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Atlanticus vs Happen: revenue, profit, margins and growth compared

Atlanticus brought in $2B of revenue in fiscal 2025, Happen $998.8M in fiscal 2025. Revenue changed by +50.1% at Atlanticus and +26.9% at Happen on the year before, so Atlanticus grew faster. Atlanticus kept 6.2% of its revenue as net profit, Happen 13.6%.

Side by side, latest fiscal year

ATLCHAPN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2B$998.8M
Revenue growth+50.1%+26.9%
Net income$122.2M$135.7M
Net margin6.2%13.6%
Free cash flown/a-$2.9B
Free cash flow marginn/a-287.1%
Earnings per share (diluted)$5.96$1.16
Cash$621.1M$930.4M
Debtn/a$0
Price to earnings15.513.0
Market value$1.4B$1.7B
Dividend yieldn/an/a
Rank by revenue in sector#147 of 444 · Finance#190 of 444 · Finance

Over the years

Revenue
ATLC FY2018: $5.6MATLC FY2019: $455.2MATLC FY2020: $563.4MATLC FY2021: $748.1MATLC FY2022: $1BATLC FY2023: $1.2BATLC FY2024: $1.3BATLC FY2025: $2BHAPN FY2018: $694.8MHAPN FY2019: $758.6MHAPN FY2020: $318.1MHAPN FY2021: $818.6MHAPN FY2022: $1.2BHAPN FY2023: $864.6MHAPN FY2024: $787MHAPN FY2025: $998.8MFY18FY19FY20FY21FY22FY23FY24FY25
ATLC $2BHAPN $998.8M
Net income
ATLC FY2018: $7.9MATLC FY2019: $26.4MATLC FY2020: $94.1MATLC FY2021: $177.9MATLC FY2022: $135.6MATLC FY2023: $102.8MATLC FY2024: $111.3MATLC FY2025: $122.2MHAPN FY2018: -$128.3MHAPN FY2019: -$30.7MHAPN FY2020: -$187.5MHAPN FY2021: $18.6MHAPN FY2022: $289.7MHAPN FY2023: $38.9MHAPN FY2024: $51.3MHAPN FY2025: $135.7MFY18FY19FY20FY21FY22FY23FY24FY25
ATLC $122.2MHAPN $135.7M
Net margin
ATLC FY2018: 141.4%ATLC FY2019: 5.8%ATLC FY2020: 16.7%ATLC FY2021: 23.8%ATLC FY2022: 13.0%ATLC FY2023: 8.9%ATLC FY2024: 8.5%ATLC FY2025: 6.2%HAPN FY2018: -18.5%HAPN FY2019: -4.1%HAPN FY2020: -59.0%HAPN FY2021: 2.3%HAPN FY2022: 24.4%HAPN FY2023: 4.5%HAPN FY2024: 6.5%HAPN FY2025: 13.6%FY18FY19FY20FY21FY22FY23FY24FY25
ATLC 6.2%HAPN 13.6%
Revenue growth
ATLC FY2019: +8,092.9%ATLC FY2020: +23.8%ATLC FY2021: +32.8%ATLC FY2022: +40.0%ATLC FY2023: +10.4%ATLC FY2024: +13.5%ATLC FY2025: +50.1%HAPN FY2019: +9.2%HAPN FY2020: -58.1%HAPN FY2021: +157.4%HAPN FY2022: +45.0%HAPN FY2023: -27.2%HAPN FY2024: -9.0%HAPN FY2025: +26.9%FY19FY20FY21FY22FY23FY24FY25
ATLC +50.1%HAPN +26.9%
Free cash flow
ATLC FY2018: $41.5MATLC FY2019: $99.7MATLC FY2020: $212MHAPN FY2018: -$692.7MHAPN FY2019: -$321.3MHAPN FY2020: $386.9MHAPN FY2021: $205.5MHAPN FY2022: $306.1MHAPN FY2023: -$1.2BHAPN FY2024: -$2.7BHAPN FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
ATLC $212MHAPN -$2.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Atlanticus and Happen

Which is bigger by revenue, Atlanticus or Happen?

Atlanticus is bigger by revenue: $2B in fiscal 2025, against $998.8M for Happen in fiscal 2025.

Which keeps more of its revenue as profit, Atlanticus or Happen?

Atlanticus had a net margin of 6.2% in fiscal 2025; Happen had 13.6% in fiscal 2025.

Which grew revenue faster, Atlanticus or Happen?

In their latest fiscal years revenue changed by +50.1% at Atlanticus and +26.9% at Happen.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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