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Credit Acceptance vs Happen: revenue, profit, margins and growth compared

Credit Acceptance brought in $2.3B of revenue in fiscal 2025, Happen $998.8M in fiscal 2025. Revenue changed by +7.2% at Credit Acceptance and +26.9% at Happen on the year before, so Happen grew faster. Credit Acceptance kept 18.3% of its revenue as net profit, Happen 13.6%. Free cash flow was $1.1B at Credit Acceptance and -$2.9B at Happen.

Side by side, latest fiscal year

CACCHAPN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.3B$998.8M
Revenue growth+7.2%+26.9%
Net income$423.9M$135.7M
Net margin18.3%13.6%
Free cash flow$1.1B-$2.9B
Free cash flow margin45.4%-287.1%
Earnings per share (diluted)$36.38$1.16
Cash$22.8M$930.4M
Debtn/a$0
Price to earnings15.313.0
Market value$5.8B$1.7B
Dividend yieldn/an/a
Rank by revenue in sector#135 of 444 · Finance#190 of 444 · Finance

Over the years

Revenue
CACC FY2018: $1.3BCACC FY2019: $1.5BCACC FY2020: $1.7BCACC FY2021: $1.9BCACC FY2022: $1.8BCACC FY2023: $1.9BCACC FY2024: $2.2BCACC FY2025: $2.3BHAPN FY2018: $694.8MHAPN FY2019: $758.6MHAPN FY2020: $318.1MHAPN FY2021: $818.6MHAPN FY2022: $1.2BHAPN FY2023: $864.6MHAPN FY2024: $787MHAPN FY2025: $998.8MFY18FY19FY20FY21FY22FY23FY24FY25
CACC $2.3BHAPN $998.8M
Net income
CACC FY2018: $574MCACC FY2019: $656.1MCACC FY2020: $421MCACC FY2021: $958.3MCACC FY2022: $535.8MCACC FY2023: $286.1MCACC FY2024: $247.9MCACC FY2025: $423.9MHAPN FY2018: -$128.3MHAPN FY2019: -$30.7MHAPN FY2020: -$187.5MHAPN FY2021: $18.6MHAPN FY2022: $289.7MHAPN FY2023: $38.9MHAPN FY2024: $51.3MHAPN FY2025: $135.7MFY18FY19FY20FY21FY22FY23FY24FY25
CACC $423.9MHAPN $135.7M
Net margin
CACC FY2018: 44.6%CACC FY2019: 44.1%CACC FY2020: 25.2%CACC FY2021: 51.6%CACC FY2022: 29.2%CACC FY2023: 15.0%CACC FY2024: 11.5%CACC FY2025: 18.3%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
CACC 18.3%HAPN 13.6%
Revenue growth
CACC FY2019: +15.8%CACC FY2020: +12.1%CACC FY2021: +11.2%CACC FY2022: -1.3%CACC FY2023: +3.8%CACC FY2024: +13.7%CACC FY2025: +7.2%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
CACC +7.2%HAPN +26.9%
Free cash flow
CACC FY2018: $678.8MCACC FY2019: $785.5MCACC FY2020: $976.7MCACC FY2021: $1.1BCACC FY2022: $1.2BCACC FY2023: $1.2BCACC FY2024: $1.1BCACC FY2025: $1.1BHAPN FY2018: -$692.7MHAPN FY2019: -$321.3MHAPN FY2020: $386.9MHAPN FY2021: $205.5MHAPN FY2022: $306.1MHAPN FY2023: -$1.2BHAPN FY2024: -$2.7BHAPN FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
CACC $1.1BHAPN -$2.9B

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

Questions about Credit Acceptance and Happen

Which is bigger by revenue, Credit Acceptance or Happen?

Credit Acceptance is bigger by revenue: $2.3B in fiscal 2025, against $998.8M for Happen in fiscal 2025.

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

Credit Acceptance had a net margin of 18.3% in fiscal 2025; Happen had 13.6% in fiscal 2025.

Which grew revenue faster, Credit Acceptance or Happen?

In their latest fiscal years revenue changed by +7.2% at Credit Acceptance 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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