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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%
Market cap
$82.5M
P/E
9.9×
Fwd P/E
10.6×
Dividend yield
5.73%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.19
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — — — 1 — — — 4 —
Insider Ownership 41.92%

Capital & Financial Ratios $m

Market Cap 82.45
Revenue 33.34
Net Income 8.26
Free Cash Flow 10.18
Net Debt (35.36)
Current Ratio 9.39
Debt/Equity 0.00
P/E ratio 9.86
Fwd P/E 10.60
P/S ratio 2.43
P/B ratio 0.80
Past 5Y EPS Growth 3.68%
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (9.34%) (below 0%: weak)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 58.02%
10-year low 10-year high
P/S against its own 10 years 69.48%
10-year low 10-year high
P/B against its own 10 years 29.52%
10-year low 10-year high

Dividends

Payout Ratio 0.56
Annual Dividend Rate 0.59
Annual Dividend Yield 5.73%
total individual payouts
2026 0.45
0.15
0.15
0.15
2025 0.55
0.14
0.14
0.14
0.14
2024 0.55
0.14
0.14
0.14
0.14
2023 0.55
0.14
0.14
0.14
0.14
2022 0.69
0.14
0.14
0.14
0.14
0.14
2021 0.55
0.14
0.14
0.14
0.14
2020 0.55
0.14
0.14
0.14
0.14
2019 0.50
0.11
0.11
0.14
0.14
2018 0.41
0.10
0.10
0.10
0.11
2017 0.30
0.08
0.08
0.08
0.08
2016 0.25
0.04
0.04
0.04
0.04
0.10
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 60 64 72 35
Receivables 3 4 3 3
Inventory — — — —
Other — — — —
64 68 77 39
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
4 5 6 4

Compound Annual Growth %

10y 5y 3y
Sales (2.28%) 1.26% 6.20%
Cash Flow (0.46%) 5.36% 16.76%
Earnings (1.33%) 4.90% 17.18%
Book Value 15.52% 4.57% 4.24%

Revenue $m

Dec Mar Jun Sep Year
’26 8 8 8 — —
’25 10 9 8 9 36
’24 6 7 8 9 30
’23 6 6 6 6 24
’22 9 8 7 6 30
’21 8 8 9 9 33
’20 10 9 7 7 33
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 1 2 4 — —
’25 2 4 4 4 14
’24 0 2 4 3 9
’23 0 2 3 2 7
’22 1 2 3 2 9
’21 1 3 4 3 10
’20 1 4 3 3 11
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 1 2 4 — —
’25 2 4 4 4 13
’24 0 2 3 3 9
’23 0 2 3 2 7
’22 1 2 3 2 8
’21 1 3 4 3 10
’20 1 4 3 3 10
Fiscal quarters ending in the months shown.

EPS $

Dec Mar Jun Sep Year
’26 0.24 0.24 0.25 — —
’25 0.36 0.33 0.26 0.31 1.27
’24 0.16 0.20 0.26 0.30 0.92
’23 0.15 0.15 0.15 0.17 0.63
’22 0.25 0.21 0.17 0.19 0.82
’21 0.24 0.26 0.30 0.26 1.07
’20 0.35 0.27 0.24 0.20 1.06
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 16.13 13.88 9.69 9.00 5.69 8.20 8.11 6.33 6.38 8.43

Analyst estimates 2026–2028

Powerpack
High 26.33 21.60 20.00 12.78 11.15 12.50 11.37 10.15 13.88 13.54
People
People Employees 22 23 23 21 21 20 19 17 18 18
Revenue/emp, $m 2.34 2.30 2.37 2.03 1.59 1.64 1.56 1.41 1.65 1.97
Income, $m
Income, $m Revenue 51 53 55 43 33 33 30 24 30 36
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 23 23 23 15 11 11 8 7 10 14
EBT margin, % 43.88 43.90 42.85 35.76 32.83 33.21 26.78 27.48 32.73 38.33
Net income 14 15 21 11 8 8 6 5 7 10
Depreciation 0 0 0 0 0 0 0 1 1 1
Per share, $
Per share, $ Revenue 6.76 6.88 6.99 5.51 4.54 4.45 3.96 3.17 3.86 4.56
Earnings 1.86 1.94 2.64 1.42 1.07 1.07 0.83 0.63 0.92 1.28
Cash flow 2.39 2.58 2.76 1.86 1.44 1.41 1.16 0.94 1.21 1.77
Capex (0.02) (0.02) (0.05) (0.03) (0.02) (0.03) (0.03) (0.03) (0.04) (0.06)
Free cash flow 2.37 2.56 2.71 1.83 1.42 1.38 1.13 0.91 1.17 1.71
Book value 4.91 6.70 9.09 9.74 10.63 11.30 11.53 11.58 11.89 12.55
Shares, m 8 8 8 8 7 7 7 8 8 8
Valuation, ×
Valuation, × P/E 12.72 8.07 5.25 7.61 7.82 9.08 10.57 10.97 10.82 8.29
P/S 3.50 2.24 1.97 1.96 1.83 2.16 2.19 2.15 2.58 2.29
P/B 4.82 2.30 1.51 1.11 0.78 0.85 0.75 0.59 0.84 0.83
EV/Sales 4.01 2.44 1.90 1.81 1.66 1.83 1.67 1.44 1.90 1.49
EV/FCF 12.05 6.56 4.90 5.45 5.30 5.92 5.87 4.99 6.28 3.98
Cash, $m
Cash, $m Operating cash flow 18 20 22 14 11 10 9 7 9 14
Capex 0 0 0 0 0 0 0 0 0 0
Free cash flow 18 20 21 14 10 10 8 7 9 13
Balance, $m
Balance, $m Working capital (1) 10 19 18 8 14 57 60 63 71
Total debt 30 26 22 18 0 1 39 39 39 40
Net debt 27 10 (4) (7) (10) (15) (20) (21) (24) (33)
Shareholders’ equity 37 52 71 76 78 83 86 88 91 98
Returns, %
Returns, % ROA 18.18 16.40 19.94 10.04 7.65 8.03 5.04 3.30 4.77 6.37
ROIC 23.24 24.78 22.73 14.53 10.37 9.99 9.22 5.96 8.29 12.62
ROE 47.55 33.63 33.65 15.06 10.20 9.79 7.30 5.48 7.93 10.54
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Hennessy Advisors, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ZSTK ZeroStack Corp. $92.1M — (loss-making) — (loss-making) +40.67% (above 0%: growing) n/m +146.50% (above 0%: growing) 11.85% (177.43%) Compare
PFX PhenixFIN Corporation $85.5M 18.3× — (loss-making) +4.77% (above 0%: growing) n/m +89.91% (above 0%: growing) 100.00% 68.13% Compare
BCIC BCP Investment Corporation $82.6M — (loss-making) 25.8× +20.07% (above 0%: growing) n/m +99.89% (above 0%: growing) 100.00% 37.20% Compare
HNNA Hennessy Advisors, Inc. $82.5M 9.9× 10.6× +4.17% (above 0%: growing) −3.85% (below 0%: shrinking) −6.00% (below 0%: shrinking) 100.00% 34.72%
GECC Great Elm Capital Group, Inc. $69.7M — (loss-making) 6.6× −23.68% (below 0%: shrinking) −54.90% (below 0%: shrinking) +35.66% (above 0%: growing) 100.00% 69.32% Compare
AFCG Advanced Flower Capital Inc. $69.7M — (loss-making) 3.1× +40.12% (above 0%: growing) n/m −452.40% (below 0%: shrinking) 100.00% 64.59% Compare
GEG Great Elm Group, Inc. $67.1M — (loss-making) — (loss-making) +88.28% (above 0%: growing) −92.16% (below 0%: shrinking) +265.21% (above 0%: growing) (96.60%) (19.71%) Compare
PDCC Pearl Diver Credit Company Inc. $66.1M — (loss-making) — — n/m — — — Compare
AVAT Avalanche Treasury Corporation $58.2M — — — n/m — 100.00% (3,421.79%) Compare
Median of peers $69.7M — 6.6× +30.10% — +94.90% 100.00% 37.20%

All 120 Asset Management stocks →

Hennessy Advisors, Inc. (HNNA) key facts

  • Strength: Hennessy Advisors, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $35.5 million, up 19.9% from fiscal 2024.
  • Strength: Net income was $10.0 million, or $1.28 per share (basic), a net margin of 28.0%.
  • Hennessy Advisors, Inc. (HNNA) is an Asset Management company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, HNNA traded at $10.25, a market capitalization of $82.5 million.
  • At that price the stock trades at 9.9× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 58% of its own readings over the past ten years.
  • Hennessy Advisors, Inc. pays an annual dividend of $0.59 per share, a yield of 5.73%, with a payout ratio of 56.5%.
  • Return on equity was 10.5% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Hennessy Advisors, Inc. (HNNA) Latest News

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stockrow.com/HNNA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com