HENNESSY ADVISORS INC (HNNAZ) intrinsic value & 10-year financials
HENNESSY ADVISORS INC (HNNAZ) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 4.0% a year to $35.5M, with an average return on invested capital of 21.4%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $35.5M
- Revenue growth (10-yr CAGR)
- -4.0%
- ROIC (10-yr avg)
- 21.4%
- Free cash flow (FY2025)
- $13.4M
HNNAZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $35.5M | $10.0M | $1.27 | $13.4M | 37.0% | 35.8% |
| FY2024 | $29.6M | $7.1M | $0.92 | $9.0M | 29.9% | 23.4% |
| FY2023 | $24.0M | $4.8M | $0.63 | $6.9M | 26.4% | 16.5% |
| FY2022 | $29.7M | $6.2M | $0.82 | $8.4M | 33.2% | 15.9% |
| FY2021 | $32.8M | $7.9M | $1.07 | $10.1M | 33.2% | 11.6% |
| FY2020 | $33.4M | $7.8M | $1.06 | $10.5M | 33.9% | 11.9% |
| FY2019 | $42.7M | $11.0M | $1.42 | $14.2M | 37.5% | 17.1% |
| FY2018 | $54.6M | $20.6M | $2.61 | $21.2M | 44.8% | 33.4% |
| FY2017 | $53.0M | $14.9M | $1.92 | $19.7M | 46.0% | 24.8% |
| FY2016 | $51.4M | $14.4M | $2.79 | $18.0M | 46.3% | 23.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HENNESSY ADVISORS INC is facing top-line stagnation, with revenue contracting over the decade.
HENNESSY ADVISORS INC has earned high returns on invested capital, averaging 21.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
HENNESSY ADVISORS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HENNESSY ADVISORS INC is modeled at -8.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-9.03 per share.