Happen, Inc. (HAPN) Key Metrics
HAPN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.67B
- Enterprise value
- $770.9M
- P/E (TTM)
- 8.7 10-yr median 24.3
- Forward P/E
- 6.5
- PEG ratio
- —
- Price / sales
- 1.2 10-yr median 1.6
- Price / book
- 1.2 10-yr median 1.3
- EV / EBITDA
- — 10-yr median 31.1
- Dividend yield
- —
- Beta
- 1.89
HAPN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHAPN valuation Price multiples at each fiscal year-end price.
P/E ratio−53.5%
16.6
2025 · hover or tap a bar for each year
20162025
Price / sales+6.9%
1.7
2025 · hover or tap a bar for each year
20162025
Price / book+9.9%
1.5
2025 · hover or tap a bar for each year
20162025
EV / EBITDA
3.7
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+19.4 pts
−127.4%
2025 · hover or tap a bar for each year
20162025
HAPN returns How much profit the business earns on the capital it uses.
Return on equity+5.6 pts
9.5%
2025 · hover or tap a bar for each year
20162025
Return on assets+0.7 pts
1.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+16.8 pts
−214.8%
2025 · hover or tap a bar for each year
20162025
Cash conversion (OCF / net income)
−20.10
2025 · hover or tap a bar for each year
20162025
Asset turnover+0.8%
0.12
2025 · hover or tap a bar for each year
20162025
HAPN per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+9.4%
$11.23
2025 · hover or tap a bar for each year
20162025
Earnings per share+151.6%
$1.14
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$24.12
2025 · hover or tap a bar for each year
20162025
Book value per share+6.4%
$12.62
2025 · hover or tap a bar for each year
20162025
Shares outstanding+5.1%
118.9M
2025 · hover or tap a bar for each year
20162025
HAPN financial health Debt, liquidity and how easily interest is covered.
Debt / equity−50.3%
0.01
2025 · hover or tap a bar for each year
20162025
Net debt+$3.5B
−$901.8M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+34.55
−2.44
2025 · hover or tap a bar for each year
20162025
Current ratio−79.9%
0.10
2025 · hover or tap a bar for each year
20162025
Interest coverage+470.9%
1.0
2025 · hover or tap a bar for each year
20162025
Debt / assets−49.0%
0.00
2025 · hover or tap a bar for each year
20162025
HAPN efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding0 days
12 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+20 days
64 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−21 days
-53 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+5.8 pts
10.5%
2025 · hover or tap a bar for each year
20162025
HAPN valuation history
Fiscal year-endToday10-year median
HAPN returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HAPN debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HAPN cash returned to shareholders
DividendsBuybacksFree cash flow
HAPN price vs earnings per share
Share price at year-endEPS (right axis)
HAPN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.25B | $1.83B | $948.0M | $915.2M | $2.47B | $955.0M | $1.10B | $1.11B | $1.69B | $2.04B |
| Enterprise value | $1.35B | −$2.55B | −$1.87B | −$277.3M | $1.95B | $1.28B | $3.00B | $3.65B | $4.50B | $5.55B |
| P/E ratio | 16.6 | 35.7 | 24.3 | 3.2 | 132.9 | — | — | — | — | — |
| Price / sales | 1.7 | 1.6 | 0.8 | 0.7 | 2.7 | 2.1 | 1.1 | 1.1 | 1.6 | 1.8 |
| Price / book | 1.5 | 1.4 | 0.8 | 0.8 | 2.9 | 1.3 | 1.2 | 1.3 | 1.8 | 2.1 |
| Price / free cash flow | — | — | — | 3.0 | 12.0 | 2.5 | — | — | — | — |
| Price / operating cash flow | — | — | — | 2.4 | 10.3 | 2.3 | — | — | — | — |
| EV / sales | 1.0 | -2.2 | -1.6 | -0.2 | 2.2 | 2.8 | 3.1 | 3.7 | 4.2 | 5.0 |
| EV / EBITDA | 3.7 | — | — | — | 31.1 | — | 95.8 | — | — | — |
| EV / free cash flow | — | — | — | — | 9.5 | 3.3 | — | — | — | — |
| Earnings yield | 6.0% | 2.8% | 4.1% | 31.7% | 0.8% | −19.6% | −2.8% | −11.5% | −9.1% | −7.2% |
| Free cash flow yield | −127.4% | −146.8% | −126.2% | 33.4% | 8.3% | 40.5% | −29.2% | −62.3% | −36.6% | −2.5% |
| Dividend yield | — | — | — | 0.0% | — | 5.3% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | — | 5.3% | — | — | — | 1.0% |
| Share price at fiscal year-end | $18.94 | $16.19 | $8.74 | $8.80 | $24.18 | $10.56 | $12.62 | $13.15 | $20.65 | $26.25 |
| Per share | ||||||||||
| Revenue per share | $11.23 | $10.26 | $10.47 | $12.21 | $8.80 | $5.03 | $11.22 | $11.60 | $12.95 | $14.37 |
| Earnings per share | $1.14 | $0.45 | $0.36 | $2.79 | $0.18 | −$2.07 | −$0.35 | −$1.52 | −$1.88 | −$1.88 |
| Operating cash flow per share | −$22.94 | −$23.29 | −$10.48 | $3.61 | $2.35 | $4.62 | −$3.10 | −$7.56 | −$7.01 | $0.01 |
| Free cash flow per share | −$24.12 | −$23.77 | −$11.03 | $2.94 | $2.01 | $4.28 | −$3.68 | −$8.19 | −$7.56 | −$0.66 |
| Cash per share | $7.72 | $38.95 | $26.48 | $13.49 | $9.31 | $7.38 | $5.90 | $6.42 | $6.35 | $10.35 |
| Book value per share | $12.62 | $11.86 | $11.54 | $11.19 | $8.32 | $8.01 | $10.31 | $10.28 | $11.28 | $12.58 |
| Tangible book value per share | $11.92 | $11.12 | $10.73 | $10.31 | $6.69 | $7.26 | $10.15 | $10.06 | $10.57 | $11.78 |
| Dividends per share | — | — | — | $0.00 | — | $0.56 | — | — | — | — |
| Capex per share | $1.18 | $0.48 | $0.55 | $0.67 | $0.34 | $0.34 | $0.58 | $0.63 | $0.55 | $0.67 |
| Debt per share | $0.13 | $0.25 | $0.53 | $2.02 | $4.21 | $10.94 | $27.61 | $36.41 | $40.72 | $55.72 |
| Shares outstanding | 118.9M | 113.1M | 108.5M | 104.0M | 102.1M | 90.4M | 87.3M | 84.6M | 81.8M | 77.6M |
| Change in shares outstanding | +5.1% | +4.3% | +4.3% | +1.8% | +12.9% | +3.6% | +3.2% | +3.4% | +5.5% | +3.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.5% | 4.0% | 3.2% | 28.8% | 2.4% | −23.1% | −3.5% | −14.3% | −16.2% | −14.5% |
| Return on invested capital (ROIC) | — | — | — | — | 2.7% | −7.7% | −0.8% | −2.8% | −2.9% | −2.6% |
| Return on assets (ROA) | 1.2% | 0.5% | 0.5% | 4.5% | 0.5% | −7.7% | −0.9% | −3.0% | −3.0% | −2.6% |
| Return on tangible assets | 1.2% | 0.5% | 0.4% | 3.7% | 0.4% | −10.4% | −1.0% | −3.4% | −3.4% | −2.7% |
| Free cash flow margin | −214.8% | −231.6% | −105.3% | 24.1% | 22.9% | 85.0% | −32.8% | −70.6% | −58.4% | −4.6% |
| Income quality (OCF / net income) | −20.10 | −51.32 | −29.19 | 1.30 | 12.91 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $15.8M | $28.5M | $57.2M | $210.2M | $430.0M | $989.1M | $2.41B | $3.08B | $3.33B | $4.32B |
| Cash & short-term investments | $917.7M | $4.41B | $2.87B | $1.40B | $950.7M | $667.2M | $514.7M | $543.4M | $519.3M | $802.7M |
| Net debt | −$901.8M | −$4.38B | −$2.82B | −$1.19B | −$520.7M | $321.9M | $1.89B | $2.54B | $2.81B | $3.52B |
| Debt / equity | 0.01 | 0.02 | 0.05 | 0.18 | 0.51 | 1.37 | 2.68 | 3.54 | 3.61 | 4.43 |
| Debt / assets | 0.00 | 0.00 | 0.01 | 0.03 | 0.09 | 0.53 | 0.81 | 0.81 | 0.72 | 0.78 |
| Net debt / EBITDA | −2.44 | −36.99 | −27.65 | −6.06 | −8.30 | — | 60.61 | — | — | — |
| Current ratio | 0.10 | 0.49 | 0.40 | 0.25 | 0.34 | 4.20 | 0.46 | 0.62 | 5.12 | 11.82 |
| Quick ratio | 0.10 | 0.49 | 0.40 | 0.25 | 0.34 | 4.20 | 0.46 | 0.62 | 5.12 | 11.82 |
| Interest coverage | 1.0 | 0.2 | 0.2 | 1.9 | 0.2 | -1.2 | -0.1 | -0.3 | -0.3 | -0.2 |
| Working capital | −$8.96B | −$4.70B | −$4.47B | −$4.90B | −$2.16B | $532.8M | −$670.4M | −$375.8M | $526.8M | $803.2M |
| Invested capital | $598.6M | −$3.04B | −$1.56B | −$28.2M | $329.6M | $1.05B | $2.79B | $3.41B | $3.73B | $4.49B |
| Tangible asset value | $1.42B | $1.26B | $1.16B | $1.07B | $683.0M | $656.4M | $885.6M | $852.9M | $870.2M | $913.9M |
| Net current asset value | −$9.09B | −$4.82B | −$4.63B | −$5.22B | −$2.95B | −$440.0M | −$1.52B | −$2.34B | −$3.06B | −$3.71B |
| Graham number | $18.01 | $11.00 | $9.65 | $26.49 | $5.84 | — | — | — | — | — |
| Graham net-net per share | −$76.70 | −$42.89 | −$43.11 | −$50.67 | −$29.25 | −$5.09 | −$17.69 | −$28.07 | −$38.02 | −$48.24 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $0 | — | $50.2M | — | — | — | — |
| Share buybacks (net) | — | — | — | — | — | — | — | — | — | $19.5M |
| Dividend payout ratio | — | — | — | 0.0% | — | — | — | — | — | — |
| Dividends + buybacks / free cash flow | — | — | — | 0.0% | — | 13.0% | — | — | — | — |
| Capex / revenue | 10.5% | 4.7% | 5.2% | 5.5% | 3.8% | 6.8% | 5.2% | 5.4% | 4.2% | 4.7% |
| Capex / operating cash flow | — | — | — | 18.5% | 14.3% | 7.5% | — | — | — | 9,512.3% |
| Capex / depreciation | 2.23 | 1.02 | 1.26 | 1.59 | 0.78 | 0.58 | 0.82 | 0.97 | 0.97 | 1.73 |
| Stock-based compensation / revenue | 2.6% | 3.5% | 4.6% | 5.2% | 7.4% | 13.5% | 7.5% | 7.7% | 6.7% | 6.2% |
| SG&A / revenue | 29.3% | 28.6% | 31.3% | 42.3% | 49.5% | 66.8% | 58.1% | 50.7% | 39.8% | 38.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 11.5 | 12.0 | 36.5 | 48.9 | 33.4 | 19.0 | 13.7 | 28.6 | 29.2 | 16.9 |
| Days payables outstanding | 64.1 | 43.9 | 54.2 | 103.9 | 123.3 | 79.5 | 34.3 | 32.5 | 30.9 | 26.6 |
| Cash conversion cycle (days) | -52.6 | -31.9 | -17.7 | -55.0 | -89.9 | -60.6 | -20.6 | -4.0 | -1.7 | -9.7 |
| Receivables turnover | 31.66 | 30.48 | 10.00 | 7.46 | 10.92 | 19.24 | 26.66 | 12.78 | 12.49 | 21.58 |
| Payables turnover | 5.69 | 8.32 | 6.73 | 3.51 | 2.96 | 4.59 | 10.65 | 11.22 | 11.80 | 13.73 |
| Asset turnover | 0.12 | 0.12 | 0.14 | 0.20 | 0.27 | 0.19 | 0.29 | 0.23 | 0.21 | 0.20 |
| Average receivables | $42.2M | $38.1M | $113.5M | $170.2M | $82.3M | $23.7M | $36.7M | $76.8M | $84.8M | $51.6M |
| Average payables | $82.7M | $66.4M | $76.4M | $99.6M | $73.9M | $33.5M | $23.2M | $34.4M | $48.4M | $50.1M |
| Intangibles / total assets | 0.7% | 0.8% | 1.0% | 1.2% | 3.4% | 3.6% | 0.5% | 0.5% | 1.2% | 1.1% |
Computed from HAPN's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HAPN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Happen traded at 16.6 times earnings, against a 10-year median of 24.3. Based on the latest twelve months, the trailing P/E is 8.7 and the forward P/E is 6.5. Happen earned a return on equity of 9.5% in fiscal 2025. It ended the year with $15.8 million of debt and $917.7 million in cash and short-term investments, a net cash position of $901.8 million. The share count rose 53.3% from 77.6M to 118.9M over 9 years.
See the HAPN income statement, the HAPN chart for price history, or the HAPN stock overview for the latest quote and news.
HAPN key metrics FAQ
What is Happen's P/E ratio?
Happen's trailing P/E ratio is 8.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.5. At the end of fiscal 2025 it was 16.6, compared with a 10-year median of 24.3.
What is Happen's EV/EBITDA?
Happen's enterprise value was 3.7 times EBITDA at the end of fiscal 2025 (enterprise value $1.3 billion, EBITDA $369.1 million).
What is Happen's return on equity?
Happen's return on equity (ROE) was 9.5% in fiscal 2025: net income of $135.7 million on average shareholders' equity of $1.4 billion.
How much debt does Happen have?
Happen had total debt of $15.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is Happen's free cash flow yield?
Happen generated -$2.9 billion of free cash flow in fiscal 2025, a free cash flow yield of −127.4% on its market value at year-end ($2.3 billion).
What is Happen's current ratio?
Happen's current ratio was 0.10 at the end of fiscal 2025: current assets were 0.10 times current liabilities.