Happen (HAPN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Happen

NasdaqGS•Financial Services•Banks - Regional

$17.75+0.17(0.01%)Market closed

Market Cap

$1.86B

P/E

9.5x

P/S

1.3x

P/B

1.2x

Happen, Inc. operates as a bank holding company that provides financial and lending services in the United States. The company offers deposit products, including savings accounts, checking accounts, money market accounts, and certificates of deposit; consumer loan products, such as unsecured loans, fixed-rate and fixed-term consumer loans, major purchase finance, and auto refinance; personal loans for credit card refinancing and debt consolidation; financing for health and wellness; and balance transfer, credit card and debt consolidation, emergency, funeral, home improvement, moving, small, and wedding loans. It also provides commercial lending, including small business and SBA loans. In addition, the company operates a lending marketplace platform. It serves individual consumers and small businesses. The company was formerly known as LendingClub Corporation and changed its name to Happen, Inc. in June 2026. Happen, Inc. was incorporated in 2006 and is headquartered in San Francisco, California.

How this company scores

WeakMetricSide Score: 52/100

Grade capped at D — Interest coverage below 1× (0.8x) — earnings cannot cover interest. Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (0/25).

Profitability23/25

Growth21/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality0/25

Strengths

Strong marginsRising earningsProfit converts from growthConsistent growth

Grade capped at D

Interest coverage below 1× (0.8x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 9.5x5y range 4.0x – 60.1x

Currently below its 14-quarter median.

P/S · 1.3x5y range 0.9x – 1.7x

Currently near its 14-quarter median.

P/B · 1.2x5y range 0.9x – 1.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $1.86B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.39B
Q. Revenue: $352.77M
TTM EBITDA: $317.74M
TTM Op. Income: $250.25M
Q. Op. Income: $75.66M
TTM Net Income: $195.58M
Q. Net Income: $58.15M
EPS: $0.5
Shares Out.: $115.38M

$1.39B in TTM revenue grew 11.6% YoY, reaching $352.77M last quarter. TTM EBITDA of $317.74M and TTM operating income of $250.25M show growth is flowing through to the bottom line. TTM net income of $195.58M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 26.6%
Op. Margin: 21.4%
Net Margin: 16.5%

Op. margin of 21.4% is up 5.2% YoY — cost efficiency is improving. Net margin at 16.5% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 9.5x
P/S Ratio: 1.3x
P/B Ratio: 1.2x

At 9.5x P/E, the stock trades below typical market levels. P/S of 1.3x and P/B of 1.2x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 49% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $12.55B
Cash: $912.77M
Long-Term Debt: N/A
Book Value: $1.57B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-572.89M
TTM Free Cash Flow: $-2.96B
FCF Margin: -212.2%
FCF / Net Income: -15.1

TTM FCF of $-2.96B on $-572.89M in operating cash flow. The FCF / Net Income ratio of -15.1x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 45% — an improving trend.