Hennessy Advisors, Inc. (HNNA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 23	—	$0.15	—	—	$5.9M	—
Q1 23	—	$0.15	—	—	$6.1M	—
Q4 22	—	$0.18	—	—	$6.5M	—
Q3 22	—	$0.17	—	—	$6.9M	—
Q2 22	—	$0.21	—	—	$7.7M	—
Q1 22	—	$0.25	—	—	$8.5M	—
Q4 21	—	$0.27	—	—	$8.5M	—
Q3 21	—	$0.3	—	—	$8.5M	—
Q2 21	—	$0.26	—	—	$7.9M	—
Q1 21	—	$0.24	—	—	$7.8M	—
Q4 20	—	$0.2	—	—	$7.4M	—
Q3 20	—	$0.24	—	—	$6.9M	—
Q2 20	—	$0.27	—	—	$8.9M	—
Q1 20	$0.39	$0.35	-10.3%	—	$10.2M	—
Q4 19	$0.41	$0.32	-22.0%	—	$10.2M	—
Q3 19	$0.55	$0.34	-38.2%	—	$10.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.28	—	—	$35.5M	—
FY24	—	$0.92	—	—	$29.6M	—
FY23	—	$0.63	—	—	$24M	—
FY22	—	$0.83	—	—	$29.7M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$51.4M	$53M	$54.6M	$42.7M	$33.4M	$32.8M	$29.7M	$24M	$29.6M	$35.5M
YoY change	+14.9%	+3.01%	+3.09%	-21.8%	-21.8%	-1.88%	-9.44%	-19%	+23.4%	+19.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	51.4M	53M	54.6M	42.7M	33.4M	32.8M	29.7M	24M	29.6M	35.5M
Cost of revenue	21.5M	22.4M	24M	20.7M	16.9M	16.9M	14.6M	12M	14.1M	15.8M
Gross profit	29.9M	30.6M	30.6M	22M	16.5M	15.9M	15.1M	12M	15.6M	19.7M
Gross margin	58.3%	57.8%	56%	51.6%	49.5%	48.4%	50.8%	50.1%	52.6%	55.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.8M	5.9M	5.9M	5.8M	5M	4.8M	5M	5.5M	6.5M	6.3M
Operating expenses	6.6M	6.2M	6.4M	6.3M	5.4M	5.2M	5.6M	6M	6.5M	6.3M
Operating income	23.8M	24.5M	24.5M	16M	11.3M	10.9M	9.8M	6.3M	8.9M	13.1M
Operating margin	46.3%	46.3%	44.8%	37.5%	33.9%	33.2%	33.2%	26.4%	29.9%	37%
Non-operating income, net	2K	12K	145K	338K	89K	2K	229K	—	—	—
Pretax income	22.6M	23.2M	23.4M	15.3M	11M	10.9M	7.9M	6.6M	9.7M	13.6M
Income tax	8.2M	8.3M	2.8M	4.2M	3.1M	3M	1.8M	1.8M	2.6M	3.7M
Net income	14.4M	14.9M	20.6M	11M	7.8M	7.9M	6.2M	4.8M	7.1M	10M
Net margin	27.9%	28.2%	37.8%	25.8%	23.5%	24.1%	20.9%	19.9%	23.9%	28%
EBITDA	24.1M	24.7M	24.9M	16.6M	11.6M	11.1M	10.3M	9.1M	12.2M	16.2M
EPS	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28
Diluted EPS	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	6.3M	6.1M	6.9M	7.8M	8.8M	9.7M	9.3M	8.1M	8.5M	8.3M	8.1M	8.4M
Cost of revenue	3.1M	2.9M	3.5M	3.6M	4M	4.2M	4M	3.7M	4M	3.7M	3.8M	3.8M
Gross profit	3.2M	3.2M	3.4M	4.2M	4.7M	5.5M	5.3M	4.4M	4.5M	4.6M	4.3M	4.6M
Gross margin	50.4%	52.4%	49.6%	54%	54%	57.1%	57.3%	54.1%	53.1%	55.1%	53.3%	54.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.3M	1.7M	1.5M	1.6M	1.7M	1.7M	1.8M	1.4M	1.4M	1.9M	1.6M	1.6M
Operating expenses	1.5M	1.9M	1.7M	1.8M	1.7M	1.7M	1.8M	1.4M	1.4M	1.9M	1.6M	1.6M
Operating income	1.8M	1.4M	1.9M	2.6M	2.9M	3.8M	3.5M	2.8M	3M	2.6M	2.6M	2.9M
Operating margin	28%	23.2%	27.7%	33.2%	33.5%	39.5%	37.2%	35.4%	35.5%	31.3%	32.1%	34.7%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	2M	1.6M	2.1M	2.8M	3.1M	4M	3.6M	3M	3.1M	2.7M	2.6M	2.8M
Income tax	612K	444K	582K	759K	822K	1.1M	973K	840K	714K	749K	736K	776K
Net income	1.3M	1.2M	1.5M	2M	2.3M	2.8M	2.6M	2.1M	2.4M	1.9M	1.9M	2M
Net margin	21.4%	19.5%	22.2%	26.1%	26.5%	29.2%	27.8%	26.3%	28.5%	23.2%	23.5%	23.8%
EBITDA	2.6M	2.3M	2.7M	3.4M	3.8M	4.6M	4.2M	3.6M	3.8M	3.3M	3.3M	3.6M
EPS	—	0.16	0.2	0.26	—	0.36	0.33	0.27	—	0.24	0.25	0.25
Diluted EPS	—	0.16	0.2	0.26	—	0.36	0.33	0.26	—	0.24	0.24	0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	118.8M	108.1M	83.9M	61M	70.9M	64.9M	50.5M	76.4M	81.4M	79.3M
Enterprise value	—	129M	104.5M	76.5M	51.3M	56M	45.9M	29.4M	53M	49.4M	44.3M
Shares outstanding	7.6M	7.7M	7.8M	7.8M	7.4M	7.4M	7.5M	7.6M	7.7M	7.8M	7.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	7.95	5.25	7.6	7.77	8.97	10.5	10.6	10.8	8.17	9.74
P/S	—	2.24	1.98	1.96	1.83	2.16	2.19	2.1	2.58	2.29	2.38
P/B	—	2.3	1.52	1.11	0.78	0.85	0.75	0.58	0.84	0.83	0.78
EV/EBITDA	—	5.22	4.2	4.62	4.41	5.04	4.47	3.24	4.34	3.05	3.87
EV/Sales	—	2.44	1.91	1.79	1.54	1.71	1.55	1.23	1.79	1.39	1.33
Earnings yield	—	12.6%	19.1%	13.2%	12.9%	11.1%	9.54%	9.45%	9.29%	12.2%	10.3%
FCF yield	—	16.6%	19.6%	16.9%	17.1%	14.3%	13%	13.7%	11.7%	16.4%	7.3%
PEG	—	—	—	—	—	—	—	—	—	—	-1.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.3%	57.8%	56%	51.6%	49.5%	48.4%	50.8%	50.1%	52.6%	55.5%	54.5%
Operating margin	46.3%	46.3%	44.8%	37.5%	33.9%	33.2%	33.2%	26.4%	29.9%	37%	34.7%
Net margin	27.9%	28.2%	37.8%	25.8%	23.5%	24.1%	20.9%	19.9%	23.9%	28%	24.8%
ROE	38.5%	29%	29%	14.6%	10%	9.49%	7.17%	5.44%	7.77%	10.2%	8.36%
ROA	16.9%	15.4%	18.8%	10%	8.27%	7.75%	4.31%	3.27%	4.67%	6.21%	4.96%
ROIC	23.7%	25.5%	32%	17%	11.8%	11.5%	11.4%	6.86%	9.55%	14.6%	12.4%
Return on tangible assets	16.9%	15.4%	18.8%	10%	8.27%	7.75%	4.31%	3.27%	4.67%	6.21%	6.73%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.9	1.78	2.55	2.55	2.63	3.54	13.1	15.2	13.8	12.7	9.38
Quick ratio	0.9	1.78	2.55	2.55	2.63	3.54	13.1	15.2	13.8	12.7	9.39
Debt / equity	0.81	0.5	0.31	0.23	0	0.01	0.46	0.45	0.44	0.41	0
Debt / assets	0.36	0.27	0.2	0.16	0	0.01	0.28	0.27	0.27	0.25	0
Net debt / EBITDA	1.1	0.41	-0.15	-0.44	-0.83	-1.34	-1.85	-2.32	-1.92	-1.97	-2.49
Interest coverage	19.3	19.5	20.1	15.1	25.5	—	4.74	3.93	5.27	6.94	5.51
Effective tax rate	36.3%	35.7%	11.9%	27.8%	28.5%	27.4%	22.1%	27.7%	26.9%	26.9%	26.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.76	6.88	6.99	5.51	4.54	4.45	3.96	3.17	3.86	4.56	4.24
EPS (basic)	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28	1.28
EPS (diluted)	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27	1.03
Book value per share	4.91	6.7	9.09	9.74	10.6	11.3	11.5	11.6	11.9	12.5	12.8
FCF per share	2.37	2.56	2.71	1.83	1.42	1.38	1.13	0.91	1.17	1.71	1.27
Cash per share	0.47	2.04	3.25	3.18	1.36	2.15	7.82	7.98	8.32	9.3	4.47
Capex per share	0.02	0.02	0.05	0.03	0.02	0.03	0.03	0.03	0.04	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.36%	0.33%	0.66%	0.48%	0.52%	0.76%	0.73%	0.9%	1.06%	—	—
Capex / operating cash flow	0.97%	0.88%	1.74%	1.43%	1.43%	2.47%	2.23%	2.95%	3.59%	—	—
Payout ratio	10.4%	14.8%	14%	32.1%	50.6%	50.3%	65.3%	86%	58.5%	42.2%	54.8%
Dividend yield	—	1.86%	2.67%	4.22%	6.51%	5.6%	6.23%	8.13%	5.43%	5.17%	5.98%

Yield

5.98%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Aug 20, 2026

Payout ratio

55%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 20, 2026	$0.15
May 21, 2026	$0.15
Feb 18, 2026	$0.15
Nov 12, 2025	$0.1375

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$6.3M	$6.1M	$6.9M	$7.8M	$8.8M	$9.7M	$9.3M	$8.1M	$8.5M	$8.3M	$8.1M	$8.4M
YoY change	-3.41%	-0.02%	+17.3%	+36.5%	+40.3%	+58%	+33.7%	+3.47%	-3.17%	-14.3%	-12.3%	+4.17%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.5M	15.7M	25.4M	24.7M	10M	15.8M	58.5M	60.5M	63.9M	72.4M
Receivables	4.2M	4.3M	4.3M	3.3M	2.4M	2.8M	2.1M	2M	3M	2.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	10.1M	22.2M	30.7M	29M	13.4M	19.7M	61.7M	63.7M	68.3M	76.5M
Property, plant & equipment	296K	254K	382K	361K	570K	1.3M	971K	600K	374K	1.2M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	84.9M	97.3M	109.5M	110.2M	94.8M	101.9M	143.7M	145.7M	152.1M	160.5M
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	4.2M	4.2M	4.2M	4.3M	330K	359K	367K	279K	332K	365K
Total current liabilities	11.2M	12.5M	12M	11.4M	5.1M	5.6M	4.7M	4.2M	5M	6M
Long-term debt	26M	21.7M	17.5M	13M	0	646K	39.1M	39.2M	40.2M	40.1M
Total liabilities	47.6M	45.7M	38.5M	34.7M	16.6M	18.6M	57.4M	58M	60.8M	62.7M
Shareholders' equity	37.3M	51.5M	71M	75.5M	78.2M	83.3M	86.3M	87.8M	91.3M	97.7M
Total debt	30.2M	26M	21.7M	17.4M	330K	1M	39.5M	39.4M	40.5M	40.5M
Net debt	26.6M	10.3M	-3.7M	-7.3M	-9.6M	-14.8M	-19M	-21M	-23.4M	-31.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	60.5M	59.6M	59.6M	62M	63.9M	65M	67.6M	70.3M	72.4M	72M	73.1M	35.4M
Receivables	2M	2.2M	2.6M	2.6M	3M	3.3M	3M	2.7M	2.8M	2.8M	2.7M	2.8M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	63.7M	62.9M	63.4M	65.6M	68.3M	69.5M	71.8M	74.2M	76.5M	76M	77.1M	39.5M
Property, plant & equipment	600K	488K	1.5M	333K	374K	430K	1.3M	1.2M	1.2M	1.1M	998K	860K
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	145.7M	145M	147.3M	149.5M	152.1M	153.3M	155.5M	158M	160.5M	159.6M	160.5M	122.8M
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	279K	186K	289K	293K	332K	340K	348K	356K	365K	40.3M	40.4M	391K
Total current liabilities	4.2M	2.8M	3.2M	3.8M	5M	3.8M	4M	4.8M	6M	43.6M	43.4M	4.2M
Long-term debt	39.2M	39.2M	40.2M	40.2M	40.2M	40.2M	40.2M	40.1M	40.1M	233K	134K	34K
Total liabilities	58M	56.8M	58.4M	59.3M	60.8M	59.9M	60.3M	61.5M	62.7M	60.6M	60.5M	21.6M
Shareholders' equity	87.8M	88.2M	88.9M	90.2M	91.3M	93.4M	95.2M	96.5M	97.7M	98.9M	100M	101.1M
Total debt	39.4M	39.4M	40.5M	40.5M	40.5M	40.5M	40.5M	40.5M	40.5M	40.5M	40.5M	425K
Net debt	-21M	-20.2M	-19.1M	-21.5M	-23.4M	-24.5M	-27.1M	-29.8M	-31.9M	-31.5M	-32.6M	-34.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	14.4M	14.9M	20.6M	11M	7.8M	7.9M	6.2M	4.8M	7.1M	10M
Depreciation & amortization	206K	219K	231K	225K	239K	232K	207K	230K	244K	290K
Stock-based compensation	1.4M	2.1M	2.4M	2.2M	1.8M	1.4M	1.2M	1M	990K	1.1M
Change in working capital	1.6M	850K	-75K	-607K	841K	-324K	743K	-138K	-1M	252K
Operating cash flow	19M	20M	20.7M	14.2M	12M	10.1M	9.7M	7.3M	8.7M	13.8M
Capital expenditure	-184K	-176K	-360K	-204K	-172K	-249K	-216K	-215K	-313K	—
Investing cash flow	-11.9M	-445K	-3.9M	-2M	-882K	-249K	-231K	-819K	-1.3M	-187K
Dividends paid	-1.5M	-2.2M	-2.9M	-3.5M	-4M	-4M	-4M	-4.1M	-4.2M	-4.2M
Share repurchases	0	-654K	-660K	-5.1M	-3M	-322K	-356K	-233K	-403K	-459K
Financing cash flow	-5.9M	-7.2M	-7.9M	-13.1M	-24.5M	-4.3M	34.2M	-4.3M	-4.5M	-4.7M
Net change in cash	1.3M	12.3M	8.9M	-857K	-13.3M	5.6M	43.7M	2.1M	2.9M	8.9M
Free cash flow	18M	19.7M	21.2M	14.2M	10.5M	10.1M	8.4M	6.9M	9M	13.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	1.3M	1.2M	1.5M	2M	2.3M	2.8M	2.6M	2.1M	2.4M	1.9M	1.9M	2M
Depreciation & amortization	66K	69K	57K	59K	59K	61K	69K	74K	86K	66K	86K	77K
Stock-based compensation	242K	246K	246K	247K	251K	299K	274K	275K	273K	309K	351K	299K
Change in working capital	-288K	-131K	-439K	-90K	-347K	-369K	369K	229K	23K	-136K	88K	-114K
Operating cash flow	1.6M	1.7M	1.7M	2.6M	2.7M	3.2M	3.6M	4M	3.8M	661K	2.3M	3.7M
Capital expenditure	-52K	-46K	-70K	-97K	-100K	-117K	-81K	—	—	—	—	—
Investing cash flow	-155K	-250K	-860K	-93K	-100K	-127K	-114K	-143K	-1K	—	—	—
Dividends paid	-1M	-1M	-1M	-1M	-1M	-1.1M	-1.1M	—	—	—	—	-1.2M
Share repurchases	-233K	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1.3M	-1M	-1M	-1M	-1M	-1.1M	-1M	2K	1K	1K	8K	-1.2M
Net change in cash	238K	383K	-169K	1.5M	1.6M	2M	2.4M	3.9M	3.8M	662K	2.3M	2.6M
Free cash flow	2.4M	370K	1.8M	3.5M	3.3M	2.1M	3.7M	3.9M	3.6M	601K	2.2M	3.7M

Date	Ratio
Mar 7, 2017	3:2
Feb 8, 2017	3:2
Mar 8, 2007	3:2
Mar 8, 2006	3:2
Mar 9, 2005	3:2

Hennessy Advisors, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history