Happen, Inc. HAPN
LendingClub operates a leading nationally chartered digital bank focused on serving a large and underserved segment of creditworthy U.S. consumers that we refer to as the "motivated middle." These consumers are digitally capable, value-conscious, and make frequent use of credit to achieve intentional financial goals; however, they are often poorly served by traditional financial institutions due to structural inefficiencies and limited transparency. Our branchless, mobile-first platform enables members to apply for and manage lending and banking products digitally, delivering competitive pricing and a streamlined experience. We focus on high-demand areas of lending where inefficiencies persist, including personal loans, auto refinance, and point-of-sale financing for major purchases.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $961.5M | $908.0M | $832.6M | $557.3M | $292.8M | $209.7M | $345.3M | $694.8M | $574.5M | $500.8M |
| R&D | — | — | — | — | — | $139.1M | $168.4M | $155.3M | $142.3M | $115.4M |
| SG&A | — | — | — | — | — | $213.0M | $238.3M | $228.6M | $191.7M | $207.2M |
| Total operating expenses | — | — | — | — | — | $502.3M | $789.5M | $822.9M | $728.0M | $651.0M |
| Interest expense | $335.9M | $373.9M | $270.8M | $82.5M | $80.0M | $150.4M | $247.3M | $385.6M | $571.4M | $688.4M |
| Pre-tax income | $176.9M | $65.1M | $54.6M | $153.0M | $18.4M | -$187.6M | -$30.9M | -$128.3M | -$153.2M | -$150.2M |
| Income tax | $41.3M | $13.7M | $15.7M | $136.6M | $136.0K | $79.0K | $201.0K | $43.0K | $632.0K | $4.2M |
| Net income | $135.7M | $51.3M | $38.9M | $289.7M | $18.6M | -$187.5M | -$30.7M | -$128.3M | -$153.8M | -$146.0M |
| EPS, basic | 1.18 | 0.46 | 0.36 | 2.80 | — | — | -0.35 | -1.52 | -1.88 | -0.38 |
| EPS, diluted | 1.16 | 0.45 | 0.36 | 2.79 | 0.18 | — | -0.35 | -1.52 | -1.88 | -0.38 |
| Shares, diluted (wtd. avg.) | $117.2M | $113.1M | $108.5M | $104.0M | $102.1M | — | $87.3M | $84.6M | $81.8M | $387.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $930.4M | $977.4M | $1.29B | $1.12B | $763.6M | $628.5M | $487.1M | $644.1M | $644.3M | $693.4M |
| Property, plant and equipment | $254.1M | $167.5M | $161.5M | $136.5M | $98.0M | $96.6M | $114.4M | $113.9M | $101.9M | $89.3M |
| Goodwill | $75.7M | $75.7M | $75.7M | $75.7M | $75.7M | $0 | $0 | $0 | $35.6M | $35.6M |
| Other intangibles | $7.4M | $8.6M | $12.1M | $16.3M | $21.2M | $11.4M | $14.5M | $18.0M | $21.9M | $26.2M |
| Total assets | $11.57B | $10.63B | $8.83B | $7.98B | $4.90B | $1.86B | $2.98B | $3.82B | $4.64B | $5.56B |
| Short-term debt | — | — | — | $2.6M | $27.8M | $105.0M | — | — | — | — |
| Long-term debt | $0 | $0 | $19.4M | — | — | — | — | — | — | — |
| Total liabilities | $10.07B | $9.29B | $7.58B | $6.82B | $4.05B | $1.14B | $2.08B | $2.95B | $3.71B | $4.59B |
| Retained earnings | -$201.8M | -$337.5M | -$388.8M | -$427.7M | -$717.4M | -$786.2M | -$548.5M | -$517.7M | -$389.4M | -$234.2M |
| Total equity | $1.50B | $1.34B | $1.25B | $1.16B | $850.2M | $724.2M | $900.2M | $871.0M | $927.8M | $975.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.73B | -$2.63B | -$1.14B | $375.6M | $239.9M | $418.0M | -$270.6M | -$639.7M | -$573.4M | $545.0K |
| Depreciation and amortisation | — | $58.8M | $47.2M | $43.8M | $44.3M | $54.0M | $62.2M | $54.8M | $46.2M | $29.9M |
| Stock-based compensation | $34.3M | $40.1M | $52.4M | $66.4M | $66.8M | $61.5M | $73.6M | $75.1M | $71.0M | $69.2M |
| Capital expenditure | $140.3M | $54.3M | $59.5M | $69.5M | $34.4M | $31.1M | $50.7M | $53.0M | $44.6M | $51.8M |
| Investing cash flow | $1.93B | $607.8M | $516.7M | -$2.81B | -$454.4M | $565.8M | $653.8M | $878.7M | $998.6M | -$325.9M |
| Financing cash flow | $747.8M | $1.71B | $789.6M | $2.80B | $349.6M | -$842.4M | -$540.1M | -$239.2M | -$474.3M | $314.5M |
| Dividends paid | — | — | — | $0 | $0 | $50.2M | $0 | $0 | — | — |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $0 | $19.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015923.
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