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HNNA on Nasdaq

HENNESSY ADVISORS INC

HENNESSY ADVISORS INC is an investment advice company, listed on Nasdaq (HNNA).1 It is headquartered in Novato, California.1

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Last updated Oct 21, 2026.

Overview

$35.5MRevenue, fiscal 20252
$10.0MNet income, fiscal 20252

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  • TickerHNNA on Nasdaq1
  • IndustryInvestment Advice1
  • HeadquartersNovato, California1
  • Business address7250 Redwood Blvd., Suite 200, Novato, Ca 949453
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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Hennessy Advisors, Inc. (the “Company,” “we,” “us,” or “our”) is a publicly traded investment management firm whose primary business activity is providing investment advisory services to a family of 16 open-end mutual funds (collectively, the “Hennessy Mutual Funds”) and one exchange‑traded fund (“ETF”) branded as the Hennessy Funds. We are committed to providing superior service to investors and employing a consistent and disciplined approach to investing based on a buy‑and‑hold philosophy that rejects the idea of market timing. Our goal is to provide products that investors can have confidence in, knowing their money is invested as promised and with their best interests in mind. Our firm was founded on these principles over 35 years ago, and the same principles guide us today.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

37.0%Operating margin2
28.0%Net margin2
19.9%Revenue growth, 20252
10.2%Return on equity2
$13.4MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Investment Advice brought in 93% of the revenue HENNESSY ADVISORS INC broke down this way in fiscal 2025.

  1. Investment Advice$33.2M293%up 21% from 2024
  2. Shareholder Service$2.4M27%up 11% from 2024
Products and services by year
Products and services20242025
Investment Advice$27.5M$33.2M
Shareholder Service$2.1M$2.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs55¢$19.6M
  • Interest6¢$2.3M
  • Income tax10¢$3.7M
  • Profit28¢$10.0M

Out of $35.5M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending3¢$440.0K
  • Dividends paid30¢$4.2M
  • Kept or used elsewhere66¢$9.1M

Out of $13.8M of cash from operations.2

Financial statements

Revenue56789102$35.5M in 2025−35% since 2018
0$20.0M$40.0M$60.0M2018: $54.6M$54.6M20182019: $42.7M$42.7M2019−22%2020: $33.4M$33.4M2020−22%2021: $32.8M$32.8M2021−2%2022: $29.7M$29.7M2022−9%2023: $24.0M$24.0M2023−19%2024: $29.6M$29.6M2024+23%2025: $35.5M$35.5M2025+20%
Operating income56789102$13.1M in 2025−46% since 2018
0$10.0M$20.0M$30.0M2018: $24.5M$24.5M20182019: $16.0M$16.0M2019−35%2020: $11.3M$11.3M2020−29%2021: $10.9M$10.9M2021−4%2022: $9.8M$9.8M2022−10%2023: $6.3M$6.3M2023−36%2024: $8.9M$8.9M2024+40%2025: $13.1M$13.1M2025+48%
Net income56789102$10.0M in 2025−52% since 2018
0$10.0M$20.0M$30.0M2018: $20.6M$20.6M20182019: $11.0M$11.0M2019−46%2020: $7.8M$7.8M2020−29%2021: $7.9M$7.9M2021+1%2022: $6.2M$6.2M2022−22%2023: $4.8M$4.8M2023−23%2024: $7.1M$7.1M2024+49%2025: $10.0M$10.0M2025+40%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-09-302024-09-30
Revenue$35.5M$29.6M
Compensation and benefits$10.6M$9.1M
General and administrative$6.3M$6.5M
Fund distribution and other$1.0M$818.0K
Sub-advisory fees$4.1M$4.2M
Depreciation$290.0K$244.0K
Total operating expenses$22.4M$20.8M
Net operating income$13.1M$8.9M
Interest income-$2.8M-$3.1M
Interest expense$2.3M$2.3M
Income before income tax expense$13.6M$9.7M
Income tax expense$3.7M$2.6M
Net income$10.0M$7.1M
Basic (in dollars per share)$1.28$0.92
Diluted (in dollars per share)$1.27$0.92
Basic (in shares)7.8M shares7.7M shares
Diluted (in shares)7.8M shares7.7M shares
Cash dividends declared per share (in dollars per share)$0.55$0.55

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Corporate structure

HENNESSY ADVISORS INC sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of HENNESSY ADVISORS INC

  • HENNESSY ADVISORS INC Novato, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What HENNESSY ADVISORS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.2M2 Sep 30, 2025$1.9M2 Sep 30, 2024+13.2%
Accumulated depreciation$1.6M2 Sep 30, 2025$1.5M2 Sep 30, 2024+6.7%
Property and equipment, net$524.0K2 Sep 30, 2025$374.0K2 Sep 30, 2024+40.1%
Operating-lease assets (leased space)$676.0K2 Sep 30, 2025$1.0M2 Sep 30, 2024−33.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$72.4M2 Sep 30, 2025$63.9M2 Sep 30, 2024+13.3%
Marketable securities, current$12.0K2 Sep 30, 2025$11.0K2 Sep 30, 2024+9.1%

Properties, in its own words

Our principal executive office is located at 7250 Redwood Boulevard, Suite 200, Novato, California 94945, where we occupy approximately 14,000 square feet and have the right to use all common areas. We also lease office space in Austin, Texas, Dallas, Texas, Boston, Massachusetts, and Chapel Hill, North Carolina. We consider these arrangements to be suitable and adequate for the management and operations of our business. We do not own any real property.

Item 2 of the 10-K filed Dec 3, 2025.4

Leadership

Who has led HENNESSY ADVISORS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Neil J. Hennessy2006–now

Chair

  1. Neil J. Hennessy2018

President

  1. Neil J. Hennessy2006–2018
  2. Teresa M. Nilsen2018–now

Chief financial officer

  1. Teresa M. Nilsen2006–2018
  2. Kathryn Fahy2018–now

Chief operating officer

  1. Neil J. Hennessy2007
  2. Teresa M. Nilsen2018–now
2010201520202025
Board members and other officers (13)

Timeline

  1. Aug 5, 20268-K Results of operations; Regulation FD disclosure29
  2. May 28, 20268-K Other events30
  3. May 6, 20268-K Results of operations; Regulation FD disclosure31
  4. Feb 9, 20268-K Shareholder vote32
  5. Feb 5, 20268-K Results of operations; Regulation FD disclosure33
  6. Dec 3, 20258-K Results of operations34
  7. Oct 29, 20258-K Regulation FD disclosure35
  8. Aug 6, 20258-K Results of operations; Regulation FD disclosure36
  9. May 7, 20258-K Results of operations; Regulation FD disclosure37
  10. Mar 14, 20258-K Other events38
  11. Feb 18, 20258-K Shareholder vote39
  12. Feb 13, 20258-K Results of operations; Regulation FD disclosure40
  13. Feb 14, 2006New chief executive Neil J. Hennessy becomes CEO13

Calendar

Coming up

  1. Dec 2, 2026Reports results for the quarter ending Sep/202641

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results29
  2. May 6, 2026Reported quarterly or annual results31
  3. Feb 5, 2026Reported quarterly or annual results33
  4. Dec 3, 2025Reported quarterly or annual results34
  5. Aug 6, 2025Reported quarterly or annual results36
  6. May 7, 2025Reported quarterly or annual results37
  7. Feb 13, 2025Reported quarterly or annual results40
  8. Dec 11, 2024Reported quarterly or annual results42

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

276 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 43 major events, 149 insider forms, 2 large holders, 62 other. The latest 20:

  1. Oct 1, 20264 EDGAR
  2. Sep 30, 20264 EDGAR
  3. Sep 28, 20264 EDGAR
  4. Sep 25, 20264 EDGAR
  5. Sep 24, 2026144 EDGAR
  6. Sep 22, 20264 EDGAR
  7. Sep 22, 20264 EDGAR
  8. Sep 22, 20264 EDGAR
  9. Sep 22, 20264 EDGAR
  10. Sep 22, 20264 EDGAR
  11. Sep 22, 20264 EDGAR
  12. Sep 22, 20264 EDGAR
  13. Sep 22, 20264 EDGAR
  14. Sep 22, 20264 EDGAR
  15. Sep 22, 20264 EDGAR
  16. Sep 22, 20264 EDGAR
  17. Sep 16, 20264 EDGAR
  18. Aug 13, 2026N-PX EDGAR
  19. Aug 5, 20268-K EDGAR
  20. Aug 5, 202610-Q EDGAR

The 276 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

64 open-market trades by officers, directors and large owners since October 2021: 15 buys and 49 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 29, 2026Newton KieraDirectorSale504$10.02$5.0KForm 4
Sep 24, 2026SEAVEY THOMAS LDirectorSale1,875$10.15$19.0KForm 4
Sep 24, 2026STEADMAN DANIEL BExecutive VPSale5,000$10.26$51.3KForm 4
Sep 16, 2026Newton KieraDirectorSale199$10.35$2.1KForm 4
Sep 14, 2026Newton KieraDirectorSale593$10.34$6.1KForm 4
May 11, 2026Fahy KathrynSVP and CFOSale10,000$10.00$100.0KForm 4
Dec 30, 2025Newton KieraDirectorSale571$9.35$5.3KForm 4
Sep 29, 2025Newton KieraDirectorSale390$10.73$4.2KForm 4
Sep 23, 2025Newton KieraDirectorSale3$11.00$33Form 4
Aug 15, 2025SEAVEY THOMAS LDirectorSale2,603$10.63$27.7KForm 4
Aug 14, 2025SEAVEY THOMAS LDirectorSale2,698$10.70$28.9KForm 4
Aug 13, 2025SEAVEY THOMAS LDirectorSale7,704$10.71$82.5KForm 4
Aug 12, 2025SEAVEY THOMAS LDirectorSale7,000$10.85$76.0KForm 4
May 13, 2025Fahy KathrynSVP and CFOSale10,000$10.71$107.1KForm 4
Mar 28, 2025NILSEN TERESA MPresident, COO and SecretarySale4,000$10.42$41.7KForm 4
Mar 27, 2025Newton KieraDirectorSale575$10.52$6.0KForm 4
Mar 27, 2025NILSEN TERESA MPresident, COO and SecretarySale4,000$10.53$42.1KForm 4
Mar 26, 2025NILSEN TERESA MPresident, COO and SecretarySale1,000$10.47$10.5KForm 4
Mar 25, 2025NILSEN TERESA MPresident, COO and SecretarySale3,000$10.55$31.6KForm 4
Mar 24, 2025NILSEN TERESA MPresident, COO and SecretarySale3,000$10.50$31.5KForm 4

All 64 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Neil J. Hennessy$350.0K$1.6M45
2025Teresa M. Nilsen$375.0K$1.6M45
2025Kathryn R. Fahy$275.0K$751.4K45
2024CEO$350.0K$1.6M45
2024PresidentCOO, and Secretary$325.0K$1.1M45
2024CFO and Senior Vice President$250.0K$649.1K45

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 29. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC238,662$2.4M0.0%−194
Truffle Hound Capital, LLC200,000$2.0M1.3%No change
Aegis Financial Corp170,768$1.7M0.3%+29,415
Renaissance Technologies LLC97,688$991.5K0.0%−2,400
Allworth Financial LP81,380$826.0K0.0%No change
Perigon Wealth Management, LLC63,798$647.5K0.0%No change
Geode Capital Management, LLC58,540$594.3K0.0%+7,238
Dimensional Fund Advisors LP53,469$542.7K0.0%+792
Vanguard Fiduciary Trust Co27,585$280.0K0.0%+194
Bridgeway Capital Management, LLC23,551$239.0K0.0%+1,540
Susquehanna International Group, Llp21,611$219.4K0.0%+1,187
Concurrent Investment Advisors, LLC21,396$217.2K0.0%+10,857
BlackRock, Inc.19,776$200.7K0.0%+6,182
Empowered Funds, LLC16,551$168.0K0.0%+1,540
Bank Of America Corp /de/15,213$154.4K0.0%+1,713
Northern Trust Corp14,999$152.2K0.0%−13,106
Quinn Opportunity Partners LLC14,917$151.4K0.0%No change
Citadel Advisors LLC12,980$131.7K0.0%+2,048
Net Worth Advisory Group12,173$123.6K0.0%−687
Jones Financial Companies Lllp1,347$13.9K0.0%No change
Caldwell Sutter Capital, Inc.505$5.1K0.0%No change
MassMutual Private Wealth & Trust, FSB500$5.1K0.0%No change
Cambridge Investment Research Advisors, Inc.20,124$2040.0%+10,062
Barclays PLC6$610.0%New
Morgan Stanley1$150.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How HENNESSY ADVISORS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHENNESSY ADVISORS INC1
  • CIK0001145255
  • Employer ID (EIN)68-01762274
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inCalifornia4
  • Fiscal year endsSeptember 301
  • Industry code (SIC)6282 Investment Advice1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address7250 Redwood Blvd., Suite 200, Novato, CA 949451
  • Phone415-899-15551
  • Shares outstanding7,904,410 as of Aug 3, 202612
  • Public float$49.5M as of Mar 31, 20254
  • AuditorCBIZ CPAs P.C, San Francisco, CA PCAOB ID 199; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 6, 20011
  • Filings1,090 in all: 4 (526), 8-K (194), 13F-HR (102), 10-Q (60), DEF 14A (25), 10-K (19), 4/A (18), 10QSB (15)1
    All 47 form types

    144 (13), 3 (13), CORRESP (10), SC 13G/A (8), 13F-HR/A (7), UPLOAD (7), 424B3 (6), SC 13G (6), 10KSB (5), 8-K/A (5), EFFECT (5), S-3 (4), SB-2/A (4), N-PX (3), S-1/A (3), S-8 (3), 40-APP (2), 40-APP/A (2), 8-A12B (2), POS AM (2), S-1 (2), SC TO-I/A (2), 10-Q/A (1), 10QSB/A (1), 25-NSE (1), 3/A (1), 424B4 (1), 5 (1), 8-A12G (1), CERT (1), CERTNAS (1), DEFA14A (1), FWP (1), S-3/A (1), SB-2 (1), SC 13D (1), SC 13D/A (1), SC TO-I (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Dec 3, 2025
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Dec 10, 2025
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, no par valueHNNANasdaq
4.875% Notes due 2026HNNAZNasdaq

From the cover page of the 10-K filed Dec 3, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks HENNESSY ADVISORS INC names in Item 1A of its 10-K filed Dec 3, 2025: 36 risks under these headings, as written.4

  • RISKS RELATING TO OUR ASSETS UNDER MANAGEMENT
  • Investors in the Hennessy Funds can redeem their investments at any time and for any reason, including poor investment performance and volatile equity markets. A decline in our assets under management adversely affects our revenues.
  • Adverse opinions of the Hennessy Funds by third parties, including rating agencies or industry analysts, could decrease new investments in, or accelerate redemptions from, the Hennessy Funds, which would adversely affect our revenues.
  • Volatility in and disruption of the capital markets and changes in the economy has and may continue to significantly affect our assets under management and revenues.
  • The failure or negative performance of products offered by competitors may have a negative impact on the Hennessy Funds within such similar product type, irrespective of our fund performance.
  • Our business and operations are subject to adverse effects from market reactions to the outbreak of contagious diseases.
  • RISKS RELATING TO OUR INDUSTRY
  • Investor behavior is influenced by short-term investment performance.
  • Assets invested through financial institutions can be quickly redeemed, which could reduce our revenues.
  • We face intense competition in attracting investors and retaining net assets in the Hennessy Funds.
  • We may be unable to develop or acquire new products and the development of new products may expose us to reputational harm, additional costs, or operational risk.
  • Market consolidation and industry trends could negatively impact our business.
The other 26 risks
  • Industry trends and market pressure to lower our investment advisory fees could reduce our profit margin.
  • Higher insurance premiums and increased insurance coverage risks could increase our costs and reduce our profitability.
  • We are exposed to legal risk and litigation, which could increase our expenses and reduce our profitability.
  • Our business is extensively regulated, which increases our costs of doing business, and our failure to comply with regulatory requirements may harm our financial condition.
  • Changes to U.S. or state tax laws, our failure to adequately comply with U.S. or state tax laws, or the outcome of any audits or regulatory disputes with respect to our compliance with U.S. or state tax laws could adversely affect us.
  • Our investment advisory agreements require us to adhere to the investment policies and strategies of the Hennessy Funds; any failure to comply with such requirements could result in claims, losses, or regulatory sanctions.
  • We may need to raise additional capital to fund new business initiatives, and resources may not be available to us in sufficient amounts or on acceptable terms, which could have an adverse impact on our business.
  • We may use artificial intelligence technologies in our business and operations, and challenges with effectively managing its use could harm our business and expose us to costly liability.
  • Failure to establish adequate controls and risk management policies, as well as circumvention of established controls and policies by employees, could harm us by impairing our ability to attract and retain investors in the Hennessy Funds and by subjecting us to significant legal liability, regulatory scrutiny, and reputational harm.
  • The historical performance of the Hennessy Funds should not be considered indicative of the future results of the Hennessy Funds or of any returns expected on our common stock.
  • RISKS RELATING TO OUR BUSINESS MODEL AND OPERATIONS
  • We derive a substantial portion of our revenues from a limited number of the Hennessy Funds.
  • We pursue strategic asset purchases as part of our regular business strategy, and such acquisitions involve inherent risks that could adversely affect our operating results and financial condition and potentially dilute the holdings of current shareholders.
  • Changes in the distribution channels on which we depend could reduce our net revenues and hinder our growth.
  • We depend on key personnel to manage our business, and the loss of any key person’s services, combined with our inability to identify and retain a suitable replacement for such person, could materially adversely affect us. Additionally, the cost to retain our key personnel could put pressure on our operating margins.
  • We utilize a unitary fee structure for the Hennessy Sustainable ETF, and we bear the risk that the Fund’s operating expenses may increase and lead to a reduction in our revenues from the fund.
  • We utilize unaffiliated sub‑advisors to manage the portfolio composition of certain of the Hennessy Funds, and any matters that have an adverse impact on their businesses or any change in our relationships with our sub‑advisors could lead to a reduction in assets under management, which would adversely affect our revenues.
  • We rely on information technology and infrastructure. Any failures of, damage to, attack on or unauthorized access to our systems or facilities, or those of third parties with whom we conduct business, including as a result of cyber‑attacks, could significantly limit our ability to conduct our operations effectively, increase our costs, and cause reputational damage.
  • We may be required to forego all or a portion of our fees under our investment advisory agreements with the Hennessy Funds.
  • Our investment advisory and shareholder servicing agreements can be terminated on short notice, are not freely assignable, and must be renewed annually; the loss of such agreements would reduce our revenues.
  • The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund invest in the Japanese stock market in yen, which involves foreign exchange and economic uncertainties.
  • We utilize quantitative investment strategies for some of the Hennessy Funds that require us to invest in specific portfolios of securities and hold these positions for a specified period of time regardless of performance.
  • Management contracts purchased by us are currently classified as an indefinite‑life asset subject to impairment analysis. The impairment analysis is based on subjective criteria, and an impairment loss could be recorded.
  • We have debt and may incur additional debt, which may increase the risk of investing in us and may harm our financial condition and results of operations.
  • RISKS RELATING TO OUR COMMON STOCK
  • Ownership of a large percentage of our common stock is concentrated with a small number of shareholders, which could increase the volatility in our stock trading and significantly affect our share price and causes us to experience limited trading volume in our securities.
  • We intend to pay regular dividends to our shareholders, but our ability to do so is subject to the discretion of our Board of Directors.
  • Certain provisions in our employment agreements and bonus agreements with key personnel could delay or discourage an acquisition of the Company.

Sources

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