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HAPN · NASDAQ · Banks - Regional

Happen

Digital marketplace bank for consumer lending, deposits, and institutional loan distribution.

$18.24

After-hours close+0.34 (+1.93%)

At close$17.90(−2.98%)

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Profile

Happen, Inc. Common StockHAPNFinancials

Offers consumer loans, deposit accounts, auto refinancing, point-of-sale finance, and small-business banking through a branchless digital bank, while its marketplace sells and services credit for institutional investors. Earnings combine balance-sheet interest income with fees from loan originations, sales, and servicing.

Operates a branchless, nationally chartered digital bank serving creditworthy U.S. consumers through personal loans, savings and checking accounts, auto refinancing, small-business banking, and point-of-sale financing. Its institutional marketplace sells whole loans or loan-backed securities to asset managers, financial institutions, insurers, and other investors.

Combines proprietary credit models, automated decisioning, deposit funding, and loan servicing. It earns interest on loans and securities kept on the bank balance sheet, while loan sales generate origination, servicing, and related marketplace revenue.

Revenue and origination capacity depend on consumer credit performance, deposit costs, and demand from institutional loan buyers. As a bank holding company with an FDIC-insured national-bank subsidiary, it operates under capital, liquidity, consumer-compliance, safety-and-soundness, and affiliate-transaction rules.

Company facts

CEOScott Sanborn

ListedJun 22, 2026

ExchangeNASDAQ

HeadquartersSan Francisco, CA

CountryUnited States

Employees1,075

CIK0001409970

ISINUS52603A2087

Key statistics

Market cap$2.06B

EPS (ttm)$1.66

P/E (ttm)10.78

ROE12.9%

P/B1.32

P/S1.57

Dividend yield—

Beta2.31vs XLF 1.28

Year to date −6.4% · Average volume (30d) 1.4M

Analysts

Price target, next 12 months$22.50+25.8%Median of 22 analysts · vs the Aug 28 close

ConsensusBuy11 of 22 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $17.89

High$22.50+25.8%

Median$22.50+25.8%

Low$22.50+25.8%

12 months agoNowIn 12 months

Latest analyst notes

No analyst notes in the last 24 months.

Earnings

EPS

Estimate$0.46

ReportedDue Oct 28, 2026

Revenue

Estimate$275.5M

ReportedDue Oct 28, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 27, 2026Q2 FY26	$0.43	$0.50	+16.5%	$262.3M	$262.9M	+0.2%	+1.07%
Apr 27, 2026Q1 FY26	$0.38	$0.44	+15.8%	$249.1M	$252.3M	+1.3%	−1.80%
Jan 28, 2026Q4 FY25	$0.31	$0.35	+12.9%	$262.0M	$266.5M	+1.7%	−15.99%
Oct 22, 2025Q3 FY25	$0.30	$0.37	+21.9%	$256.3M	$349.6M	+36.4%	+10.47%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$299.8M	$331.3M	$349.6M	$354.0M	$261.2M	$352.8M
Gross profit	$159.6M	$208.7M	$220.0M	$266.5M	$176.2M	$273.8M
Operating income	$15.7M	$54.0M	$57.2M	$97.2M	−$8.7M	$93.9M
Net income	$11.7M	$38.2M	$44.3M	$41.6M	$51.6M	$58.1M
Diluted EPS	$0.10	$0.33	$0.37	$0.35	$0.44	$0.50
Gross margin	53.2%	63.0%	62.9%	75.3%	67.5%	77.6%
Operating margin	5.2%	16.3%	16.4%	27.5%	-3.3%	26.6%

Fiscal years (4-quarter sums)FY24 $1.16B · FY25 $1.33B

Revenue by product · Q2 FY26

Financial Service$164.0M · 93%

Servicing Fees$12.9M · 7%

Balance sheet, Jun 30, 2026Cash & short-term investments $4.06B · Total debt $11.4M · Total assets $12.55B · Shareholders' equity $1.57B

Dividends

No dividends on record.

Ownership

Institutions —Insiders 1.73%

Shares outstanding 115.41M · Float 111.50M

This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% of company	Form	Filed
Vanguard Capital Management	5.77M	5.00% of class	13G	Jul 31, 2026
Scott Sanborn · director, officer: CEO	1.46M	1.27%	Form 4	Aug 27, 2026
Andrew LaBenne · officer: Chief Financial Officer	233.6K	0.20%	Form 4	Aug 27, 2026
Jordan Cheng · officer: General Counsel & Secretary	109.2K	0.09%	Form 4	Aug 27, 2026
Erin Selleck · director	81.2K	0.07%	Form 4	Aug 27, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 26, 2026	Scott Sanborn	director, officer: CEO	−28,750	$18.25
Jun 5, 2026	Erin Selleck	director	−2,391	$17.40
Aug 20, 2026	Fergal Stack	officer: SVP, Corporate Controller	−37,500	$18.11
Aug 19, 2026	Fergal Stack	officer: SVP, Corporate Controller	−37,500	$18.64
Aug 18, 2026	Fergal Stack	officer: SVP, Corporate Controller	−40,000	$18.86