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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Insufficient data. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$2.87B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $314.7M 100.0% | $758.6M 100.0% | $694.8M 100.0% | $574.5M 100.0% | $500.8M 100.0% |
| Research & Development | — | — | — | — | — | $139.1M 44.2% | $168.4M 22.2% | $155.3M 22.3% | $142.3M 24.8% | $115.4M 23.0% |
| Selling, General & Admin | — | — | — | — | — | $213.0M 67.7% | $238.3M 31.4% | $228.6M 32.9% | $191.7M 33.4% | $207.2M 41.4% |
| Total Operating Expenses | — | — | — | — | — | $502.3M 159.6% | $789.5M 104.1% | $822.9M 118.4% | $728.0M 126.7% | $651.0M 130.0% |
| Interest Expense | $335.9M | $373.9M | $270.8M | $82.5M | $80.0M | $150.4M 47.8% | $247.3M 32.6% | $385.6M 55.5% | $571.4M 99.5% | $688.4M 137.5% |
| Pretax Income | $176.9M | $65.1M | $54.6M | $153.0M | $18.4M | -$187.6M -59.6% | -$30.9M -4.1% | -$128.3M -18.5% | -$153.2M -26.7% | -$150.2M -30.0% |
| Income Tax Expense | $41.3M | $13.7M | $15.7M | -$136.6M | -$136K | -$79K -0.0% | -$201K -0.0% | $43K 0.0% | $632K 0.1% | -$4.2M -0.8% |
| Net Income | $135.7M | $51.3M | $38.9M | $289.7M | $18.6M | -$187.5M -59.6% | -$30.7M -4.1% | -$128.3M -18.5% | -$153.8M -26.8% | -$146.0M -29.1% |
| Per Share | ||||||||||
| 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 |
| Weighted Avg Shares (Basic) | 114.6M | 111.7M | 108.5M | 103.5M | — | — | 87.3M | 84.6M | 81.8M | 387.8M |
| Weighted Avg Shares (Diluted) | 117.2M | 113.1M | 108.5M | 104.0M | 102.1M | — | 87.3M | 84.6M | 81.8M | 387.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
$0 of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2014-09-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-21
Where each multiple sits in its own 12-yr range · 18th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 9% against ROIC 9% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| R&D | 22.3 | 22.2 | 44.2 | — | — | — | — | — |
| SG&A | 32.9 | 31.4 | 67.7 | — | — | — | — | — |
| Income Tax | 0.0 | -0.0 | -0.0 | — | — | — | — | — |
| Net Income | -18.5 | -4.1 | -59.6 | — | — | — | — | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HAPN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.