Hennessy Advisors, Inc. (HNNA) 10-Year Financial Performance & Capital Metrics

HNNA • • Banking & Credit

Financial ServicesAsset ManagementTraditional Asset ManagementGlobal Diversified Asset Managers

AboutHennessy Advisors, Inc. is publicly owned investment manager. It provides its services to Hennessy Funds and investment companies. The firm launches and manages equity, fixed income, and balanced mutual funds. It invests in the public equity and fixed income markets across the globe. The firm primarily invests in growth stocks of companies. It conducts in-house research to make its investments. Hennessy Advisors, Inc. was founded in 1989 and is based in Novato, California with additional offices in Boston, Massachusetts and Chapel Hill, North Carolina.Show more

Net Interest Income $3M +230.7%
Total Revenue $36M +19.9%
Net Income $10M +40.3%
Return on Equity 10.54% +32.9%
Net Interest Margin 1.73% +213.5%
Efficiency Ratio 33.11% -16.2%
ROA 6.37% +33.7%
Equity / Assets 60.91% +1.5%
Book Value per Share 12.48 +5.6%
Tangible BV/Share 12.48 +964.1%
Debt/Equity 0.41 -6.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 33.1% efficiency ratio
✓Well capitalized: 60.9% equity/assets
✓Diversified revenue: 92.2% from non-interest income
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak NIM of 1.7%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-2.28%

5Y1.26%

3Y6.2%

TTM-

Profit (Net Income) CAGR

10Y-1.33%

5Y4.9%

3Y17.18%

TTM40.34%

EPS CAGR

10Y0%

5Y3.68%

3Y15.7%

TTM-

ROCE

10Y Avg16.01%

5Y Avg7.89%

3Y Avg6.46%

Latest8.72%

Peer Comparison

Global Diversified Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIISprott Inc.	2.97B	115.19	60.31	19.02%	29.28%	14.59%	2.27%
EMBJEmbraer S.A.	13.36B	73.93	38.51	21.38%	5.51%	10.43%	3.03%	0.78
BENFranklin Resources, Inc.	13.54B	25.97	28.54	3.45%	5.98%	3.61%	6.73%	0.94
BLKBlackRock, Inc.	179.4B	1156.65	27.53	14.27%	31.21%	9.86%	2.62%	0.29
IVZInvesco Ltd.	13.08B	29.39	24.91	6.13%	12.77%	6.75%	8.57%	0.48
SEICSEI Investments Company	10.6B	86.54	19.62	10.7%	27.35%	28.87%	5.34%	0.01
JHGJanus Henderson Group plc	7.15B	47.89	18.71	17.67%	16.53%	9.41%	9.57%	0.10
STTState Street Corporation	38.07B	136.29	16.60	19.64%	12.23%	10.78%		1.45

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	-1.23M	-1.26M	-1.23M	-1.08M	-447K	0	-1.89M	266K	837K	2.77M
NII Growth %	-0.22%	-0.02%	0.02%	0.12%	0.59%	1%	-	1.14%	2.15%	2.31%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	229K	2.52M	3.11M	2.77M
Interest Expense	1.23M	1.26M	1.23M	1.08M	447K	0	2.12M	2.26M	2.27M	0
Loan Loss Provision	20.23M	21.11M	22.79M	19.59M	8.37M	9.08M	6.2M	9.72M	6.79M	10.63M
Non-Interest Income+	51.41M	52.95M	54.59M	42.72M	33.39M	32.76M	29.44M	21.5M	26.53M	32.77M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	51.41M	52.95M	54.59M	42.72M	33.39M	32.76M	29.67M	24.02M	29.65M	35.54M
Revenue Growth %	0.15%	0.03%	0.03%	-0.22%	-0.22%	-0.02%	-0.09%	-0.19%	0.23%	0.2%
Non-Interest Expense	6.16M	6.1M	6.09M	6.02M	13.25M	12.8M	11.51M	5.71M	11.71M	11.77M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	23.79M	24.49M	24.48M	16.02M	11.32M	10.88M	9.84M	6.33M	8.87M	13.14M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.2%	0.03%	-0%	-0.35%	-0.29%	-0.04%	-0.1%	-0.36%	0.4%	0.48%
Pretax Income+	22.56M	23.25M	23.39M	15.28M	10.96M	10.88M	7.95M	6.6M	9.7M	13.62M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	8.19M	8.31M	2.78M	4.24M	3.12M	2.98M	1.76M	1.83M	2.61M	3.66M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	14.37M	14.94M	20.61M	11.03M	7.84M	7.9M	6.19M	4.77M	7.1M	9.96M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.26%	0.04%	0.38%	-0.46%	-0.29%	0.01%	-0.22%	-0.23%	0.49%	0.4%
Net Income (Continuing)	14.37M	14.94M	20.61M	11.03M	7.84M	7.9M	6.19M	4.77M	7.1M	9.96M
EPS (Diluted)+	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27
EPS Growth %	0.46%	0.03%	0.36%	-0.46%	-0.25%	0.01%	-0.23%	-0.23%	0.46%	0.38%
EPS (Basic)	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28
Diluted Shares Outstanding	7.72M	7.79M	7.89M	7.77M	7.38M	7.41M	7.56M	7.6M	7.72M	7.83M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	3.54M	15.7M	25.39M	24.69M	9.96M	15.84M	58.49M	60.48M	63.92M	72.43M
Short Term Investments	8K	8K	9K	9K	9K	10K	9K	10K	11K	12K
Total Investments+	8K	8K	9K	-80.63M	9K	-80.63M	9K	10K	11K	12K
Investments Growth %	0.14%	0%	0.13%	-8960.33%	1%	-8960.22%	1%	0.11%	0.1%	0.09%
Long-Term Investments	0	-74.63M	0	-80.64M	0	-80.64M	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	74.63M	0	80.64M	0	80.64M	0	0	82.25M	0
PP&E (Net)	296K	254K	382K	361K	570K	1.32M	971K	600K	1.39M	1.2M
Other Assets	74.51M	74.1M	78.35M	70.57M	80.83M	68.44M	81.02M	81.42M	183K	82.74M
Total Current Assets	10.13M	22.9M	30.74M	29.01M	13.38M	19.71M	61.66M	63.7M	68.28M	76.52M
Total Non-Current Assets	74.8M	75.03M	78.74M	81.2M	81.4M	82.2M	82M	82.02M	83.82M	83.94M
Total Assets+	84.94M	97.93M	109.48M	110.21M	94.79M	101.91M	143.65M	145.72M	152.1M	160.46M
Asset Growth %	0.16%	0.15%	0.12%	0.01%	-0.14%	0.08%	0.41%	0.01%	0.04%	0.05%
Return on Assets (ROA)	0.18%	0.16%	0.2%	0.1%	0.08%	0.08%	0.05%	0.03%	0.05%	0.06%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	30.18M	25.96M	21.73M	17.38M	330K	1M	39.52M	39.44M	40.5M	40.5M
Net Debt	26.65M	10.26M	-3.67M	-7.31M	-9.63M	-14.83M	-18.97M	-21.03M	-23.42M	-31.93M
Long-Term Debt	25.96M	21.73M	17.5M	13.05M	0	0	38.87M	39.16M	39.48M	40.14M
Short-Term Debt	4.23M	4.23M	4.23M	4.33M	0	359K	0	0	0	365K
Other Liabilities	0	-669K	0	0	0	12.44M	0	0	0	0
Total Current Liabilities	11.22M	12.46M	12.04M	11.36M	5.09M	5.56M	4.72M	4.19M	4.95M	6.01M
Total Non-Current Liabilities	36.39M	33.94M	26.46M	23.32M	11.52M	13.08M	52.64M	53.77M	55.83M	56.71M
Total Liabilities	47.61M	46.4M	38.5M	34.68M	16.61M	18.64M	57.35M	57.97M	60.79M	62.72M
Total Equity+	37.33M	61.78M	70.98M	75.53M	78.18M	83.26M	86.3M	87.75M	91.31M	97.74M
Equity Growth %	0.62%	0.65%	0.15%	0.06%	0.04%	0.07%	0.04%	0.02%	0.04%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.48%	0.3%	0.31%	0.15%	0.1%	0.1%	0.07%	0.05%	0.08%	0.11%
Book Value per Share	4.84	7.93	9.00	9.72	10.60	11.24	11.42	11.54	11.83	12.48
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	13.28M	14.94M	16.78M	17.67M	18.7M	19.96M	20.95M	21.8M	22.59M	23.48M
Additional Paid-in Capital	13.28M	14.94M	16.78M	17.67M	0	0	0	0	0	0
Retained Earnings	24.05M	36.59M	54.2M	57.85M	59.47M	63.3M	65.35M	65.95M	68.72M	74.26M
Accumulated OCI	0	-922K	0	-1.38M	0	83.26M	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	36.59M	0	57.85M	0	63.3M	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	18.19M	19.85M	21.53M	14.39M	10.62M	10.39M	8.66M	7.13M	9.28M	13.79M
Operating CF Growth %	0.26%	0.09%	0.08%	-0.33%	-0.26%	-0.02%	-0.17%	-0.18%	0.3%	0.49%
Net Income	14.37M	14.94M	20.61M	11.03M	7.84M	7.9M	6.19M	4.77M	7.1M	9.96M
Depreciation & Amortization	206K	219K	231K	225K	239K	232K	207K	230K	244K	290K
Deferred Taxes	1.81M	1.72M	-2.58M	1.3M	1.25M	921K	1.05M	1.12M	1.05M	911K
Other Non-Cash Items	-372K	147K	95K	106K	63K	-71K	264K	282K	341K	328K
Working Capital Changes	754K	703K	753K	-458K	-549K	-36K	-283K	-281K	-446K	1.18M
Cash from Investing+	-11.86M	-445K	-3.9M	-1.97M	-882K	-249K	-231K	-819K	-1.3M	-627K
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-11.68M	-269K	-3.54M	-1.77M	-710K	0	-15K	-604K	-990K	-187K
Cash from Financing+	-5.88M	-7.24M	-7.94M	-13.13M	-24.47M	-4.26M	34.22M	-4.33M	-4.53M	-4.66M
Dividends Paid	-1.5M	-2.21M	-2.88M	-3.54M	-3.97M	-3.97M	-4.04M	-4.1M	-8K	-7K
Share Repurchases	0	-654K	-660K	-5.15M	-3.03M	-322K	-356K	-233K	-403K	-459K
Stock Issued	15K	3K	16K	20K	22K	38K	5K	9K	27K	7K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	0	1000K	0	0	0
Other Financing	-15K	0	-23K	-84K	0	0	-430K	0	-4.14M	-4.2M
Net Change in Cash+	449K	12.16M	9.7M	-708K	-14.73M	5.88M	42.65M	1.99M	3.45M	8.51M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	3.09M	3.54M	15.7M	25.39M	24.69M	9.96M	15.84M	58.49M	60.48M	63.92M
Cash at End	3.54M	15.7M	25.39M	24.69M	9.96M	15.84M	58.49M	60.48M	63.92M	72.43M
Interest Paid	1.19M	1.11M	1.1M	999K	381K	0	1.86M	1.96M	1.96M	0
Income Taxes Paid	6.96M	6.68M	4.44M	3.08M	1.6M	1.96M	938K	779K	2.12M	0
Free Cash Flow+	18M	19.67M	21.17M	14.19M	10.45M	10.14M	8.45M	6.92M	8.96M	13.35M
FCF Growth %	0.27%	0.09%	0.08%	-0.33%	-0.26%	-0.03%	-0.17%	-0.18%	0.3%	0.49%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	47.55%	30.15%	31.06%	15.06%	10.2%	9.79%	7.3%	5.48%	7.93%	10.54%
Return on Assets (ROA)	18.18%	16.34%	19.88%	10.04%	7.65%	8.03%	5.04%	3.3%	4.77%	6.37%
Net Interest Margin	-1.45%	-1.28%	-1.12%	-0.98%	-0.47%	0%	-1.32%	0.18%	0.55%	1.73%
Efficiency Ratio	11.98%	11.52%	11.17%	14.1%	39.68%	39.08%	38.78%	23.77%	39.52%	33.11%
Equity / Assets	43.95%	63.09%	64.83%	68.53%	82.48%	81.71%	60.07%	60.22%	60.03%	60.91%
Book Value / Share	4.84	7.93	9	9.72	10.6	11.24	11.42	11.54	11.83	12.48
NII Growth	-21.74%	-1.95%	2.31%	11.65%	58.76%	100%	-	114.05%	214.66%	230.7%
Dividend Payout	10.44%	14.79%	13.98%	32.08%	50.59%	50.27%	65.25%	85.98%	0.11%	-

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024	2025
Investment Advice	50.23M	39.36M	30.83M	30.37M	27.47M	22.09M	27.52M	33.17M
Investment Advice Growth	-	-21.65%	-21.66%	-1.50%	-9.55%	-19.58%	24.60%	20.53%
Shareholder Service	4.36M	3.36M	2.56M	2.39M	2.2M	1.93M	2.12M	2.36M
Shareholder Service Growth	-	-22.89%	-23.82%	-6.45%	-8.11%	-12.23%	9.95%	11.40%

Frequently Asked Questions

Valuation & Price

Hennessy Advisors, Inc. (HNNA) has a price-to-earnings (P/E) ratio of 8.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Hennessy Advisors, Inc. (HNNA) grew revenue by 19.9% over the past year. This is strong growth.

Yes, Hennessy Advisors, Inc. (HNNA) is profitable, generating $10.0M in net income for fiscal year 2025 (28.0% net margin).

Dividend & Returns

Hennessy Advisors, Inc. (HNNA) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Hennessy Advisors, Inc. (HNNA) has a return on equity (ROE) of 10.5%. This is reasonable for most industries.

Industry Metrics

Hennessy Advisors, Inc. (HNNA) has a net interest margin (NIM) of 1.7%. NIM has been under pressure due to interest rate environment.

Hennessy Advisors, Inc. (HNNA) has an efficiency ratio of 33.1%. This is excellent, indicating strong cost control.

US Stock Screener

...

Hennessy Advisors, Inc. (HNNA) 10-Year Financial Performance & Capital Metrics

HNNA • • Banking & Credit

Financial ServicesAsset ManagementTraditional Asset ManagementGlobal Diversified Asset Managers

Net Interest Income $3M +230.7%
Total Revenue $36M +19.9%
Net Income $10M +40.3%
Return on Equity 10.54% +32.9%
Net Interest Margin 1.73% +213.5%
Efficiency Ratio 33.11% -16.2%
ROA 6.37% +33.7%
Equity / Assets 60.91% +1.5%
Book Value per Share 12.48 +5.6%
Tangible BV/Share 12.48 +964.1%
Debt/Equity 0.41 -6.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 33.1% efficiency ratio
✓Well capitalized: 60.9% equity/assets
✓Diversified revenue: 92.2% from non-interest income
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak NIM of 1.7%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-2.28%

5Y1.26%

3Y6.2%

TTM-

Profit (Net Income) CAGR

10Y-1.33%

5Y4.9%

3Y17.18%

TTM40.34%

EPS CAGR

10Y0%

5Y3.68%

3Y15.7%

TTM-

ROCE

10Y Avg16.01%

5Y Avg7.89%

3Y Avg6.46%

Latest8.72%

Peer Comparison

Global Diversified Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIISprott Inc.	2.97B	115.19	60.31	19.02%	29.28%	14.59%	2.27%
EMBJEmbraer S.A.	13.36B	73.93	38.51	21.38%	5.51%	10.43%	3.03%	0.78
BENFranklin Resources, Inc.	13.54B	25.97	28.54	3.45%	5.98%	3.61%	6.73%	0.94
BLKBlackRock, Inc.	179.4B	1156.65	27.53	14.27%	31.21%	9.86%	2.62%	0.29
IVZInvesco Ltd.	13.08B	29.39	24.91	6.13%	12.77%	6.75%	8.57%	0.48
SEICSEI Investments Company	10.6B	86.54	19.62	10.7%	27.35%	28.87%	5.34%	0.01
JHGJanus Henderson Group plc	7.15B	47.89	18.71	17.67%	16.53%	9.41%	9.57%	0.10
STTState Street Corporation	38.07B	136.29	16.60	19.64%	12.23%	10.78%		1.45

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	-1.23M	-1.26M	-1.23M	-1.08M	-447K	0	-1.89M	266K	837K	2.77M
NII Growth %	-0.22%	-0.02%	0.02%	0.12%	0.59%	1%	-	1.14%	2.15%	2.31%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	229K	2.52M	3.11M	2.77M
Interest Expense	1.23M	1.26M	1.23M	1.08M	447K	0	2.12M	2.26M	2.27M	0
Loan Loss Provision	20.23M	21.11M	22.79M	19.59M	8.37M	9.08M	6.2M	9.72M	6.79M	10.63M
Non-Interest Income+	51.41M	52.95M	54.59M	42.72M	33.39M	32.76M	29.44M	21.5M	26.53M	32.77M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	51.41M	52.95M	54.59M	42.72M	33.39M	32.76M	29.67M	24.02M	29.65M	35.54M
Revenue Growth %	0.15%	0.03%	0.03%	-0.22%	-0.22%	-0.02%	-0.09%	-0.19%	0.23%	0.2%
Non-Interest Expense	6.16M	6.1M	6.09M	6.02M	13.25M	12.8M	11.51M	5.71M	11.71M	11.77M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	23.79M	24.49M	24.48M	16.02M	11.32M	10.88M	9.84M	6.33M	8.87M	13.14M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.2%	0.03%	-0%	-0.35%	-0.29%	-0.04%	-0.1%	-0.36%	0.4%	0.48%
Pretax Income+	22.56M	23.25M	23.39M	15.28M	10.96M	10.88M	7.95M	6.6M	9.7M	13.62M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	8.19M	8.31M	2.78M	4.24M	3.12M	2.98M	1.76M	1.83M	2.61M	3.66M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	14.37M	14.94M	20.61M	11.03M	7.84M	7.9M	6.19M	4.77M	7.1M	9.96M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.26%	0.04%	0.38%	-0.46%	-0.29%	0.01%	-0.22%	-0.23%	0.49%	0.4%
Net Income (Continuing)	14.37M	14.94M	20.61M	11.03M	7.84M	7.9M	6.19M	4.77M	7.1M	9.96M
EPS (Diluted)+	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27
EPS Growth %	0.46%	0.03%	0.36%	-0.46%	-0.25%	0.01%	-0.23%	-0.23%	0.46%	0.38%
EPS (Basic)	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28
Diluted Shares Outstanding	7.72M	7.79M	7.89M	7.77M	7.38M	7.41M	7.56M	7.6M	7.72M	7.83M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	3.54M	15.7M	25.39M	24.69M	9.96M	15.84M	58.49M	60.48M	63.92M	72.43M
Short Term Investments	8K	8K	9K	9K	9K	10K	9K	10K	11K	12K
Total Investments+	8K	8K	9K	-80.63M	9K	-80.63M	9K	10K	11K	12K
Investments Growth %	0.14%	0%	0.13%	-8960.33%	1%	-8960.22%	1%	0.11%	0.1%	0.09%
Long-Term Investments	0	-74.63M	0	-80.64M	0	-80.64M	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	74.63M	0	80.64M	0	80.64M	0	0	82.25M	0
PP&E (Net)	296K	254K	382K	361K	570K	1.32M	971K	600K	1.39M	1.2M
Other Assets	74.51M	74.1M	78.35M	70.57M	80.83M	68.44M	81.02M	81.42M	183K	82.74M
Total Current Assets	10.13M	22.9M	30.74M	29.01M	13.38M	19.71M	61.66M	63.7M	68.28M	76.52M
Total Non-Current Assets	74.8M	75.03M	78.74M	81.2M	81.4M	82.2M	82M	82.02M	83.82M	83.94M
Total Assets+	84.94M	97.93M	109.48M	110.21M	94.79M	101.91M	143.65M	145.72M	152.1M	160.46M
Asset Growth %	0.16%	0.15%	0.12%	0.01%	-0.14%	0.08%	0.41%	0.01%	0.04%	0.05%
Return on Assets (ROA)	0.18%	0.16%	0.2%	0.1%	0.08%	0.08%	0.05%	0.03%	0.05%	0.06%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	30.18M	25.96M	21.73M	17.38M	330K	1M	39.52M	39.44M	40.5M	40.5M
Net Debt	26.65M	10.26M	-3.67M	-7.31M	-9.63M	-14.83M	-18.97M	-21.03M	-23.42M	-31.93M
Long-Term Debt	25.96M	21.73M	17.5M	13.05M	0	0	38.87M	39.16M	39.48M	40.14M
Short-Term Debt	4.23M	4.23M	4.23M	4.33M	0	359K	0	0	0	365K
Other Liabilities	0	-669K	0	0	0	12.44M	0	0	0	0
Total Current Liabilities	11.22M	12.46M	12.04M	11.36M	5.09M	5.56M	4.72M	4.19M	4.95M	6.01M
Total Non-Current Liabilities	36.39M	33.94M	26.46M	23.32M	11.52M	13.08M	52.64M	53.77M	55.83M	56.71M
Total Liabilities	47.61M	46.4M	38.5M	34.68M	16.61M	18.64M	57.35M	57.97M	60.79M	62.72M
Total Equity+	37.33M	61.78M	70.98M	75.53M	78.18M	83.26M	86.3M	87.75M	91.31M	97.74M
Equity Growth %	0.62%	0.65%	0.15%	0.06%	0.04%	0.07%	0.04%	0.02%	0.04%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.48%	0.3%	0.31%	0.15%	0.1%	0.1%	0.07%	0.05%	0.08%	0.11%
Book Value per Share	4.84	7.93	9.00	9.72	10.60	11.24	11.42	11.54	11.83	12.48
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	13.28M	14.94M	16.78M	17.67M	18.7M	19.96M	20.95M	21.8M	22.59M	23.48M
Additional Paid-in Capital	13.28M	14.94M	16.78M	17.67M	0	0	0	0	0	0
Retained Earnings	24.05M	36.59M	54.2M	57.85M	59.47M	63.3M	65.35M	65.95M	68.72M	74.26M
Accumulated OCI	0	-922K	0	-1.38M	0	83.26M	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	36.59M	0	57.85M	0	63.3M	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	18.19M	19.85M	21.53M	14.39M	10.62M	10.39M	8.66M	7.13M	9.28M	13.79M
Operating CF Growth %	0.26%	0.09%	0.08%	-0.33%	-0.26%	-0.02%	-0.17%	-0.18%	0.3%	0.49%
Net Income	14.37M	14.94M	20.61M	11.03M	7.84M	7.9M	6.19M	4.77M	7.1M	9.96M
Depreciation & Amortization	206K	219K	231K	225K	239K	232K	207K	230K	244K	290K
Deferred Taxes	1.81M	1.72M	-2.58M	1.3M	1.25M	921K	1.05M	1.12M	1.05M	911K
Other Non-Cash Items	-372K	147K	95K	106K	63K	-71K	264K	282K	341K	328K
Working Capital Changes	754K	703K	753K	-458K	-549K	-36K	-283K	-281K	-446K	1.18M
Cash from Investing+	-11.86M	-445K	-3.9M	-1.97M	-882K	-249K	-231K	-819K	-1.3M	-627K
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-11.68M	-269K	-3.54M	-1.77M	-710K	0	-15K	-604K	-990K	-187K
Cash from Financing+	-5.88M	-7.24M	-7.94M	-13.13M	-24.47M	-4.26M	34.22M	-4.33M	-4.53M	-4.66M
Dividends Paid	-1.5M	-2.21M	-2.88M	-3.54M	-3.97M	-3.97M	-4.04M	-4.1M	-8K	-7K
Share Repurchases	0	-654K	-660K	-5.15M	-3.03M	-322K	-356K	-233K	-403K	-459K
Stock Issued	15K	3K	16K	20K	22K	38K	5K	9K	27K	7K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	0	1000K	0	0	0
Other Financing	-15K	0	-23K	-84K	0	0	-430K	0	-4.14M	-4.2M
Net Change in Cash+	449K	12.16M	9.7M	-708K	-14.73M	5.88M	42.65M	1.99M	3.45M	8.51M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	3.09M	3.54M	15.7M	25.39M	24.69M	9.96M	15.84M	58.49M	60.48M	63.92M
Cash at End	3.54M	15.7M	25.39M	24.69M	9.96M	15.84M	58.49M	60.48M	63.92M	72.43M
Interest Paid	1.19M	1.11M	1.1M	999K	381K	0	1.86M	1.96M	1.96M	0
Income Taxes Paid	6.96M	6.68M	4.44M	3.08M	1.6M	1.96M	938K	779K	2.12M	0
Free Cash Flow+	18M	19.67M	21.17M	14.19M	10.45M	10.14M	8.45M	6.92M	8.96M	13.35M
FCF Growth %	0.27%	0.09%	0.08%	-0.33%	-0.26%	-0.03%	-0.17%	-0.18%	0.3%	0.49%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	47.55%	30.15%	31.06%	15.06%	10.2%	9.79%	7.3%	5.48%	7.93%	10.54%
Return on Assets (ROA)	18.18%	16.34%	19.88%	10.04%	7.65%	8.03%	5.04%	3.3%	4.77%	6.37%
Net Interest Margin	-1.45%	-1.28%	-1.12%	-0.98%	-0.47%	0%	-1.32%	0.18%	0.55%	1.73%
Efficiency Ratio	11.98%	11.52%	11.17%	14.1%	39.68%	39.08%	38.78%	23.77%	39.52%	33.11%
Equity / Assets	43.95%	63.09%	64.83%	68.53%	82.48%	81.71%	60.07%	60.22%	60.03%	60.91%
Book Value / Share	4.84	7.93	9	9.72	10.6	11.24	11.42	11.54	11.83	12.48
NII Growth	-21.74%	-1.95%	2.31%	11.65%	58.76%	100%	-	114.05%	214.66%	230.7%
Dividend Payout	10.44%	14.79%	13.98%	32.08%	50.59%	50.27%	65.25%	85.98%	0.11%	-

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024	2025
Investment Advice	50.23M	39.36M	30.83M	30.37M	27.47M	22.09M	27.52M	33.17M
Investment Advice Growth	-	-21.65%	-21.66%	-1.50%	-9.55%	-19.58%	24.60%	20.53%
Shareholder Service	4.36M	3.36M	2.56M	2.39M	2.2M	1.93M	2.12M	2.36M
Shareholder Service Growth	-	-22.89%	-23.82%	-6.45%	-8.11%	-12.23%	9.95%	11.40%

Frequently Asked Questions

Valuation & Price

Hennessy Advisors, Inc. (HNNA) has a price-to-earnings (P/E) ratio of 8.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Hennessy Advisors, Inc. (HNNA) grew revenue by 19.9% over the past year. This is strong growth.

Yes, Hennessy Advisors, Inc. (HNNA) is profitable, generating $10.0M in net income for fiscal year 2025 (28.0% net margin).

Dividend & Returns

Hennessy Advisors, Inc. (HNNA) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Hennessy Advisors, Inc. (HNNA) has a return on equity (ROE) of 10.5%. This is reasonable for most industries.

Industry Metrics

Hennessy Advisors, Inc. (HNNA) has a net interest margin (NIM) of 1.7%. NIM has been under pressure due to interest rate environment.

Hennessy Advisors, Inc. (HNNA) has an efficiency ratio of 33.1%. This is excellent, indicating strong cost control.