Hennessy Advisors, Inc. 4.875% Notes due 2026 (HNNAZ)

Industry: Asset Management Sector: Financial Services Currency Used: US Live Price: $24.97

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002
Stock Price	10.45	12.60	11.00	9.23	7.05	9.41	9.56	8.07	10.01	15.10	15.99	21.23	15.47	11.41	5.88	2.16	2.00	1.77	1.99	3.41	8.47	11.50	7.52	4.96	3.09	2.17
Market Capitalization	82.45M	98.11M	86.03M	71.22M	53.56M	70.63M	70.70M	59.02M	76.56M	118.21M	123.48M	161.87M	124.46M	98.65M	50.42M	18.45M	17.10M	15.15M	16.92M	28.94M	71.78M	96.84M	62.40M	40.89M	25.17M	16.20M
(-) Cash & Equivalents	72.43M	70.32M	70.10M	62.63M	59.34M	57.21M	23.96M	8.90M	23.99M	21.66M	12.83M	6.64M	7.57M	6.59M	6.08M	7.60M	8.00M	6.63M	5.44M	11.38M	12.53M	9.28M	5.81M	4.23M	2.86M	1.72M
(+) Total Debt	40.50M	40.50M	40.50M	40.49M	39.45M	39.53M	10.72M	0.39M	18.10M	22.26M	26.48M	31.06M	29.42M	27.19M	20.38M	6.12M	2.65M	2.28M	1.64M	5.90M	8.86M	10.95M	9.58M	7.74M	0.40M	0.00M
Enterprise Value	50.52M	68.29M	56.43M	49.08M	33.68M	52.94M	57.46M	50.50M	70.68M	118.81M	137.14M	186.29M	146.31M	119.25M	64.71M	16.97M	11.75M	10.80M	13.12M	23.47M	68.11M	98.51M	66.16M	44.40M	22.71M	14.48M

Income Statement

Metric	TTM	TTM-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Revenue	36M	30M	36M	30M	24M	30M	33M	33M	43M	55M	53M	51M	45M	35M	24M	7M	8M	8M	6M	10M	16M	17M	12M	10M	5M	2M	2M
Cost of Revenue	11M	14M	11M	9M	12M	8M	9M	9M	21M	24M	22M	21M	19M	16M	12M	4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	25M	16M	25M	21M	12M	21M	24M	25M	22M	31M	31M	30M	25M	19M	12M	4M	8M	8M	6M	10M	16M	17M	12M	10M	5M	2M	2M
Gross Profit Margin	70.1%	52.6%	70.1%	69.4%	50.1%	71.9%	72.3%	73.6%	51.6%	56.0%	57.8%	58.3%	56.6%	54.3%	50.3%	49.8%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	6M	6M	6M	6M	5M	11M	13M	13M	6M	6M	6M	6M	5M	4M	3M	2M	5M	6M	6M	7M	8M	2M	1M	1M	1M	0M	0M
Operating Expenses	12M	7M	12M	12M	6M	12M	13M	13M	6M	6M	6M	6M	5M	5M	3M	2M	5M	6M	6M	8M	9M	9M	6M	5M	3M	2M	1M
Operating Income (EBIT)	13M	9M	13M	9M	6M	10M	11M	11M	16M	24M	24M	24M	20M	14M	9M	2M	2M	2M	0M	3M	7M	8M	6M	5M	2M	1M	0M
Operating Income Margin	37.0%	29.9%	37.0%	29.9%	26.4%	33.2%	33.2%	33.9%	37.5%	44.8%	46.3%	46.3%	44.3%	41.0%	36.7%	25.2%	28.1%	21.0%	-3.3%	26.6%	44.4%	47.0%	51.5%	50.0%	37.2%	22.0%	26.8%
Interest Income	3M	3M	3M	3M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	2M	2M	0M	2M	2M	2M	0M	0M	1M	1M	1M	1M	1M	1M	1M	0M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M	0M
Net Interest Income	1M	1M	3M	1M	0M	-2M	0M	0M	-1M	-1M	-1M	-1M	-1M	-1M	-1M	0M	0M	0M	0M	0M	-1M	0M	0M	0M	0M	0M	0M
Unusual Items	-1M	0M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	-1M	-1M	0M	0M	0M	0M
EBT Excluding Unusual Items	14M	10M	16M	10M	7M	8M	11M	11M	15M	23M	23M	23M	19M	13M	8M	2M	2M	2M	0M	2M	6M	8M	6M	5M	2M	1M	0M
Pre-Tax Income	14M	10M	14M	10M	7M	8M	11M	11M	15M	23M	23M	23M	19M	13M	8M	2M	2M	2M	0M	3M	7M	7M	5M	5M	2M	0M	0M
Pre-Tax Margin	38.3%	32.7%	38.3%	32.7%	27.5%	26.8%	33.2%	32.8%	35.8%	42.9%	43.9%	43.9%	42.0%	37.8%	33.5%	24.5%	27.3%	20.5%	-4.1%	26.8%	43.1%	43.3%	43.6%	48.2%	37.2%	14.2%	11.9%
Income Tax Expense	4M	3M	4M	3M	2M	2M	3M	3M	4M	3M	8M	8M	7M	5M	3M	1M	1M	1M	0M	1M	3M	3M	2M	2M	1M	0M	0M
Net Income	10M	7M	10M	7M	5M	6M	8M	8M	11M	21M	15M	14M	11M	8M	5M	1M	1M	1M	0M	2M	4M	4M	3M	3M	1M	0M	0M
Net Income Margin	28.0%	23.9%	28.0%	23.9%	19.9%	20.9%	24.1%	23.5%	25.8%	37.8%	28.2%	27.9%	25.5%	22.2%	19.8%	13.7%	15.9%	11.8%	-3.4%	15.7%	25.7%	26.0%	26.2%	29.0%	22.2%	13.6%	11.9%
Depreciation & Amortization	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	1M	1M	0M	0M	0M	0M	0M
EBITDA	13M	9M	13M	9M	7M	10M	11M	12M	16M	25M	25M	24M	20M	14M	9M	2M	2M	2M	0M	3M	8M	9M	6M	5M	2M	1M	1M
EBITDA Margin	37.8%	30.7%	37.8%	30.7%	27.3%	33.9%	33.9%	34.6%	38.0%	45.3%	46.7%	47.0%	44.9%	41.7%	37.5%	26.5%	29.4%	22.7%	-1.2%	31.8%	48.5%	50.7%	52.9%	50.4%	37.7%	35.2%	44.5%
NOPAT	10M	6M	10M	6M	5M	8M	8M	8M	12M	22M	16M	15M	12M	8M	5M	1M	1M	1M	0M	2M	4M	5M	4M	3M	1M	0M	0M
NOPAT Margin	27.0%	21.9%	27.0%	21.9%	19.1%	25.8%	24.1%	24.3%	27.1%	39.5%	29.7%	29.5%	26.8%	24.0%	21.7%	14.1%	16.4%	12.1%	-2.6%	15.6%	26.5%	28.2%	30.9%	30.1%	22.2%	21.1%	26.7%
Owner's Earnings	10M	7M	10M	7M	5M	6M	8M	8M	11M	20M	15M	15M	11M	8M	5M	1M	1M	1M	-3M	2M	5M	5M	3M	3M	1M	1M	0M
Owner's Earnings Margin	27.6%	23.7%	27.6%	23.7%	19.9%	20.8%	24.1%	23.7%	25.9%	37.5%	28.3%	28.3%	25.5%	22.5%	19.6%	13.6%	16.5%	12.6%	-50.1%	20.1%	29.5%	27.6%	27.1%	28.6%	22.1%	25.9%	29.4%
EPS (Basic)	1.27	0.00	1.28	0.92	0.63	0.83	1.07	1.07	1.42	2.64	1.94	1.89	1.29	0.87	0.55	0.11	0.14	0.11	-0.02	0.19	0.49	0.53	0.38	0.33	0.13	0.05	0.05
EPS (Diluted)	1.26	0.92	1.27	0.92	0.63	0.82	1.07	1.06	1.42	2.61	1.92	1.86	1.27	0.87	0.55	0.11	0.14	0.11	-0.02	0.19	0.46	0.49	0.36	0.32	0.13	0.05	0.04
Shares (Basic)	8M	8M	8M	8M	8M	7M	7M	7M	8M	8M	8M	8M	9M	9M	9M	9M	9M	9M	9M	8M	8M	8M	8M	8M	8M	7M	4M
Shares (Diluted)	8M	8M	8M	8M	8M	8M	7M	7M	8M	8M	8M	8M	9M	9M	9M	9M	9M	9M	9M	9M	9M	9M	9M	9M	8M	7M	5M

Product Segments

Metric	TTM	TTM-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2020-09-30	2019-09-30	2018-09-30
Investment Advice	33.17M	34.77M	33.17M	27.52M	22.09M	27.47M	30.83M	39.36M	50.24M
Shareholder Service	2.36M	2.66M	2.36M	2.12M	1.93M	2.20M	2.56M	3.36M	4.36M

Balance Sheet

Metric	MRQ	MRQ-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Cash & Cash Equivalents	72.43M	70.32M	72.43M	63.92M	60.48M	58.49M	15.84M	9.96M	24.69M	25.40M	15.70M	3.54M	3.09M	7.65M	8.41M	8.73M	8.36M	8.05M	5.75M	12.79M	13.76M	10.36M	6.29M	4.57M	2.80M	2.10M	0.03M
Short-Term Investments	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.57M	0.68M	1.17M	0.01M	0.01M	0.01M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	72.44M	70.33M	72.44M	63.93M	60.49M	58.50M	15.85M	9.96M	24.70M	25.40M	15.71M	3.54M	3.09M	7.65M	8.41M	8.74M	8.37M	8.06M	6.31M	13.46M	14.93M	10.37M	6.30M	4.57M	2.81M	2.10M	0.03M
Net Receivables	3.28M	3.30M	3.28M	3.53M	2.55M	2.41M	3.07M	2.78M	3.68M	4.67M	4.91M	4.81M	4.05M	3.14M	2.40M	0.64M	0.55M	0.62M	0.00M	0.00M	1.17M	1.41M	1.22M	0.83M	0.56M	0.25M	0.15M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.80M	0.00M	-3.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	0.80M	0.00M	0.80M	0.00M	0.00M	0.00M	2.80M	0.00M	3.29M	0.00M	0.00M	0.61M	1.22M	0.79M	0.60M	0.18M	0.18M	0.14M	0.26M	0.24M	-0.85M	0.28M	0.10M	0.03M	0.00M	0.00M	0.00M
Total Current Assets	76.52M	73.63M	76.52M	67.46M	63.03M	60.90M	18.92M	12.75M	28.38M	30.08M	20.62M	8.96M	8.36M	11.58M	11.41M	9.56M	9.10M	8.82M	6.57M	13.71M	15.25M	12.05M	7.62M	5.43M	3.37M	2.35M	0.18M
Property, Plant & Equipment	1.20M	1.20M	1.20M	1.39M	0.60M	0.97M	1.32M	0.57M	0.36M	0.38M	0.25M	0.30M	0.32M	0.24M	0.26M	0.15M	0.14M	0.18M	0.22M	0.30M	0.34M	0.38M	0.13M	0.09M	0.05M	0.04M	0.04M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	82.44M	0.00M	82.25M	0.00M	0.00M	80.64M	0.00M	80.64M	0.00M	74.63M	0.00M	0.00M	0.00M	0.00M	22.56M	22.28M	22.28M	22.22M	19.41M	19.41M	0.94M	1.48M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-80.64M	0.00M	-80.64M	0.00M	-74.63M	0.00M	0.00M	0.00M	0.00M	0.40M	0.32M	0.36M	0.37M	0.42M	0.00M	19.41M	19.41M	14.14M	5.64M	4.48M	3.85M
Tax Assets	0.55M	0.00M	0.00M	0.00M	0.00M	0.00M	12.44M	0.00M	10.27M	0.00M	0.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.24M	0.00M	0.00M	0.00M	0.15M	0.13M	0.05M	0.00M	0.00M
Other Non-Current Assets	-0.37M	0.18M	82.74M	0.18M	81.42M	81.02M	68.44M	80.83M	70.57M	78.35M	74.10M	74.51M	63.40M	62.89M	62.79M	0.04M	0.06M	0.07M	-0.19M	0.07M	0.55M	0.10M	0.11M	0.06M	0.01M	-4.52M	-3.89M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.23M
Total Non-Current Assets	1.38M	83.82M	83.94M	83.82M	82.02M	82.00M	82.20M	81.40M	81.20M	78.74M	75.03M	74.80M	63.72M	63.13M	63.05M	23.15M	22.80M	22.90M	22.86M	20.20M	20.29M	20.83M	21.27M	14.42M	5.74M	0.06M	0.23M
Total Assets	77.90M	157.45M	160.46M	151.28M	145.05M	142.90M	101.12M	94.15M	109.58M	108.81M	95.64M	83.76M	72.08M	74.71M	74.47M	32.71M	31.90M	31.71M	29.43M	33.90M	35.54M	32.88M	28.89M	19.85M	9.11M	2.41M	0.41M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.09M	0.87M	1.01M	1.39M	1.24M	2.02M	2.25M	1.82M	1.42M	0.63M	0.13M	2.25M
Short-Term Debt	0.37M	0.36M	0.37M	0.00M	0.00M	0.00M	0.36M	0.00M	4.33M	4.23M	4.23M	4.23M	4.38M	3.75M	1.84M	0.63M	0.63M	0.57M	1.97M	2.10M	2.09M	2.09M	2.09M	1.13M	0.53M	0.00M	0.00M
Tax Payables	0.00M	0.25M	0.66M	0.18M	0.75M	0.82M	1.05M	0.95M	0.67M	0.56M	0.68M	0.38M	1.10M	0.00M	0.04M	0.05M	0.00M	0.02M	0.00M	0.00M	0.07M	0.00M	0.00M	0.00M	0.00M	0.03M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	5.65M	2.57M	5.65M	2.94M	2.26M	2.21M	2.38M	2.57M	0.12M	0.17M	0.20M	0.03M	0.09M	0.14M	0.03M	0.09M	0.02M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.03M	-2.25M
Total Current Liabilities	6.01M	3.18M	6.67M	3.12M	3.01M	3.03M	3.79M	3.52M	5.12M	4.95M	5.31M	4.64M	5.57M	3.89M	1.92M	1.85M	1.52M	1.65M	3.37M	3.34M	4.18M	4.34M	3.91M	2.55M	1.16M	0.13M	0.00M
Long-Term Debt	39.81M	39.72M	40.14M	39.48M	39.16M	38.87M	0.00M	0.00M	13.05M	17.50M	21.73M	25.96M	30.63M	22.97M	15.03M	1.30M	1.93M	2.55M	0.00M	4.42M	6.51M	8.60M	10.69M	6.21M	0.53M	0.00M	1.84M
Capital Lease Obligations	0.70M	0.78M	0.70M	1.03M	0.28M	0.65M	1.01M	0.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	16.57M	16.54M	16.57M	15.66M	14.61M	13.49M	12.44M	11.52M	10.27M	8.97M	12.21M	10.43M	9.15M	7.50M	5.83M	4.53M	3.85M	3.18M	2.61M	2.03M	1.63M	1.22M	0.83M	0.45M	0.15M	0.00M	0.00M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12.44M	0.00M	0.00M	0.00M	-0.67M	0.00M	0.00M	0.00M	11.63M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.53M	0.00M	-1.84M
Total Non-Current Liabilities	57.08M	57.05M	57.41M	56.17M	54.05M	53.00M	25.88M	11.85M	23.32M	26.47M	33.27M	36.39M	39.77M	30.47M	32.48M	5.83M	5.78M	5.73M	2.61M	6.45M	8.14M	9.82M	11.52M	6.66M	0.15M	0.00M	0.00M
Total Liabilities	63.09M	60.22M	64.08M	59.29M	57.06M	56.03M	29.67M	15.37M	28.43M	31.42M	38.58M	41.03M	45.34M	34.36M	34.39M	7.68M	7.30M	7.38M	5.97M	9.79M	12.31M	14.16M	15.43M	9.21M	1.31M	0.13M	0.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	63.30M	0.00M	57.86M	0.00M	36.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	23.48M	23.50M	23.48M	22.59M	21.80M	20.95M	19.96M	18.71M	17.67M	16.78M	14.94M	13.28M	11.65M	10.85M	9.95M	9.58M	0.00M	0.00M	9.47M	0.00M	0.00M	7.55M	6.95M	6.88M	6.79M	6.79M	0.49M
Retained Earnings	74.26M	73.05M	74.26M	68.72M	65.95M	65.35M	63.30M	59.47M	57.86M	54.20M	36.59M	24.05M	11.44M	26.56M	19.84M	15.75M	15.46M	15.19M	14.80M	15.51M	14.42M	10.75M	6.68M	3.79M	1.02M	-0.04M	-0.35M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	83.26M	0.00M	-1.38M	0.00M	-0.92M	0.00M	0.00M	0.00M	0.00M	-0.11M	-0.19M	-0.15M	-0.15M	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-14.84M	0.00M	-7.32M	0.00M	10.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	97.74M	96.55M	97.74M	91.31M	87.75M	86.30M	229.82M	78.18M	132.00M	70.98M	87.20M	37.33M	23.10M	37.41M	29.79M	25.22M	15.27M	15.04M	24.12M	15.42M	14.42M	18.30M	13.63M	10.67M	7.81M	6.75M	0.14M
Total Equity	97.74M	96.55M	97.74M	91.31M	87.75M	86.30M	214.98M	78.18M	124.68M	70.98M	97.44M	37.33M	23.10M	37.41M	29.79M	25.22M	15.27M	15.04M	24.12M	15.42M	14.42M	18.30M	13.63M	10.67M	7.81M	6.75M	0.14M
Total Liabilities & Equity	160.82M	156.77M	161.82M	150.60M	144.81M	142.33M	244.65M	93.54M	153.12M	102.40M	136.02M	78.36M	68.43M	71.78M	64.18M	32.90M	22.57M	22.42M	30.10M	25.20M	26.73M	32.46M	29.06M	19.88M	9.12M	6.88M	0.14M
Tangible Assets	77.90M	75.01M	160.46M	69.03M	145.05M	142.90M	20.47M	94.15M	28.93M	108.81M	21.02M	83.76M	72.08M	74.71M	74.47M	10.16M	9.62M	9.43M	7.21M	14.49M	16.13M	31.93M	27.41M	19.85M	9.11M	2.41M	0.41M
Tangible Equity	97.74M	14.11M	97.74M	9.06M	87.75M	86.30M	134.34M	78.18M	44.04M	70.98M	22.82M	37.33M	23.10M	37.41M	29.79M	2.67M	-7.01M	-7.24M	1.90M	-3.99M	-4.99M	17.36M	12.15M	10.67M	7.81M	6.75M	0.14M
Tangible Book Value	97.74M	14.11M	97.74M	9.06M	87.75M	86.30M	134.34M	78.18M	44.04M	70.98M	22.82M	37.33M	23.10M	37.41M	29.79M	2.67M	-7.01M	-7.24M	1.90M	-3.99M	-4.99M	17.36M	12.15M	10.67M	7.81M	6.75M	0.14M
Total Investments	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	-80.63M	0.01M	-80.63M	0.01M	0.01M	0.01M	0.01M	0.01M	0.01M	0.41M	0.33M	0.37M	0.93M	1.09M	1.17M	19.41M	19.41M	14.15M	5.64M	4.48M	3.85M
Net Debt	-32.26M	-30.24M	-31.93M	-24.45M	-21.31M	-19.62M	-15.48M	-9.96M	-7.31M	-3.67M	10.26M	26.65M	31.91M	19.08M	8.46M	-6.80M	-5.81M	-4.93M	-3.77M	-6.27M	-5.16M	0.33M	6.49M	2.77M	-1.75M	-2.10M	1.81M

Capital Metrics

Metric	MRQ	MRQ-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Working Capital	70.5M	69.4M	70.5M	63.3M	59.5M	56.9M	14.1M	8.3M	17.6M	18.7M	10.4M	-1.1M	-0.9M	4.8M	-0.8M	7.9M	7.8M	7.4M	3.9M	10.8M	11.2M	7.9M	3.9M	2.9M	2.2M	2.2M	-2.1M
Total Capital	138.2M	137.1M	138.2M	131.8M	127.2M	125.8M	84.3M	78.5M	92.9M	92.7M	77.5M	67.5M	58.1M	64.1M	46.7M	27.2M	27.4M	27.6M	26.1M	31.0M	32.0M	29.6M	26.5M	18.0M	8.9M	6.8M	2.0M
Capital Employed	155.0M	153.2M	154.4M	147.1M	141.5M	138.9M	96.3M	89.7M	98.8M	97.4M	85.5M	73.7M	62.9M	67.9M	62.3M	31.1M	30.6M	30.3M	26.7M	31.0M	31.5M	28.8M	25.2M	17.4M	8.0M	6.8M	2.0M
Invested Capital	65.8M	66.7M	65.8M	67.9M	66.7M	67.3M	68.4M	68.6M	68.2M	67.3M	61.8M	64.0M	55.0M	56.5M	38.2M	18.4M	19.0M	19.6M	20.3M	18.3M	18.2M	19.3M	20.2M	13.5M	6.1M	4.7M	2.0M

Cash Flow Statement

Metric	TTM	TTM-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Net Income	9.96M	7.10M	9.96M	7.10M	4.77M	6.19M	7.90M	7.84M	11.03M	20.62M	14.94M	14.37M	11.39M	7.67M	4.82M	0.97M	1.22M	0.91M	-0.20M	1.61M	4.13M	4.40M	3.14M	2.77M	1.06M	0.31M	0.20M
Depreciation & Amortization	0.29M	0.24M	0.29M	0.24M	0.23M	0.21M	0.23M	0.24M	0.23M	0.23M	0.22M	0.21M	0.27M	0.24M	0.19M	0.10M	0.10M	0.13M	0.12M	0.53M	0.66M	0.63M	0.18M	0.03M	0.02M	0.30M	0.30M
Deferred Income Tax	0.88M	1.05M	0.91M	1.05M	1.12M	1.05M	0.92M	1.25M	1.30M	-2.58M	1.72M	1.82M	1.49M	1.92M	1.60M	0.65M	0.63M	0.69M	0.56M	0.48M	0.36M	0.28M	0.36M	0.24M	0.12M	0.00M	0.00M
Stock-Based Compensation	0.85M	0.99M	1.13M	0.99M	1.01M	1.24M	1.44M	1.78M	2.18M	2.41M	2.12M	1.42M	0.69M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	1.18M	-0.45M	1.18M	-0.45M	-0.28M	-0.28M	-0.04M	-0.55M	-0.46M	0.75M	0.70M	0.75M	0.75M	-0.53M	-0.56M	0.29M	-0.18M	0.09M	0.03M	-0.57M	0.09M	0.32M	-0.24M	0.46M	0.16M	-0.16M	0.24M
Accounts Receivable	0.60M	-0.97M	0.25M	-0.98M	0.01M	0.74M	-0.39M	0.89M	0.97M	0.07M	-0.10M	-0.22M	-1.00M	-0.74M	-1.76M	-0.10M	0.07M	-0.06M	0.11M	0.50M	0.24M	-0.19M	-0.39M	-0.27M	-0.32M	-0.14M	0.00M
Inventory	0.00M	-1.28M	0.00M	0.00M	0.00M	0.00M	-0.34M	1.73M	0.17M	0.99M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.20M	-0.16M	0.00M
Accounts Payable	-0.63M	-0.89M	0.42M	1.28M	-0.16M	-0.83M	0.34M	-1.73M	-1.55M	-0.27M	0.78M	1.88M	1.16M	0.45M	1.90M	0.21M	0.00M	0.00M	0.00M	0.00M	-0.16M	0.43M	0.40M	0.78M	0.47M	-0.03M	0.00M
Other Working Capital	1.20M	2.69M	0.50M	-0.74M	-0.13M	-0.20M	0.36M	-1.44M	-0.05M	-0.04M	0.03M	-0.90M	0.59M	-0.25M	-0.70M	0.17M	-0.25M	0.15M	-0.09M	-1.07M	0.00M	0.08M	-0.26M	-0.05M	-0.20M	0.16M	0.24M
Other Non-Cash Items	0.64M	0.34M	0.33M	0.34M	0.28M	0.26M	-0.07M	0.06M	0.11M	0.10M	0.15M	-0.37M	-0.14M	0.12M	0.12M	0.03M	0.12M	0.21M	0.36M	0.17M	0.58M	0.64M	0.01M	0.00M	0.00M	-0.09M	0.00M
Net Cash from Operating Activities	13.79M	9.28M	13.79M	9.28M	7.13M	8.67M	10.39M	10.62M	14.39M	21.53M	19.85M	18.19M	14.44M	9.41M	6.16M	2.04M	1.88M	2.04M	0.87M	2.22M	5.82M	6.27M	3.44M	3.50M	1.36M	0.36M	0.73M
Capital Expenditures (PPE)	-0.58M	-0.31M	-0.44M	-0.31M	-0.22M	-0.22M	-0.25M	-0.17M	-0.20M	-0.36M	-0.18M	-0.18M	-0.26M	-0.14M	-0.25M	-0.10M	-0.05M	-0.07M	-0.03M	-0.07M	-0.06M	-0.37M	-0.07M	-0.07M	-0.03M	-0.02M	0.00M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.51M	0.00M	0.00M	0.00M	-8.50M	-0.63M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-8.51M	-0.63M	-0.01M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-0.04M	-0.99M	-0.19M	-0.99M	-0.60M	-0.02M	0.00M	-0.71M	-1.77M	-3.54M	-0.27M	-11.68M	-0.19M	-19.15M	-20.68M	-0.27M	0.00M	-0.06M	-2.81M	0.00M	0.00M	0.00M	-6.88M	8.50M	0.63M	0.00M	0.00M
Net Cash from Investing Activities	-0.63M	-1.30M	-0.63M	-1.30M	-0.82M	-0.23M	-0.25M	-0.88M	-1.97M	-3.90M	-0.45M	-11.86M	-0.45M	-19.29M	-20.53M	-0.37M	-0.05M	-0.13M	-2.84M	-0.58M	-0.06M	-0.37M	-6.95M	-8.57M	-0.65M	-0.03M	0.00M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	39.04M	0.00M	-17.50M	-4.38M	-4.38M	-4.38M	-4.38M	8.28M	9.86M	14.94M	-0.63M	-0.57M	1.18M	-4.56M	-2.09M	-2.09M	-2.09M	5.44M	6.77M	0.00M	0.00M	-0.03M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	39.04M	0.00M	-17.50M	-4.38M	-4.38M	-4.38M	-4.38M	8.28M	9.86M	14.94M	-0.63M	0.00M	2.00M	-4.56M	-2.09M	-2.09M	-2.09M	5.44M	6.77M	0.00M	0.00M	-0.03M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.57M	-0.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.45M	-0.38M	-0.45M	-0.38M	-0.22M	-0.36M	-0.28M	-3.01M	-5.13M	-0.66M	-0.65M	0.02M	-25.06M	0.00M	0.00M	0.00M	0.00M	-0.22M	0.00M	0.00M	0.18M	0.57M	0.07M	0.09M	0.00M	5.75M	0.00M
Common Stock Issuance	0.01M	0.03M	0.01M	0.03M	0.01M	0.01M	0.04M	0.02M	0.02M	0.02M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.19M	0.57M	0.07M	0.09M	0.00M	5.75M	0.00M
Common Stock Repurchased	-0.46M	0.00M	-0.46M	-0.40M	-0.23M	-0.36M	-0.32M	-3.03M	-5.15M	-0.66M	-0.65M	0.00M	-25.06M	0.00M	0.00M	0.00M	0.00M	-0.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-3.15M	-4.15M	-0.01M	-0.01M	-4.10M	-4.04M	-3.97M	-3.97M	-3.54M	-2.88M	-2.21M	-1.50M	-1.38M	-0.90M	-0.73M	-0.69M	-0.95M	-0.52M	-0.52M	-0.52M	-0.46M	-0.32M	-0.25M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-2.10M	-4.15M	0.00M	-0.01M	-4.10M	-4.04M	-3.97M	-3.97M	-3.54M	-2.88M	-2.21M	-1.50M	-1.38M	-0.90M	-0.73M	-0.69M	-0.95M	-0.52M	-0.52M	-0.52M	-0.46M	-0.32M	-0.25M	0.00M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-1.05M	0.00M	-4.20M	-4.14M	0.00M	-0.43M	0.00M	0.00M	-0.08M	-0.02M	0.00M	-0.02M	-0.39M	0.16M	-0.16M	0.02M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.01M	-0.04M	-0.02M	0.00M	-4.00M	-0.68M
Net Cash from Financing Activities	-4.66M	-4.53M	-4.66M	-4.53M	-4.33M	34.22M	-4.26M	-24.47M	-13.13M	-7.94M	-7.24M	-5.88M	-18.55M	9.12M	14.05M	-1.30M	-1.52M	0.40M	-5.08M	-2.61M	-2.37M	-1.83M	5.23M	6.84M	0.00M	1.74M	-0.71M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	8.51M	3.45M	8.51M	3.45M	1.99M	42.65M	5.88M	-14.73M	-0.71M	9.70M	12.17M	0.45M	-4.56M	-0.76M	-0.32M	0.37M	0.31M	2.31M	-7.04M	-0.97M	3.40M	4.07M	1.72M	1.77M	0.71M	2.07M	0.02M
Cash at Beginning of Period	266.78M	241.69M	63.92M	60.48M	58.49M	15.84M	9.96M	24.69M	25.40M	15.70M	3.54M	3.09M	7.65M	8.41M	8.73M	8.36M	8.05M	5.75M	12.79M	13.76M	10.36M	6.29M	4.57M	2.80M	2.10M	0.03M	0.01M
Cash at End of Period	275.29M	245.14M	72.43M	63.92M	60.48M	58.49M	15.84M	9.96M	24.69M	25.40M	15.70M	3.54M	3.09M	7.65M	8.41M	8.73M	8.36M	8.05M	5.75M	12.79M	13.76M	10.36M	6.29M	4.57M	2.80M	2.10M	0.03M
Operating Cash Flow	13.79M	9.28M	13.79M	9.28M	7.13M	8.67M	10.39M	10.62M	14.39M	21.53M	19.85M	18.19M	14.44M	9.41M	6.16M	2.04M	1.88M	2.04M	0.87M	2.22M	5.82M	6.27M	3.44M	3.50M	1.36M	0.36M	0.73M
Capital Expenditure	-0.44M	-0.31M	-0.44M	-0.31M	-0.22M	-0.22M	-0.25M	-0.17M	-0.20M	-0.36M	-0.18M	-0.18M	-0.26M	-0.14M	-0.25M	-0.10M	-0.05M	-0.07M	-2.84M	-0.07M	-0.06M	-0.37M	-0.07M	-0.07M	-0.03M	-0.02M	0.00M
Free Cash Flow	13.35M	8.96M	13.35M	8.96M	6.92M	8.45M	10.14M	10.45M	14.19M	21.17M	19.67M	18.00M	14.19M	9.27M	5.91M	1.94M	1.83M	1.97M	-1.97M	2.15M	5.77M	5.90M	3.37M	3.43M	1.33M	0.34M	0.73M

Free Cash Flow

Metric	TTM	TTM-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
EBITDA	18.90M	9.36M	18.90M	14.34M	6.79M	10.25M	11.34M	11.80M	16.47M	24.94M	24.93M	24.50M	20.34M	14.63M	9.31M	1.97M	2.35M	1.88M	0.05M	3.79M	8.45M	15.91M	11.24M	8.71M	4.17M	2.16M	1.76M
(-) Tax Adjustment	5.08M	2.51M	5.08M	3.85M	1.88M	2.27M	3.11M	3.36M	4.58M	2.96M	8.73M	8.57M	7.12M	5.12M	3.26M	0.69M	0.82M	0.66M	0.01M	1.33M	2.96M	5.57M	3.93M	3.05M	1.46M	0.10M	0.01M
(-) Change In Working Capital	1.18M	-0.45M	1.18M	-0.45M	-0.28M	-0.28M	-0.04M	-0.55M	-0.46M	0.75M	0.70M	0.75M	0.75M	-0.53M	-0.56M	0.29M	-0.18M	0.09M	0.03M	-0.57M	0.09M	0.32M	-0.24M	0.46M	0.16M	-0.16M	0.24M
(-) Capital Expenditure	-0.44M	-0.31M	-0.44M	-0.31M	-0.22M	-0.22M	-0.25M	-0.17M	-0.20M	-0.36M	-0.18M	-0.18M	-0.26M	-0.14M	-0.25M	-0.10M	-0.05M	-0.07M	-2.84M	-0.07M	-0.06M	-0.37M	-0.07M	-0.07M	-0.03M	-0.02M	0.00M
Unlevered Free Cash Flow	12.21M	6.97M	12.21M	10.62M	4.98M	8.05M	8.02M	8.82M	12.15M	20.86M	15.33M	14.98M	12.21M	9.90M	6.36M	0.89M	1.65M	1.06M	-2.82M	2.96M	5.35M	9.65M	7.48M	5.13M	2.53M	2.21M	1.52M
(-) Net Interest Income After Taxes	0.77M	0.61M	2.02M	0.61M	0.19M	-1.47M	0.00M	-0.32M	-0.78M	-1.08M	-0.82M	-0.80M	-0.66M	-0.71M	-0.43M	-0.03M	-0.04M	-0.02M	-0.07M	-0.25M	-0.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	39.04M	0.00M	-17.50M	-4.38M	-4.38M	-4.38M	-4.38M	8.28M	9.86M	14.94M	-0.63M	-0.57M	1.18M	-4.56M	-2.09M	-2.09M	-2.09M	5.44M	6.77M	0.00M	0.00M	-0.03M
Levered Free Cash Flow	11.44M	6.36M	10.18M	10.01M	4.78M	48.57M	8.02M	-8.36M	8.56M	17.57M	11.77M	11.41M	21.15M	20.46M	21.73M	0.30M	1.12M	2.26M	-7.31M	1.12M	3.74M	7.56M	12.92M	11.90M	2.53M	2.21M	1.48M