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Happen Inc.

HAPN Financial Banks Regional

Happen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 15.0% from fiscal 2024.

Revenue
+2.52%
EPS
+31.6%
Free cash flow
+10.4%

Quarter to September 2026, against a year earlier

16.18 0.51 −3.06%
Market cap
$1.9B
P/E
8.9×
Fwd P/E
8.2×
Dividend yield
—
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.15
Sold, $m 9.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — 3 — — — — — —
Sell 4 1 1 1 — 2 6 4 4 3 1 —
Insider Ownership 3.29%

Capital & Financial Ratios $m

Size
Market Cap 1,860.00
Revenue ttm 1,402.42
Net income ttm 210.58
Free cash flow ttm (2,874.69)
Net debt Q (793.06)
Valuation
P/E 8.87
Forward P/E 8.20
Price / sales 1.33
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.17
Financial health
Current ratio Q 0.75
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +2.52% (above 0%: growing)
Operating income growth Q +34.13% (above 0%: growing)
EPS, this year +62.68% (at or above 15%: strong)
EPS, next year A +25.89% (at or above 15%: strong)
Revenue, next year A −98.78% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +38.06% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 24.67%
10-year low 10-year high
P/S against its own 10 years 54.13%
10-year low 10-year high
P/B against its own 10 years 35.46%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,294 977 930 793
Receivables — — — —
Inventory — — — —
Other — — — —
6,515 6,531 7,163 8,591
2023 2024 2025 Q'26
Payables 7,333 9,068 9,834 11,481
ST’ Debt — — — —
Other — — — —
7,353 9,068 9,834 11,481

Compound Annual Growth %

10y 5y 3y
Sales 3.14% 23.29% 1.68%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% (22.34%)
Book Value 3.71% 15.68% 8.82%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.47 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 0.42 0.50 Beat by 0.08
Q3 FY26 0.47 0.50 Beat by 0.03
Q4 FY26 0.45 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.44 0.50 0.50 — —
’25 0.10 0.33 0.37 0.35 1.16
’24 0.11 0.13 0.13 0.08 0.45
’23 0.13 0.09 0.05 0.09 0.36
’22 0.39 1.73 0.41 0.22 2.79
’21 (0.49) 0.09 0.26 0.27 0.18
’20 (0.56) (0.87) (0.38) (0.29) (2.63)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 337 353 358 — —
’25 300 331 350 354 1,335
’24 265 278 302 315 1,161
’23 301 300 271 262 1,135
’22 302 342 324 301 1,270
’21 132 226 264 277 899
’20 176 82 105 106 468
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (619) (573) (692) — —
’25 (339) (713) (771) (904) (2,727)
’24 (847) (932) (670) (185) (2,634)
’23 114 (91) (345) (815) (1,137)
’22 41 191 110 33 376
’21 (51) 84 86 122 240
’20 (216) 162 419 53 418
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (645) (601) (710) — —
’25 (352) (804) (792) (919) (2,867)
’24 (858) (945) (682) (203) (2,688)
’23 98 (107) (361) (826) (1,196)
’22 19 175 93 19 306
’21 (58) 75 76 112 205
’20 (228) 154 414 47 387
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,192 1,177 1,181 1,006 468 899 1,270 1,135 1,161 1,335 1,402 +1.3% 16 20 23 (74.1%)
Gross margin, % 42.26 51.44 67.35 75.41 67.90 91.10 93.50 76.15 67.79 74.84 74.50 +32.6 pt
EBT (150) (153) (128) (31) (188) 18 153 55 65 177 270 n/m
EBT margin, % (12.60) (13.04) (10.85) (3.07) (40.05) 2.05 12.05 4.81 5.60 13.26 19.24 +25.9 pt
Net income (146) (154) (128) (31) (188) 19 290 39 51 136 211 n/m
Per share, $
Per share, $ Revenue 15.37 14.39 13.96 11.53 6.01 9.22 12.26 10.47 10.39 11.65 12.14 (3.0%)
Earnings (1.90) (1.90) (1.50) (0.35) (2.63) 0.19 2.80 0.36 0.46 1.18 1.82 n/m
Cash flow 0.01 (7.01) (7.56) (3.10) 5.36 2.46 3.63 (10.48) (23.58) (23.79) (24.13) n/m
Capex (0.67) (0.55) (0.63) (0.58) (0.40) (0.35) (0.67) (0.55) (0.49) (1.22) (0.76) +7.0%
Free cash flow (0.66) (7.56) (8.19) (3.68) 4.96 2.11 2.96 (11.03) (24.06) (25.02) (24.89) +49.7%
Book value 12.58 11.34 10.30 10.31 9.29 8.72 11.24 11.54 12.01 13.09 13.79 +0.4%
Shares, m 78 82 85 87 78 97 104 108 112 115 115 +4.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 142.24 3.02 24.06 35.20 16.05 8.87 22.1
P/S 1.76 1.49 0.94 1.10 1.76 2.62 0.69 0.83 1.56 1.63 1.33 1.4
P/B 2.15 1.89 1.28 1.22 1.14 2.77 0.75 0.75 1.35 1.45 1.17 1.5
EV/Sales 4.81 3.48 2.40 2.27 1.77 2.03 (0.15) (0.30) 0.73 0.94 — 1.8
EV/FCF (111.69) (6.63) (4.09) (7.11) 2.15 8.87 (0.63) 0.28 (0.32) (0.44) — (12.0)
Cash, $m
Cash, $m Operating cash flow 1 (573) (640) (271) 418 240 376 (1,137) (2,634) (2,727) (2,787) n/m
Capex (52) (45) (53) (51) (31) (34) (69) (60) (54) (140) (88) +11.7%
Free cash flow (51) (618) (693) (321) 387 205 306 (1,196) (2,688) (2,867) (2,875) +56.4%
Balance, $m
Balance, $m Working capital 4,915 3,937 3,214 2,183 1,332 997 454 (838) (2,538) (2,671) (2,890) n/m
Net debt 3,627 2,343 1,721 1,182 8 (534) (1,069) (1,294) (977) (930) (793) n/m
Shareholders’ equity 976 928 871 900 724 850 1,164 1,252 1,342 1,500 1,593 +4.9%
Returns, %
Returns, % ROA (2.57) (3.02) (3.03) (0.90) (7.74) 0.55 4.50 0.46 0.53 1.22 1.73 +3.8 pt
ROIC (2.04) (2.93) (3.09) (0.93) (16.01) 3.64 100.43 0.00 11.16 19.40 21.08 +21.4 pt
ROE (14.47) (16.16) (14.27) (3.47) (23.09) 2.36 28.76 3.22 3.96 9.55 13.78 +24.0 pt
People
People Employees 1,530 1,837 1,768 1,538 1,030 1,384 1,585 1,025 1,002 1,075 — (3.8%)
Revenue/emp, $m 0.78 0.64 0.67 0.65 0.45 0.65 0.80 1.11 1.16 1.24 — +5.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Happen Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BLX Bladex Inc. $2.3B 8.1× 7.6× +12.12% (above 0%: growing) +13.49% (above 0%: growing) −117.11% (below 0%: shrinking) 42.29% 0.00% Compare
CHCO City Holding Company $2.0B 15.5× 15.2× +1.16% (above 0%: growing) +1.24% (above 0%: growing) −0.06% (below 0%: shrinking) 80.74% 0.00% Compare
TBBK The Bancorp, Inc. $2.0B 8.4× 7.8× −18.88% (below 0%: shrinking) +28.59% (above 0%: growing) −31.16% (below 0%: shrinking) 100.00% 0.00% Compare
GABC German American Bancorp, Inc. $1.9B 13.3× 12.4× +3.05% (above 0%: growing) +21.43% (above 0%: growing) +110.42% (above 0%: growing) 78.75% 0.00% Compare
HAPN Happen Inc. $1.9B 8.9× 8.2× +2.52% (above 0%: growing) +31.59% (above 0%: growing) +10.37% (above 0%: growing) 73.43% 0.00%
DCOM Dime Community Bancshares, Inc. $1.9B 13.8× 12.4× +5.20% (above 0%: growing) +52.54% (above 0%: growing) +106.33% (above 0%: growing) 68.53% 0.00% Compare
OCFC OceanFirst Financial Corp. $1.8B 21.6× 16.6× +32.21% (above 0%: growing) n/m +27.08% (above 0%: growing) 59.64% 0.00% Compare
FSUN FirstSun Capital Bancorp $1.8B 19.8× 19.8× +88.18% (above 0%: growing) n/m +8,383.96% (above 0%: growing) 67.96% 0.00% Compare
STBA S&T Bancorp, Inc. $1.8B 12.8× 12.3× +0.71% (above 0%: growing) +19.78% (above 0%: growing) −0.50% (below 0%: shrinking) 73.62% 0.00% Compare
Median of peers $1.9B 13.6× 12.4× +4.12% +20.61% +13.51% 71.08% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.82m 9.87m 179.36
2024 8.91m 18.98m 153.31
2023 4.56m 2.71m 82.77
2022 4.92m (14.60m) 83.33
2021 6.94m 22.81m 228.98

Ownership

Directors and executive officers, together 3.31%
Entities Affiliated with Wellington Management Group LLP 10.37%
Entities Affiliated with Vanguard Group Inc. 9.76%
Entities Affiliated with BlackRock, Inc. 7.33%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/HAPN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com