Saturday 17 October 2026
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Hennessy Advisors, Inc.
HNNA Financial Asset Management
Hennessy Advisors, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $35.5 million, up 19.9% from fiscal 2024. In the quarter to June 2026, revenue grew 4.17%, EPS fell 3.85% and free cash flow fell 6.00%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three.
10.25
0.18
−1.73%
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| Sep '25 | Sep '24 | Sep '23 | Sep '22 | Sep '21 | Sep '20 | Sep '19 | Sep '18 | Sep '17 | Sep '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 6 | 5 | 4 | 6 | 6 | 5 | 6 | 5 | — |
P/E ratio |
8.29 | 10.82 | 10.97 | 10.57 | 9.08 | 7.82 | 7.61 | 5.25 | 8.07 | 12.72 |
P/S ratio |
2.29 | 2.58 | 2.15 | 2.19 | 2.16 | 1.83 | 1.96 | 1.97 | 2.24 | 3.50 |
P/FCF ratio |
6.10 | 8.53 | 7.45 | 7.68 | 6.99 | 5.83 | 5.91 | 5.07 | 6.04 | 10.49 |
P/Operating CF |
21.43 | 22.24 | 20.72 | 26.88 | 22.35 | 23.34 | 20.10 | 15.63 | 20.48 | 32.73 |
P/B ratio |
0.83 | 0.84 | 0.59 | 0.75 | 0.85 | 0.78 | 1.11 | 1.51 | 2.30 | 4.82 |
Price to Tangible BV |
0.83 | 0.84 | 0.59 | 0.75 | 0.85 | 0.78 | 1.11 | 1.51 | 2.30 | 4.82 |
EV/Sales |
1.49 | 1.90 | 1.44 | 1.67 | 1.83 | 1.66 | 1.81 | 1.90 | 2.44 | 4.01 |
EV/EBITDA |
3.86 | 5.97 | 5.04 | 4.81 | 5.40 | 4.80 | 4.76 | 4.20 | 5.19 | 8.62 |
EV/Operating CF |
3.85 | 6.07 | 4.84 | 5.72 | 5.78 | 5.22 | 5.37 | 4.82 | 6.50 | 11.87 |
EV/FCF |
3.98 | 6.28 | 4.99 | 5.87 | 5.92 | 5.30 | 5.45 | 4.90 | 6.56 | 12.05 |
Quick Ratio |
12.59 | 13.62 | 15.04 | 12.91 | 3.40 | 2.50 | 2.50 | 2.50 | 1.65 | 0.74 |
Current Ratio |
12.72 | 13.78 | 15.20 | 13.07 | 3.54 | 2.63 | 2.55 | 2.55 | 1.78 | 0.90 |
Net Debt/EBITDA |
(2.37) | (2.60) | (3.11) | (1.90) | (1.37) | (0.86) | (0.41) | (0.15) | 0.41 | 1.10 |
Debt/Assets |
24.81% | 25.95% | 26.88% | 27.06% | 0.63% | 0.00% | 16.41% | 19.85% | 26.69% | 35.54% |
Debt/Equity |
0.41 | 0.43 | 0.45 | 0.45 | 0.01 | 0.00 | 0.24 | 0.31 | 0.50 | 0.81 |
Asset Turnover |
0.23 | 0.20 | 0.17 | 0.24 | 0.33 | 0.33 | 0.39 | 0.53 | 0.58 | 0.65 |
Operating CF/Net income |
1.38 | 1.31 | 1.50 | 1.40 | 1.31 | 1.35 | 1.30 | 1.04 | 1.33 | 1.27 |
Capex/Depreciation |
(0.71) | (0.56) | (0.41) | (0.46) | (1.07) | (0.72) | (0.91) | (1.56) | (0.48) | (0.52) |
Interest Coverage |
5.73 | 3.90 | 2.81 | 4.64 | — | 25.32 | 14.78 | 19.95 | 19.50 | 19.31 |
| 10.54% | 7.93% | 5.48% | 7.30% | 9.79% | 10.20% | 15.06% | 33.65% | 33.63% | 47.55% | |
| 6.37% | 4.77% | 3.30% | 5.04% | 8.03% | 7.65% | 10.04% | 19.94% | 16.40% | 18.18% | |
ROIC |
12.62% | 8.29% | 5.96% | 9.22% | 9.99% | 10.37% | 14.53% | 22.73% | 24.78% | 23.24% |
Return on Tangible Assets |
14.02% | 11.14% | 7.98% | 10.81% | 54.66% | 91.34% | 61.25% | 107.98% | 149.03% | (1,818.61%) |
Average Days of Receivables |
33.64 | 43.41 | 38.69 | 29.63 | 34.23 | 30.40 | 31.47 | 31.24 | 33.84 | 34.15 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
59.30% | 66.51% | 70.65% | 64.33% | 64.60% | 63.96% | 60.77% | 53.78% | 52.82% | 51.53% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
3.15% | 3.34% | 4.20% | 4.17% | 4.39% | 5.34% | 5.11% | 4.33% | 4.00% | 2.75% |
Graham Net Nets |
0.17 | 0.10 | 0.11 | 0.07 | 0.02 | (0.05) | (0.07) | (0.07) | (0.20) | (0.21) |
Graham Number |
18.86 | 15.69 | 12.71 | 14.59 | 16.42 | 15.93 | 17.64 | 23.15 | 16.98 | 14.34 |
Earnings Yield |
12.06% | 9.25% | 9.12% | 9.46% | 11.02% | 12.79% | 13.14% | 19.05% | 12.39% | 7.86% |
Free Cash Flow Yield |
16.41% | 11.73% | 13.42% | 13.02% | 14.30% | 17.15% | 16.92% | 19.72% | 16.56% | 9.53% |
Revenue per Share |
4.56 | 3.86 | 3.17 | 3.96 | 4.45 | 4.54 | 5.51 | 6.99 | 6.88 | 6.76 |
Operating CF per Share |
1.77 | 1.21 | 0.94 | 1.16 | 1.41 | 1.44 | 1.86 | 2.76 | 2.58 | 2.39 |
Capex per Share |
(0.06) | (0.04) | (0.03) | (0.03) | (0.03) | (0.02) | (0.03) | (0.05) | (0.02) | (0.02) |
Free Cash Flow per Share |
1.71 | 1.17 | 0.91 | 1.13 | 1.38 | 1.42 | 1.83 | 2.71 | 2.56 | 2.37 |
Cash per Share |
9.30 | 8.32 | 7.98 | 7.82 | 2.15 | 1.36 | 3.18 | 3.25 | 2.04 | 0.47 |
Shareholders Equity per Share |
12.55 | 11.89 | 11.58 | 11.53 | 11.30 | 10.63 | 9.74 | 9.09 | 6.70 | 4.91 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
12.55 | 11.89 | 11.58 | 11.53 | 11.30 | 10.63 | 9.74 | 9.09 | 6.70 | 4.91 |
Free Cash Flow |
13.35 | 8.96 | 6.92 | 8.45 | 10.14 | 10.45 | 14.19 | 21.17 | 19.67 | 18.00 |
Working Capital |
70.50 | 63.32 | 59.51 | 56.94 | 14.15 | 8.29 | 17.65 | 18.71 | 9.77 | (1.09) |
Capital Expenditures |
(0.44) | (0.31) | (0.21) | (0.22) | (0.25) | (0.17) | (0.20) | (0.36) | (0.18) | (0.18) |
Net Current Asset Value |
13.79 | 7.49 | 5.73 | 4.30 | 1.06 | (3.23) | (5.67) | (7.76) | (23.50) | (37.47) |
EV/EBIT |
4.04 | 6.35 | 5.45 | 5.04 | 5.52 | 4.90 | 4.82 | 4.24 | 5.27 | 8.68 |
Capex to Sales |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 |
Price to Operating Income |
6.19 | 8.62 | 8.14 | 6.59 | 6.52 | 5.38 | 5.23 | 4.39 | 4.85 | 7.56 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.18 | 1.49 | 1.72 | 1.47 | 0.75 | 0.81 | 0.62 | 0.60 | 1.44 | 1.19 |
Cash ROIC |
6.36% | 4.60% | 3.69% | 4.60% | 10.16% | 11.86% | 11.99% | 17.92% | 21.11% | 25.33% |
Accounts Receivable Turnover |
10.45 | 9.76 | 9.70 | 10.83 | 11.19 | 10.33 | 10.23 | 11.40 | 10.90 | 11.60 |
Accounts Payable Turnover |
— | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
— | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
3.40 | 3.04 | 2.48 | 2.74 | 2.93 | 3.23 | 4.18 | 4.79 | 4.86 | 4.43 |
Average Payables |
— | — | — | — | — | (1.63) | (0.91) | 0.25 | 1.33 | 1.33 |
Average Assets |
156.28 | 148.91 | 144.69 | 122.78 | 98.35 | 102.50 | 109.84 | 103.37 | 91.10 | 79.04 |
Average Common Equity |
94.52 | 89.53 | 87.03 | 84.78 | 80.72 | 76.85 | 73.25 | 61.26 | 44.43 | 30.21 |
Columns are period end dates