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Institutional distribution: ownership decreased -1.97% quarter-over-quarter.
Data as of Q1 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $21M covers all $4M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~27.4% on $664000 of debt. Interest last disclosed in FY2016 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.0M 100.0% | $45.4M 100.0% | $60.5M 100.0% | $46.9M 100.0% | $25.8M 100.0% | $26.2M 100.0% | $26.2M 100.0% | $23.7M 100.0% | $20.1M 100.0% | $23.8M 100.0% |
| Cost of Revenue | $37.0M 72.6% | — | — | — | — | — | — | — | $1.7M 8.5% | $7.1M 29.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.7M 8.5% | $7.1M 29.9% |
| Cost of Services | — | — | — | — | — | — | — | — | $3.0M 14.9% | $4.2M 17.6% |
| Selling, General & Admin | $25.0M 49.0% | $24.3M 53.5% | $26.0M 43.0% | $21.3M 45.5% | $14.8M 57.4% | $14.4M 55.2% | $15.9M 60.7% | $15.2M 64.3% | $13.6M 67.5% | $12.0M 50.4% |
| Total Operating Expenses | $45.4M 89.0% | $39.0M 85.9% | $47.3M 78.1% | $42.8M 91.2% | $22.7M 88.0% | $23.9M 91.4% | $24.5M 93.6% | $19.6M 82.8% | $19.8M 98.2% | — |
| Operating Income | $5.7M 11.2% | $9.1M 20.0% | $14.3M 23.7% | $11.1M 23.7% | $3.0M 11.7% | $6.1M 23.1% | $3.0M 11.7% | $4.1M 17.2% | $364K 1.8% | $190K 0.8% |
| Interest Expense | — | — | — | — | — | — | — | — | — | $182K 0.8% |
| Other Income (Expense), net | — | — | — | — | — | — | — | — | — | $119K 0.5% |
| Pretax Income | $5.8M 11.5% | $9.0M 19.8% | $14.0M 23.1% | $11.0M 23.5% | $3.0M 11.6% | $6.0M 23.0% | $3.0M 11.4% | $4.0M 17.0% | -$669K -3.3% | $35K 0.1% |
| Income Tax Expense | $2.3M 4.4% | $3.8M 8.4% | $1.5M 2.5% | -$4.5M -9.6% | -$61K -0.2% | -$3.6M -13.9% | -$913K -3.5% | $270K 1.1% | -$420K -2.1% | $21K 0.1% |
| Net Income | $3.6M 7.0% | $5.2M 11.4% | $12.5M 20.6% | $15.5M 33.0% | $3.1M 11.8% | $9.7M 36.9% | $3.9M 14.9% | $3.8M 15.9% | -$249K -1.2% | $14K 0.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.10 | $0.14 | $0.34 | $0.43 | $0.09 | $0.32 | $0.14 | $0.13 | $-0.01 | $0.00 |
| EPS (Diluted) | $0.10 | $0.14 | $0.33 | $0.42 | $0.08 | $0.30 | $0.13 | $0.13 | $-0.01 | $0.00 |
| Weighted Avg Shares (Basic) | 34.8M | 36.4M | 36.7M | 36.0M | 35.5M | 30.2M | 28.7M | 28.6M | 28.5M | 28.4M |
| Weighted Avg Shares (Diluted) | 35.4M | 37.1M | 37.6M | 37.1M | 36.9M | 32.7M | 29.3M | 28.9M | 28.5M | 28.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $1.04 today, the market must believe free cash flow compounds -34.6%/yr for a decade (off $10M normalized FCF).
2-stage DCF · 0.03B shares · net debt -$21M
mean 213.3% · volatility σ 516% · implied rate exceeded in 3/7 yrs
Central path = implied -34.6%/yr growth; shaded band = ±1σ (516%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $3M buybacks = $3M returned on -$2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 878 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BSAC | $6.64T | — | — | — | — | — | — | — | — | — | 141 |
| V | $688.1B | — | — | 17.2× | 11.3% | — | 50.1% | 52.9% | 34.9% | — | 4,229 |
| MA | $516.3B | 34.5× | — | 15.7× | 16.4% | — | 45.6% | 193% | 57.6% | — | 3,430 |
| HBCYF | $346.1B | — | — | — | — | — | — | — | — | — | 2 |
| AXP | $239.4B | 22.7× | — | 5.8× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| MBFJF | $239.1B | 0.1× | 0.1× | 0.0× | 9.5% | — | 14.6% | 8.8% | 8.8% | — | 1 |
| USOI | $195.8B | — | — | 9.8× | 30.7% | — | -20.3% | -10.7% | -1.9% | — | 13 |
| HDB | $182.5B | 22.9× | — | 7.1× | -98.6% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $179.0B | — | — | — | — | — | — | — | — | — | 660 |
| USML | $178.1B | — | — | — | — | — | — | — | — | — | 2 |
| BLK | $175.8B | 32.1× | — | 7.3× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| SMFNF | $158.8B | — | — | — | — | — | — | — | — | — | 1 |
| CB | $137.9B | 13.7× | — | 2.3× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| GLD | $131.4B | — | — | — | — | — | — | — | — | — | 3,072 |
| MZHOF | $129.2B | 0.1× | — | 0.0× | 7.6% | — | 13.2% | 10.7% | 3.7% | — | 2 |
| PGR | $124.7B | 11.1× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 30.4% | — | 1,685 |
| SPGI | $122.5B | 28.0× | 17.5× | 8.0× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| VXZ | $116.9B | — | — | — | — | — | — | — | — | — | 12 |
| BNS | $109.5B | — | — | — | — | — | — | — | — | — | 488 |
| BX | $101.8B | 35.1× | — | 7.0× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $101.1B | 15.4× | — | 4.4× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| BCLYF | $97.9B | — | — | — | — | — | — | — | — | — | 5 |
| CME | $95.2B | 23.7× | — | 14.6× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| MRSH | $92.9B | 22.7× | 16.5× | 3.4× | 10.3% | — | 15.4% | 27.2% | 12.4% | 2.8× | 1,471 |
| ICE | $85.0B | 26.0× | 20.2× | 6.7× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| HGBL | $36M | 10.4× | 2.6× | 0.7× | 12.4% | 27.4% | 7.0% | 5.4% | 5.4% | — | 37 |
Peers = companies sharing HGBL's sector (Financial Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 38 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-08-05
No standout strengths flagged.
Where each multiple sits in its own 14-yr range · 29th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | — | — | — | — | 72.6 |
| SG&A | 64.3 | 60.7 | 55.2 | 57.4 | 45.5 | 43.0 | 53.5 | 49.0 |
| Operating Income | 17.2 | 11.7 | 23.1 | 11.7 | 23.7 | 23.7 | 20.0 | 11.2 |
| Income Tax | 1.1 | -3.5 | -13.9 | -0.2 | -9.6 | 2.5 | 8.4 | 4.4 |
| Net Income | 15.9 | 14.9 | 36.9 | 11.8 | 33.0 | 20.6 | 11.4 | 7.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HGBL: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.