HENNESSY ADVISORS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HENNESSY ADVISORS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	51.4	53	54.6	42.7	33.4	32.8	29.7	24	29.6	35.5
General and administrative	5.81	5.88	5.86	5.8	4.96	4.75	5.04	5.48	6.48	6.3
Operating expenses	27.6	28.5	30.1	26.7	22.1	21.9	19.8	17.7	20.8	22.4
Operating income	23.8	24.5	24.5	16	11.3	10.9	9.84	6.33	8.87	13.1
Interest expense	1.23	1.26	1.23	1.08	0.45	0	2.12	2.26	2.28	2.29
Interest income							0.23	2.52	3.11	2.77
Other non-operating income	0	0.01
Pre-tax income	22.6	23.2	23.4	15.3	11	10.9	7.95	6.6	9.7	13.6
Income tax	8.19	8.31	2.78	4.24	3.12	2.98	1.76	1.83	2.61	3.66
Net income	14.4	14.9	20.6	11	7.84	7.9	6.19	4.77	7.1	9.96
EBITDA	24.1	24.9	24.7	16.2	11.6	11.1	10	6.56	9.11	13.4
EPS, basic	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28
EPS, diluted	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27
Shares, basic (weighted)	7.6	7.69	7.81	7.76	7.35	7.37	7.48	7.58	7.68	7.79
Shares, diluted (weighted)	7.72	7.79	7.89	7.77	7.38	7.41	7.56	7.6	7.72	7.83
Dividend per share	0.20	0.29	0.39	0.47	0.55	0.55	0.55	0.55	0.55	0.55

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.54	15.7	25.4	24.7	9.96	15.8	58.5	60.5	63.9	72.4
Short-term investments	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Receivables	4.23	4.33	4.26	3.29	2.4	2.8	2.05
Other current assets	0.58	1.61	0.67	0.63	0.64	0.79	0.75	0.67	0.82	0.8
Total current assets	10.1	22.2	30.7	29	13.4	19.7	61.7	63.7	68.3	76.5
Property, plant and equipment	0.3	0.25	0.38	0.36	0.29	0.31	0.32	0.31	0.37	0.52
Lease right-of-use assets					0.28	1.01	0.65	0.3	1.01	0.68
Other non-current assets	0.15	0.15	0.19	0.19	0.19	0.24	0.16	0.16	0.18	0.18
Total assets	84.9	97.3	109	110	94.8	102	144	146	152	160
Accounts payable					3.81	4.15	3.32	3.17	4.44	4.86
Accrued liabilities							0.78	0.6	1.12	0.82
Short-term debt	4.23	4.23	4.23	4.33
Total current liabilities	11.2	12.5	12	11.4	5.09	5.56	4.72	4.19	4.95	6.01
Long-term debt	26	21.7	17.5	13			38.9	39.2	39.5	39.8
Lease liabilities						0.65	0.28	0	0.7	0.33
Total liabilities	47.6	45.7	38.5	34.7	16.6	18.6	57.4	58	60.8	62.7
Total debt	30.2	26	21.7	17.4
Retained earnings	24.1	36.6	54.2	57.9	59.5	63.3	65.3	66	68.7	74.3
Shareholders' equity	37.3	51.5	71	75.5	78.2	83.3	86.3	87.8	91.3	97.7
Total equity	37.3	51.5	71	75.5	78.2	83.3	86.3	87.8	91.3	97.7
Total liabilities and equity	84.9	97.3	109	110	94.8	102	144	146	152	160
Shares outstanding	7.66	7.78	7.9	7.53	7.36	7.47	7.57	7.67	7.78	7.89

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.4	14.9	20.6	11	7.84	7.9	6.19	4.77	7.1	9.96
Depreciation and amortization	0.35	0.37	0.23	0.23	0.24	0.23	0.21	0.23	0.24	0.29
Stock-based compensation	1.42	2.12	2.41	2.21	1.78	1.44	1.25	1.03	0.99	1.13
Deferred income tax	1.36	1.73	-2.58	1.3	1.25	0.92	1.05	1.12	1.05	0.91
Change in receivables	-0.18	-0.1	0.07	0.97	0.89	-0.39	0.74
Change in payables	1.88	0.78	-0.27	-1.55	-1.73	0.34	-0.83	-0.16	1.28	0.42
Cash from operations	18.2	19.8	21.5	14.4	10.6	10.4	8.67	7.13	9.28	13.8
Capital expenditures	-0.18	-0.18	-0.36	-0.2	-0.17	-0.25	-0.22	-0.22	-0.31	-0.44
Cash from investing	-11.9	-0.45	-3.9	-1.97	-0.88	-0.25	-0.23	-0.82	-1.3	-0.63
Debt repaid	-4.38	-4.38	-4.38	-4.38	-17.5
Share buybacks				-4.75	-2.71
Dividends paid	-1.5	-2.21	-2.88	-3.54	-3.97	-3.97	-4.04	-4.1	-4.15	-4.2
Cash from financing	-5.88	-7.24	-7.94	-13.1	-24.5	-4.26	34.2	-4.33	-4.53	-4.66
Net change in cash	0.45	12.2	9.7	-0.71	-14.7	5.88	42.7
Free cash flow	18	19.7	21.2	14.2	10.5	10.1	8.45	6.92	8.96	13.4
Interest paid	1.19	1.11	1.1	1	0.38		1.86	1.96	1.96	1.96
Income taxes paid	6.96	6.68	4.44	3.09	1.6	1.96	0.94	0.78	2.12	2.27

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	33.4%	Operating income / revenue.
EBITDA margin	34.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.7%	Pre-tax income / revenue.
Net margin	24.8%	Net income / revenue.
FCF margin	30.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.5%	Cash from operations / revenue.
Effective tax rate	26.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.
Return on invested capital (ROIC)	12.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	48.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	47.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	40.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	38.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	48.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	49.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.39x	Current assets / current liabilities.
Quick ratio	8.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	8.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	17.6%	Total liabilities / total assets.
Interest coverage	4.48x	Operating income / interest expense.
Working capital	$35.3M	Current assets - current liabilities.
Tangible book value	$101.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	73.9x	Revenue / average property, plant and equipment.
FCF conversion	123.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.15	Revenue / diluted weighted shares.
FCF per share	$1.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.31	Cash from operations / diluted weighted shares.
Book value per share	$12.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.80	Tangible book value / shares outstanding.
Cash per share	$4.47	(Cash + short-term investments) / shares outstanding.
Payout ratio	53.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	43.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$80.5M	Share price x shares outstanding.
Enterprise value	$45.1M	Market cap + total debt - cash - short-term investments.
P/E	9.74x	Market cap / net income. Only when net income is positive.
P/S	2.41x	Market cap / revenue.
P/B	0.80x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.80x	Market cap / tangible book value, when positive.
P/FCF	7.91x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.66x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	4.05x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.94x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.43x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.6%	Free cash flow / market cap.
Earnings yield	10.3%	Net income / market cap (the inverse of P/E).
Dividend yield	5.5%	Dividends paid over the period / market cap.
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.62x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was HENNESSY ADVISORS INC's revenue in fiscal 2025?

HENNESSY ADVISORS INC reported revenue of $35.5M for fiscal 2025, 19.9% higher than the year before.

Was HENNESSY ADVISORS INC profitable in fiscal 2025?

Yes. Net income was $10.0M, a net margin of 28%.

How much free cash flow did HENNESSY ADVISORS INC generate in fiscal 2025?

Cash from operations of $13.8M minus capital expenditures of $440.0K left free cash flow of $13.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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