HENNESSY ADVISORS INC · Investment Advice

HNNA

Low riskNext report: Around Dec 2 (est.)

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The short version

A profitable company with steady sales. Institutions are adding.

Going well

Pays a 5.4% dividend yield
Profitable every year for 10 years
Sales up 20% last year

Money moves

Insiders sold $5K in the last 30 days
Institutions added 2.5% to their holdings in the quarter ending June 2026 (13 bought, 11 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$10.13

Company value: $80M; Share price times all shares
Price vs profit (P/E): 9.6x; You pay about $10 for each $1 of yearly profit
Price vs sales: 2.4x; Company value is 2.4 times a year of sales
Dividend yield: 5.4%; Yearly dividend as a share of today's price
Cash vs value: 44%; A big cushion: cash is a large part of what the company is worth

From HNNA's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$8.4M+4.2% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $33.3M, down 6.9% from the 12 months before. Over 5 years, sales grew about 1.3% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of HNNA. Starting points are the company's recent numbers.

Sales growth-7% a yearRecently: -6.9% a yearProfit margin25%Last 12 months: 24.8%P/E at the end10xToday: 9.6x. Many steady companies trade at 12x to 25xShare count change+1% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$23M

Profit in 5 years$6M

Price these guesses point to$6.98-31% vs $10.13 todayAbout -7.2% a year, before dividends

What today's price needs: with a 25% margin and a 10x P/E, sales would have to grow about 0.2% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

4/6Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.10.4%
PassDebt under half of equityNot relying on borrowed money.No debt reported
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.28.0%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$13.4M
MissShare count not growingNot diluting owners. Falling means buybacks.+3.6% in 3 years

Revenue: $35.5M; +19.9% vs prior year
5-year growth: +1.3%/yr; revenue, per year
Total debt: None; 0.00x equity
Free cash flow: $13.4M; 37.6% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 5

Revenue: $8.4M; +4.2% YoY
EPS: $0.25; vs $0.26
Op. margin: 34.7%; -0.7 pts
Free cash flow: $3.7M
Share count: +1.0%; vs a year ago

Insider rating

Last 90 days

36Selling

3 insiders sold $75K (not pre-planned)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 1.6
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+2.5%

Institutions added 2.5% to their holdings. 13 bought, 11 sold. 2 quarters of net buying in a row.

Shares held by institutions1.2M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+1.4%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

No debt reported

Shares outstandingLatest reported

Earnings reports

Last 12

Next reportAround Dec 2 (est.)Estimated from the same quarter last year

Results filedAug 5
Results filedMay 6
Results filedFeb 5
Results filedDec 3, 2025
Results filedAug 6, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$75K3 insiders, 0 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Kiera NewtonDirector	Sell	504	$10.02	$5K	21K	Sep 29Filing ↗
-2.4% of their holdings Not a pre-planned sale Filed 1 day after
Daniel B SteadmanExecutive VP	Sell	5K	$10.26	$51K	38K	Sep 24Filing ↗
-11.7% of their holdings Not a pre-planned sale Filed 1 day after
Thomas L SeaveyDirector	Sell	2K	$10.15	$19K	60K	Sep 24Filing ↗
-3% of their holdings Not a pre-planned sale Filed 4 days after