MARKETS / NASDAQ / HNNA

NASDAQ · INVESTMENT ADVICE · SMALL CAP

Hennessy Advisors Inc. HNNA

16 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$35.5M

▲ 19.9% YoY

Net income

$10.0M

▲ 40.3% YoY

Free cash flow

$13.4M

▲ 49.0% YoY

In brief

What this company does

Hennessy Advisors, Inc. (the “Company,” “we,” “us,” or “our”) is a publicly traded investment management firm whose primary business activity is providing investment advisory services to a family of 16 open-end mutual funds (collectively, the “Hennessy Mutual Funds”) and one exchange‑traded fund (“ETF”) branded as the Hennessy Funds. We earn revenues primarily by providing investment advisory services to the Hennessy Funds and secondarily by providing shareholder services to investors in the Hennessy Mutual Funds. The fees we receive for investment advisory and shareholder services are calculated as a percentage of the average daily net asset values of the Hennessy Funds. We have delegated the day‑to‑day portfolio management responsibilities to sub‑advisors, subject to our oversight, for some of the Hennessy Funds.

Written from the business description in Hennessy Advisors, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 3 December 2025. Every sentence was checked against that document before publication.

Growth

USD 35.5M

Revenue, FY2025 · full 16-year series below

Revenue $M Net income $M

FY2025 · Revenue 35.5 · Net income 10.0

Compound annual growth

Revenue

+6.2%

+1.3%

−2.3%

+10.7%

Net income

+17.2%

+4.9%

−1.3%

+17.3%

EPS, diluted

+15.7%

+3.7%

Dividend / share

+0.0%

Returned to shareholders

+1.3%

−8.8%

−16.8%

+12.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +1.3% a year over five years — but profit grew faster: net income at +4.9%, earnings per share at +3.7%.

The share count rose from 0.01B to 0.01B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

28 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 37.0% · Net 28.0%

ROE

FY2025 · ROE 10.5%

Gross margin—

Operating margin37.0%

Net margin28.0%

Return on assets6.4%

EBITDAUSD 13.4M

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders

USD 4.2M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 13.4

Net buybacks $M Dividends $M

FY2025 · Dividends 4.2 · Net buybacks —

Dividends paidUSD 4.2M

Net buybacks—

Share of profit42.2%

Consecutive raises—

USD 4.2M in dividends — 42% of the year's profit went back to shareholders.

Total assetsUSD 160.5M

EquityUSD 97.7M

CashUSD 72.4M

Current ratio12.72×

Equity funds 61% of total assets.

The 16-year record

16 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Operating income $B	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	0.0	0.0	0.0
EBITDA $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	·	·	·	·	·
Income tax $B	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	0.0	0.0	0.0
Net income $B	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	0.0	0.0	0.0
Free cash flow $B	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	0.0	0.0	0.0
EPS, diluted $	1.27	0.92	0.63	0.82	1.07	1.06	1.42	2.61	1.92	1.86	1.27	1.30	0.83	0.17	0.21	0.16
Dividend / sh $	0.55	0.55	0.55	0.55	0.55	0.55	0.47	0.39	0.29	0.20	0.15	0.15	0.13	0.13	0.17	0.09
Payout %	42	59	86	65	50	51	32	14	15	10	12	12	15	71	78	57
ROE %	10.5	7.9	5.5	7.3	9.8	10.2	15.1	33.7	33.6	47.6	37.6	22.8	16.2	·	·	·
Shares out B	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityInvestment Advice

Listed onNASDAQ

Incorporated innot stated in the filings

Fiscal year endsSeptember 30

SEC categorysmaller reporting company

Data on record since2010