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Heritage Global cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.6M in Q3 2026 · $1.7M over twelve months

Operating cash flow$3.4M
Capital spending−$772K
Free cash flow+$2.6M
Cash / net income3.3×
Cash conversion cycle24 days

Analysis

In Q3 2026, Heritage Global generated $3.4M of operating cash flow and spent $772K on capital projects, leaving free cash flow of $2.6M. That is $2.8M more than in Q3 2025 (−$233K).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.9M; the largest uses were other investing ($6.5M), capital spending ($2.2M), other financing ($795K); besides operations, cash came from net borrowing (+) / repaid (−) ($2.0M); the cash balance fell by $3.8M.

Operating cash flow was $3.4M against net income of $1.0M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: impairments +$18.2M, inventory −$1.2M, payables +$689K.

Its cash conversion cycle was 24 days (receivables 17 + inventory 79 − payables 72).

Free cash flow

Heritage Global: free cash flow by quarterHeritage Global: free cash flow by quarter−$5.5MQ4 2024−$4.8MQ1 2025$1.7MQ2 2025−$233KQ3 2025$971KQ4 2025−$3.2MQ1 2026$1.4MQ2 2026$2.6MQ3 2026
Operating cash flow less capital spending.
Heritage Global: operating cash flow against capital spendingHeritage Global: operating cash flow against capital spendingOperating cash flowCapital spending−$5.5M$3KQ4 2024$2.6M$7.4MQ1 2025$1.9M$159KQ2 2025$61K$294KQ3 2025$1.6M$609KQ4 2025−$2.7M$562KQ1 2026$1.6M$209KQ2 2026$3.4M$772KQ3 2026
Latest (Q3 2026): Operating cash flow $3.4M, Capital spending $772K.

Capital allocation, year by year

Heritage Global: where the cash came from (up) and went (down), by fiscal yearHeritage Global: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$2.6MFY2021: Net borrowing $3.8MFY2021: Capital spending −$1.4MFY2021: Acquisitions −$4.3M$3.8MFY2021FY2022: Operating cash flow $6.5MFY2022: Net borrowing $451KFY2022: Capital spending −$215KFY2022: Buybacks −$395K$6.9MFY2022FY2023: Operating cash flow $13.0MFY2023: Net borrowing $2.9MFY2023: Capital spending −$257KFY2023: Buybacks −$400K$16.0MFY2023FY2024: Operating cash flow $7.7MFY2024: Net borrowing −$6.8MFY2024: Capital spending −$137KFY2024: Buybacks −$2.2M$7.7MFY2024FY2025: Operating cash flow $6.1MFY2025: Net borrowing $4.8MFY2025: Capital spending −$8.5MFY2025: Buybacks −$2.6M$10.9MFY2025
Over these 5 years operating cash flow totalled $30.8M; the largest uses were capital spending ($10.5M) and net borrowing ($6.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.6M
Debt$4.1M
Net cash$11.5M

Heritage Global funds itself: free cash flow was $1.7M over the last twelve months, and $15.6M of cash and investments stands against $4.1M of debt.

Where the cash came from and went

Heritage Global: sources (+) and uses (−) of cash, Q3 2026Heritage Global: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.4MCash drawn (+) / kept (−)−$2.4MOther investing−$2.2MNet borrowing (+) / repaid (−)$2.0MCapital spending−$772KOther financing−$22KTaxes on employees’ shares−$7K
Heritage Global: sources (+) and uses (−) of cash, TTM to Q3 2026Heritage Global: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$6.5MOperating cash flow$3.9MCash drawn (+) / kept (−)$3.8MCapital spending−$2.2MNet borrowing (+) / repaid (−)$2.0MOther financing−$795KBuybacks−$275KTaxes on employees’ shares−$14K

From profit to cash

Heritage Global: net income to operating cash flow, Q3 2026Heritage Global: net income to operating cash flow, Q3 2026Net income$1.0MDepreciation & amortization$206KStock-based pay$174KDeferred taxes−$161KImpairments$18.2MOther non-cash$1KReceivables−$297KInventory−$1.2MPayables$689KPrepaid and other assets$84KOther liabilities$304KOperating cash flow$3.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202617797224
Q2 202616828117
Q1 202613101112
Q4 20251448539
Q3 202516434910

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$3.4M−$772K—$2.0M−$2.4M$2.6M
Q2 2026$1.6M−$209K−$134K—−$1.6M$1.4M
Q1 2026−$2.7M−$562K−$141K—$9.0M−$3.2M
Q4 2025$1.6M−$609K——−$1.1M$971K
Q3 2025$61K−$294K—−$134K$412K−$233K
Q2 2025$1.9M−$159K−$1.6M−$131K−$1.1M$1.7M
Q1 2025$2.6M−$7.4M−$1.0M$5.0M$3.0M−$4.8M
Q4 2024−$5.5M−$3K−$1.1M−$129K$4.8M−$5.5M

Heritage Global: income statement and cash flow

Heritage Global, Q3 2026: revenue $14.6M (+28% year over year), operating margin 7.2%. The chart follows the revenue to costs, profit and cash.

Heritage Global: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.