NASDAQ · HNNA

Hennessy Advisors, Inc.

Financial Services · Asset Management

$10.48▲ 0.48% ($0.05)at close

As of 4:00 PM ET

52-week

$8.90$11.19

Market cap

$82.82M

P/E

10.20

EPS (TTM)

$1.03

Next earnings

Dec 9, 2026

What the market price implies · Reverse DCF

Historical revenue grew by 2.06%/yr over the past 4 years.

Selected forecast · Base scenario

Unavailable · actual 10-year annualized revenue growth

Year 1 growth: —

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$10.48

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Revenue-driven FCFF is not suitable for banks and financial services companies. Consider Price-to-Book or excess return models.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth — · Ending margin — · Discount rate 8.03%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 22, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 23, 2026, 5:14 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 16 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 78.2%.

Do you have 5+ years of positive FCFF history? 16 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Operating margin moved 10.6 percentage points across the last five years, above the 10.0-point stability threshold, so steady-state FCFF is not a reliable anchor yet.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -4.31%Revenue (TTM): -6.9%FCF (TTM): -22.1%P/FCF: 83rd pct

What changed

The stock fell 4.31% over the last year. Revenue declined 6.9% over the trailing twelve months. Operating margin moved from 36.49% to 33.42%. Free cash flow declined 22.1% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 33.42%. A decisive move in revenue — currently down 6.9% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Operating as a publicly traded entity, Hennessy Advisors, Inc. is an investment management firm that provides its expertise to the Hennessy Funds and other investment companies.

CEONeil Joseph Hennessy

SectorFinancial Services

IndustryAsset Management

Employees18

IPO dateMar 9, 2005

https://www.hennessyadvisors.com

Market multiples

Forward P/E—

EV/EBITDA3.68

Enterprise value$49.45M

Price / Book0.85

Stock splits

Mar 7, 2017↑ Forward

Every 2 shares became 3

+50%

Mar 8, 2007↑ Forward

Every 2 shares became 3

+50%

Mar 8, 2006↑ Forward

Every 2 shares became 3

+50%

Mar 9, 2005↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.

Revenue growth4.17%

Gross margin (FY2025)70.1%▲0.7ppvs FY2024

Operating margin (FY2025)36.99%▲7.1ppvs FY2024

ROE8.36%▼2.2ppvs FY2025

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Dec 9, 2026

Q4 FY26 · EPS est — · Revenue est —

View

Dividends

$0.59/shareQuarterlyDividend Achiever · 14yrSafe

HNNA pays a dividend with a 5.61% dividend yield, 14 consecutive years of growth, growing at 1.33% annually, covered 3.2× by free cash flow.

Dividend Yield

5.61%

Annual Div / Share

$0.59

5yr CAGR

+1.33%

Doubles every ~52.5yr

Payout Ratio

53.84%

Safe

Dividend Growth Rate

3yr CAGR

+2.22%

5yr CAGR

+1.33%

10yr CAGR

+11.38%

Dividend Safety

9/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.59+6.8%

2025$0.55+0.0%

2024$0.55+0.0%

2023$0.55+0.0%

2022$0.55+0.0%

2021$0.55+0.0%

2020$0.55+17.6%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$56/yr

$5/mo

In 5 yrs

$60/yr+7%

$5/mo

In 10 yrs

$64/yr+14%

$5/mo

Today	In 5 yrs	In 10 yrs
$56/yr $5/mo	$60/yr+7% $5/mo	$64/yr+14% $5/mo

Yield-on-cost grows from 5.61% → 6.4% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

HNNA has raised its dividend for 14 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Well-covered by free cash flow

The dividend is covered 3.2× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NASDAQ · HNNA

Hennessy Advisors, Inc.

Financial Services · Asset Management

$10.48▲ 0.48% ($0.05)at close

As of 4:00 PM ET

52-week

$8.90$11.19

Market cap

$82.82M

P/E

10.20

EPS (TTM)

$1.03

Next earnings

Dec 9, 2026

What the market price implies · Reverse DCF

Historical revenue grew by 2.06%/yr over the past 4 years.

Selected forecast · Base scenario

Unavailable · actual 10-year annualized revenue growth

Year 1 growth: —

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$10.48

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Revenue-driven FCFF is not suitable for banks and financial services companies. Consider Price-to-Book or excess return models.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth — · Ending margin — · Discount rate 8.03%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 22, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 23, 2026, 5:14 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 16 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 78.2%.

Do you have 5+ years of positive FCFF history? 16 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -4.31%Revenue (TTM): -6.9%FCF (TTM): -22.1%P/FCF: 83rd pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 33.42%. A decisive move in revenue — currently down 6.9% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Operating as a publicly traded entity, Hennessy Advisors, Inc. is an investment management firm that provides its expertise to the Hennessy Funds and other investment companies.

CEONeil Joseph Hennessy

SectorFinancial Services

IndustryAsset Management

Employees18

IPO dateMar 9, 2005

https://www.hennessyadvisors.com

Market multiples

Forward P/E—

EV/EBITDA3.68

Enterprise value$49.45M

Price / Book0.85

Stock splits

Mar 7, 2017↑ Forward

Every 2 shares became 3

+50%

Mar 8, 2007↑ Forward

Every 2 shares became 3

+50%

Mar 8, 2006↑ Forward

Every 2 shares became 3

+50%

Mar 9, 2005↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth4.17%

Gross margin (FY2025)70.1%▲0.7ppvs FY2024

Operating margin (FY2025)36.99%▲7.1ppvs FY2024

ROE8.36%▼2.2ppvs FY2025

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Dec 9, 2026

Q4 FY26 · EPS est — · Revenue est —

View

Dividends

$0.59/shareQuarterlyDividend Achiever · 14yrSafe

HNNA pays a dividend with a 5.61% dividend yield, 14 consecutive years of growth, growing at 1.33% annually, covered 3.2× by free cash flow.

Dividend Yield

5.61%

Annual Div / Share

$0.59

5yr CAGR

+1.33%

Doubles every ~52.5yr

Payout Ratio

53.84%

Safe

Dividend Growth Rate

3yr CAGR

+2.22%

5yr CAGR

+1.33%

10yr CAGR

+11.38%

Dividend Safety

9/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.59+6.8%

2025$0.55+0.0%

2024$0.55+0.0%

2023$0.55+0.0%

2022$0.55+0.0%

2021$0.55+0.0%

2020$0.55+17.6%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$56/yr

$5/mo

In 5 yrs

$60/yr+7%

$5/mo

In 10 yrs

$64/yr+14%

$5/mo

Today	In 5 yrs	In 10 yrs
$56/yr $5/mo	$60/yr+7% $5/mo	$64/yr+14% $5/mo

Yield-on-cost grows from 5.61% → 6.4% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

HNNA has raised its dividend for 14 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Well-covered by free cash flow

The dividend is covered 3.2× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.