HENNESSY ADVISORS INC HNNA
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 are committed to providing superior service to investors and employing a consistent and disciplined approach to investing based on a buy‑and‑hold philosophy that rejects the idea of market timing. Our goal is to provide products that investors can have confidence in, knowing their money is invested as promised and with their best interests in mind. Our firm was founded on these principles over 35 years ago, and the same principles guide us today.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.5M | $29.6M | $24.0M | $29.7M | $32.8M | $33.4M | $42.7M | $54.6M | $53.0M | $51.4M |
| SG&A | $6.3M | $6.5M | $5.5M | $5.0M | $4.8M | $5.0M | $5.8M | $5.9M | $5.9M | $5.8M |
| Total operating expenses | $22.4M | $20.8M | $17.7M | $19.8M | $21.9M | $22.1M | $26.7M | $30.1M | $28.5M | $27.6M |
| Operating income | $13.1M | $8.9M | $6.3M | $9.8M | $10.9M | $11.3M | $16.0M | $24.5M | $24.5M | $23.8M |
| Interest expense | $2.3M | $2.3M | $2.3M | $2.1M | $0 | $447.0K | $1.1M | $1.2M | $1.3M | $1.2M |
| Pre-tax income | $13.6M | $9.7M | $6.6M | $7.9M | $10.9M | $11.0M | $15.3M | $23.4M | $23.2M | $22.6M |
| Income tax | $3.7M | $2.6M | $1.8M | $1.8M | $3.0M | $3.1M | $4.2M | $2.8M | $8.3M | $8.2M |
| Net income | $10.0M | $7.1M | $4.8M | $6.2M | $7.9M | $7.8M | $11.0M | $20.6M | $14.9M | $14.4M |
| EPS, basic | 1.28 | 0.92 | 0.63 | 0.83 | 1.07 | 1.07 | 1.42 | 2.64 | 1.94 | 1.89 |
| EPS, diluted | 1.27 | 0.92 | 0.63 | 0.82 | 1.07 | 1.06 | 1.42 | 2.61 | 1.92 | 1.86 |
| Shares, diluted (wtd. avg.) | $7.8M | $7.7M | $7.6M | $7.6M | $7.4M | $7.4M | $7.8M | $7.9M | $7.8M | $7.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $72.4M | $63.9M | $60.5M | $58.5M | $15.8M | $10.0M | $24.7M | $25.4M | $15.7M | $3.5M |
| Short-term investments | $12.0K | $11.0K | $10.0K | $9.0K | $10.0K | $9.0K | $9.0K | $9.0K | $8.0K | $8.0K |
| Receivables | — | — | — | $2.1M | $2.8M | $2.4M | $3.3M | $4.3M | $4.3M | $4.2M |
| Total current assets | $76.5M | $68.3M | $63.7M | $61.7M | $19.7M | $13.4M | $29.0M | $30.7M | $22.2M | $10.1M |
| Property, plant and equipment | $524.0K | $374.0K | $305.0K | $320.0K | $311.0K | $294.0K | $361.0K | $382.0K | $254.0K | $296.0K |
| Total assets | $160.5M | $152.1M | $145.7M | $143.7M | $101.9M | $94.8M | $110.2M | $109.5M | $97.3M | $84.9M |
| Accounts payable | $4.9M | $4.4M | $3.2M | $3.3M | — | — | — | — | — | — |
| Short-term debt | — | — | — | — | — | — | $4.3M | $4.2M | $4.2M | $4.2M |
| Total current liabilities | $6.0M | $5.0M | $4.2M | $4.7M | $5.6M | $5.1M | $11.4M | $12.0M | $12.5M | $11.2M |
| Long-term debt | — | — | — | — | — | — | $13.0M | $17.5M | $21.7M | $26.0M |
| Total liabilities | $62.7M | $60.8M | $58.0M | $57.4M | $18.6M | $16.6M | $34.7M | $38.5M | $45.7M | $47.6M |
| Retained earnings | $74.3M | $68.7M | $66.0M | $65.3M | $63.3M | $59.5M | $57.9M | $54.2M | $36.6M | $24.1M |
| Total equity | $97.7M | $91.3M | $87.8M | $86.3M | $83.3M | $78.2M | $75.5M | $71.0M | $51.5M | $37.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.8M | $9.3M | $7.1M | $8.7M | $10.4M | $10.6M | $14.4M | $21.5M | $19.8M | $18.2M |
| Depreciation and amortisation | $290.0K | $244.0K | $230.0K | $207.0K | $232.0K | $239.0K | $225.0K | $231.0K | $219.0K | $210.0K |
| Stock-based compensation | $1.1M | $990.0K | $1.0M | $1.3M | $1.4M | $1.8M | $2.2M | $2.4M | $2.1M | $1.4M |
| Capital expenditure | $440.0K | $313.0K | $215.0K | $216.0K | $249.0K | $172.0K | $204.0K | $360.0K | $176.0K | $184.0K |
| Investing cash flow | -$627.0K | -$1.3M | -$819.0K | -$231.0K | -$249.0K | -$882.0K | -$2.0M | -$3.9M | -$445.0K | -$11.9M |
| Financing cash flow | -$4.7M | -$4.5M | -$4.3M | $34.2M | -$4.3M | -$24.5M | -$13.1M | -$7.9M | -$7.2M | -$5.9M |
| Dividends paid | $4.2M | $4.2M | $4.1M | $4.0M | $4.0M | $4.0M | $3.5M | $2.9M | $2.2M | $1.5M |
| Buybacks | — | — | — | — | — | $2.7M | $4.8M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-25-036795.
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