Happen, Inc. Common Stock (HAPN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-29.4%

$11.00

vs $15.57 price

Levered DCF

-$24.53

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.15

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.05×	35.2×	24.28×	3.14×	127.26×	-5.1×	-36.06×	-8.65×
P/B	1.46×	1.35×	0.76×	0.78×	2.79×	1.32×	1.22×	1.28×
P/S	1.64×	1.56×	0.83×	0.72×	2.64×	2.1×	1.12×	1.13×
EV / EBITDA	3.48×	7.46×	-2.43×	0.33×	33.73×	-10.62×	104.51×	-52.07×
Gross margin	64.7%	52.4%	54.7%	72.4%	75.7%	66.2%	74.7%	60.7%
Operating margin	25.0%	5.6%	4.8%	12.1%	2.1%	-41.2%	-3.2%	-13.1%
Net margin	10.2%	4.4%	3.4%	22.8%	2.1%	-41.2%	-3.1%	-13.1%
Current ratio	0.1×	0.49×	0.4×	0.25×	0.34×	4.2×	0.46×	0.62×
Debt / equity	0.01×	0.02×	0.05×	0.18×	0.51×	1.37×	2.68×	3.54×
Interest coverage	0.99×	0.17×	0.2×	1.85×	0.23×	-1.25×	-0.12×	-0.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-26.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	3.8%	3.1%	24.9%	2.2%	-25.9%	-3.4%	-14.8%
Return on invested capital	15.7%	3.5%	2.8%	10.3%	1.1%	-10.4%	-1.0%	-3.4%
Return on assets	1.2%	0.5%	0.4%	3.6%	0.4%	-10.1%	-1.0%	-3.4%
Free cash flow yield	-131.3%	-148.6%	-126.2%	33.6%	8.7%	40.5%	-29.2%	-62.3%
Earnings yield	6.2%	2.8%	4.1%	31.8%	0.8%	-19.6%	-2.8%	-11.5%
Enterprise value	$1.3B	$883.4M	-$247.3M	$64.4M	$2.1B	$1.4B	$3.3B	$3.8B
Net debt / EBITDA	-2.44×	-7.82×	-11.74×	-4.3×	-4.1×	-3.47×	69.28×	-36.91×
Cash conversion cycle (days)	-56	-39	-27	-47	-108	-99	-18	-9