ValueScreener

ValueScreener company report

Heritage Global Inc. (HGBL)

NASDAQ / Financial Services / Financial - Capital Markets

Share price

1.25 USD Market dataClose of Oct 15, 2026

Market capitalisation

43.3M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 12, 2026
Ratios computed
Oct 15, 2026
Filed years
15, FY2011 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

5.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

12.50x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/m Computed

FY2025 accounts, priced at the latest close

Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 23.8M USDFY2016 Net income: 14.0K USDFY2017 Revenue: 20.1M USDFY2017 Net income: -249.0K USDFY2018 Revenue: 23.7M USDFY2018 Net income: 3.8M USDFY2019 Revenue: 26.2M USDFY2019 Net income: 3.9M USDFY2020 Revenue: 26.2M USDFY2020 Net income: 9.7M USDFY2021 Revenue: 25.8M USDFY2021 Net income: 3.1M USDFY2022 Revenue: 46.9M USDFY2022 Net income: 15.5M USDFY2023 Revenue: 60.5M USDFY2023 Net income: 12.5M USDFY2024 Revenue: 45.4M USDFY2024 Net income: 5.2M USDFY2025 Revenue: 51.0M USDFY2025 Net income: 3.6M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 12.50x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Financial - Capital Markets industry (36 companies), 12.50x sits at the 23rd percentile; the middle half of that group runs from 12.68x to 23.09x.

Is it good

Return on equity was 5.4% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Financial - Capital Markets industry (64 companies), 5.4% sits at the 50th percentile; the middle half of that group runs from -23.4% to 16.4%.

Is it safe

Current ratio was 2.16 in FY2025, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Financial - Capital Markets industry (40 companies), 2.16 sits at the 58th percentile; the middle half of that group runs from 1.10 to 3.40.

Year by year against peers
Whether Heritage Global Inc.'s return on equity stayed above the median of the Financial - Capital Markets industry, year by year. (FY2022 to FY2025, 4 fiscal years of Heritage Global Inc. with a comparable figure)
The direction
Which way Heritage Global Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Heritage Global Inc.)
What could explain it
What in Heritage Global Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines Heritage Global Inc. filed)
What to check next
What to check next on Heritage Global Inc., and where in its filings. (1 question for Heritage Global Inc.)
In one paragraph
One paragraph on Heritage Global Inc.'s returns, cash, balance sheet and price. (7 of sixteen figures read for Heritage Global Inc.)

These are HGBL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research HGBLPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 12, 2026, accession 0001193125-26-104062.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Heritage Global Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Return on equity5.4% ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Return on capital employed, pre-tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Return on assets4.1% ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Gross margin27.4% ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Operating margin11.2% ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Net margin7.0% ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
HGBL 7.0%
PROP 13.3%AXG -47.4%PLUT -377.0%GSIW -190.1%MEGL -72.1%
-377.0%13.3%
Net margin: HGBL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Heritage Global Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Current ratio2.16 ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Quick ratio1.78 ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Altman Z-score
Why n/m

Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Total assets 88.4MTotal liabilities 21.5MShareholders' equity 67.0MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Heritage Global Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 12, 2026, 0001193125-26-104062).

Heritage Global Inc: balance sheet position
Total assets88.4M FiledFY2025 10-K, filed Mar 12, 2026
Total liabilities21.5M FiledFY2025 10-K, filed Mar 12, 2026
Shareholders' equity67.0M FiledFY2025 10-K, filed Mar 12, 2026
Cash20.5M FiledFY2025 10-K, filed Mar 12, 2026
Total debtn/a FiledFY2025 10-K, filed Mar 12, 2026
Net debtn/a
Current ratio2.16
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Heritage Global Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings12.50x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
P/E on trailing twelve months11.89x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.66x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Price to sales0.87x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Enterprise value to EBIT
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Enterprise value to EBITDA
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Diluted earnings per share0.10 USD FiledFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Graham number2.06 USD ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062

We publish no fair value or price target of our own. Value HGBL on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Heritage Global Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Heritage Global Inc: valuation
Share price1.25 USD
Market capitalisation43.3M USD
Enterprise value to EBITDAn/m
Graham number2.06 USD
Diluted earnings per share, FY20250.10 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 3.27x, median 8.33x, high 42.00x, latest 11.89x. 2,143 trading days with a meaningful ratio, 379 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Heritage Global Inc

  1. Prairie Operating Co. (PROP)Market cap 35.1M USD
  2. Solowin Holdings Ordinary Share (AXG)Market cap 16.5M USD
  3. Plutus Financial Group Limited (PLUT)Market cap 29.6M USD
  4. Garden Stage Limited Ordinary Shares (GSIW)Market cap 15.3M USD
  5. Magic Empire Global Limited (MEGL)Market cap 5.9M USD

Same industry (Financial - Capital Markets) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Heritage Global Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Free cash flow-2.3M USD ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Free cash flow margin
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
FY2016 Free cash flow: 3.8M USDFY2016 Net income: 14.0K USDFY2017 Free cash flow: 1.1M USDFY2017 Net income: -249.0K USDFY2018 Free cash flow: 7.4M USDFY2018 Net income: 3.8M USDFY2019 Free cash flow: 678.0K USDFY2019 Net income: 3.9M USDFY2020 Free cash flow: 9.1M USDFY2020 Net income: 9.7M USDFY2021 Free cash flow: -4.1M USDFY2021 Net income: 3.1M USDFY2022 Free cash flow: 6.3M USDFY2022 Net income: 15.5M USDFY2023 Free cash flow: 12.8M USDFY2023 Net income: 12.5M USDFY2024 Free cash flow: 7.6M USDFY2024 Net income: 5.2M USDFY2025 Free cash flow: -2.3M USDFY2025 Net income: 3.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Heritage Global Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
12.50xFY2025Oct 15, 2026
0.66xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Mar 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2025Mar 12, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
2.16FY2025Mar 12, 2026
0.87xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Mar 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Mar 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 15 filed fiscal years on record, FY2011 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Heritage Global Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Heritage Global Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202551.0M5.7M3.6M0.10-2.3M11.2%5.4%10-K, Mar 12, 20260001193125-26-104062
FY202445.4M9.1M5.2M0.147.6M20.0%8.0%10-K, Mar 13, 20250000950170-25-038691
FY202360.5M14.3M12.5M0.3312.8M23.6%20.4%10-K, Mar 14, 20240000950170-24-031436
FY202246.9M11.1M15.5M0.426.3M23.7%32.1%10-K, Mar 24, 20230000950170-23-009716
FY202125.8M3.0M3.1M0.08-4.1M11.7%9.3%10-K, Mar 17, 20220000950170-22-004073
FY202026.2M6.1M9.7M0.309.1M23.1%32.3%10-K, Mar 8, 20210001564590-21-011476
FY201926.2M3.0M3.9M0.13678.0K11.7%32.9%10-K, Mar 9, 20200001564590-20-009356
FY201823.7M4.1M3.8M0.137.4M17.2%49.4%10-K, Mar 11, 20190001564590-19-007178
FY201720.1M364.0K-249.0K-0.011.1M1.8%-7.1%10-K, Mar 13, 20180001564590-18-005463
FY201623.8M190.0K14.0K0.003.8M0.8%0.4%10-K, Mar 7, 20170001564590-17-003568
  • Revenue, compound annual growth FY2016 to FY2025: 8.8%
  • Earnings, compound annual growth FY2016 to FY2025: 85.2%
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Heritage Global Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/m

The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.

n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Piotroski F-score
Why n/m

2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.

n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001193125-26-104062
Named tests met2 of 30 Computed
Beta0.02 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 13 not met, 15 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
P/E times P/B (Benjamin Graham); Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(19)
  • Current Ratio: Graham set this test for industrial companies.
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
  • EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
  • Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
  • Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 19 figures could not be read on this company, among them Current Ratio, Debt to Equity, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 15 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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