HNNANasdaqInvestment AdviceFiscal year ends September 30
HENNESSY ADVISORS INC
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$10.27+0.02 (+0.20%)
Close on Oct 19, 2026
- Market cap
- $82.55M
- P/E (TTM)
- 9.8
- Dividend yield
- 5.36%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
37.0%+3.1 pts over 5 years
Net margin
28.0%+4.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.9% | +6.2% | +1.3% | -2.3% | |
| Operating income | +48.2% | +10.1% | +3.0% | -4.0% | |
| Net income | +40.3% | +17.2% | +4.9% | -1.3% | |
| EPS, diluted | +38.0% | +15.7% | +3.7% | 0.0% | |
| Free cash flow | +49.0% | +16.5% | +5.0% | -0.6% | |
| Dividend per share | 0.0% | 0.0% | 0.0% | +13.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 47.6% | 10.2% | 10.5% | |
| Return on assets | 18.2% | 7.6% | 6.4% | |
| Current ratio | 0.90 | 2.63 | 12.72 | |
| Debt to equity | 0.81 | – | 0.41 | |
| Net debt to EBITDA | 1.10× | – | – | |
| Interest coverage | 19.3× | 25.3× | 5.7× | |
| Capex to revenue | 0.4% | 0.5% | 1.2% | |
| Diluted shares | 8M | 7M | 8M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Hennessy Advisors generated $49.25M from operations and spent $21.90M on capital expenditure, dividends and share buybacks. 7% of that went back into the business.
Generated
$49.25M
Used
$21.90M
Capital expenditure$1.43M7%Dividends$20.47M93%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin28.0%
×Asset turnover0.23×
×Equity multiplier1.65×
=Return on equity, FY202510.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 28.0% | 0.23× | 1.65× | 10.5% |
| FY2024 | 23.9% | 0.20× | 1.66× | 7.9% |
| FY2023 | 19.9% | 0.17× | 1.66× | 5.5% |
| FY2022 | 20.9% | 0.24× | 1.45× | 7.3% |
| FY2021 | 24.1% | 0.33× | 1.22× | 9.8% |
| FY2020 | 23.5% | 0.33× | 1.33× | 10.2% |
| FY2019 | 25.8% | 0.39× | 1.50× | 15.1% |
| FY2018 | 37.8% | 0.53× | 1.69× | 33.7% |
| FY2017 | 28.2% | 0.58× | 2.05× | 33.6% |
| FY2016 | 27.9% | 0.65× | 2.62× | 47.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$9.96M
- Cash generatingOperating cash flow above zero$13.79M
- Return on assets improvedROA up on the prior year4.9% → 6.5%
- Earnings backed by cashOperating cash flow above net income$13.79M vs $9.96M
- Less leverageLong-term debt to assets fell26.0% → 24.8%
- Better liquidityCurrent ratio rose13.78 → 12.72
- No dilutionShare count did not rise8M → 8M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.20 → 0.23