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ZYBERNO

Stock Report

Updated Aug 31, 2026

Happen, Inc. (LC)

Financial Services • NYSE

$17.89

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

39.0/100

WEAK BUSINESS

Happen, Inc. (LC) scores 39/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full LC quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+9.8%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full LC valuation analysis · → View full LC Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):AVERAGE (12.9%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):GOOD (23.9%)

Return on Capital (Capital Efficiency):AVERAGE (12.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Happen, Inc. (LC) stock report — Zyberno Score 39/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Happen, Inc. (LC) shows a Brina Gap of +9.8%, which strengthens the case: based on the company's ROIC (12.2%) and reinvestment rate (71.3%), the business can fundamentally grow at 8.7% — but the current enterprise value implies the market expects -1.1%.

Over the trailing twelve months, LC generated -$3.01B in Owner Earnings. Capital was deployed as follows: $12.62M returned via share buybacks, $153.06M invested in capital expenditures. Reinvestment rate: 71.3%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:17.89

Market Cap:$2.06B

Valuation Multiples (4)

P/E Ratio:

10.71x

📊 Click to view full LC P/E analysis →

P/B Ratio:1.32x

P/S Ratio:1.97x

Peg Ratio:0.07x

Enterprise Metrics (2)

Enterprise Value:$2.07B

Ev Ebitda Ratio:8.17x

Price Action & Momentum (1)

% of 52-Week High:82.6%

B. Profitability Assessment

Return Metrics (7)

ROE:

12.9%

📊 Click to view full LC ROE analysis →

ROA:1.7%

Roic:

12.2%

📊 Click to view full LC ROIC analysis →

Reinvestment Rate:71.3%

Fundamental Growth Rate (g):8.7%

Market-Implied Growth Rate:-1.1%

Brina Gap:

9.8%

☷ Click to view full LC Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:23.9%

Net Margin Ttm:18.7%

Ebitda Margin:24.2%

TTM Performance (2)

Operating Margin Ttm:23.9%

Net Margin Ttm:18.7%

Yield Metrics (2)

Earnings Yield:$9.33

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.65

📊 Click to view full LC Earnings Surprise analysis →

EPS Surprise vs Expected:19.0%

Latest Earnings Filed:2026-07-30

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):86.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-50.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):44.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.00x

Quick Ratio:0.00x

Cash Ratio:0.00x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:0.06x

Coverage Ratios (2)

Interest Coverage Ratio:0.51x

Times Interest Earned:0.51

Capital Structure (4)

Working Capital:-10,753,310,000.00

Cash And Cash Equivalents:11,957,000.00

Long Term Debt:$11.37M

Net Debt:$4.42M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.05B

Linear Growth: 1.3%

📊 Click to view full LC Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $250.25M

Linear Growth: 44.2%

📊 Click to view full LC Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $195.58M

Linear Growth: 86.0%

📊 Click to view full LC Net Income analysis & methodology →

Income Before Tax:$250.25M

Ebitda Ttm:253,252,000.00

Operating Expenses (5)

Operating Expenses:714,645,000.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$54.67M

Interest Expense:345,812,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:24.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$12.55B

Current Assets:$11.96M

Ppe Net:276,454,000.00

Goodwill:75,717,000.00

Intangible Assets:$6.03M

Liability Structure (4)

Total Liabilities:10,981,575,000.00

Current Liabilities:10,765,267,000.00

Long Term Debt:$11.37M

Short Term Debt:$5.01M

Equity & Capital (3)

Equity:$1.57B

Retained Earnings:-$92.05M

Common Stock:180,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:83,540,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:6,954,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$3.01B

Linear Growth: -50.0%

Free cash flow TTM: -$3.16B

Linear Growth: -50.0%

📊 Click to view full LC Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$182.54M

Capital Expenditures Ttm:153,059,000.00

Financing Activities (3)

Financing Cash Flow:$327.87M

Dividends Paid Ttm:0.00

Stock Repurchase:12,617,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:3,000,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.70

Eps diluted TTM: $1.67

Linear Growth: 79.1%

📊 Click to view full LC EPS analysis & methodology →

Earnings Per Share Ttm:$1.70

Revenue & Cash Per Share (2)

Sales Per Share Ttm:9.08

Operating Cash Flow Per Share:-$23.64

Book Value & Capital (2)

Book Value Per Share:$13.59

Cash Per Share:0.10

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.09x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:29.10

Cash Conversion Cycle:-2,027.10

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:60.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$3.01B

Damodaran Growth Analysis (4)

Reinvestment Rate:71.3%

Fundamental Growth Rate (g):8.7%

Market-Implied Growth Rate:-1.1%

Brina Gap:

9.8%

☷ Click to view full LC Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):1.3%

Net Income Growth Rate (Linear):86.0%

Operating Income Growth Rate (Linear):44.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-50.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):10.8%

C. Company Profile & Context

Corporate Information (6)

Symbol:LC

Company Name:Happen, Inc.

Sector:Financial Services

Industry:Consumer Finance

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:115.38M

Shares Outstanding Basic:115.38M

Shares Outstanding Diluted:117.27M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 06:49:04 UTC

Data Timestamp:2026-08-31T06:49:04.331224