Hennessy Advisors, Inc. Financial Ratios — HNNA Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	7.93	4.76	17.49	22.82	37.64	47.55	33.63	33.65	15.06	10.2	9.79	7.3	5.48	7.93	10.54
Return on Assets (%)	3.79	2.99	8.96	10.22	15.34	18.18	16.4	19.94	10.04	7.65	8.03	5.04	3.3	4.77	6.37
Return on Capital (%)	6.9	4.42	14.11	14.99	19.64	24.12	21.72	25.5	12.73	9.52	9.71	7.47	5.06	6.76	8.62
Return on Invested Capital (%)	4.54	3.66	14.29	14.98	19.46	23.84	21.55	25.16	12.38	9.36	9.59	7.23	3.6	4.99	7.1
Gross Margin (%)	100	49.76	50.33	54.32	56.55	58.26	57.77	56	51.6	49.47	48.43	50.84	50.14	52.6	55.53
EBITDA Margin (%)	29.42	26.54	37.51	41.67	44.88	46.68	46.67	45.26	38.03	34.62	33.92	33.86	27.33	30.73	37.8
Operating Margin (%)	28.09	25.2	36.73	40.97	44.29	46.28	46.25	44.83	37.51	33.9	33.21	33.16	26.37	29.91	36.99
Incremental Operating Margin (%)	-663.29	63.81	41.47	51.06	55.5	59.6	45.5	-1.1	71.19	50.42	69.95	33.62	62.07	45.02	72.61
Pretax Margin (%)	27.25	24.49	33.54	37.83	42.03	43.88	43.9	42.85	35.76	32.83	33.21	26.78	27.48	32.73	38.33
Profit Margin (%)	15.89	13.73	19.83	22.21	25.46	27.95	28.22	37.76	25.82	23.48	24.12	20.86	19.86	23.94	28.03
Net Income to Common Margin (%)	15.89	13.73	19.83	22.21	25.46	27.95	28.22	37.76	25.82	23.48	24.12	20.86	19.86	23.94	28.03
Effective Tax Rate (%)	41.67	43.94	40.87	41.3	39.43	36.32	35.73	11.88	27.78	28.46	27.38	22.1	27.71	26.87	26.87
Dvd Payout Ratio (%)	77.78	70.55	15.12	11.71	12.14	10.44	14.79	13.98	32.08	50.59	50.27	65.25	85.98	58.5	42.21
Sustainable Growth Rate (%)	1.76	1.4	14.84	20.15	33.07	42.59	28.66	28.95	10.23	5.04	4.87	2.54	0.77	3.29	6.09

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	3	2	17	27	35	30	26	22	17	- -	1	40	39	41	41
ST Debt	1	1	2	4	4	4	4	4	4	- -	- -	- -	- -	- -	- -
LT Debt	2	1	15	23	31	26	22	18	13	- -	1	39	39	40	40
Total Debt/EBITDA	1.13	1.03	1.85	1.86	1.74	1.26	1.05	0.88	1.07	0.03	0.09	3.93	6.01	4.45	3.01
Net Debt/EBITDA	-2.58	-3.62	0.93	1.33	1.59	1.11	0.42	-0.15	-0.45	-0.86	-1.43	-1.95	-3.25	-2.68	-2.43
Total Debt/EBIT	1.19	1.08	1.89	1.89	1.77	1.27	1.06	0.89	1.08	0.03	0.09	4.02	6.23	4.57	3.08
Net Debt/EBIT	-2.71	-3.82	0.95	1.35	1.61	1.12	0.42	-0.15	-0.46	-0.88	-1.46	-1.99	-3.36	-2.76	-2.48
EBITDA to Interest Expense	34.6	36.8	13.65	13.26	19.84	19.48	19.68	20.14	14.99	25.86	- -	4.73	2.91	4	5.86
EBITDA-CapEx/Interest Expense	33.8	29.47	13.27	13.13	19.59	19.33	19.54	19.84	14.8	25.47	- -	4.63	2.81	3.87	5.67
EBIT to Interest Expense	33.03	34.94	13.37	13.04	19.58	19.31	19.5	19.95	14.78	25.32	- -	4.64	2.81	3.9	5.73
Interest Expense	- -	- -	1	1	1	1	1	1	1	- -	- -	2	2	2	2
Common Equity/Total Assets	48.11	76.99	39.86	49.68	31.58	43.95	52.98	64.83	68.53	82.48	81.71	60.07	60.22	60.03	60.91
Long-Term Debt/Equity (%)	7.76	5.16	50.45	61.4	132.6	69.53	42.17	24.65	17.28	- -	0.78	45.36	44.63	43.99	41.07
Long-Term Debt/Capital (%)	10.7	4.78	32.21	35.82	52.72	38.44	28.04	18.88	14.04	- -	0.77	31.12	30.79	30.48	29.03
Long-Term Debt/Total Assets (%)	6	3.96	20.11	30.5	41.88	30.56	22.34	15.98	11.84	- -	0.63	27.25	26.88	26.41	25.01
Total Debt/Equity (%)	10.27	7.64	56.63	71.42	151.55	80.86	50.37	30.61	23	0.42	1.21	45.79	44.95	44.36	41.44
Total Debt/Capital (%)	14.17	7.07	36.15	41.66	60.25	44.71	33.5	23.44	18.7	0.42	1.19	31.41	31.01	30.73	29.3
Total Debt/Total Assets (%)	7.94	5.86	22.57	35.48	47.86	35.54	26.69	19.85	15.77	0.35	0.99	27.51	27.07	26.63	25.24
Net Debt to Equity	-23.39	-26.97	28.41	50.99	138.19	71.39	19.9	-5.17	-9.68	-12.73	-19.02	-22.73	-24.29	-26.77	-33.38
Net Debt/Capital (%)	-60.19	-36.72	22.12	33.77	58.02	41.65	16.6	-5.45	-10.72	-14.52	-23.14	-29.14	-31.94	-36.01	-49.58
EBITDA	2	2	9	14	20	24	25	25	16	12	11	10	7	9	13
EBITDA-CapEx	2	2	9	14	20	24	25	24	16	11	11	10	6	9	13
Operating Income (Loss)	2	2	9	14	20	24	24	24	16	11	11	10	6	9	13

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	5.5	4.73	0.67	1.03	0.3	0.32	1.26	2.11	2.17	1.96	2.85	12.4	14.43	12.91	12.05
Current Ratio	6.13	5.28	0.94	1.64	0.92	0.9	1.78	2.55	2.55	2.63	3.54	13.07	15.2	13.78	12.72
Quick Ratio	5.86	5.08	0.87	1.45	0.7	0.74	1.65	2.5	2.5	2.5	3.4	12.91	15.04	13.62	12.59
CFO/Avg Current Liab	1.19	1.21	0.86	0.95	1.63	1.69	1.68	1.76	1.23	1.29	1.95	1.69	1.6	2.03	2.52
Common Equity/Total Assets	48.11	76.99	39.86	49.68	31.58	43.95	52.98	64.83	68.53	82.48	81.71	60.07	60.22	60.03	60.91
Long-Term Debt/Equity (%)	7.76	5.16	50.45	61.4	132.6	69.53	42.17	24.65	17.28	- -	0.78	45.36	44.63	43.99	41.07
Long-Term Debt/Capital (%)	10.7	4.78	32.21	35.82	52.72	38.44	28.04	18.88	14.04	- -	0.77	31.12	30.79	30.48	29.03
Long-Term Debt/Total Assets (%)	6	3.96	20.11	30.5	41.88	30.56	22.34	15.98	11.84	- -	0.63	27.25	26.88	26.41	25.01
Total Debt/Equity (%)	10.27	7.64	56.63	71.42	151.55	80.86	50.37	30.61	23	0.42	1.21	45.79	44.95	44.36	41.44
Total Debt/Capital (%)	14.17	7.07	36.15	41.66	60.25	44.71	33.5	23.44	18.7	0.42	1.19	31.41	31.01	30.73	29.3
Total Debt/Total Assets (%)	7.94	5.86	22.57	35.48	47.86	35.54	26.69	19.85	15.77	0.35	0.99	27.51	27.07	26.63	25.24
CFO/Total Liabilities	25.74	26.53	13.7	24.84	28.87	38.2	43.4	55.92	41.5	63.96	55.71	15.11	12.31	15.26	21.99
CFO/CapEx	36.12	5.45	24.34	67.24	55.98	98.84	112.76	59.81	70.55	61.76	41.71	40.12	33.18	29.64	31.35
Altman's Z-Score	6.06	5.58	1.81	3.49	3.39	4.18	3.58	3.82	3.25	3.93	3.99	2.22	1.95	2.27	2.45

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	22	15.97	12.46	12.44	12.41	12.38	12.72	11.32	11.73	12.6	12.24	11.73	11.83	12.4
Days Sales Outstanding	- -	16.59	22.86	29.3	29.35	29.4	29.48	28.7	32.26	31.12	28.96	29.81	31.13	30.84	29.43
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.63	22.22	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	100.68	16.43	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	-84.08	6.43	29.3	29.35	29.4	29.48	28.7	32.26	31.12	28.96	29.81	31.13	30.84	29.43
Inventory to Cash Days	- -	16.59	22.86	29.3	29.35	29.4	29.48	28.7	32.26	31.12	28.96	29.81	31.13	30.84	29.43
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	17	16	55	116	140	180	119	108	84	61	71	65	50	76	81
- Cash & Cash Equivalents	8	9	8	8	3	4	16	25	25	10	16	58	60	64	72
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3	2	17	27	35	30	26	22	17	- -	1	40	39	41	41
Enterprise Value	11	10	63	135	172	206	129	104	77	51	56	46	29	53	49
Total Capital	18	27	47	64	58	68	77	93	93	79	84	126	127	132	138
Total Debt/Capital (%)	14.17	7.07	36.15	41.66	60.25	44.71	33.5	23.44	18.7	0.42	1.19	31.41	31.01	30.73	29.3
Total Debt / EV	0.22	0.2	0.27	0.2	0.2	0.15	0.2	0.21	0.23	0.01	0.02	0.86	1.34	0.76	0.82
EV/Sales	1.49	1.35	2.6	3.92	3.84	4.01	2.44	1.91	1.79	1.54	1.71	1.55	1.23	1.79	1.39
EV/EBITDA	5.06	5.09	6.92	9.42	8.56	8.6	5.22	4.23	4.71	4.44	5.04	4.57	4.49	5.82	3.68
EV/EBIT	5.3	5.36	7.07	9.58	8.67	8.68	5.27	4.27	4.78	4.53	5.15	4.67	4.65	5.98	3.76
EV/Cash Flow to Firm	5.93	4.63	9.63	13.48	11.41	10.88	6.25	4.62	5.04	4.69	5.4	4.45	3.36	4.84	3.2
EV/Free Cash Flow to Firm	5.78	3.92	9.27	13.29	11.22	10.78	6.19	4.55	4.98	4.62	5.27	4.36	3.28	4.71	3.11
Diluted Market Cap	17	16	55	117	142	183	120	109	84	61	71	66	51	77	82
Diluted Enterprise Value	11	10	63	136	174	209	131	106	77	52	56	47	30	53	50
EV per Share	1.32	1.11	7.24	15.42	19.45	27.16	16.77	13.38	9.87	6.98	7.61	6.13	3.88	6.9	6.35
TTM Sales	8	7	24	35	45	51	53	55	43	33	33	30	24	30	36
TTM EBITDA	2	2	9	14	20	24	25	25	16	12	11	10	7	9	13
TTM Operating Income	2	2	9	14	20	24	24	24	16	11	11	10	6	9	13
TTM Cash Flow to Firm	2	2	7	10	15	19	21	23	15	11	10	10	9	11	15
TTM Free Cash Flow to Firm	2	2	7	10	15	19	21	23	15	11	11	11	9	11	16

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	8.93	6.8	8.52	12.27	9.63	9.94	6.01	4.99	5.76	5.67	6.7	7.38	6.89	8.01	5.75
EV/EBIT	5.3	5.36	7.07	9.58	8.67	8.68	5.27	4.27	4.78	4.53	5.15	4.67	4.65	5.98	3.76
Enterprise Value	11	10	63	135	172	206	129	104	77	51	56	46	29	53	49
Low Price	1.53	1.33	1.71	6.04	11.67	15.7	13.88	12.95	9	5.69	7.76	8.32	6.66	6.33	8.43
EV/Sales	1.49	1.35	2.6	3.92	3.84	4.01	2.44	1.91	1.79	1.54	1.71	1.55	1.23	1.79	1.39
EV/EBITDA	5.06	5.09	6.92	9.42	8.56	8.6	5.22	4.23	4.71	4.44	5.04	4.57	4.49	5.82	3.68
Price/Earnings	14.14	16.86	11.34	15.18	12.28	12.51	7.95	5.25	7.6	7.77	8.97	10.48	10.58	10.77	8.17
Price/Earnings Average	14.05	16.76	7.75	10.21	10.71	10.88	9.15	6.51	7.39	8.75	8.53	12.41	12.63	8	8.78
Price/Earnings High	18.6	19.07	11.34	15.27	12.93	13.93	12.42	7.58	10.54	11.98	11.66	14.13	16.13	12.98	10.85
Price/Earnings Low	10.82	11.8	3.09	6.92	9.05	8.31	7.15	4.91	6.33	5.34	7.24	10.06	10.58	6.85	6.59
Price/Book Value	1.11	0.65	1.83	3.11	6.06	4.82	2.3	1.52	1.11	0.78	0.85	0.75	0.58	0.84	0.83
Price/Book Value Average	1.1	0.64	1.25	2.09	5.28	4.19	2.65	1.89	1.08	0.88	0.81	0.89	0.69	0.62	0.89
Price/Book Value High	1.46	0.73	1.83	3.13	6.37	5.36	3.6	2.2	1.54	1.2	1.11	1.01	0.88	1.01	1.11
Price/Book Value Low	0.85	0.45	0.5	1.42	4.46	3.2	2.07	1.42	0.92	0.54	0.69	0.72	0.58	0.53	0.67
Price/Tangible Book Value	6.72	6.14	1.83	3.11	6.06	4.82	2.3	1.52	1.11	0.78	0.85	0.75	0.58	0.84	0.83
Price/Tangible Book Value Average	6.68	6.1	1.25	2.09	5.28	4.19	2.65	1.89	1.08	0.88	0.81	0.89	0.69	0.62	0.89
Price/Tangible Book Value High	8.84	6.94	1.83	3.13	6.37	5.36	3.6	2.2	1.54	1.2	1.11	1.01	0.88	1.01	1.11
Price/Tangible Book Value Low	5.14	4.3	0.5	1.42	4.46	3.2	2.07	1.42	0.92	0.54	0.69	0.72	0.58	0.53	0.67
Price/Sales	2.25	2.31	2.25	3.37	3.13	3.5	2.24	1.98	1.96	1.83	2.16	2.19	2.1	2.58	2.29
Price/Sales Average	2.23	2.3	1.54	2.27	2.73	3.04	2.58	2.46	1.91	2.06	2.06	2.59	2.51	1.91	2.46
Price/Sales High	2.96	2.62	2.25	3.39	3.29	3.89	3.5	2.86	2.72	2.81	2.81	2.95	3.2	3.11	3.04
Price/Sales Low	1.72	1.62	0.61	1.54	2.3	2.32	2.02	1.85	1.63	1.25	1.75	2.1	2.1	1.64	1.85
Price/Cash Flow	9.15	8.04	8.87	12.37	9.68	9.88	5.98	5.02	5.83	5.74	6.82	7.49	7.08	8.24	5.9
Price/Cash Flow Average	9.09	7.99	6.07	8.31	8.44	8.59	6.89	6.23	5.66	6.46	6.49	8.87	8.44	6.12	6.34
Price/Cash Flow High	12.03	9.09	8.87	12.44	10.19	11	9.35	7.25	8.07	8.85	8.87	10.1	10.78	9.93	7.84
Price/Cash Flow Low	7	5.62	2.42	5.64	7.14	6.56	5.38	4.7	4.85	3.94	5.51	7.19	7.08	5.24	4.76
Price/Free Cash Flow Average	8.87	6.76	5.83	8.25	8.4	8.64	6.91	6.19	5.59	6.38	6.37	8.74	8.22	5.95	6.17
Price/Free Cash Flow High	11.74	7.7	8.52	12.34	10.14	11.06	9.39	7.21	7.98	8.74	8.71	9.95	10.5	9.65	7.64
Price/Free Cash Flow Low	6.83	4.76	2.32	5.59	7.1	6.6	5.4	4.67	4.79	3.89	5.41	7.08	6.89	5.1	4.64
EV/Sales Average	1.47	1.34	1.89	2.82	3.44	3.56	2.77	2.39	1.74	1.77	1.6	1.95	1.63	1.12	1.56
EV/Sales High	2.2	1.66	2.6	3.94	4	4.41	3.7	2.79	2.55	2.53	2.36	2.31	2.33	2.32	2.14
EV/Sales Low	0.96	0.66	0.96	2.09	3.02	2.84	2.21	1.79	1.46	0.96	1.29	1.46	1.23	0.85	0.95
EV/EBITDA Average	5.01	5.04	5.03	6.76	7.66	7.62	5.95	5.28	4.57	5.1	4.73	5.76	5.97	3.66	4.13
EV/EBITDA High	7.46	6.24	6.92	9.46	8.92	9.45	7.93	6.17	6.7	7.3	6.95	6.82	8.52	7.54	5.67
EV/EBITDA Low	3.26	2.48	2.56	5.01	6.72	6.08	4.74	3.94	3.85	2.79	3.81	4.31	4.49	2.77	2.51
EV/EBIT Average	5.24	5.31	5.13	6.88	7.77	7.69	6	5.33	4.63	5.21	4.83	5.88	6.19	3.76	4.22
EV/EBIT High	7.82	6.58	7.07	9.63	9.04	9.53	8	6.23	6.8	7.45	7.1	6.96	8.83	7.74	5.79
EV/EBIT Low	3.42	2.61	2.62	5.1	6.81	6.14	4.78	3.98	3.9	2.85	3.89	4.4	4.65	2.84	2.57
Last Price	2	1.9	6.27	13.25	15.84	23.65	15.44	13.85	10.81	8.29	9.62	8.67	6.66	9.95	10.45
High Price	2.63	2.15	6.27	13.33	16.67	26.33	24.13	20	14.98	12.78	12.5	11.69	10.15	11.99	13.88
Enterprise Value Average	11	9	46	97	154	183	147	130	74	59	53	58	39	33	55
Enterprise Value High	17	12	63	136	179	227	196	153	109	84	77	69	56	69	76
Enterprise Value Low	7	5	23	72	135	146	117	97	63	32	42	43	29	25	34

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	9	9	9	9	8	8	8	8	8	7	7	8	8	8	8
Diluted Weighted Avg Shares	9	9	9	9	9	8	8	8	8	7	7	8	8	8	8
Basic Weighted Avg Shares	9	9	9	9	9	8	8	8	8	7	7	7	8	8	8
Revenue per Share	0.89	0.82	2.79	3.93	5.07	6.76	6.88	6.99	5.51	4.54	4.45	3.96	3.17	3.86	4.56
EBITDA per Share	0.26	0.22	1.05	1.64	2.27	3.16	3.21	3.16	2.09	1.57	1.51	1.34	0.87	1.19	1.73
Operating Income per Share	0.25	0.21	1.02	1.61	2.24	3.13	3.18	3.13	2.07	1.54	1.48	1.31	0.84	1.15	1.69
Basic EPS, GAAP	0.14	0.11	0.55	0.87	1.29	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28
Basic EPS from Cont Ops	0.14	0.11	0.55	0.87	1.29	1.89	1.94	2.64	1.42	1.07	1.07	0.83	0.63	0.92	1.28
Diluted EPS, GAAP	0.14	0.11	0.55	0.87	1.27	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27
Diluted EPS from Cont Ops	0.14	0.11	0.55	0.87	1.27	1.86	1.92	2.61	1.42	1.06	1.07	0.82	0.63	0.92	1.27
Dividend per Share	0.11	0.08	0.08	0.1	0.16	0.2	0.29	0.37	0.46	0.54	0.54	0.54	0.54	0.54	0.54
Cash Flow per Share	0.22	0.24	0.71	1.07	1.64	2.39	2.58	2.76	1.86	1.44	1.41	1.16	0.94	1.21	1.77
Free Cash Flow per Basic Share	0.21	0.19	0.68	1.06	1.61	2.37	2.56	2.71	1.83	1.42	1.38	1.13	0.91	1.17	1.71
Cash & Equivalents per Share	0.97	1.01	0.97	0.87	0.35	0.47	2.04	3.25	3.18	1.36	2.15	7.82	7.98	8.32	9.3
Book Value per Share	1.8	2.94	3.42	4.26	2.62	4.91	6.7	9.09	9.74	10.63	11.3	11.53	11.58	11.89	12.55
Tangible Book Value per Share	0.3	0.31	3.42	4.26	2.62	4.91	6.7	9.09	9.74	10.63	11.3	11.53	11.58	11.89	12.55

Hennessy Advisors, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)