Hennessy Advisors, Inc.
HNNAHIGH VELOCITYFILING INTENSITYHennessy Advisors, Inc. reads as an High Velocity (composite 70/100); Consistent Strategic Buyer deploying $0 across 0 disclosed transactions, running flat vs the prior cycle · primary market Financial Infrastructure.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
N/A
0/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
70
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $67M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 34d
- 197 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 2 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 2 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 2 activism filings
- Latest activism 11y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 2 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 197 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $49M
- 10-Q 34d ago
- 1 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $12M · Peak count: 1
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On33%
- Platform33%
- Tuck In33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- tuck_in
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Through our acquisition strategy, we have added over $1.06 billion of net assets to our family of mutual funds over a period of approximately ten years.”
“The Omnibus Plan contains change of control provisions whereby, among other things, all outstanding RSUs and other securities issued under the Omnibus Plan will vest immediately upon the occurrence of the following events constituting a change of control of the Company: (i) an acquisition, in any one transaction or series of transactions, after which any individual, entity or group has beneficial ownership of 50% or more of either the then outstanding shares of the common stock or combined voting power of the Company’s then outstanding voting securities, but excluding an acquisition (A) by the Company or any of its employee benefit plans (or related trusts), (B) by Neil J. Hennessy or any affiliate, or (C) by any corporation which, following the acquisition, is beneficially owned, directly or indirectly, in substantially the same proportions, by the beneficial owners of the common stock and voting securities of the Company immediately prior to such acquisition, (ii) 50% or more of the members of the Company’s Board of Directors (A) are not continuing directors, or (B) are nominated or elected by the same beneficial owner or are elected or appointed in connection with an acquisition of the Company, or (iii) the (A) consummation of a reorganization, merger, share exchange, consolidation or similar transaction, with respect to which the beneficial owners of the Company immediately prior to such transaction do not, following such transaction, beneficially own more than 50% of the then outstanding shares of common stock and voting securities of the corporation resulting from the transaction, (B) consummation of the sale or other disposition of all or substantially all of the assets of the Company or (C) approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.”
“We selectively consider strategic acquisitions of management agreements of additional mutual funds.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Financial Infrastructure
- Market spend (2023–2025)
- $186.1B
- Market spend (2020–2022)
- $98.1B
- Recent vs prior
- +90%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
HNNA trades at a -12.2-turn discount to the Financial Infrastructure peer median of 16.2×.
- EV / Revenue
- 1.5×
- Net debt / EBITDA
- -4.7×
- Peer median EV / EBITDA
- 16.2×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 22.0× | 14.5× | -0.4× | $43B | $1.8B | |
| 21.4× | 10.8× | 1.4× | $7.9B | $451M | |
| 16.2× | 8.2× | 3.2× | $13.1B | $10.3B | |
| 10.9× | 3.9× | 5.4× | $8.8B | $5.1B | |
Hennessy Advisors, Inc.HNNA | 4.0× | 1.5× | -4.7× | $33M | N/A |
| 2.3× | 2.7× | -1.1× | $187B | $81.8B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Financial Infrastructure. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)192025-12-03
- 10-Q (quarterly)602026-05-06
- 8-K (event)1972026-05-06
- Proxy / DEF 14A262025-12-10
- Activism (13D / DFAN / PREC)22015-10-20
Signals on file
- elevated
Activism on file
2015-10-202 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.