HENNESSY ADVISORS INC
Business
Hennessy Advisors, Inc. is a publicly traded investment management firm providing investment advisory services to a family of 16 open-end mutual funds and one exchange-traded fund branded as the Hennessy Funds. The company offers domestic equity, multi-asset, and sector/specialty funds utilizing quantitative and actively managed investment strategies. Hennessy generates revenues primarily from investment advisory fees and secondarily from shareholder services, calculated as a percentage of average daily net asset values. The company pursues organic growth through marketing and distribution, and inorganic growth through strategic acquisitions of management-related assets from other fund managers.
Summary from 10-K filed 2025-12-03
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Holdings (13F)
Portfolio as of 2026-03-31 · 278 positions
Top sectors
| Sector | Value | % of portfolio |
|---|---|---|
| Uncategorized | $2.77B | 100.0% |
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Frequently asked questions
What is HENNESSY ADVISORS INC's CIK number?
HENNESSY ADVISORS INC's SEC CIK number is 0001145255 (1145255). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find HENNESSY ADVISORS INC's SEC filings?
All of HENNESSY ADVISORS INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did HENNESSY ADVISORS INC last report earnings?
HENNESSY ADVISORS INC (HNNAZ) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-015206). This is HENNESSY ADVISORS INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is HENNESSY ADVISORS INC's most recent earnings 8-K?
HENNESSY ADVISORS INC's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001437749-26-015206. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View HENNESSY ADVISORS INC's latest earnings 8-K →
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