The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.40, supported by a substantial cash reserve of $73.1M as of 2026Q2.
Hennessy Advisors, Inc. (HNNA) balance sheet — 25-year assets, liabilities & shareholders' equity history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 |
|---|
| Cash & Short Term Investments | 252.85M | 72.44M | 63.93M | 60.49M | 58.5M | 15.85M | 9.96M | 24.7M | 25.4M | 15.71M | 3.54M | 3.09M | 7.65M | 8.41M | 8.74M | 8.37M | 8.06M | 6.31M | 13.46M | 14.93M | 10.37M | 6.3M | 4.57M | 2.81M | 2.1M | 32.44K |
| Cash & Due from Banks | 35.35M | 72.43M | 63.92M | 60.48M | 58.49M | 15.84M | 9.96M | 24.69M | 25.39M | 15.7M | 3.54M | 3.09M | 7.64M | 8.41M | 8.73M | 8.36M | 8.05M | 5.75M | 12.79M | 13.76M | 10.36M | 6.29M | 4.57M | 2.8M | 2.1M | 28.16K |
| Short Term Investments | 13K | 12K | 11K | 10K | 9K | 10K | 9K | 9K | 9K | 8K | 8K | 7K | 7K | 7K | 6K | 6K | 5K | 565K | 675K | 1.17M | 5K | 5K | 5K | 4.37K | 3.83K | 4.28K |
| Total Investments | 13K | 12K | 11K | 10K | 9K | -80.63M | 9K | -80.63M | 9K | 8K | 8K | 7K | 7K | 7K | 410K | 329K | 369K | 931K | 1.09M | 1.17M | 19.41M | 19.41M | 14.15M | 5.64M | 4.48M | 3.85M |
| Investments Growth % | 54.55% | 9.09% | 10% | 11.11% | 100.01% | - | 100.01% | - | 12.5% | 0% | 14.29% | 0% | 0% | -98.29% | 24.62% | -10.84% | -60.37% | -14.74% | -6.75% | -93.97% | 0% | 37.21% | 150.73% | 25.81% | 16.49% | - |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | -80.64M | 0 | -80.64M | 0 | -74.63M | 0 | 0 | 0 | 0 | 404K | 323K | 364K | 366K | 417K | 0 | 19.41M | 19.41M | 14.14M | 5.64M | 4.48M | 3.85M |
| Accounts Receivables | 2.82M | 2.77M | 2.96M | 2.05M | 2.05M | 2.79M | 2.4M | 3.29M | 4.26M | 4.33M | 4.23M | 4.05M | 3.14M | 2.4M | 643K | 548K | 619K | 0 | 0 | 1.17M | 1.41M | 1.22M | 831K | 562.74K | 0 | 0 |
| Goodwill & Intangibles | 82.25M | 0 | 82.25M | 0 | 0 | 80.64M | 0 | 80.64M | 0 | 74.63M | 0 | 0 | 0 | 0 | 22.56M | 22.28M | 22.28M | 22.22M | 19.41M | 19.41M | 943K | 1.48M | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 82.25M | 0 | 82.25M | 0 | 0 | 80.64M | 0 | 80.64M | 0 | 74.63M | 0 | 0 | 0 | 0 | 22.56M | 22.28M | 22.28M | 22.22M | 19.41M | 19.41M | 943K | 1.48M | 0 | 0 | 0 | 0 |
| PP&E (Net) | 860K | 1.2M | 1.39M | 600K | 971K | 1.32M | 570K | 361K | 382K | 254K | 296K | 319K | 240K | 258K | 148K | 136K | 180K | 222K | 301K | 337K | 383K | 125K | 88K | 46.21K | 42.32K | 42.57K |
| Other Assets | 180K | 82.74M | 183K | 81.42M | 81.02M | 68.44M | 80.83M | 70.57M | 78.35M | 74.1M | 74.51M | 63.4M | 62.89M | 62.79M | 44K | 60K | 67K | -188K | 71K | 547K | 95K | 113K | 63K | 8.28K | -4.52M | -3.89M |
| Total Current Assets | 39.47M | 76.52M | 68.28M | 63.7M | 61.66M | 19.71M | 13.38M | 29.01M | 30.74M | 22.9M | 10.13M | 9.41M | 12.18M | 11.68M | 9.75M | 9.33M | 9M | 7.24M | 14.14M | 15.41M | 12.28M | 7.84M | 5.49M | 3.41M | 2.35M | 183.2K |
| Total Non-Current Assets | 83.29M | 83.94M | 83.82M | 82.02M | 82M | 82.2M | 81.4M | 81.2M | 78.74M | 75.03M | 74.8M | 63.72M | 63.13M | 63.05M | 23.15M | 22.8M | 22.89M | 22.86M | 20.2M | 20.29M | 20.83M | 21.27M | 14.42M | 5.74M | 4.52M | 3.89M |
| Total Assets | 122.76M | 160.46M | 152.1M | 145.72M | 143.65M | 101.91M | 94.79M | 110.21M | 109.48M | 97.93M | 84.94M | 73.13M | 75.31M | 74.73M | 32.9M | 32.14M | 31.9M | 30.1M | 34.34M | 35.7M | 33.11M | 29.11M | 19.91M | 9.15M | 6.93M | 4.3M |
| Asset Growth % | -9.51% | 5.5% | 4.38% | 1.44% | 40.97% | 7.51% | -13.99% | 0.66% | 11.8% | 15.29% | 16.14% | -2.9% | 0.78% | 127.14% | 2.38% | 0.75% | 5.98% | -12.34% | -3.83% | 7.84% | 13.74% | 46.16% | 117.67% | 31.96% | 61.35% | - |
| Return on Assets (ROA) | 5.48% | 6.37% | 4.77% | 3.3% | 5.04% | 8.03% | 7.65% | 10.04% | 19.88% | 16.34% | 18.18% | 15.34% | 10.22% | 8.96% | 2.99% | 3.79% | 2.95% | -0.61% | 4.6% | 12.01% | 14.15% | 12.81% | 19.03% | 13.21% | 5.5% | 4.63% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 873K | 1M | 1.39M | 1.24M | 2.02M | 2.25M | 1.82M | 1.42M | 633.33K | 125.22K | 2.25M |
| Total Debt | 425K | 40.5M | 40.5M | 39.44M | 39.52M | 1M | 330K | 17.38M | 21.73M | 25.96M | 30.18M | 35M | 26.72M | 16.87M | 1.93M | 2.55M | 3.13M | 1.97M | 6.52M | 8.6M | 10.69M | 12.78M | 7.34M | 1.06M | 0 | 1.84M |
| Net Debt | -34.93M | -31.93M | -23.42M | -21.03M | -18.97M | -14.83M | -9.63M | -7.31M | -3.67M | 10.26M | 26.65M | 31.91M | 19.08M | 8.46M | -6.8M | -5.81M | -4.93M | -3.77M | -6.27M | -5.16M | 330K | 6.49M | 2.77M | -1.75M | -2.1M | 1.81M |
| Long-Term Debt | 0 | 39.81M | 39.48M | 39.16M | 38.87M | 0 | 0 | 13.05M | 17.5M | 21.73M | 25.96M | 30.63M | 22.97M | 15.03M | 1.3M | 1.93M | 2.55M | 0 | 4.42M | 6.51M | 8.6M | 10.69M | 6.21M | 527.91K | 0 | 1.84M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.33M | 4.23M | 4.23M | 4.23M | 4.38M | 3.75M | 1.84M | 625K | 625K | 573K | 1.97M | 2.1M | 2.09M | 2.09M | 2.09M | 1.13M | 527.91K | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 12.44M | 0 | 0 | 0 | -669K | 0 | 0 | 0 | 11.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -527.91K | 0 | -1.84M |
| Total Current Liabilities | 4.21M | 6.01M | 4.95M | 4.19M | 4.72M | 5.56M | 5.09M | 11.36M | 12.04M | 12.46M | 11.22M | 10.27M | 7.43M | 12.47M | 1.85M | 1.52M | 1.65M | 3.37M | 3.34M | 4.18M | 4.34M | 3.91M | 2.55M | 1.16M | 125.22K | 2.25M |
| Total Non-Current Liabilities | 17.4M | 56.71M | 55.83M | 53.77M | 52.64M | 13.08M | 11.52M | 23.32M | 26.46M | 33.94M | 36.39M | 39.77M | 30.47M | 32.48M | 5.83M | 5.78M | 5.75M | 2.61M | 6.47M | 8.17M | 9.82M | 11.52M | 6.66M | 151K | 0 | 1.84M |
| Total Liabilities | 21.61M | 62.72M | 60.79M | 57.97M | 57.35M | 18.64M | 16.61M | 34.68M | 38.5M | 46.4M | 47.61M | 50.04M | 37.9M | 44.95M | 7.68M | 7.3M | 7.4M | 5.98M | 9.81M | 12.35M | 14.16M | 15.43M | 9.21M | 1.31M | 125.22K | 4.09M |
| Total Equity | 101.15M | 97.74M | 91.31M | 87.75M | 86.3M | 83.26M | 78.18M | 75.53M | 70.98M | 61.78M | 37.33M | 23.09M | 37.41M | 29.79M | 25.22M | 24.84M | 24.5M | 24.12M | 24.52M | 23.36M | 18.95M | 13.68M | 10.71M | 7.84M | 6.77M | 205.57K |
| Equity Growth % | 22.76% | 7.04% | 4.06% | 1.68% | 3.65% | 6.5% | 3.51% | 6.41% | 14.9% | 65.49% | 61.64% | -38.27% | 25.61% | 18.09% | 1.55% | 1.39% | 1.57% | -1.64% | 5% | 23.25% | 38.53% | 27.75% | 36.64% | 15.68% | 3195.57% | - |
| Equity / Assets (Capital Ratio) | 82.4% | 60.91% | 60.03% | 60.22% | 60.07% | 81.71% | 82.48% | 68.53% | 64.83% | 63.09% | 43.95% | 31.58% | 49.68% | 39.86% | 76.66% | 77.29% | 76.8% | 80.14% | 71.42% | 65.41% | 57.24% | 47% | 53.77% | 85.66% | 97.72% | 4.78% |
| Return on Equity (ROE) | 8.31% | 10.54% | 7.93% | 5.48% | 7.3% | 9.79% | 10.2% | 15.06% | 31.06% | 30.15% | 47.55% | 37.64% | 22.82% | 17.52% | 3.88% | 4.92% | 3.76% | -0.8% | 6.73% | 19.54% | 26.99% | 25.74% | 29.82% | 14.54% | 8.84% | 96.68% |
| Book Value per Share | 12.58 | 12.48 | 11.83 | 11.54 | 11.42 | 11.24 | 10.60 | 9.72 | 9.00 | 7.93 | 4.84 | 2.58 | 4.23 | 3.42 | 2.92 | 2.88 | 2.86 | 2.83 | 2.84 | 2.63 | 2.10 | 1.55 | 1.24 | 0.95 | 1.00 | 0.04 |
| Tangible BV per Share | 2.35 | 12.48 | 1.17 | 11.54 | 11.42 | 0.35 | 10.60 | -0.66 | 9.00 | -1.65 | 4.84 | 2.58 | 4.23 | 3.42 | 0.31 | 0.30 | 0.26 | 0.22 | 0.59 | 0.44 | 2.00 | 1.38 | 1.24 | 0.95 | 1.00 | 0.04 |
| Common Stock | 24.51M | 23.48M | 22.59M | 21.8M | 20.95M | 19.96M | 18.7M | 17.67M | 16.78M | 14.94M | 13.28M | 11.65M | 10.85M | 9.95M | 9.58M | 0 | 0 | 9.47M | 0 | 0 | 7.55M | 6.95M | 6.88M | 6.79M | 6.79M | 487.84K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.67M | 16.78M | 14.94M | 13.28M | 11.65M | 10.85M | 9.95M | 9.58M | 9.57M | 9.46M | 9.47M | 9.11M | 8.94M | 652K | 45K | 37K | 24.01K | 24.01K | 24.01K |
| Retained Earnings | 76.64M | 74.26M | 68.72M | 65.95M | 65.35M | 63.3M | 59.47M | 57.85M | 54.2M | 36.59M | 24.05M | 11.44M | 26.56M | 19.84M | 15.75M | 15.46M | 15.19M | 14.8M | 15.51M | 14.42M | 10.75M | 6.68M | 3.79M | 1.02M | -37.58K | -346.28K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.38M | 0 | -922K | 0 | 0 | 0 | 0 | -108K | -189K | -148K | -146K | -95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.85M | 0 | 36.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HNNA stock.
As of 2025, Hennessy Advisors, Inc. (HNNA) had total assets of $160.5M including $76.5M in current assets.
Hennessy Advisors, Inc. (HNNA) carries total debt of $40.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hennessy Advisors, Inc. (HNNA) has total shareholders' equity (book value) of $97.7M ($12.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hennessy Advisors, Inc. (HNNA) reported a current ratio of 12.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Acquisition-dependent growth model
Metrics are mathematically derived from official filings.
Capital Accumulation Enhances Financial Resilience
According to quarterly balance sheet data, Hennessy Advisors has steadily expanded its equity base from $88.2M in 2024Q1 to $100.0M by 2026Q2, signaling a strengthening financial position driven by consistent retained earnings growth that reinforces the firm's capacity to absorb market-related volatility in its AUM-based revenue model.
The consistent upward trend in retained earnings suggests that the firm is successfully internalizing profits rather than relying on external financing to sustain operations. This trajectory implies a maturing business model that prioritizes balance sheet stability, which may provide a defensive buffer during periods of market contraction.
Conservative Leverage Supports Operational Flexibility
As reported in financial statements, the company maintains a disciplined capital structure with a debt-to-equity ratio consistently hovering near 0.40, indicating that management utilizes debt sparingly to fund its acquisition-heavy strategy while avoiding the interest rate sensitivity that often plagues more highly leveraged asset management peers.
The stability of the debt load at approximately $40.5M over the last ten quarters suggests a deliberate strategy to maintain low financial risk. This conservative approach appears to provide the firm with significant optionality, allowing management to pursue opportunistic fund acquisitions without the pressure of imminent refinancing requirements.
Substantial Cash Reserves Provide Optionality
Based on the firm's reported figures, cash holdings have grown from $59.6M in 2024Q1 to $73.1M in 2026Q2, representing a significant liquidity buffer that exceeds two years of total revenue and positions the company to act as a consolidator in a fragmented mutual fund market.
The high cash-to-revenue ratio suggests that the firm is currently operating with excess liquidity that could be deployed for inorganic growth. While this provides a strong safety net, investors should monitor whether this cash drag on return on equity warrants a more aggressive capital allocation strategy in the future.
Goodwill Concentration Masks Asset Quality
Data from recent filings reveals that goodwill accounts for $82.3M of the $160.5M total asset base as of 2026Q2, which warrants further investigation as it indicates that the firm's balance sheet is heavily reliant on the valuation of previously acquired investment management contracts rather than tangible assets.
The significant goodwill balance implies that the company's book value is sensitive to the long-term retention of acquired fund assets. If the underlying funds experience sustained outflows or performance degradation, the firm may face impairment risks that could negatively impact the reported equity position.