1M | $65.2M | $67.0M |
| Dívida Total | $1.0M | $1.5M | $1.6M | $2.0M | $1.0M | $6.6M | $7.1M | $9.9M | $2.7M | $5.7M |
| Dívida Líquida | -$1.5M | -$585000 | -$2.7M | -$736000 | -$22.4M | -$7.0M | -$5.5M | -$2.4M | -$19.0M | -$14.8M |
| Capital de Giro | -$4.1M | -$5.6M | -$2.5M | -$2.4M | $13.0M | $9.1M | $7.7M | $11.6M | $18.5M | $18.1M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $19.4M | $20.5M | $11.6M | $13.2M |
| Ativos Totais | $86.5M | $88.4M | $85.0M | $70.4M |
| Passivos Totais | $20.0M | $21.5M | $17.2M | $18.5M |
| Patrimônio Líquido | $66.5M | $67.0M | $67.8M | $51.9M |
| Dívida Total | $5.9M | $5.7M | $5.5M | $5.3M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $14000 | -$249000 | $3.8M | $3.9M | $9.7M | $3.1M | $15.5M | $12.5M | $5.2M | $3.6M |
| Depreciação e Amortização | $316000 | $313000 | $319000 | $305000 | $362000 | $460000 | $536000 | $514000 | $1.2M | $682000 |
| Compensação em Ações | $99000 | $246000 | $289000 | $283000 | $353000 | $408000 | $540000 | $776000 | $1.3M | $900000 |
| Variação Capital de Giro | $3.3M | -$1.2M | $3.3M | -$2.6M | $6.0M | -$7.2M | $1.0M | -$1.0M | $1.3M | -$967000 |
| Fluxo de Caixa Operacional | $3.9M | $1.2M | $7.5M | $794000 | $9.1M | -$2.6M | $6.5M | $13.0M | $7.7M | $6.1M |
| CapEx | -$99000 | -$44000 | -$99000 | -$116000 | -$7000 | -$1.4M | -$215000 | -$257000 | -$137000 | -$8.5M |
| Aquisições | 0 | 0 | -$2.8M | -$604000 | -$1.4M | -$6.9M | -$9.3M | -$7.6M | $3.0M | -$1.6M |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | -$395000 | -$400000 | -$2.2M | -$2.6M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $3.8M | $1.1M | $7.4M | $678000 | $9.1M | -$4.1M | $6.3M | $12.8M | $7.6M | -$2.3M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $61000 | $1.6M | -$2.2M | $1.1M |
| CapEx | -$294000 | -$609000 | -$562000 | -$209000 |
| Fluxo de Caixa Livre | -$233000 | $971000 | -$2.7M | $905000 |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $204000 | $187000 | $211000 | $171000 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -15.5% | +17.6% | +10.6% | +0.1% | -1.5% | +81.9% | +29.1% | -25.1% | +12.4% |
| Crescimento Lucro Líquido (anual) | | -1878.6% | +1606.4% | +3.9% | +147.7% | -68.4% | +407.5% | -19.5% | -58.5% | -30.8% |
| Crescimento LPA (anual) | | -1840.0% | +1594.3% | +7.7% | +128.6% | -73.1% | +399.4% | -20.9% | -58.8% | -28.6% |
| Variação de Ações (anual) | | +0.1% | +1.5% | +1.3% | +11.7% | +12.8% | +0.5% | +1.3% | -1.2% | -4.6% |
| Crescimento FCF (anual) | | -70.2% | +547.7% | -90.8% | +1248.2% | -144.4% | +254.5% | +103.6% | -40.4% | -130.7% |
| Margem Bruta | 34.7% | 55.4% | 62.1% | 36.2% | 39.5% | 42.7% | 22.2% | 35.3% | 31.3% | 27.1% |
| Margem Operacional | 0.8% | 1.8% | 17.2% | 11.7% | 23.1% | 11.7% | 23.7% | 23.7% | 20.0% | 11.0% |
| Margem EBITDA | 1.7% | -1.3% | 19.2% | 12.8% | 24.5% | 13.5% | 24.8% | 24.5% | 22.7% | 13.2% |
| Margem Líquida | 0.1% | -1.2% | 15.9% | 14.9% | 36.9% | 11.8% | 33.0% | 20.6% | 11.4% | 7.0% |
| Margem FCF | 16.0% | 5.7% | 31.1% | 2.6% | 34.9% | -15.7% | 13.4% | 21.1% | 16.8% | -4.6% |
| Taxa Efetiva de Imposto | 60.0% | 62.8% | 6.7% | -30.6% | -60.6% | -2.0% | -40.8% | 10.9% | 42.2% | 38.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.13 | $0.04 | $0.26 | $0.02 | $0.28 | $-0.11 | $0.17 | $0.34 | $0.20 | $-0.07 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $28.4M | $28.5M | $28.6M | $28.7M | $30.2M | $35.5M | $36.0M | $36.7M | $37.0M | $34.8M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Saúde financeira
| Piotroski F-Score | 5 |
| Altman Z-Score | -1.31 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 940.00 | -42.53 | 3.50 | 7.00 | 8.31 | 21.72 | 5.47 | 8.18 | 13.21 | 12.40 |
| P/VP | 3.82 | 3.02 | 1.71 | 2.37 | 2.68 | 2.03 | 1.75 | 1.67 | 1.05 | 0.64 |
| P/V | 0.56 | 0.52 | 0.55 | 1.07 | 3.07 | 2.57 | 1.80 | 1.68 | 1.51 | 0.85 |
| Margem Bruta | 34.7% | 55.4% | 62.1% | 36.2% | 39.5% | 42.7% | 22.2% | 35.3% | 31.3% | 27.1% |
| Margem Operacional | 0.8% | 1.8% | 17.2% | 11.7% | 23.1% | 11.7% | 23.7% | 23.7% | 20.0% | 11.0% |
| Margem Líquida | 0.1% | -1.2% | 15.9% | 14.9% | 36.9% | 11.8% | 33.0% | 20.6% | 11.4% | 7.0% |