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HENNESSY ADVISORS INC

HNNA Clue Score68
United States Fiscal year ends September CIK 0001145255
$10.19 -0.20% Close, 9 Oct 2026
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Price $10.19 +2.62% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue53.0Operating income24.5Net income14.9EPS, diluted1.92Fiscal year 2018Revenue54.6 +3.1%Operating income24.5Net income20.6 +38.0%EPS, diluted2.61 +35.9%Fiscal year 2019Revenue42.7 −21.8%Operating income16.0Net income11.0 −46.5%EPS, diluted1.42 −45.6%Fiscal year 2020Revenue33.4 −21.8%Operating income11.3Net income7.8 −28.9%EPS, diluted1.06 −25.4%Fiscal year 2021Revenue32.8 −1.9%Operating income10.9Net income7.9 +0.8%EPS, diluted1.07 +0.9%Fiscal year 2022Revenue29.7 −9.4%Operating income9.8Net income6.2 −21.7%EPS, diluted0.82 −23.4%Fiscal year 2023Revenue24.0 −19.0%Operating income6.3Net income4.8 −22.9%EPS, diluted0.63 −23.2%Fiscal year 2024Revenue29.6 +23.4%Operating income8.9Net income7.1 +48.8%EPS, diluted0.92 +46.0%Fiscal year 2025Revenue35.5 +19.9%Operating income13.1Net income10.0 +40.3%EPS, diluted1.27 +38.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 53.0 54.6 42.7 33.4 32.8 29.7 24.0 29.6 35.5
Growth +3.1% −21.8% −21.8% −1.9% −9.4% −19.0% +23.4% +19.9%
Operating income 24.5 24.5 16.0 11.3 10.9 9.8 6.3 8.9 13.1
Net income 14.9 20.6 11.0 7.8 7.9 6.2 4.8 7.1 10.0
Growth +38.0% −46.5% −28.9% +0.8% −21.7% −22.9% +48.8% +40.3%
EPS, diluted 1.92 2.61 1.42 1.06 1.07 0.82 0.63 0.92 1.27
Growth +35.9% −45.6% −25.4% +0.9% −23.4% −23.2% +46.0% +38.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin46.3%Net margin28.2%Free cash flow margin37.1%Fiscal year 2018Operating margin44.8%Net margin37.8%Free cash flow margin38.8%Fiscal year 2019Operating margin37.5%Net margin25.8%Free cash flow margin33.2%Fiscal year 2020Operating margin33.9%Net margin23.5%Free cash flow margin31.3%Fiscal year 2021Operating margin33.2%Net margin24.1%Free cash flow margin30.9%Fiscal year 2022Operating margin33.2%Net margin20.9%Free cash flow margin28.5%Fiscal year 2023Operating margin26.4%Net margin19.9%Free cash flow margin28.8%Fiscal year 2024Operating margin29.9%Net margin23.9%Free cash flow margin30.2%Fiscal year 2025Operating margin37.0%Net margin28.0%Free cash flow margin37.6%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 46.3% 44.8% 37.5% 33.9% 33.2% 33.2% 26.4% 29.9% 37.0%
Net margin 28.2% 37.8% 25.8% 23.5% 24.1% 20.9% 19.9% 23.9% 28.0%
Free cash flow margin 37.1% 38.8% 33.2% 31.3% 30.9% 28.5% 28.8% 30.2% 37.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow19.8Capital expenditure−0.2Free cash flow19.7Dividends paid−2.2Fiscal year 2018Operating cash flow21.5Capital expenditure−0.4Free cash flow21.2 +7.6%Dividends paid−2.9Fiscal year 2019Operating cash flow14.4Capital expenditure−0.2Free cash flow14.2 −33.0%Buybacks−4.8Dividends paid−3.5Fiscal year 2020Operating cash flow10.6Capital expenditure−0.2Free cash flow10.5 −26.3%Buybacks−2.7Dividends paid−4.0Fiscal year 2021Operating cash flow10.4Capital expenditure−0.2Free cash flow10.1 −3.0%Dividends paid−4.0Fiscal year 2022Operating cash flow8.7Capital expenditure−0.2Free cash flow8.4 −16.7%Dividends paid−4.0Fiscal year 2023Operating cash flow7.1Capital expenditure−0.2Free cash flow6.9 −18.1%Dividends paid−4.1Fiscal year 2024Operating cash flow9.3Capital expenditure−0.3Free cash flow9.0 +29.6%Dividends paid−4.2Fiscal year 2025Operating cash flow13.8Capital expenditure−0.4Free cash flow13.4 +49.0%Dividends paid−4.2
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 19.8 21.5 14.4 10.6 10.4 8.7 7.1 9.3 13.8
Capital expenditure −0.2 −0.4 −0.2 −0.2 −0.2 −0.2 −0.2 −0.3 −0.4
Free cash flow 19.7 21.2 14.2 10.5 10.1 8.4 6.9 9.0 13.4
Growth +7.6% −33.0% −26.3% −3.0% −16.7% −18.1% +29.6% +49.0%
Buybacks n/a n/a −4.8 −2.7 n/a n/a n/a n/a n/a
Dividends paid −2.2 −2.9 −3.5 −4.0 −4.0 −4.0 −4.1 −4.2 −4.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash15.7Total debt26.0Net cash (debt)−10.3Shareholders’ equity51.5Debt to equity0.50Fiscal year 2018Cash25.4Total debt21.7Net cash (debt)3.7Shareholders’ equity71.0Debt to equity0.31Fiscal year 2019Cash24.7Total debt17.4Net cash (debt)7.3Shareholders’ equity75.5Debt to equity0.23Fiscal year 2020Cash10.0Shareholders’ equity78.2Fiscal year 2021Cash15.8Shareholders’ equity83.3Fiscal year 2022Cash58.5Shareholders’ equity86.3Fiscal year 2023Cash60.5Shareholders’ equity87.8Fiscal year 2024Cash63.9Shareholders’ equity91.3Fiscal year 2025Cash72.4Shareholders’ equity97.7
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 15.7 25.4 24.7 10.0 15.8 58.5 60.5 63.9 72.4
Total debt 26.0 21.7 17.4 n/a n/a n/a n/a n/a n/a
Net cash (debt) −10.3 3.7 7.3 n/a n/a n/a n/a n/a n/a
Shareholders’ equity 51.5 71.0 75.5 78.2 83.3 86.3 87.8 91.3 97.7
Debt to equity 0.50 0.31 0.23 n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Revenue and profit
53.0 54.6 42.7 33.4 32.8 29.7 24.0 29.6 35.5
Growth +3.1% −21.8% −21.8% −1.9% −9.4% −19.0% +23.4% +19.9%
5.9 5.9 5.8 5.0 4.8 5.0 5.5 6.5 6.3
24.5 24.5 16.0 11.3 10.9 9.8 6.3 8.9 13.1
Growth −0.1% −34.5% −29.3% −3.9% −9.6% −35.6% +40.0% +48.2%
23.2 23.4 15.3 11.0 10.9 7.9 6.6 9.7 13.6
8.3 2.8 4.2 3.1 3.0 1.8 1.8 2.6 3.7
14.9 20.6 11.0 7.8 7.9 6.2 4.8 7.1 10.0
Growth +38.0% −46.5% −28.9% +0.8% −21.7% −22.9% +48.8% +40.3%
Per share
1.94 2.64 1.42 1.07 1.07 0.83 0.63 0.92 1.28
1.92 2.61 1.42 1.06 1.07 0.82 0.63 0.92 1.27
Growth +35.9% −45.6% −25.4% +0.9% −23.4% −23.2% +46.0% +38.0%
7.7 7.8 7.8 7.4 7.4 7.5 7.6 7.7 7.8
7.8 7.9 7.8 7.4 7.4 7.6 7.6 7.7 7.8
Growth +1.3% −1.5% −5.1% +0.4% +2.0% +0.6% +1.6% +1.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 1.3% a year over five years, and earnings per share grew 3.7% a year.
  • The diluted share count rose 6.1% in five years, which is dilution.
  • Operating margin is up 3.1 points on five years ago, at 37.0%.
  • Profitable in every one of the 9 years on file.