Happen, Inc. (LC) intrinsic value & 10-year financials
Happen, Inc. (LC) has a Graham intrinsic value of $38.53 per share. Over the last 10 fiscal years revenue grew 2.5% a year to $625.7M, with an average return on invested capital of 72.7%.
- Graham intrinsic value
- $38.53
- Revenue (FY2025)
- $625.7M
- Revenue growth (10-yr CAGR)
- 2.5%
- ROIC (10-yr avg)
- 72.7%
- Free cash flow (FY2025)
- -$2.9B
LC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $625.7M | $135.7M | $1.16 | -$2.9B | — | 29.0% |
| FY2024 | $534.0M | $51.3M | $0.45 | -$2.7B | — | 30.1% |
| FY2023 | $561.8M | $38.9M | $0.36 | -$1.2B | — | 400.3% |
| FY2022 | $474.8M | $289.7M | $2.79 | $306.1M | — | 369.3% |
| FY2021 | $818.6M | $18.6M | $0.18 | $205.5M | — | 8.9% |
| FY2020 | $314.7M | -$187.5M | — | $386.9M | — | -61.7% |
| FY2019 | $604.2M | -$30.7M | -$0.35 | -$321.3M | — | -3.5% |
| FY2018 | $530.6M | -$128.3M | -$0.30 | -$691.9M | — | -14.3% |
| FY2017 | $574.5M | -$153.8M | -$0.38 | -$635.4M | — | -16.2% |
| FY2016 | $500.8M | -$146.0M | -$0.38 | -$51.3M | — | -15.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LendingClub Corp has demonstrated mature, steady growth, with revenue compounding at 2.5% annually over the past decade.
LendingClub Corp has historically struggled to out-earn its cost of capital, averaging just -3.5% ROIC.
Over the decade, LendingClub Corp shows that management has aggressively returned capital to shareholders by retiring 69.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LendingClub Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $38.53 per share.