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HENNESSY ADVISORS INC
HNNACIK 0001145255NasdaqNon-AcceleratedSmaller ReportingInvestment AdviceFY ends Sep 30
Period
FY 2025
Revenue
$35.54M
Net Income
$9.96M
Total Assets
$160.46M
Equity
$97.74M
Shares Out
7.89M
Op. Cash Flow
$13.79M
Business
Hennessy Advisors Inc. is an investment management firm that provides advisory and shareholder services to a family of open-end mutual funds and an exchange-traded fund branded as the Hennessy Funds. It offers fund management, portfolio construction and oversight, compliance, marketing and distribution support, and shareholder servicing for investors. Its business is organized across product categories including Domestic Equity, Multi-Asset, and Sector and Specialty strategies, and it also engages unaffiliated sub-advisors for day-to-day portfolio management. The firm distributes fund shares primarily to U.S. investors through financial institutions, fund supermarkets, broker-dealers, registered investment advisors, and direct channels such as its website and client service lines.
Summary from filing dated 2025-12-03
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Revenue | 36 | 30 | 24 | 30 | 33 | |
| Compensation and benefits | 11 | 9 | 8 | 8 | 9 | |
| General and administrative | 6 | 6 | 5 | 5 | 5 | |
| Fund distribution and other | 1 | 818,000 | 486,000 | 536,000 | 485,000 | |
| Sub-advisory fees | 4 | 4 | 4 | 6 | 7 | |
| Depreciation | 300,000 | 200,000 | 200,000 | 200,000 | 200,000 | |
| Total operating expenses | 22 | 21 | 18 | 20 | 22 | |
| Net operating income | 13 | 9 | 6 | 10 | 11 | |
| Interest income | −3 | −3 | −3 | −229,000 | — | |
| Interest expense | 2 | 2 | 2 | 2 | 0 | |
| Income before income tax expense | 14 | 10 | 7 | 8 | 11 | |
| Income tax expense | 4 | 3 | 2 | 2 | 3 | |
| Net income | 10 | 7 | 5 | 6 | 8 | |
| Basic (in dollars per share) | 1.28 | 0.92 | 0.63 | 0.83 | 1.07 | |
| Diluted (in dollars per share) | 1.27 | 0.92 | 0.63 | 0.82 | 1.07 | |
| Basic (in shares) | 8 | 8 | 8 | 7 | 7 | |
| Diluted (in shares) | 8 | 8 | 8 | 8 | 7 | |
| Cash dividends declared per share (in dollars per share) | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 72 | 64 | 60 | 58 | 16 | |
| Investments in marketable securities, at fair value | 12,000 | 11,000 | 10,000 | 9,000 | 10,000 | |
| Investment advisory fee income receivable | 3 | 3 | 2 | 2 | — | |
| Interest income receivable | 225,000 | 250,000 | 253,000 | 100,000 | — | |
| Prepaid expenses | 797,000 | 817,000 | 669,000 | 753,000 | 788,000 | |
| Other accounts receivable | 283,000 | 312,000 | 247,000 | 257,000 | 277,000 | |
| Total current assets | 77 | 68 | 64 | 62 | 20 | |
| Property and equipment, net of accumulated depreciation of $1,643 and $1,540, respectively | 524,000 | 374,000 | 305,000 | 320,000 | 311,000 | |
| Operating lease right-of-use asset | 676,000 | 1 | 295,000 | 651,000 | 1 | |
| Management contracts | 83 | 82 | 81 | 81 | 81 | |
| Other assets | 182,000 | 183,000 | 156,000 | 156,000 | 235,000 | |
| Total assets | 160 | 152 | 146 | 144 | 102 | |
| Accrued liabilities and accounts payable | 5 | 4 | 3 | 3 | — | |
| Accrued payment related to management contract | 123,000 | 0 | 0 | 210,000 | — | |
| Operating lease liability | 365,000 | 332,000 | 279,000 | 367,000 | 359,000 | |
| Income taxes payable | 661,000 | 181,000 | 748,000 | 820,000 | 1 | |
| Total current liabilities | 6 | 5 | 4 | 5 | 6 | |
| Notes payable, net of issuance costs | 40 | 39 | 39 | 39 | — | |
| Long-term operating lease liability | 330,000 | 695,000 | 0 | 279,000 | 646,000 | |
| Net deferred income tax liability | 17 | 16 | 15 | 13 | 12 | |
| Total liabilities | 63 | 61 | 58 | 57 | 19 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Common stock, no par value, 22,500,000 shares authorized; 7,889,941 shares issued and outstanding as of September 30, 2025, and 7,778,335 as of September 30, 2024 | 23 | 23 | 22 | 21 | 20 | |
| Retained earnings | 74 | 69 | 66 | 65 | 63 | |
| Total stockholders' equity | 98 | 91 | 88 | 86 | 83 | |
| Total liabilities and stockholders' equity | 160 | 152 | 146 | 144 | 102 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Unrealized loss gain on marketable securities | −1,000 | −1,000 | −1,000 | 1,000 | −1,000 | |
| Change in right-of-use asset and operating lease liability | 6,000 | 29,000 | −11,000 | 0 | — | |
| Amortization of note issuance costs | 330,000 | 313,000 | 294,000 | 263,000 | — | |
| Deferred income taxes | 911,000 | 1 | 1 | 1 | — | |
| Employee restricted stock forfeiture | −7,000 | 0 | — | — | — | |
| Stock-based compensation | 1 | 990,000 | 1 | 1 | 1 | |
| Investment fee income receivable | 197,000 | −918,000 | 5,000 | 744,000 | — | |
| Interest income receivable | 25,000 | 3,000 | −153,000 | −100,000 | — | |
| Prepaid expenses | 20,000 | −148,000 | 84,000 | 35,000 | −151,000 | |
| Other accounts receivable | 29,000 | −65,000 | 10,000 | 20,000 | 101,000 | |
| Other assets | 1,000 | −27,000 | 0 | 79,000 | −33,000 | |
| Accrued liabilities and accounts payable | 423,000 | 1 | −155,000 | −831,000 | 338,000 | |
| Income taxes payable | 480,000 | −567,000 | −72,000 | −230,000 | 101,000 | |
| Net cash provided by operating activities | 14 | 9 | 7 | 9 | 10 | |
| Purchases of property and equipment | −440,000 | −313,000 | −215,000 | −216,000 | −249,000 | |
| Payments related to management contracts | −187,000 | −990,000 | −604,000 | −15,000 | — | |
| Net cash used in investing activities | −627,000 | −1 | −819,000 | −231,000 | −249,000 | |
| Repurchase of vested employee restricted stock for tax withholding | −459,000 | −403,000 | −233,000 | −356,000 | −322,000 | |
| Dividend payments | −4 | −4 | −4 | −4 | −4 | |
| Net cash used in financing activities | −5 | −5 | −4 | 34 | −4 | |
| Net increase in cash and cash equivalents | 9 | 3 | 2 | 43 | — | |
| Cash paid for income taxes | 2 | 2 | 779,000 | 938,000 | 2 | |
| Cash paid for interest | 2 | 2 | 2 | 2 | — | |
| Dividend investment issued in shares | 77,000 | 70,000 | 64,000 | 74,000 | — | |
| Payments related to management contracts in accrued liabilities | 123,000 | 0 | 0 | 210,000 | — |
Filings
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Holdings (13F)
Portfolio as of 2026-01-14 · 295 positions
Reported AUM
$1.91B
Holdings
295
Top sector
$1.91B
Top sectors
| Sector | Value | % of portfolio |
|---|---|---|
| Uncategorized | $1.91B | 100.0% |
Top holdings
| Issuer | Ticker | Shares | Value | % |
|---|---|---|---|---|
| KINDER MORGAN INC DEL | — | 1.75M | $33.00M | 1.7% |
| ONEOK INC NEW | — | 459.5K | $32.46M | 1.7% |
| ALCOA CORP | — | 351.2K | $31.62M | 1.7% |
| CHENIERE ENERGY INC | — | 224.9K | $31.18M | 1.6% |
| SEMPRA | — | 181.2K | $30.47M | 1.6% |
| PEABODY ENGR CORP | — | 1.24M | $30.35M | 1.6% |
| ENBRIDGE INC | — | 653.3K | $30.11M | 1.6% |
| BERKSHIRE HATHAWAY INC - CL A | — | 56 | $29.62M | 1.6% |
| ATMOS ENERGY CORP | — | 245.0K | $29.27M | 1.5% |
| SOUTHERN CO | — | 402.7K | $29.20M | 1.5% |