Estados financieros detallados de Hennessy Advisors, Inc. (HNNA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Hennessy Advisors, Inc. registró ingresos de $35.5M en el último ejercicio fiscal, con un CAGR de 5 años del 1.3%. El beneficio neto alcanzó $10.0M, con un CAGR a 5 años del 4.9%.
Márgenes de los últimos 12 meses: margen bruto 76.8%, margen operativo 33.4%, margen neto 24.8%. El flujo de caja libre creció a un CAGR del 5.0% en 5 años.
Al precio actual de $10.18, HNNA cotiza a un P/E de 9.78 y un ROE del 8.31%. La capitalización bursátil es de $80M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $51.4M | $53.0M | $54.6M | $42.7M | $33.4M | $32.8M | $29.7M | $24.0M | $29.6M | $35.5M |
| Coste de Ventas | $21.5M | $22.4M | $24.0M | $20.7M | $8.8M | $9.1M | $8.3M | $12.0M | $9.1M | $10.6M |
| Beneficio Bruto | $29.9M | $30.6M | $30.6M | $22.0M | $24.6M | $23.7M | $21.3M | $12.0M | $20.6M | $24.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $5.8M | $5.9M | $5.9M | $5.8M | $13.0M | $12.6M | $11.3M | $5.5M | $6.5M | $6.3M |
| Gastos Operativos | $6.2M | $6.1M | $6.1M | $6.0M | $13.2M | $12.8M | $11.5M | $5.7M | $11.7M | $11.8M |
| Beneficio Operativo | $23.8M | $24.5M | $24.5M | $16.0M | $11.3M | $10.9M | $9.8M | $6.3M | $8.9M | $13.1M |
| EBITDA | $24.1M | $24.7M | $24.9M | $16.6M | $11.6M | $11.1M | $10.0M | $6.6M | $9.1M | $13.4M |
| Gastos por Intereses | $1.2M | $1.3M | $1.2M | $1.1M | $447000 | 0 | $2.1M | $2.3M | $2.3M | $2.3M |
| Beneficio Antes de Impuestos | $22.6M | $23.2M | $23.4M | $15.3M | $11.0M | $10.9M | $7.9M | $6.6M | $9.7M | $13.6M |
| Impuestos | $8.2M | $8.3M | $2.8M | $4.2M | $3.1M | $3.0M | $1.8M | $1.8M | $2.6M | $3.7M |
| Beneficio Neto | $14.4M | $14.9M | $20.6M | $11.0M | $7.8M | $7.9M | $6.2M | $4.8M | $7.1M | $10.0M |
| BPA | $1.89 | $1.94 | $2.64 | $1.42 | $1.07 | $1.07 | $0.83 | $0.63 | $0.92 | $1.28 |
| BPA Diluido | $1.86 | $1.92 | $2.61 | $1.42 | $1.06 | $1.07 | $0.82 | $0.63 | $0.92 | $1.27 |
| Acciones en Circulación (Diluidas) | $7.7M | $7.8M | $7.9M | $7.8M | $7.4M | $7.4M | $7.6M | $7.6M | $7.7M | $7.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $8.5M | $8.3M | $8.1M | $8.4M |
| Beneficio Bruto | $7.2M | $5.8M | $6.7M | $5.8M |
| Beneficio Operativo | $3.0M | $2.6M | $2.6M | $2.9M |
| EBITDA | $3.1M | $2.7M | $3.3M | $2.9M |
| Beneficio Neto | $2.4M | $1.9M | $1.9M | $2.0M |
| BPA | $0.31 | $0.24 | $0.25 | $0.25 |
| BPA Diluido | $0.31 | $0.24 | $0.24 | $0.25 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.5M | $15.7M | $25.4M | $24.7M | $10.0M | $15.8M | $58.5M | $60.5M | $63.9M | $72.4M |
| Inversiones a Corto | $8000 | $8000 | $9000 | $9000 | $9000 | $10000 | $9000 | $10000 | $11000 | $12000 |
| Cuentas por Cobrar | $4.8M | $4.9M | $4.7M | $3.7M | $2.8M | $3.1M | $2.4M | $2.5M | $3.5M | $3.3M |
| Inventario | 0 | 0 | 0 | -$3.3M | 0 | -$2.8M | 0 | 0 | 0 | 0 |
| Activos Corrientes | $10.1M | $22.9M | $30.7M | $29.0M | $13.4M | $19.7M | $61.7M | $63.7M | $68.3M | $76.5M |
| Inmovilizado Material | $296000 | $254000 | $382000 | $361000 | $570000 | $1.3M | $971000 | $600000 | $1.4M | $1.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | $74.6M | 0 | $80.6M | 0 | $80.6M | 0 | 0 | $82.3M | 0 |
| Activos Totales | $84.9M | $97.9M | $109.5M | $110.2M | $94.8M | $101.9M | $143.7M | $145.7M | $152.1M | $160.5M |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $4.2M | $4.2M | $4.2M | $4.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $11.2M | $12.5M | $12.0M | $11.4M | $5.1M | $5.6M | $4.7M | $4.2M | $5.0M | $6.0M |
| Deuda a Largo | $26.0M | $21.7M | $17.5M | $13.0M | 0 | 0 | $38.9M | $39.2M | $39.5M | $39.8M |
| Pasivos Totales | $47.6M | $46.4M | $38.5M | $34.7M | $16.6M | $18.6M | $57.4M | $58.0M | $60.8M | $62.7M |
| Reservas | $24.1M | $36.6M | $54.2M | $57.9M | $59.5M | $63.3M | $65.3M | $66.0M | $68.7M | $74.3M |
| Patrimonio Neto | $37.3M | $51.5M | $71.0M | $75.5M | $78.2M | $83.3M | $86.3M | $87.8M | $91.3M | $97.7M |
| Deuda Total | $30.2M | $26.0M | $21.7M | $17.4M | $330000 | $1.0M | $39.5M | $39.4M | $40.5M | $40.5M |
| Deuda Neta | $26.6M | $10.2M | -$3.7M | -$7.3M | -$9.6M | -$14.8M | -$19.0M | -$21.0M | -$23.4M | -$31.9M |
| Capital Circulante | -$1.1M | $10.4M | $18.7M | $17.6M | $8.3M | $14.1M | $56.9M | $59.5M | $63.3M | $70.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $72.4M | $72.0M | $73.1M | $35.4M |
| Activos Totales | $160.5M | $159.6M | $160.5M | $122.8M |
| Pasivos Totales | $62.7M | $60.6M | $60.5M | $21.6M |
| Patrimonio Neto | $97.7M | $98.9M | $100.0M | $101.1M |
| Deuda Total | $40.5M | $40.7M | $40.5M | $425000 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $14.4M | $14.9M | $20.6M | $11.0M | $7.8M | $7.9M | $6.2M | $4.8M | $7.1M | $10.0M |
| Amortizaciones | $206000 | $219000 | $231000 | $225000 | $239000 | $232000 | $207000 | $230000 | $244000 | $290000 |
| Compensación en Acciones | $1.4M | $2.1M | $2.4M | $2.2M | $1.8M | $1.4M | $1.2M | $1.0M | $990000 | $1.1M |
| Cambio en Capital Circulante | $754000 | $703000 | $753000 | -$458000 | -$549000 | -$36000 | -$283000 | -$281000 | -$446000 | $1.2M |
| Flujo de Caja Operativo | $18.2M | $19.8M | $21.5M | $14.4M | $10.6M | $10.4M | $8.7M | $7.1M | $9.3M | $13.8M |
| Inversiones (CapEx) | -$184000 | -$176000 | -$360000 | -$204000 | -$172000 | -$249000 | -$216000 | -$215000 | -$313000 | -$440000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$654000 | -$660000 | -$5.1M | -$3.0M | -$322000 | -$356000 | -$233000 | -$403000 | -$459000 |
| Dividendos Pagados | -$1.5M | -$2.2M | -$2.9M | -$3.5M | -$4.0M | -$4.0M | -$4.0M | -$4.1M | -$8000 | -$4.2M |
| Flujo de Caja Libre | $18.0M | $19.7M | $21.2M | $14.2M | $10.5M | $10.1M | $8.4M | $6.9M | $9.0M | $13.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $3.8M | $661000 | $2.3M | $3.7M |
| Inversiones (CapEx) | -$175000 | -$60000 | -$66000 | -$30000 |
| Flujo de Caja Libre | $3.6M | $601000 | $2.2M | $3.7M |
| Dividendos Pagados | -$1.1M | -$1.1M | -$1.2M | -$1.2M |
| Compensación en Acciones | $273000 | $309000 | $351000 | $299000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +3.0% | +3.1% | -21.8% | -21.8% | -1.9% | -9.4% | -19.0% | +23.4% | +19.9% |
| Crecimiento Beneficio Neto (anual) | | +4.0% | +38.0% | -46.5% | -28.9% | +0.8% | -21.7% | -22.9% | +48.8% | +40.3% |
| Crecimiento BPA (anual) | | +2.6% | +36.1% | -46.2% | -24.6% | +0.0% | -22.4% | -24.1% | +46.0% | +39.1% |
| Cambio en Acciones (anual) | | +0.9% | +1.3% | -1.5% | -5.1% | +0.4% | +2.0% | +0.6% | +1.6% | +1.4% |
| Crecimiento FCF (anual) | | +9.3% | +7.6% | -33.0% | -26.3% | -3.0% | -16.7% | -18.1% | +29.6% | +49.0% |
| Margen Bruto | 58.3% | 57.8% | 56.0% | 51.6% | 73.6% | 72.3% | 71.9% | 50.1% | 69.4% | 70.1% |
| Margen Operativo | 46.3% | 46.3% | 44.8% | 37.5% | 33.9% | 33.2% | 33.2% | 26.4% | 29.9% | 37.0% |
| Margen EBITDA | 47.0% | 46.7% | 45.5% | 38.8% | 34.6% | 33.9% | 33.9% | 27.3% | 30.7% | 37.8% |
| Margen Neto | 27.9% | 28.2% | 37.8% | 25.8% | 23.5% | 24.1% | 20.9% | 19.9% | 23.9% | 28.0% |
| Margen FCF | 35.0% | 37.1% | 38.8% | 33.2% | 31.3% | 30.9% | 28.5% | 28.8% | 30.2% | 37.6% |
| Tasa Impositiva Efectiva | 36.3% | 35.7% | 11.9% | 27.8% | 28.5% | 27.4% | 22.1% | 27.7% | 26.9% | 26.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.33 | $2.52 | $2.68 | $1.83 | $1.42 | $1.37 | $1.12 | $0.91 | $1.16 | $1.71 |
| Dividendo por Acción | $0.19 | $0.28 | $0.37 | $0.46 | $0.54 | $0.54 | $0.53 | $0.54 | $0.00 | $0.54 |
| Acciones en Circulación (Básicas) | $7.6M | $7.7M | $7.8M | $7.8M | $7.4M | $7.4M | $7.5M | $7.6M | $7.7M | $7.8M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 8.31% |
| Rentabilidad sobre capital invertido | 6.89% |
| Rentabilidad sobre activos | 6.73% |
| Margen bruto | 76.85% |
| Margen operativo | 33.42% |
| Margen neto | 24.78% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 9.39 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.45 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 12.51 | 7.96 | 5.21 | 7.61 | 7.75 | 8.99 | 10.45 | 10.57 | 10.82 | 8.16 |
| P/VC | 4.82 | 2.30 | 1.51 | 1.11 | 0.78 | 0.85 | 0.75 | 0.58 | 0.84 | 0.83 |
| P/V | 3.50 | 2.24 | 1.97 | 1.96 | 1.83 | 2.16 | 2.19 | 2.10 | 2.58 | 2.29 |
| Margen Bruto | 58.3% | 57.8% | 56.0% | 51.6% | 73.6% | 72.3% | 71.9% | 50.1% | 69.4% | 70.1% |
| Margen Operativo | 46.3% | 46.3% | 44.8% | 37.5% | 33.9% | 33.2% | 33.2% | 26.4% | 29.9% | 37.0% |
| Margen Neto | 27.9% | 28.2% | 37.8% | 25.8% | 23.5% | 24.1% | 20.9% | 19.9% | 23.9% | 28.0% |