HG Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HG Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	44.6	45.2			0	2.44	14.5	11.1	11.5	14.7
Cost of revenue	36.2	40.3			0	0.33	0.41	0.58	0.6	0.49
Gross profit	8.41	4.84			0	2.11	14.1	10.5	10.9	14.3
Selling, general and administrative	14	0.82	1.01	1.13	1.3	3.31	10.2	13	12.6
Operating expenses					1.3	3.31		13	12.6	13
Operating income	-5.57	-0.82	-1.01	-1.13	-1.3
Interest income			0.94	1.04	0.61	0.02	0.11
Other non-operating income	0.03	0.03	0.13		1.37	3.86	0.02	1.55	1.39	-2.35
Pre-tax income	-4.54	-0.39	0.37	0.09	0.06	2.66	3.68	-0.91	-0.27	-1.07
Income tax	0.72	-0.04	-1.2	-0.08	0	-0.1	0.02	0.05	-0.02	-2.74
Income from continuing operations	-5.26	-0.39	1.57	0.17	0.06
Net income to minority interests						0	-0.08	-0.13	-0.01	0.14
Net income	-5.26	-7.46	-1.44	0.17	0.06	2.76	3.74	-0.82	-0.24	1.53
EBITDA	-5.39	-0.65	-1	-1.13	-1.3
EPS, basic	-0.00	-0.01	-0.00	0.00	0.00	0.97	1.31	-0.29	-0.08	0.39
EPS, diluted	-0.00	-0.01	-0.00	0.00	0.00	0.96	1.31	-0.29	-0.08	0.39
Shares, basic (weighted)	1,414	1,424	1,453	1,451	208	2.84	2.86	2.87	2.83	3.94
Shares, diluted (weighted)	1,414	1,424	1,457	1,494	212	2.87	2.86	2.87	2.83	3.94
Dividend per share	0.02

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.21	0.98	6.46	2.8	11.6	20.1	9.46	10.2	12.1	10.3
Short-term investments						0	5.24	4.37	3.18	3.09
Receivables	3.49	3.15			0	0.18	0.11	0.14	0.26
Inventory	23	23.2
Other current assets	0.73	0	0.27	0.18	0.14	0.19	0.3	0.22	0.29	0.27
Total current assets	32	28.5	7.22	3.8	12.6	20.8	21.1
Property, plant and equipment	1.61	1.45	0.01	0.01	0.01	0.2	0.16	0.12	0.06	0.04
Lease right-of-use assets					0	0.45	0.7	0.58	0.61	0.62
Goodwill					0	4.45	6.49	6.49	6.49	6.49
Intangible assets						0	0.34	0.27	0.19	0.12
Other non-current assets	2.87	0.47	0.48	0.49	0.51	0.56	1.25	0.8	0.57	0.6
Total assets	36.5	32.6	14.1	14.3	27	38.9	41.1	41.9	42.2	50.7
Accounts payable	5.67	9.25	0.03	0.01	0	0.01	0.17	0.4	0.11
Accrued liabilities	1.37	0.07	0.02	0.01	0	0.1	0.17	0.35	0.5	0.61
Deferred revenue	0.76	0.5
Total current liabilities	8.4	12.7	0.16	0.18	0.06	8.79	6.65
Lease liabilities					0	0.17	0.7	0.59	0.62	0.62
Other non-current liabilities	2.2	0.57	0.29	0.26	0.24	0.11	0.03	0.03	0.04	0.02
Total liabilities	16.5	20.1	0.44	0.44	0.31	9.3	7.68	9.48	10.4	9.13
Paid-in capital	16.8	17.1	17.3	17.4	29.7	30.5	30.5	30.5	30.5	38.6
Retained earnings	5.13	-2.5	-3.94	-3.77	-3.7	-0.94	2.78	1.89	1.41	2.94
Other comprehensive income	-2.26	-2.42
Shareholders' equity	20	12.5	13.6	13.6	26.7	29.6	33.3	32.4	32	41.7
Minority interests						0	0.1	-0.02	-0.15	-0.13
Total equity	20	12.5	13.6	13.6	26.7	29.6	33.4	32.4	31.8	41.6
Total liabilities and equity	36.5	32.6	14.1	14.3	27	38.9	41.1	41.9	42.2	50.7
Shares outstanding	1,473	1,492	1,471	1,495	287	2.87	2.87	2.86	2.81	5.11

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.26	-7.46	-1.44	0.17	0.06	2.76	3.66	-0.95	-0.25	1.67
Depreciation and amortization	0.18	0.17	0	0	0	0.03	0.09	0.16	0.13	0.1
Stock-based compensation	0.34	0.42				0.08	0.04	0
Deferred income tax			-0.99		0.25	0	0	0	0	-2.71
Change in receivables	3.43	0.35			0	0.05	0.14	-0.03	-0.13	-0.04
Change in inventory	-2.02	-0.28
Change in payables	0.23	3.58	0.03	-0.02	-0	0.01	0.16	0.23	-0.29	0.09
Cash from operations	-2.59	-0.39	-0.9	1.4	0.29	-0.94	2.71	1.68	1.96	0.88
Capital expenditures			-0.01		-0	-0.01	-0.07	-0.05	0
Acquisitions					0	9.22	-2.34
Purchases of investments						0	-5.57
Cash from investing	28.1	0.03	-0.04	-5.06	-4.14	9.4	-7.77	1.12	1.06	0.18
Stock issued					12.7	0
Share buybacks	-1.01		-0.13			0	-0.02	-0.06	-0.24	-4.38
Dividends paid	-21.3	-0.48
Cash from financing	-27.8	-0.62	-0.16		12.7	-0	-0.02	-0.05	-0.36	-4.39
Net change in cash		-3.58	5.83	-3.66	8.83	8.46	-5.09	2.75	2.66	-3.33
Free cash flow			-0.91		0.29	-0.95	2.64	1.63	1.96
Interest paid	0.19	0
Income taxes paid	0.51	-0.02							0	0.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.50 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	96.7%	Gross profit / revenue.
Pre-tax margin	2.5%	Pre-tax income / revenue.
Net margin	14.2%	Net income / revenue.
Operating cash flow margin	18.0%	Cash from operations / revenue.
Effective tax rate	-503.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	30.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	-25.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	89.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-33.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-55.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	39.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-54.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	21.9%	Total liabilities / total assets.
Goodwill and intangibles / assets	12.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$36.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	345x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.21	Revenue / diluted weighted shares.
Operating cash flow per share	$0.58	Cash from operations / diluted weighted shares.
Book value per share	$8.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.18	Tangible book value / shares outstanding.
Cash per share	$2.44	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$17.7M	Share price x shares outstanding.
Enterprise value	$5.3M	Market cap + total debt - cash - short-term investments.
P/E	7.69x	Market cap / net income. Only when net income is positive.
P/S	1.09x	Market cap / revenue.
P/B	0.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.49x	Market cap / tangible book value, when positive.
P/OCF	6.06x	Market cap / cash from operations, when positive.
EV/Sales	0.33x	Enterprise value / revenue.
Earnings yield	13.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was HG Holdings, Inc.'s revenue in fiscal 2025?

HG Holdings, Inc. reported revenue of $14.7M for fiscal 2025, 28% higher than the year before.

Was HG Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $1.5M, a net margin of 10.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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