Heritage Global Inc., together with its subsidiaries, operates as an asset services company with focus on financial and industrial asset transactions in the United States. It operates through three segments: Auction and Liquidation, Refurbishment and Resale, and Brokerage. The company offers a suite of market making, acquisitions, refurbishment, dispositions, valuations, and secured lending services. It also involved in the identifying, …
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Competitive advantage assessment
Key strengths
Conservative LeverageLeverage is conservative vs peers (score 0.77).
Consistent Fee StructureFee margin stability is solid (score 0.73).
Key risks
Below-Peer Return on EquityReturn on equity lags peers (score 0.40).
AUM Contraction RiskRevenue growth trajectory is weak (score 0.35).
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Heritage Global Inc. ranks #29 of 67
scored companies in Capital Markets by moat score — the top 43%.
The widest moat in the group is Interactive Brokers Group, Inc. (IBKR)
at 83/100.
Moat scores for companies ranked near HGBL in Capital Markets
How HGBL scores on the Asset Management Specialized defenses
Fee Revenue Quality
Score 63
· 20% of the moat score
Fee revenue quality is the ability to charge above the industry's falling average and keep charging it.
Client Retention & Revenue Stickiness
Score 57
· 18% of the moat score
Assets under management leave far more easily than they arrive, and the fee leaves with them.
Compensation Discipline
Score 51
· 18% of the moat score
Compensation is the largest expense in asset management and the one that decides whether a good year ever reaches shareholders.
Capital Efficiency
Score 45
· 20% of the moat score
Asset managers are asset-light: with little capital employed, a healthy business should earn a very high return on equity, and a merely average one is a real warning.
Earnings Quality & Cash Conversion
Score 61
· 14% of the moat score
Reported profits here can be flattered by performance fees, seed-capital gains and consolidated fund accounting, none of which recur reliably.
Balance Sheet Strength
Score 56
· 10% of the moat score
Because the business needs so little capital, an asset manager carrying meaningful debt has usually borrowed to buy another manager or to fund distributions.
Heritage Global Inc. (HGBL) scores 55 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #29 of 67 scored companies in Capital Markets, the top 43%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 74 companies in Capital Markets. Its strongest defense is Fee Revenue Quality (63/100) and its weakest is Capital Efficiency (45/100).
How does Heritage Global Inc. compare with other Capital Markets companies?
Heritage Global Inc. ranks #29 of 67 scored companies in Capital Markets by moat score. The widest moat in Capital Markets is Interactive Brokers Group, Inc. (IBKR) at 83/100. The companies ranked closest are CleanSpark, Inc. Warrant (CLSKW) at 55 just above it and Freedom Holding Corp. (FRHC) at 52 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Asset Management Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 74 companies in Capital Markets. The defenses are then weighted to produce the overall score out of 100.
Why is Heritage Global Inc. scored with the Asset Management Specialized template?
An asset manager owns almost nothing. It charges a fee on someone else's money, pays much of that fee out in compensation, and keeps the remainder — so its economics turn on the fee rate it can defend, whether client money stays, and how much revenue survives the bonus pool. The Asset Management template scores those questions rather than the balance sheet, which in this industry is largely beside the point.
Which competitive defenses are measured for Heritage Global Inc.?
The Asset Management Specialized template measures 6 defenses, and HGBL scores: Fee Revenue Quality (63), Client Retention & Revenue Stickiness (57), Compensation Discipline (51), Capital Efficiency (45), Earnings Quality & Cash Conversion (61), Balance Sheet Strength (56). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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