Happen, Inc. HAPN

FinancialsBanking ServicesUnited States of America

Last close 15.57 USD on Nov 2, 2026, −17.8% year to date

Quant rating

Quant rating A Rank 99 of 799 in Financials

Growth C 336 of 799
Valuation B 120 of 799
Quality A 94 of 799
Revisions A 90 of 799
Momentum C 527 of 799

Wall Street consensus Buy (1.56)Average target 24.15 USD +55.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 12.5B
52-week range: 13.05 – 21.66
3-year range: 5.19 – 21.66
Dividend yield: –
Beta (5 years): 1.57
Shares outstanding: 115M
Next earnings: Jan 26, 2027

About the company

Happen, Inc., formerly LendingClub Corporation, owns and operates Happen Bank, National Association (the Bank). The Bank is a digital bank and provides borrowing, banking, business, and investing services. Its banking services include personal banking which provides levelup checking, levelup savings, and certificate of deposit. Its business includes financing solutions and business loans. Its financing solutions include health and wellness, home improvement, and retail services. Its business loans include small business loans and SBA loans. Its borrowing services include personal loans, auto refinance, and pay for a large expense. Its personal loans include pay off credit cards, consolidate debt, and cash loans. Its pay for a large expense includes health and wellness and retail services. Its investing service includes institutional investing. The retail services include tutoring services, auto repair, and retail.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	999	787	865	1,187	819	–
Revenue growth	26.9%	−9.0%	−27.2%	45.0%	79.4%	17.0%
EPS (basic, normalized)	1.18	0.46	0.36	2.80	0.30	–
EPS growth	157.7%	28.0%	−87.2%	824.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	13.6%	6.5%	4.5%	24.4%	2.3%	10.3%
ROE	9.5%	4.0%	3.2%	29.8%	2.4%	9.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	778
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	0
Net debt (mil)	10,727
Total equity (mil)	1,593
Net debt / equity	6.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	999	+26.9%	12.5x	13.01	+8.2%	1.2x	1.16	+157.8%	13.4x
2026	1,063	+6.4%	11.8x	14.12	+8.6%	1.1x	1.89	+63.1%	8.2x
2027	1,238	+16.4%	10.1x	16.67	+18.0%	0.9x	2.39	+26.5%	6.5x
2028	1,482	+19.7%	8.4x	20.42	+22.5%	0.8x	3.13	+30.8%	5.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,063	−0.3%	−0.9%	−0.1%	1.89	+3.7%	+3.4%	+7.7%
2027	1,238	−2.3%	−1.4%	0.0%	2.39	−0.1%	+0.8%	+1.6%
2028	1,482	−3.2%	+2.1%	−3.9%	3.13	+13.1%	+17.2%	+3.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	181	187	202	217	218	248	266	266	252	263
Sales mean (mil)	174	177	190	206	214	228	256	262	249	262
Surprise	+3.9%	+5.7%	+6.0%	+5.2%	+1.6%	+9.2%	+3.8%	+1.6%	+1.3%	+0.2%
EPS reported	0.11	0.13	0.13	0.08	0.10	0.33	0.37	0.35	0.44	0.50
EPS mean	0.03	0.04	0.07	0.09	0.11	0.15	0.30	0.34	0.36	0.42
Surprise	+244.9%	+230.8%	+84.9%	−12.0%	−5.9%	+115.3%	+22.0%	+3.0%	+21.7%	+19.4%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
HAPN Happen, Inc.	1.8B	–	13.6%	–	8.2x	6.5x	1.1x	0.9x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
COF Capital One Financial Corp	126.8B	14.8%	3.1%	1.11x	9.7x	8.8x	1.2x	1.1x
RKT Rocket Companies Inc	39.1B	–	−1.0%	–	24.5x	20.9x	1.9x	1.8x
SYF Synchrony Financial	23.9B	14.5%	15.3%	0.87x	8.1x	7.4x	1.6x	1.4x
SOFI SoFi Technologies, Inc.	21.5B	18.7%	14.3%	0.99x	27.2x	18.7x	1.9x	1.7x
Mean		16.0%	9.9%	0.99x	16.0x	13.1x	2.3x	2.1x
Median		14.8%	13.7%	0.99x	14.1x	12.5x	1.7x	1.6x

Technical analysis

1M+1.2%
3M−18.7%
1Y−10.5%
3Y+180.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Happen, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	999	787	865	1,187	819	456
Total interest expense	–	–	–	–	–	–
Net interest income	999	787	865	1,187	819	456
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	177	65.1	54.6	153	18.4	−188
Provision for taxes	41.3	13.7	15.7	−137	−0.1	−0.1
Minority interest & equity in affiliates	–	–	–	–	0	0
Other	0	0	0	0	0	0
Net income before extraordinary items	136	51.3	38.9	290	18.6	−188
Extraordinary items	–	–	–	–	–	–
Net income	136	51.3	38.9	290	18.6	−188
Basic weighted average shares (mil)	115	112	108	104	97.5	77.9
Diluted weighted average shares (mil)	117	113	108	104	102	77.9
Basic EPS excluding extraordinary items	1.18	0.46	0.36	2.80	0.19	−2.41
Basic EPS, normalized	1.18	0.46	0.36	2.80	0.30	−1.80

Balance sheet in millions of USD, fiscal years

Balance sheet, Happen, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	267	189	188	200	175	171
Goodwill	75.7	75.7	75.7	75.7	75.7	–
Intangibles	7.4	8.6	12.1	16.3	21.2	11.4
Long-term investments	3,755	3,497	1,663	384	295	8.3
Other long-term assets	109	160	193	241	76.5	104
Other assets	159	152	222	208	172	61.8
Total assets	11,568	10,631	8,827	7,980	4,900	1,863
Liabilities
Accounts payable	–	–	–	–	–	3.7
Payable/accrued	87.3	78.1	54.6	98.2	101	–
Accrued expenses	15.8	28.5	37.9	77.3	91.6	174
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	0	0	19.4	128	583	895
Minority interest	–	–	–	–	–	–
Other liabilities	9,964	9,182	7,464	6,512	3,275	66.8
Total liabilities	10,067	9,289	7,576	6,815	4,050	1,139
Shareholders' equity
Preferred stock	–	–	–	0	0	0
Common stock	1.2	1.1	1.1	1.1	1.0	0.9
Additional paid-in capital	1,719	1,702	1,670	1,629	1,610	1,508
Retained earnings (accumulated deficit)	−202	−337	−389	−428	−768	−786
Treasury stock	–	–	–	–	–	0
Other equity	−18.2	−24.2	−30.3	−37.6	7.0	1.5
Total equity	1,500	1,342	1,252	1,164	850	724
Total liabilities & shareholders' equity	11,568	10,631	8,827	7,980	4,900	1,863

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Happen, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	136	51.3	38.9	290	18.6	−188
Depreciation, depletion & amortization	62.9	58.8	47.2	43.8	5.6	54.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	371	410	436	158	194	216
Changes in working capital	−3,296	−3,154	−1,659	−116	21.5	336
Cash from operations	−2,727	−2,634	−1,137	376	240	418
Investing activities
Capital expenditures	−140	−54.3	−59.5	−69.5	−34.4	−31.1
Other investing cash flows	2,072	662	576	−2,740	−420	597
Cash from investing	1,932	608	517	−2,810	−454	566
Financing activities
Financing cash flow items	748	1,729	902	3,247	1,117	−8.9
Cash dividends paid	–	–	–	0	0	−50.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0	−19.2	−112	−452	−768	−783
Cash from financing	748	1,710	790	2,795	350	−842
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−47.0	−317	170	361	135	141
Free cash flow	−2,867	−2,688	−1,196	306	205	387

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.