Happen, Inc.: financial statements
Price
$15.53
November 13, 2026Market cap $1.8B
What Ploutos Investor adds for Happen
Part of Ploutos Investor, €9.99 a month
- The full history: 15 fiscal years, from FY2011
- The estimated fair value, with its range and its certainty
- The full analysis, 18 a month
- More questions to the chat on its filings
- Excel with every year
- An email when it reports, changes its dividend or an officer buys
Sign in with a free account to see the last 5 fiscal years.
Notes on these figures
- The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.
Financial statements
Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.
Click a line to see it on the chart.
Revenue
+7.5% a year over 2 years
Financial statements
HAPN's revenue, profits and cash flows from FY2011 to 2022, 12 more fiscal years
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By segment
Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.
- 2023: Lending Club Bank $833M, Lending Club Corporation $61M
- 2024: Lending Club Bank $760M, Lending Club Corporation $50M
- 2025: Lending Club Bank $981M, Lending Club Corporation $38M
By segment
HAPN's revenue by segment from 2022 to 2022, 1 more fiscal year
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From the XBRL of 12 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.
Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.
In some years the company reports no operating income, so we show pre-tax income.
Debt and obligations
What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.
The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.
Leases
Dec 31, 2025Operating leases
$16M
Finance leases
–
The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing
Goodwill by segment
Dec 31, 2025Total goodwill
$76M
- LendingClub Bank$76M100%
Goodwill is what the company paid in acquisitions above the value of what it bought, at December 31, 2025. If an acquisition earns less, the goodwill is impaired and earnings fall. The filing
From the statutory to the effective tax rate, 2025
Dec 31, 2025Statutory rate
21.0%
Effective rate
23.3%
The company paid 23.3% in tax on its profit, 2.3 points above the US federal rate (21.0%). Below, the reasons it gives.
Statutory rate
21.0%
State and local taxes
+5.5 pts
Difference the filing does not itemize
-3.2 pts
Effective rate
23.3%
One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing
Claims ahead of shareholders
What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.
Other than debt, no claim large enough to list ranks ahead of the shares.
On the other side, it holds $50M of long-term securities and stakes in other companies, at the value in its accounts, about 2.8% of the market value.
On the other side
- at Sep 30, 2026
- $50M
From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.
Earnings quality
How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.
Taxes: deferred and paid
The deferred part was 90.7% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.
Cash taxes paid were 88.3% of the current tax charge in the year to Dec 31, 2025.
- The deferred share is higher than at nine in ten S&P 500 companies.
- Deferred share, year to Dec 31, 2025$37M of $41M
- 90.7%
- Deferred share, year to Dec 31, 2024$11M of $14M
- 79.1%
- Deferred share, year to Dec 31, 2023$18M of $16M
- 112.0%
- $3.4M paid, $3.8M current
- 88.3%
When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.
The earnings per share split is not shown: a figure it needs is missing from the company's structured filings.
Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.
The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.
A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.
The full analysis
What do Happen's filings show?
These are Happen's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.
- A fair value range built from the filings
- Earnings quality, debt and red flags
- Insider and institutional moves
- The case for and the case against
How much revenue did HAPN have in 2025?
Happen had revenue of $999M and net income of $136M in fiscal 2025, a net margin of 13.6%.
How much debt does HAPN have?
On December 31, 2025 Happen had total assets of $11.6B, debt of – and shareholders' equity of $1.5B.
How much free cash flow does HAPN have?
In fiscal 2025 Happen had cash from operations of -$2.7B and spent $140M on capital expenditure, leaving -$2.9B of free cash flow.
Where are the figures from?
From Happen, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.
Related pages
The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.
The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.