Hennessy Advisors, Inc. (HNNA) Stock

Hennessy Advisors, Inc. (HNNA) is a Financials stock trading at $10.23 (as of 2026-09-02), with a market capitalization of $80.90M and a trailing P/E of 9.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Hennessy Advisors, Inc. is a publicly owned investment manager that launches and manages equity, fixed income, and balanced mutual funds. It provides investment services to Hennessy Funds and other investment companies and invests in public equity and fixed income markets, conducting in-house research to support its investment process.

Understand Hennessy Advisors, Inc.: how it makes money

Hennessy Advisors is a publicly owned investment manager that launches and manages equity, fixed income, and balanced mutual funds, earning management fees on the assets it oversees. With roughly $4.2 billion in fee-earning AUM, its revenue moves with market levels, tying results to investor allocations to growth and balanced strategies.

Revenue equals fee-earning AUM multiplied by the management fee rate, so the profit engine is the asset base itself, and every percentage point of AUM growth or fee compression flows straight to the bottom line.

Business quality (Solid): Solid. A 35% operating margin signals tight cost control for a small-cap manager, though 8% ROE implies the capital base is thin relative to earnings generated.

Valuation: At 10× earnings, HNNA trades 72% below the Trading average (36×). Note: the low multiple may reflect one-time earnings items.

Bull case

  • Trading at a Steep Discount: At a P/E of 10.1x versus the Trading industry average of 36x, HNNA trades 72% below peers, implying the market is pricing in a structural decline in AUM or persistent fee compression that has not yet materialized.

Bear case

  • Pro-Cyclical Margin, Thin Buffer: The 35% operating margin reflects a lean fixed-cost structure, but for a small asset manager that margin is pro-cyclical: a sustained equity-market drawdown or client outflows would erode revenue while those fixed costs persist, compressing profit quickly.
Valuation — source: SEC EDGAR (first-party)
Price$10.23
Market Cap$80.90M
P/E Ratio9.8
EV / EBITDA4.0
Price / Book0.80
Price / Sales2.43
FCF Yield16.5%
DCF Value (model)$23.76
DCF Upside vs Price132.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$35.54M
Net Margin28.0%
Revenue Growth (YoY)4.2%
EPS Growth (YoY)-7.4%
FCF Growth (YoY)66.0%
Financial Health — source: SEC EDGAR
Altman Z-Score2.43 (grey)
Valuation vs Sector & Industry
Stock P/E9.8
Sector P/E (Financials)14.9
Industry P/E (Trading)34.2
vs Sector-34.3%
vs Industry-71.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock Fund Advisors ($2.97M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryTrading
CEONeil Joseph Hennessy
Employees17
CountryUS
IPO Date2005-03-09

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HNNA earnings history · HNNA institutional & insider holders · HNNA KPIs & operating metrics · HNNA financials · HNNA investor presentations & press releases · HNNA SEC filings · HNNA peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.