HAPNHappen, Inc.
Personal Credit Institutions
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.8B
- Employees
- 1,075
- Net debt / EBITDA
- —
- −$525M net debt
- AI in 10-K
- 4.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-20× net incomeCash flow under 80% of net income
- Dilutive SBCYes11% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$293K · 30th pctBottom quartile of its SIC industry
- Quiet on AINo4.8 per 10K words · 82nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$9M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $19M | $290M | $39M | $51M | $136M | 165% |
| Operating cash flow | $240M | $376M | −$1.1B | −$2.6B | −$2.7B | 3.5% |
| Capex | $34M | $69M | $60M | $54M | $140M | 158% |
| Stock-based comp | $67M | $66M | $52M | $40M | $34M | 14% |
| Dividends | $0 | $0 | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $9M · 30
- Net
- −$9M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $10M | 179 | 168 |
| FY2024 | $9M | $19M | 153 | 130 |
| FY2023 | $5M | $3M | 83 | 98 |
| FY2022 | $5M | −$15M | 83 | 103 |
| FY2021 | $7M | $23M | 229 | 135 |