Does Hennessy Advisors, Inc. 4.875% Notes due 2026 have an economic moat?
Not clearly
Hennessy Advisors, Inc. 4.875% Notes due 2026 earns 6.1% a year on the money invested in it, a return competitors could match.
The numbers behind it
Return on invested capital, average of recent years6.1%
Return on invested capital, latest year5.2%
Gross margin76.8%Share of each sale left after production costs
Net margin25.4%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Hennessy Advisors, Inc. 4.875% Notes due 2026
Data as of Jul 7, 2026.