HAPNHappen, Inc.

Personal Credit Institutions · $1.8B market cap · 1,075 employees

1.1×

About as likely as average to be taken private

Top 16% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

Earnings not backed by cashYes
-20× net income
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

12 other checks

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support
Low revenue per employeeNo
$293K · 30th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Recurring revenueNo
5 of 10
10-K business scored 7+ of 10 for recurring revenue
AI-rollup shapedNo
1 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Filed	Form	Acquirer	Price	Premium
Jan 5, 2018	SC TO-T	IEG Holdings Corp	—	—
Jul 12, 2017	SC TO-T	IEG Holdings Corp	—	—

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	—	—	—

None on file.

−$9Mnet selling by insiders, open market, last 12 months

Bought $0 · 0 tradesSold $9M · 30 trades

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