Hennessy Advisors (HNNA) Financials

$9.99 -0.04 (-0.40%)

Closing price 07/17/2026 04:00 PM Eastern

Extended Trading

$9.98 -0.01 (-0.05%)

As of 07/17/2026 07:57 PM Eastern

Annual Income Statements for Hennessy Advisors

This table shows Hennessy Advisors' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	11	14	15	21	11	7.84	7.90	6.19	4.77	7.10	9.96
Consolidated Net Income / (Loss)	11	14	15	21	11	7.84	7.90	6.19	4.77	7.10	9.96
Net Income / (Loss) Continuing Operations	11	14	15	21	11	7.84	7.90	6.19	4.77	7.10	9.96
Total Pre-Tax Income	19	23	23	23	15	11	11	7.95	6.60	9.70	14
Total Revenue	44	50	53	55	42	33	33	28	24	30	36
Net Interest Income / (Expense)	-1.01	-1.23	0.00	0.00	-1.08	-0.45	0.00	-1.89	0.27	0.84	0.48
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.23	2.52	3.11	2.77
Investment Securities Interest Income	-	-	-	-	-	-	-	0.23	2.52	3.11	2.77
Total Interest Expense	1.01	1.23	0.00	0.00	1.08	0.45	0.00	2.12	2.26	2.28	2.29
Long-Term Debt Interest Expense	1.01	1.23	-	-	1.08	0.45	-	2.12	2.26	2.28	2.29
Total Non-Interest Income	45	51	53	55	43	33	33	30	24	30	36
Other Non-Interest Income	-	-	53	55	43	-	33	-	24	30	36
Total Non-Interest Expense	25	28	30	31	27	22	22	20	18	21	22
Salaries and Employee Benefits	9.75	12	13	13	11	8.82	9.08	8.32	7.73	9.06	11
Other Operating Expenses	15	15	15	17	16	13	13	11	9.72	11	11
Depreciation Expense	0.27	0.35	0.22	0.23	0.23	0.24	0.23	0.21	0.23	0.24	0.29
Income Tax Expense	7.41	8.19	8.31	2.78	4.24	3.12	2.98	1.76	1.83	2.61	3.66
Basic Earnings per Share	$1.29	$1.89	$1.94	$2.64	$1.42	$1.07	$1.07	$0.83	$0.63	$0.92	$1.28
Weighted Average Basic Shares Outstanding	8.83M	7.60M	7.69M	7.81M	7.76M	7.35M	7.37M	7.48M	7.58M	7.68M	7.79M
Diluted Earnings per Share	$1.27	$1.86	$1.92	$2.61	$1.42	$1.06	$1.07	$0.82	$0.63	$0.92	$1.27
Weighted Average Diluted Shares Outstanding	8.94M	7.72M	7.79M	7.89M	7.77M	7.38M	7.41M	7.56M	7.60M	7.72M	7.83M
Weighted Average Basic & Diluted Shares Outstanding	5.90M	5.13M	7.80M	7.92M	7.50M	7.36M	7.36M	7.57M	7.67M	7.78M	7.89M
Cash Dividends to Common per Share	$0.15	$0.20	$0.29	$0.39	$0.47	$0.55	$0.55	$0.55	$0.55	$0.55	$0.55

This table shows Hennessy Advisors' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.34	1.20	1.54	2.03	2.33	2.83	2.58	1.93	1.91
Consolidated Net Income / (Loss)	1.34	1.20	1.54	2.03	2.33	2.83	2.58	1.93	1.91
Net Income / (Loss) Continuing Operations	1.34	1.20	1.54	2.03	2.33	2.83	2.58	1.93	1.91
Total Pre-Tax Income	1.95	1.64	2.12	2.79	3.15	3.97	3.56	2.68	2.65
Total Revenue	6.46	0.22	7.14	7.99	15	9.85	9.38	8.40	8.17
Net Interest Income / (Expense)	0.20	0.22	0.20	0.20	0.21	0.14	0.11	0.08	0.04
Total Interest Income	0.76	0.79	0.77	0.77	0.78	0.71	0.68	0.65	0.61
Investment Securities Interest Income	0.76	0.79	0.77	0.77	0.78	0.71	0.68	0.65	0.61
Total Interest Expense	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.58	0.58
Long-Term Debt Interest Expense	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.58	0.58
Total Non-Interest Income	6.26	0.00	6.94	7.78	15	9.71	9.28	8.32	8.13
Other Non-Interest Income	-	-	6.94	7.78	-	9.71	9.28	-	8.13
Total Non-Interest Expense	4.50	-1.43	5.02	5.20	12	5.88	5.83	5.72	5.52
Salaries and Employee Benefits	2.00	1.87	2.25	2.27	2.67	2.77	2.67	2.48	2.56
Other Operating Expenses	2.44	2.78	2.71	2.87	3.11	3.05	3.08	3.18	2.87
Depreciation Expense	0.07	0.07	0.06	0.06	0.06	0.06	0.07	0.07	0.09
Income Tax Expense	0.61	0.44	0.58	0.76	0.82	1.13	0.97	0.75	0.74
Basic Earnings per Share	$0.17	$0.16	$0.20	$0.26	$0.30	$0.36	$0.33	$0.24	$0.25
Weighted Average Basic Shares Outstanding	7.58M	7.67M	7.68M	7.68M	7.68M	7.78M	7.78M	7.89M	7.90M
Diluted Earnings per Share	$0.17	$0.16	$0.20	$0.26	$0.30	$0.36	$0.33	$0.24	$0.24
Weighted Average Diluted Shares Outstanding	7.60M	7.67M	7.70M	7.73M	7.72M	7.86M	7.91M	7.97M	8.00M
Weighted Average Basic & Diluted Shares Outstanding	7.67M	7.78M	7.79M	7.79M	7.78M	-	-	7.89M	7.90M
Cash Dividends to Common per Share	$0.13	$0.14	$0.14	$0.14	$0.13	$0.14	$0.14	$0.14	$0.15

This table details how cash moves in and out of Hennessy Advisors' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	-4.56	0.45	12	9.70	-0.71	-15	5.88	43	1.99	3.45	8.51
Net Cash From Operating Activities	14	18	20	22	14	11	10	8.67	7.13	9.28	14
Net Cash From Continuing Operating Activities	14	18	20	22	14	11	10	8.67	7.13	9.28	14
Net Income / (Loss) Continuing Operations	11	14	15	21	11	7.84	7.90	6.19	4.77	7.10	9.96
Consolidated Net Income / (Loss)	11	14	15	21	11	7.84	7.90	6.19	4.77	7.10	9.96
Depreciation Expense	0.27	0.21	0.22	0.23	0.23	0.24	0.23	0.21	0.23	0.24	0.29
Amortization Expense	-	0.15	-	-	-	-	0.00	0.26	0.29	0.31	0.33
Non-Cash Adjustments to Reconcile Net Income	0.73	1.35	2.27	2.51	2.29	1.91	1.43	2.29	2.13	2.07	2.05
Changes in Operating Assets and Liabilities, net	2.06	2.11	2.42	-1.82	0.85	0.64	0.83	-0.28	-0.29	-0.45	1.18
Net Cash From Investing Activities	-0.45	-12	-0.45	-3.90	-1.97	-0.88	-0.25	-0.23	-0.82	-1.30	-0.63
Net Cash From Continuing Investing Activities	-0.45	-12	-0.45	-3.90	-1.97	-0.88	-0.25	-0.23	-0.82	-1.30	-0.63
Purchase of Property, Leasehold Improvements and Equipment	-0.26	-0.18	-0.18	-0.36	-0.20	-0.17	-0.25	-0.22	-0.22	-0.31	-0.44
Purchase of Investment Securities	-0.19	-12	-0.27	-3.54	-1.77	-0.71	0.00	-0.02	-0.60	-0.99	-0.19
Net Cash From Financing Activities	-19	-5.88	-7.24	-7.94	-13	-24	-4.26	34	-4.33	-4.53	-4.66
Net Cash From Continuing Financing Activities	-19	-5.88	-7.24	-7.94	-13	-24	-4.26	34	-4.33	-4.53	-4.66
Issuance of Common Equity	-	0.02	0.00	0.02	0.02	0.02	0.04	0.01	0.01	0.03	0.01
Payment of Dividends	-1.38	-1.50	-2.21	-2.88	-3.54	-3.97	-3.97	-4.04	-4.10	-4.15	-4.20
Other Financing Activities, Net	-	-	-0.65	-0.70	-0.40	-0.31	-0.32	-0.36	-0.23	-0.40	-0.46
Cash Interest Paid	1.00	1.19	1.11	1.10	1.00	0.38	0.00	1.86	1.96	1.96	1.96
Cash Income Taxes Paid	5.19	6.96	6.68	4.44	3.09	1.60	1.96	0.94	0.78	2.12	2.27

This table details how cash moves in and out of Hennessy Advisors' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2024	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1.08	1.06	-0.01	-2.10	1.91	1.06	2.58	-0.46	1.09
Net Cash From Operating Activities	2.49	2.23	1.87	-0.14	3.44	2.23	3.75	0.66	2.31
Net Cash From Continuing Operating Activities	2.49	2.23	1.87	-0.14	3.44	2.23	3.75	0.66	2.31
Net Income / (Loss) Continuing Operations	1.34	2.83	1.54	-0.65	2.33	2.83	2.58	1.93	1.91
Consolidated Net Income / (Loss)	1.34	2.83	1.54	-0.65	2.33	2.83	2.58	1.93	1.91
Depreciation Expense	0.07	0.06	0.06	0.06	0.06	0.06	0.07	0.07	0.09
Amortization Expense	0.08	0.08	0.08	0.07	0.08	0.08	0.08	0.09	0.09
Non-Cash Adjustments to Reconcile Net Income	0.46	0.58	0.48	0.42	0.60	0.58	0.47	0.90	0.53
Changes in Operating Assets and Liabilities, net	0.55	-1.32	-0.28	-0.03	0.37	-1.32	0.54	-2.32	-0.31
Net Cash From Investing Activities	-0.16	-0.13	-0.86	-0.96	-0.10	-0.13	-0.11	-0.06	-0.07
Net Cash From Continuing Investing Activities	-0.16	-0.13	-0.86	-0.96	-0.10	-0.13	-0.11	-0.06	-0.07
Purchase of Property, Leasehold Improvements and Equipment	-0.05	-0.12	-0.07	-0.02	-0.10	-0.12	-0.08	-0.06	-0.07
Net Cash From Financing Activities	-1.26	-1.05	-1.03	-1.00	-1.43	-1.05	-1.05	-1.07	-1.16
Net Cash From Continuing Financing Activities	-1.26	-1.05	-1.03	-1.00	-1.43	-1.05	-1.05	-1.07	-1.16
Issuance of Common Equity	0.00	0.00	0.01	0.01	0.01	0.00	0.00	0.00	0.01
Payment of Dividends	-1.03	-1.05	-1.04	-1.01	-1.04	-1.05	-1.05	-1.07	-1.16
Cash Interest Paid	0.49	0.49	0.49	0.49	0.49	0.49	0.49	0.49	0.49
Cash Income Taxes Paid	0.13	0.00	0.78	-0.29	0.81	0.00	1.60	0.00	1.64

This table presents Hennessy Advisors' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	73	85	97	109	110	95	102	144	146	152	160
Cash and Due from Banks	3.09	3.54	16	25	25	9.96	16	58	60	64	72
Trading Account Securities	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	-	-	-	-	-	-	-	2.05	2.05	2.96	2.77
Premises and Equipment, Net	0.32	0.30	0.25	0.38	0.36	0.29	0.31	0.32	0.31	0.37	0.52
Intangible Assets	63	74	75	78	81	81	81	81	81	82	83
Other Assets	7.03	6.74	6.67	5.53	4.51	3.89	5.11	1.92	1.62	2.58	2.16
Total Liabilities & Shareholders' Equity	73	85	97	109	110	95	102	144	146	152	160
Total Liabilities	50	48	46	39	35	17	19	57	58	61	63
Short-Term Debt	4.47	4.26	4.43	4.39	4.44	0.33	0.36	0.58	0.28	0.33	0.37
Accrued Interest Payable	1.10	0.38	0.68	0.56	1.38	0.95	1.05	0.82	0.75	0.18	0.66
Other Short-Term Payables	4.70	6.58	7.35	7.08	5.54	3.81	4.15	3.32	3.17	4.44	4.99
Long-Term Debt	31	26	22	18	13	-	0.00	39	39	39	40
Other Long-Term Liabilities	9.15	10	12	8.97	10	12	13	14	15	16	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	23	37	52	71	76	78	83	86	88	91	98
Total Preferred & Common Equity	23	37	52	71	76	78	83	86	88	91	98
Total Common Equity	23	37	52	71	76	78	83	86	88	91	98
Common Stock	12	13	15	17	18	19	20	21	22	23	23
Retained Earnings	11	24	37	54	58	59	63	65	66	69	74

This table presents Hennessy Advisors' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2026	Q2 2026
Period end date	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026
Total Assets	153	156	158	160	161
Cash and Due from Banks	65	68	70	72	73
Trading Account Securities	0.01	0.01	0.01	0.01	0.01
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	3.34	2.98	2.72	2.77	2.71
Premises and Equipment, Net	0.43	0.44	0.44	0.52	0.50
Intangible Assets	82	82	82	82	82
Other Assets	2.28	2.24	2.08	2.04	2.01
Total Liabilities & Shareholders' Equity	153	156	158	160	161
Total Liabilities	60	60	61	61	61
Short-Term Debt	0.34	0.35	0.36	40	40
Accrued Interest Payable	1.03	0.21	0.25	1.13	0.04
Other Short-Term Payables	2.43	3.48	4.16	2.16	2.95
Long-Term Debt	40	40	40	0.00	0.00
Other Long-Term Liabilities	17	17	17	17	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	93	95	97	99	100
Total Preferred & Common Equity	93	95	97	99	100
Total Common Equity	93	95	97	99	100
Common Stock	23	23	24	24	24
Retained Earnings	70	72	73	75	76

This table displays calculated financial ratios and metrics derived from Hennessy Advisors' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
DEI Shares Outstanding	6,025,377.00	5,066,699.00	7,690,888.00	7,808,527.00	7,499,033.00	7,263,786.00	7,367,149.00	7,482,188.00	7,578,652.00	7,681,095.00	7,787,560.00
DEI Adjusted Shares Outstanding	9,038,065.00	7,600,048.00	7,690,888.00	7,808,527.00	7,499,033.00	7,263,786.00	7,367,149.00	7,482,188.00	7,578,652.00	7,681,095.00	7,787,560.00
DEI Earnings Per Adjusted Shares Outstanding	1.26	1.89	1.94	2.64	1.47	1.08	1.07	0.83	0.63	0.92	1.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	30.76%	14.75%	5.53%	3.09%	-23.12%	-21.30%	-0.82%	-15.22%	-12.56%	25.52%	18.14%
EBITDA Growth	43.34%	20.16%	2.42%	0.66%	-34.39%	-27.74%	-0.78%	-24.27%	-15.35%	44.03%	38.78%
EBIT Growth	43.96%	19.98%	3.05%	0.62%	-34.70%	-28.24%	-0.73%	-26.97%	-16.94%	47.03%	40.35%
NOPAT Growth	48.55%	26.15%	4.00%	37.97%	-46.49%	-28.92%	0.78%	-21.67%	-22.92%	48.75%	40.34%
Net Income Growth	48.55%	26.15%	4.00%	37.97%	-46.49%	-28.92%	0.78%	-21.67%	-22.92%	48.75%	40.34%
EPS Growth	48.55%	26.15%	3.23%	35.94%	-45.59%	-25.35%	0.94%	-23.36%	-23.17%	46.03%	38.04%
Operating Cash Flow Growth	53.45%	25.91%	9.13%	8.49%	-33.16%	-26.19%	-2.23%	-16.57%	-17.67%	30.04%	48.67%
Free Cash Flow Firm Growth	90.62%	-71.34%	-4.15%	13.08%	100.52%	105.33%	-87.52%	-1,388.42%	109.24%	-4.49%	-3.88%
Invested Capital Growth	-9.47%	16.08%	15.01%	19.55%	0.16%	-15.60%	6.51%	50.37%	1.15%	3.09%	5.27%
Revenue Q/Q Growth	7.33%	1.13%	1.93%	0.50%	-8.43%	-7.90%	3.60%	-7.90%	1.38%	39.80%	0.00%
EBITDA Q/Q Growth	10.42%	-0.07%	-1.50%	0.45%	-10.81%	-10.00%	5.19%	-11.60%	4.03%	13.18%	0.00%
EBIT Q/Q Growth	10.53%	-0.16%	-0.91%	-0.06%	-10.93%	-10.21%	5.42%	-12.89%	4.07%	14.07%	0.00%
NOPAT Q/Q Growth	9.84%	0.80%	-1.20%	1.46%	-9.95%	-10.99%	7.20%	-9.17%	-0.69%	16.15%	0.00%
Net Income Q/Q Growth	9.84%	0.80%	-1.20%	1.46%	-9.95%	-10.99%	7.20%	-9.17%	-0.69%	16.15%	0.00%
EPS Q/Q Growth	9.84%	0.80%	-2.54%	0.38%	-12.88%	-9.40%	7.00%	-8.89%	-3.08%	16.46%	0.00%
Operating Cash Flow Q/Q Growth	6.60%	4.55%	4.11%	5.23%	-15.78%	-12.81%	5.71%	-8.04%	1.05%	11.38%	0.00%
Free Cash Flow Firm Q/Q Growth	304.40%	-71.40%	-1.03%	3.29%	9.36%	-8.83%	1.42%	0.58%	10.74%	188.83%	0.00%
Invested Capital Q/Q Growth	-15.55%	2.90%	2.34%	2.09%	-0.27%	1.22%	1.75%	0.48%	0.19%	-4.03%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	43.61%	45.66%	44.32%	43.28%	36.93%	33.91%	33.92%	30.30%	29.33%	33.66%	39.54%
EBIT Margin	43.00%	44.96%	43.90%	42.85%	36.40%	33.18%	33.21%	28.61%	27.18%	31.83%	37.82%
Profit (Net Income) Margin	26.05%	28.63%	28.22%	37.76%	26.28%	23.74%	24.12%	22.29%	19.65%	23.28%	27.66%
Tax Burden Percent	60.57%	63.68%	64.27%	88.12%	72.22%	71.54%	72.62%	77.90%	72.29%	73.13%	73.13%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	39.43%	36.32%	35.73%	11.88%	27.78%	28.46%	27.38%	22.10%	27.71%	26.87%	26.87%
Return on Invested Capital (ROIC)	18.60%	22.85%	20.58%	24.17%	11.87%	9.14%	9.75%	5.91%	3.77%	5.49%	7.40%
ROIC Less NNEP Spread (ROIC-NNEP)	18.60%	22.85%	20.58%	24.17%	11.87%	9.14%	9.75%	5.91%	3.77%	5.49%	7.40%
Return on Net Nonoperating Assets (RNNOA)	19.04%	24.70%	13.05%	9.48%	3.19%	1.06%	0.04%	1.39%	1.71%	2.43%	3.14%
Return on Equity (ROE)	37.64%	47.55%	33.63%	33.65%	15.06%	10.20%	9.79%	7.30%	5.48%	7.93%	10.54%
Cash Return on Invested Capital (CROIC)	28.54%	7.97%	6.61%	6.37%	11.71%	26.06%	3.44%	-34.33%	2.63%	2.46%	2.27%
Operating Return on Assets (OROA)	25.33%	28.54%	25.52%	22.63%	13.91%	10.69%	11.06%	6.47%	4.56%	6.52%	8.72%
Return on Assets (ROA)	15.34%	18.18%	16.40%	19.94%	10.04%	7.65%	8.03%	5.04%	3.30%	4.77%	6.37%
Return on Common Equity (ROCE)	37.64%	47.55%	33.63%	33.65%	15.06%	10.20%	9.79%	7.30%	5.48%	7.93%	10.54%
Return on Equity Simple (ROE_SIMPLE)	49.31%	38.49%	29.00%	29.04%	14.61%	10.03%	9.49%	7.17%	5.44%	7.77%	10.19%
Net Operating Profit after Tax (NOPAT)	11	14	15	21	11	7.84	7.90	6.19	4.77	7.10	9.96
NOPAT Margin	26.05%	28.63%	28.22%	37.76%	26.28%	23.74%	24.12%	22.29%	19.65%	23.28%	27.66%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	22.30%	23.80%	24.29%	23.88%	26.05%	26.70%	27.71%	29.96%	31.84%	29.73%	29.50%
Operating Expenses to Revenue	57.00%	55.04%	56.10%	57.15%	63.60%	66.82%	66.79%	71.39%	72.82%	68.17%	62.18%
Earnings before Interest and Taxes (EBIT)	19	23	23	23	15	11	11	7.95	6.60	9.70	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	23	23	24	16	11	11	8.42	7.12	10	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.13	3.24	1.58	1.07	0.78	0.60	0.70	0.65	0.53	0.79	0.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	22.20	10.32	7.12	7.92	5.29
Price to Revenue (P/Rev)	2.18	2.41	1.53	1.38	1.41	1.41	1.77	2.02	1.90	2.35	2.23
Price to Earnings (P/E)	8.37	8.41	5.43	3.67	5.37	5.94	7.36	9.06	9.68	10.10	8.06
Dividend Yield	1.45%	1.26%	2.76%	3.87%	5.92%	8.58%	6.97%	7.34%	9.02%	5.89%	5.34%
Earnings Yield	11.95%	11.90%	18.41%	27.27%	18.62%	16.83%	13.59%	11.04%	10.33%	9.90%	12.41%
Enterprise Value to Invested Capital (EV/IC)	2.19	2.18	1.18	0.78	0.56	0.47	0.51	0.29	0.20	0.36	0.35
Enterprise Value to Revenue (EV/Rev)	2.91	2.94	1.73	1.32	1.24	1.12	1.30	1.33	1.04	1.56	1.34
Enterprise Value to EBITDA (EV/EBITDA)	6.68	6.44	3.90	3.05	3.36	3.30	3.84	4.40	3.53	4.64	3.38
Enterprise Value to EBIT (EV/EBIT)	6.77	6.54	3.94	3.08	3.41	3.37	3.92	4.66	3.81	4.90	3.53
Enterprise Value to NOPAT (EV/NOPAT)	11.18	10.26	6.13	3.50	4.72	4.71	5.40	5.98	5.27	6.71	4.83
Enterprise Value to Operating Cash Flow (EV/OCF)	8.81	8.11	4.62	3.35	3.62	3.48	4.11	4.27	3.53	5.13	3.49
Enterprise Value to Free Cash Flow (EV/FCFF)	7.28	29.44	19.08	13.28	4.78	1.65	15.30	0.00	7.58	15.00	15.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.52	0.81	0.51	0.31	0.23	0.00	0.00	0.46	0.45	0.44	0.41
Long-Term Debt to Equity	1.33	0.70	0.42	0.25	0.17	0.00	0.00	0.45	0.45	0.43	0.41
Financial Leverage	1.02	1.08	0.63	0.39	0.27	0.12	0.00	0.23	0.45	0.44	0.42
Leverage Ratio	2.45	2.62	2.05	1.69	1.50	1.33	1.22	1.45	1.66	1.66	1.65
Compound Leverage Factor	2.45	2.62	2.05	1.69	1.50	1.33	1.22	1.45	1.66	1.66	1.65
Debt to Total Capital	60.31%	44.73%	33.67%	23.57%	18.80%	0.42%	0.43%	31.37%	31.01%	30.36%	29.19%
Short-Term Debt to Total Capital	7.68%	6.31%	5.70%	4.73%	4.78%	0.42%	0.43%	0.46%	0.22%	0.25%	0.35%
Long-Term Debt to Total Capital	52.63%	38.43%	27.97%	18.84%	14.03%	0.00%	0.00%	30.91%	30.79%	30.11%	28.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.69%	55.27%	66.33%	76.43%	81.20%	99.58%	99.57%	68.63%	68.99%	69.64%	70.81%
Debt to EBITDA	1.84	1.32	1.11	0.93	1.13	0.03	0.03	4.69	5.54	3.88	2.83
Net Debt to EBITDA	1.68	1.16	0.45	-0.15	-0.46	-0.86	-1.39	-2.26	-2.95	-2.35	-2.26
Long-Term Debt to EBITDA	1.61	1.13	0.93	0.74	0.84	0.00	0.00	4.62	5.50	3.85	2.80
Debt to NOPAT	3.08	2.10	1.75	1.06	1.59	0.04	0.05	6.37	8.27	5.61	4.05
Net Debt to NOPAT	2.81	1.86	0.70	-0.17	-0.65	-1.23	-1.96	-3.08	-4.41	-3.40	-3.23
Long-Term Debt to NOPAT	2.69	1.81	1.45	0.85	1.18	0.00	0.00	6.28	8.21	5.56	4.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17	5.01	4.80	5.43	11	22	2.79	-36	3.32	3.17	3.05
Operating Cash Flow to CapEx	5,598.45%	9,883.70%	11,276.14%	5,980.83%	7,054.90%	6,176.16%	4,171.08%	4,011.57%	3,318.14%	2,963.90%	3,134.55%
Free Cash Flow to Firm to Interest Expense	17.27	4.07	0.00	0.00	10.04	50.00	0.00	-16.93	1.47	1.39	1.33
Operating Cash Flow to Interest Expense	14.27	14.76	0.00	0.00	13.28	23.77	0.00	4.08	3.16	4.08	6.01
Operating Cash Flow Less CapEx to Interest Expense	14.02	14.61	0.00	0.00	13.09	23.38	0.00	3.98	3.07	3.94	5.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.63	0.58	0.53	0.38	0.32	0.33	0.23	0.17	0.20	0.23
Fixed Asset Turnover	156.45	163.19	192.56	171.67	112.97	100.86	108.30	88.03	77.72	89.79	80.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	58	68	78	93	93	79	84	126	127	131	138
Invested Capital Turnover	0.71	0.80	0.73	0.64	0.45	0.39	0.40	0.27	0.19	0.24	0.27
Increase / (Decrease) in Invested Capital	-6.09	9.36	10	15	0.15	-15	5.11	42	1.45	3.93	6.91
Enterprise Value (EV)	127	147	92	72	52	37	43	37	25	48	48
Market Capitalization	95	121	81	76	59	47	58	56	46	72	80
Book Value per Share	$3.83	$7.37	$6.70	$9.09	$10.07	$10.76	$11.30	$11.53	$11.58	$11.89	$12.55
Tangible Book Value per Share	($6.57)	($7.31)	($3.00)	($0.92)	($0.68)	($0.34)	$0.36	$0.73	$0.86	$1.18	$1.95
Total Capital	58	68	78	93	93	79	84	126	127	131	138
Total Debt	35	30	26	22	17	0.33	0.36	39	39	40	40
Total Long-Term Debt	31	26	22	18	13	0.00	0.00	39	39	39	40
Net Debt	32	27	10	-3.50	-7.20	-9.63	-15	-19	-21	-24	-32
Capital Expenditures (CapEx)	0.26	0.18	0.18	0.36	0.20	0.17	0.25	0.22	0.22	0.31	0.44
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	35	30	26	22	17	0.33	0.36	39	39	40	40
Total Depreciation and Amortization (D&A)	0.27	0.35	0.22	0.23	0.23	0.24	0.23	0.47	0.52	0.56	0.62
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.29	$1.89	$1.94	$2.64	$1.42	$1.07	$1.07	$0.83	$0.63	$0.92	$1.28
Adjusted Weighted Average Basic Shares Outstanding	8.83M	7.60M	7.69M	7.81M	7.76M	7.35M	7.37M	7.48M	7.58M	7.68M	7.79M
Adjusted Diluted Earnings per Share	$1.27	$1.86	$1.92	$2.61	$1.42	$1.06	$1.07	$0.82	$0.63	$0.92	$1.27
Adjusted Weighted Average Diluted Shares Outstanding	8.94M	7.72M	7.79M	7.89M	7.77M	7.38M	7.41M	7.56M	7.60M	7.72M	7.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.60M	7.69M	7.80M	7.92M	7.50M	7.36M	7.36M	7.57M	7.67M	7.78M	7.89M
Normalized Net Operating Profit after Tax (NOPAT)	11	14	14	22	11	7.84	7.90	6.19	4.77	7.10	9.96
Normalized NOPAT Margin	26.05%	28.63%	26.71%	39.51%	26.28%	23.74%	24.12%	22.29%	19.65%	23.28%	27.66%
Pre Tax Income Margin	43.00%	44.96%	43.90%	42.85%	36.40%	33.18%	33.21%	28.61%	27.18%	31.83%	37.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.58	18.31	0.00	0.00	14.09	24.52	0.00	3.74	2.93	4.27	5.94
NOPAT to Interest Expense	11.25	11.66	0.00	0.00	10.18	17.54	0.00	2.92	2.11	3.12	4.34
EBIT Less CapEx to Interest Expense	18.33	18.16	0.00	0.00	13.90	24.14	0.00	3.64	2.83	4.13	5.75
NOPAT Less CapEx to Interest Expense	11.00	11.51	0.00	0.00	9.99	17.16	0.00	2.82	2.02	2.98	4.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.14%	10.44%	14.79%	13.99%	32.08%	50.59%	50.27%	65.25%	85.98%	58.50%	42.21%
Augmented Payout Ratio	232.15%	10.44%	14.79%	13.99%	75.14%	85.21%	50.27%	65.25%	85.98%	58.50%	42.21%

This table displays calculated financial ratios and metrics derived from Hennessy Advisors' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2025	9/30/2024	12/31/2024	3/31/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	7,578,652.00	7,780,319.00	7,783,737.00	7,678,561.00	7,681,095.00	7,780,319.00	7,783,737.00	7,891,917.00	7,892,177.00
DEI Adjusted Shares Outstanding	7,578,652.00	7,780,319.00	7,783,737.00	7,678,561.00	7,681,095.00	7,780,319.00	7,783,737.00	7,891,917.00	7,892,177.00
DEI Earnings Per Adjusted Shares Outstanding	0.18	0.36	0.33	0.26	0.30	0.36	0.33	0.24	0.24
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	5.39%	-96.38%	20.37%	-98.08%	134.42%	7,086.13%	0.00%	-14.73%	-12.92%
EBITDA Growth	15.18%	9.69%	30.69%	85.68%	57.07%	129.68%	63.30%	-31.08%	-23.95%
EBIT Growth	15.22%	8.95%	31.80%	93.78%	61.29%	141.30%	67.58%	-32.47%	-25.59%
NOPAT Growth	-2.40%	7.24%	28.87%	90.05%	73.60%	136.17%	67.73%	-31.90%	-26.06%
Net Income Growth	-2.40%	7.24%	28.87%	90.05%	73.60%	0.00%	0.00%	-31.90%	-26.06%
EPS Growth	-10.53%	6.67%	25.00%	73.33%	76.47%	0.00%	0.00%	-33.33%	-27.27%
Operating Cash Flow Growth	3.07%	1,400.00%	179.97%	-105.13%	38.10%	0.00%	99.95%	-70.41%	-38.34%
Free Cash Flow Firm Growth	99.73%	-203.91%	-803.90%	-997.24%	-1,365.14%	203.05%	2,019.66%	-200.82%	-200.50%
Invested Capital Growth	1.15%	0.00%	6.89%	7.63%	3.09%	0.00%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	10.42%	-96.61%	3,161.64%	-98.81%	13,412.50%	-34.95%	-4.71%	0.00%	-2.69%
EBITDA Q/Q Growth	25.99%	-14.57%	26.89%	35.95%	6.58%	24.93%	-9.78%	0.00%	-0.46%
EBIT Q/Q Growth	27.81%	-15.82%	29.08%	39.54%	6.38%	25.94%	-10.36%	0.00%	-1.23%
NOPAT Q/Q Growth	20.16%	-10.51%	28.33%	37.73%	9.76%	21.74%	-8.86%	0.00%	-1.04%
Net Income Q/Q Growth	20.16%	-10.51%	28.33%	-17.89%	9.76%	21.74%	-8.86%	0.00%	-1.04%
EPS Q/Q Growth	13.33%	-5.88%	25.00%	-21.21%	15.38%	20.00%	-8.33%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-7.54%	-83.28%	149.02%	-102.48%	2,589.86%	-34.98%	67.64%	0.00%	249.32%
Free Cash Flow Firm Q/Q Growth	84.18%	-121,085.32%	94.57%	-5.34%	78.88%	8,623.86%	1.21%	0.00%	-0.89%
Invested Capital Q/Q Growth	0.19%	4.79%	1.42%	1.06%	-4.03%	-100.00%	0.00%	0.00%	0.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	32.43%	816.90%	31.78%	2,755.36%	21.73%	41.74%	39.52%	33.73%	34.51%
EBIT Margin	30.25%	750.68%	29.71%	2,643.75%	20.81%	40.29%	37.91%	31.91%	32.39%
Profit (Net Income) Margin	20.77%	547.95%	21.56%	1,893.75%	15.38%	28.79%	27.53%	22.99%	23.38%
Tax Burden Percent	68.66%	72.99%	72.57%	71.63%	73.90%	71.44%	72.64%	72.04%	72.18%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	31.34%	27.01%	27.43%	28.37%	26.10%	28.56%	27.36%	27.96%	27.82%
Return on Invested Capital (ROIC)	3.99%	151.07%	3.23%	313.33%	3.63%	0.00%	0.00%	11.42%	11.11%
ROIC Less NNEP Spread (ROIC-NNEP)	3.99%	151.07%	3.23%	313.33%	3.63%	0.00%	0.00%	11.42%	11.11%
Return on Net Nonoperating Assets (RNNOA)	1.81%	64.54%	1.41%	135.57%	1.61%	0.00%	0.00%	4.65%	4.48%
Return on Equity (ROE)	5.80%	215.60%	4.63%	448.90%	5.24%	0.00%	0.00%	16.07%	15.59%
Cash Return on Invested Capital (CROIC)	2.63%	-190.27%	-1.44%	-2.71%	2.46%	0.00%	0.00%	-186.99%	-188.06%
Operating Return on Assets (OROA)	5.08%	89.98%	3.90%	381.26%	4.26%	0.00%	0.00%	6.91%	6.73%
Return on Assets (ROA)	3.49%	65.68%	2.83%	273.10%	3.15%	0.00%	0.00%	4.98%	4.86%
Return on Common Equity (ROCE)	5.80%	215.60%	4.63%	448.90%	5.24%	0.00%	0.00%	16.07%	15.59%
Return on Equity Simple (ROE_SIMPLE)	0.00%	6.94%	7.18%	6.33%	0.00%	0.00%	0.00%	9.16%	8.38%
Net Operating Profit after Tax (NOPAT)	1.34	1.20	1.54	2.12	2.33	2.83	2.58	1.93	1.91
NOPAT Margin	20.77%	547.95%	21.56%	1,893.75%	15.38%	28.79%	27.53%	22.99%	23.38%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	31.01%	852.05%	31.54%	2,236.61%	17.65%	28.10%	28.50%	29.48%	31.37%
Operating Expenses to Revenue	69.75%	-650.68%	70.29%	-2,543.75%	79.19%	59.71%	62.09%	68.09%	67.61%
Earnings before Interest and Taxes (EBIT)	1.95	1.64	2.12	2.96	3.15	3.97	3.56	2.68	2.65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.09	1.79	2.27	3.09	3.29	4.11	3.71	2.83	2.82
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.53	0.50	0.52	0.99	0.79	0.00	0.00	0.75	0.77
Price to Tangible Book Value (P/TBV)	7.12	4.22	3.82	6.77	7.92	0.00	0.00	4.48	4.33
Price to Revenue (P/Rev)	1.90	2.56	2.52	4.38	2.35	2.31	1.73	2.16	2.31
Price to Earnings (P/E)	9.68	7.25	7.22	15.64	10.10	13.09	7.51	8.24	9.18
Dividend Yield	9.02%	8.87%	8.56%	4.48%	5.89%	4.61%	5.83%	5.82%	5.77%
Earnings Yield	10.33%	13.80%	13.85%	6.39%	9.90%	7.64%	13.31%	12.13%	10.89%
Enterprise Value to Invested Capital (EV/IC)	0.20	0.16	0.16	0.48	0.36	0.00	0.00	0.31	0.32
Enterprise Value to Revenue (EV/Rev)	1.04	1.19	1.11	3.00	1.56	0.00	0.00	1.24	1.33
Enterprise Value to EBITDA (EV/EBITDA)	3.53	2.28	2.14	7.21	4.64	0.00	0.00	3.31	3.67
Enterprise Value to EBIT (EV/EBIT)	3.81	2.42	2.27	7.68	4.90	0.00	0.00	3.48	3.87
Enterprise Value to NOPAT (EV/NOPAT)	5.27	3.38	3.18	10.69	6.71	0.00	0.00	4.74	5.28
Enterprise Value to Operating Cash Flow (EV/OCF)	3.53	2.89	1.95	7.84	5.13	0.00	0.00	3.51	4.10
Enterprise Value to Free Cash Flow (EV/FCFF)	7.58	0.00	0.00	0.00	15.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.45	0.43	0.42	0.42	0.44	0.00	0.00	0.41	0.40
Long-Term Debt to Equity	0.45	0.42	0.42	0.41	0.43	0.00	0.00	0.00	0.00
Financial Leverage	0.45	0.43	0.44	0.43	0.44	0.00	0.00	0.41	0.40
Leverage Ratio	1.66	1.64	1.64	1.64	1.66	0.00	0.00	1.61	1.61
Compound Leverage Factor	1.66	1.64	1.64	1.64	1.66	0.00	0.00	1.61	1.61
Debt to Total Capital	31.01%	29.93%	29.58%	29.33%	30.36%	0.00%	0.00%	28.93%	28.75%
Short-Term Debt to Total Capital	0.22%	0.26%	0.26%	0.26%	0.25%	0.00%	0.00%	28.93%	28.75%
Long-Term Debt to Total Capital	30.79%	29.68%	29.32%	29.07%	30.11%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.99%	70.07%	70.42%	70.67%	69.64%	0.00%	0.00%	71.07%	71.25%
Debt to EBITDA	5.54	4.15	3.94	4.42	3.88	0.00	0.00	3.11	3.34
Net Debt to EBITDA	-2.95	-2.61	-2.72	-3.34	-2.35	0.00	0.00	-2.45	-2.71
Long-Term Debt to EBITDA	5.50	4.12	3.91	4.38	3.85	0.00	0.00	0.00	0.00
Debt to NOPAT	8.27	6.15	5.85	6.56	5.61	0.00	0.00	4.45	4.81
Net Debt to NOPAT	-4.41	-3.87	-4.04	-4.95	-3.40	0.00	0.00	-3.50	-3.90
Long-Term Debt to NOPAT	8.21	6.10	5.80	6.50	5.56	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-0.11	-132	-7.18	-7.56	-1.60	136	138	-137	-138
Operating Cash Flow to CapEx	4,784.62%	904.35%	3,659.87%	-920.00%	3,436.00%	1,909.40%	4,623.46%	1,101.67%	3,498.48%
Free Cash Flow to Firm to Interest Expense	-0.19	-232.97	-12.64	-13.17	-2.80	237.98	240.86	-238.28	-239.57
Operating Cash Flow to Interest Expense	4.40	0.73	9.79	-0.24	6.02	3.91	6.55	1.15	3.99
Operating Cash Flow Less CapEx to Interest Expense	4.30	0.65	9.53	-0.27	5.84	3.70	6.41	1.04	3.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.12	0.13	0.14	0.20	0.00	0.00	0.22	0.21
Fixed Asset Turnover	77.72	42.73	50.86	57.84	89.79	0.00	0.00	66.72	66.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	127	133	135	137	131	0.00	0.00	139	140
Invested Capital Turnover	0.19	0.28	0.15	0.17	0.24	0.00	0.00	0.50	0.48
Increase / (Decrease) in Invested Capital	1.45	133	8.72	9.68	3.93	-133	-135	139	140
Enterprise Value (EV)	25	22	22	65	48	0.00	0.00	43	44
Market Capitalization	46	47	49	96	72	93	73	75	77
Book Value per Share	$11.58	$12.17	$12.40	$12.40	$11.89	$0.00	$0.00	$12.53	$12.67
Tangible Book Value per Share	$0.86	$1.45	$1.68	$1.81	$1.18	$0.00	$0.00	$2.11	$2.25
Total Capital	127	133	135	137	131	0.00	0.00	139	140
Total Debt	39	40	40	40	40	0.00	0.00	40	40
Total Long-Term Debt	39	40	40	40	39	0.00	0.00	0.00	0.00
Net Debt	-21	-25	-28	-30	-24	0.00	0.00	-32	-33
Capital Expenditures (CapEx)	0.05	0.05	0.15	0.02	0.10	0.12	0.08	0.06	0.07
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	39	40	40	40	40	0.00	0.00	40	40
Total Depreciation and Amortization (D&A)	0.14	0.15	0.15	0.13	0.14	0.14	0.15	0.15	0.17
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.17	$0.16	$0.20	$0.27	$0.30	$0.00	$0.00	$0.24	$0.25
Adjusted Weighted Average Basic Shares Outstanding	7.58M	7.67M	7.68M	7.79M	7.68M	0.00	0.00	7.89M	7.90M
Adjusted Diluted Earnings per Share	$0.17	$0.16	$0.20	$0.26	$0.30	$0.00	$0.00	$0.24	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	7.60M	7.67M	7.70M	7.96M	7.72M	0.00	0.00	7.97M	8.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.67M	7.78M	7.79M	7.79M	7.78M	0.00	0.00	7.89M	7.90M
Normalized Net Operating Profit after Tax (NOPAT)	1.34	-3.28	1.54	-3.65	2.33	2.83	2.58	1.93	1.91
Normalized NOPAT Margin	20.77%	-1,499.85%	21.56%	-3,257.30%	15.38%	28.79%	27.53%	22.99%	23.38%
Pre Tax Income Margin	30.25%	750.68%	29.71%	2,643.75%	20.81%	40.29%	37.91%	31.91%	32.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.45	2.90	3.74	5.16	5.52	6.94	6.22	4.65	4.58
NOPAT to Interest Expense	2.37	2.12	2.71	3.70	4.08	4.95	4.52	3.35	3.30
EBIT Less CapEx to Interest Expense	3.36	2.82	3.47	5.13	5.34	6.73	6.08	4.55	4.46
NOPAT Less CapEx to Interest Expense	2.28	2.04	2.44	3.67	3.90	4.75	4.37	3.25	3.19
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	85.98%	63.43%	60.80%	67.73%	58.50%	58.70%	42.75%	46.58%	51.66%
Augmented Payout Ratio	85.98%	63.43%	60.80%	67.73%	58.50%	58.70%	42.75%	46.58%	51.66%

Financials Breakdown Chart

Key Financial Trends

Hennessy Advisors (NASDAQ: HNNA) showed a solid rebound in profitability in Q2 2026, but the quarter still reflected some margin pressure and a more leveraged balance sheet than in prior periods. Revenue declined year over year, yet the company still generated healthy earnings and operating cash flow, supported by a strong recurring income base and disciplined capital returns.

Q2 2026 net income was $1.91 million, up slightly from $1.54 million in Q2 2025, showing earnings resilience despite lower revenue.
Operating cash flow remained strong at $2.31 million in Q2 2026, compared with $1.87 million a year ago.
The company ended Q2 2026 with $73.1 million in cash and equivalents, giving it a sizable liquidity cushion.
Book equity increased to $100.0 million from $95.2 million in Q2 2025, indicating continued growth in shareholder equity.
Diluted EPS improved to $0.24 in Q2 2026 from $0.20 in Q2 2025.
The company continued paying a dividend, with $0.15 per share in Q2 2026, suggesting management remains committed to returning capital to shareholders.
Non-interest income still accounted for the vast majority of revenue, underscoring that HNNA remains highly dependent on fee and service income rather than spread income.
Interest expense stayed high relative to interest income, with net interest income only $36,000 in Q2 2026 versus $105,000 in Q2 2025.
Total revenue fell to $8.17 million in Q2 2026 from $9.38 million in Q2 2025.
Total non-interest income declined to $8.13 million from $9.28 million a year earlier, suggesting softer business activity year over year.
Total non-interest expense remained elevated at $5.52 million, limiting operating leverage despite the revenue base.
Short-term debt jumped to $40.4 million in Q2 2026 from just $348,000 in Q2 2025, while long-term debt shifted to zero, indicating a notable change in the company’s debt structure.
Cash from financing activities was negative ($1.16 million) in Q2 2026, primarily because dividends exceeded equity issuance by a wide margin.

Longer-term trend: HNNA has been profitable across the last four years, but earnings have been uneven quarter to quarter. In the most recent periods, revenue and non-interest income have softened from the highs seen in late 2024 and early 2025, while expenses have remained sticky. That said, the business continues to produce positive operating cash flow and maintain a strong balance sheet with ample cash.

Bottom line: Hennessy Advisors looks financially stable and profitable, but investors should watch the combination of declining revenue, high expense levels, and a sharp increase in short-term debt. The dividend and cash generation are strengths, but the recent trend in core income is less impressive than the balance sheet might suggest.

07/18/26 07:33 PM ETAI Generated. May Contain Errors.

Hennessy Advisors Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hennessy Advisors' financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Hennessy Advisors' net income appears to be on a downward trend, with a most recent value of $9.96 million in 2025, falling from $11.39 million in 2015. The previous period was $7.10 million in 2024. See Hennessy Advisors' forecast for analyst expectations on what's next for the company.

Over the last 10 years, Hennessy Advisors' total revenue changed from $43.73 million in 2015 to $36.01 million in 2025, a change of -17.6%.

Hennessy Advisors' total liabilities were at $62.72 million at the end of 2025, a 3.2% increase from 2024, and a 25.4% increase since 2015.

In the past 10 years, Hennessy Advisors' cash and equivalents has ranged from $3.09 million in 2015 to $72.43 million in 2025, and is currently $72.43 million as of their latest financial filing in 2025.

Over the last 10 years, Hennessy Advisors' book value per share changed from 3.83 in 2015 to 12.55 in 2025, a change of 227.4%.

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Financial statements for NASDAQ:HNNA last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hennessy Advisors (HNNA) Financials

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Hennessy Advisors (HNNA) Financials

Annual Income Statements for Hennessy Advisors

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Quarterly Cash Flow Statements for Hennessy Advisors

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Quarterly Balance Sheets for Hennessy Advisors

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Quarterly Metrics And Ratios for Hennessy Advisors

Financials Breakdown Chart

Key Financial Trends

Hennessy Advisors Financials - Frequently Asked Questions

When does Hennessy Advisors' fiscal year end?

How has Hennessy Advisors' net income changed over the last 10 years?

How has Hennessy Advisors' revenue changed over the last 10 years?

How much debt does Hennessy Advisors have?

How much cash does Hennessy Advisors have?

How has Hennessy Advisors' book value per share changed over the last 10 years?

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