A Business at a Glance
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HARMONIC INC.
HLIT
$1.3B
Mkt Cap
$11.19
-3.53%
HARMONIC INC. (HLIT) has a 5-year average return on invested capital (ROIC) of 7.6%. This is below average and may indicate limited pricing power.
HARMONIC INC. (HLIT) has a market capitalization of $1.3B. It is classified as a small-cap stock.
HARMONIC INC. (HLIT) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.20%.
HARMONIC INC. (HLIT) operates in the Radio & Tv Broadcasting & Communications Equipment industry, within the Industrials sector.
HARMONIC INC. (HLIT) reported annual revenue of $361 million in its most recent fiscal year, based on SEC EDGAR filings.
HARMONIC INC. (HLIT) has a net profit margin of -12.0%. The company is currently unprofitable.
HARMONIC INC. (HLIT) generated $97 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
We are a leading global provider of broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice and video services for their customers. Our Broadband business provides broadband access solutions and related services, including our cOS software-based broadband access solution, to broadband operators globally. We derived approximately 89% of our revenue from the Americas in 2025. The Europe, Middle East and Africa (“EMEA”) and Asia Pacific (“APAC”) regions accounted for 9% and 2% of our 2025 revenue, respectively. Harmonic was initially incorporated in California in June 1988 and was reincorporated in Delaware in May 1995. Our principal executive offices are currently located at 2590 Orchard Parkway, San Jose, California 95131. Our telephone number is (408) 542-2500. Our Internet website is http://www.harmonicinc.com.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 361M | 361M | 488M | 388M | 625M | 507M |
| Net Income | -43M | -43M | 39M | 84M | 28M | 13M |
| EPS | $-0.38 | $-0.38 | $0.33 | $0.72 | $0.25 | $0.12 |
| Free Cash Flow | 97M | 97M | 53M | -1.4M | -3.8M | 28M |
| ROIC | 2.8% | 1.9% | 10.9% | 7.0% | 9.4% | 8.6% |
| Gross Margin | 48.5% | 48.5% | 49.2% | 45.9% | 50.5% | 51.2% |
| Debt/Equity | 0.35 | 0.35 | 0.30 | 0.33 | 0.50 | 0.31 |
| Dividends/Share | $0.00 | - | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 14M | 14M | 75M | 30M | 46M | 19M |
| Operating Margin | 3.9% | 3.9% | 15.3% | 7.7% | 7.3% | 3.7% |
| ROE | -11.3% | -10.2% | 8.7% | 22.1% | 9.1% | 4.8% |
| Shares Outstanding | 114M | 114M | 119M | 117M | 113M | 110M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 434M | 377M | 406M | 358M | 404M | 403M | 379M | 507M | 625M | 388M | 488M | 361M | 361M |
| Gross Margin | 49.0% | 53.8% | 49.5% | 47.4% | 51.8% | 55.4% | 51.5% | 51.2% | 50.5% | 45.9% | 49.2% | 48.5% | 48.5% |
| R&D | 93M | 88M | 98M | 96M | 89M | 85M | 82M | 102M | 120M | 70M | 73M | 76M | 76M |
| SG&A | 131M | 121M | 144M | 136M | 119M | 119M | 120M | 138M | 147M | 78M | 79M | 81M | 81M |
| EBIT | -22M | -13M | -67M | -71M | -5.0M | 13M | -12M | 19M | 46M | 30M | 75M | 14M | 14M |
| Op. Margin | -5.0% | -3.4% | -16.5% | -19.8% | -1.2% | 3.2% | -3.3% | 3.7% | 7.3% | 7.7% | 15.3% | 3.9% | 3.9% |
| Net Income | -46M | -16M | -72M | -83M | -21M | -5.9M | -29M | 13M | 28M | 84M | 39M | -43M | -43M |
| Net Margin | -10.7% | -4.2% | -17.8% | -23.2% | -5.2% | -1.5% | -7.7% | 2.6% | 4.5% | 21.6% | 8.0% | -12.0% | -12.0% |
| Non-Recurring | 2.8M | 1.4M | 18M | 6.6M | 3.8M | 4.5M | 2.3M | 110K | 3.3M | 809K | 16M | 3.0M | 3.0M |
| Returns on Capital | |||||||||||||
| ROIC | -10.7% | -4.5% | -23.6% | -31.3% | -2.7% | 6.7% | -10.8% | 8.6% | 9.4% | 7.0% | 10.9% | 1.9% | 2.8% |
| ROE | -10.7% | -4.5% | -24.2% | -33.2% | -9.2% | -2.5% | -11.5% | 4.8% | 9.1% | 22.1% | 8.7% | -10.2% | -11.3% |
| ROA | -8.5% | -3.1% | -13.4% | -15.6% | -4.1% | -1.1% | -5.0% | 2.1% | 4.0% | 11.4% | 5.0% | -5.7% | -6.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 47M | 6.4M | 438K | 3.1M | 12M | 31M | 39M | 41M | 5.5M | 7.1M | 62M | 108M | 108M |
| Free Cash Flow | 37M | -8.0M | -15M | -8.3M | 5.2M | 21M | 7.0M | 28M | -3.8M | -1.4M | 53M | 97M | 97M |
| Owner Earnings | -6.9M | -29M | -42M | -31M | -26M | -385K | 5.4M | 3.9M | -32M | -33M | 22M | 65M | 65M |
| CapEx | 10M | 14M | 15M | 11M | 7.0M | 10M | 32M | 13M | 9.3M | 8.5M | 9.2M | 11M | 11M |
| Maint. CapEx | 37M | 20M | 29M | 18M | 21M | 20M | 16M | 13M | 12M | 12M | 12M | 11M | 11M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 16M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 37M | 20M | 29M | 18M | 21M | 20M | 16M | 13M | 12M | 12M | 12M | 11M | 11M |
| CapEx/OCF | 21.2% | 226.0% | 3449.1% | 372.0% | 57.3% | 33.0% | 82.2% | 31.6% | 168.9% | 120.1% | 14.8% | 10.3% | 10.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 93M | 73M | 0 | 0 | 0 | 0 | 0 | 0 | 5.1M | 0 | 30M | 79M | 79M |
| Buyback Yield | 13.8% | 20.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | N/A | 1.9% | 7.0% | 6.2% |
| Stock-Based Comp | 17M | 16M | 13M | 17M | 17M | 12M | 18M | 24M | 25M | 27M | 28M | 32M | 32M |
| Debt Repayment | 0 | 3.5M | 582K | 7.4M | 7.1M | 110M | 6.6M | 6.2M | 38M | 4.9M | 116M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -134M | -157M | -54M | -37M | -46M | -41M | -43M | -42M | 71M | 55M | 38M | 9.1M | 9.1M |
| Cash & Equiv. | 73M | 126M | 56M | 57M | 66M | 93M | 99M | 133M | 90M | 84M | 101M | 124M | 124M |
| Long-Term Debt | 0 | 0 | 14M | 15M | 13M | 11M | 22M | 18M | 16M | 0 | 112M | 109M | 109M |
| Debt/Equity | 0.00 | 0.00 | 0.08 | 0.10 | 0.09 | 0.21 | 0.21 | 0.31 | 0.50 | 0.33 | 0.30 | 0.35 | 0.35 |
| Interest Coverage | N/A | -28.4 | -6.6 | -6.7 | -0.4 | 1.1 | -1.1 | 1.8 | 9.0 | 11.1 | 11.6 | 3.7 | 3.7 |
| Equity | 372M | 328M | 271M | 230M | 228M | 252M | 258M | 296M | 325M | 437M | 465M | 383M | 383M |
| Total Assets | 481M | 525M | 554M | 508M | 511M | 587M | 592M | 694M | 710M | 768M | 797M | 718M | 718M |
| Total Liabilities | 109M | 197M | 283M | 290M | 283M | 332M | 333M | 397M | 386M | 331M | 331M | 335M | 335M |
| Intangibles | 11M | 4.1M | 29M | 21M | 13M | 4.5M | 508K | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -1.9B | -1.9B | -2.0B | -2.1B | -2.1B | -2.1B | -2.1B | -2.1B | -2.0B | -2.0B | -2.0B | -2.1B | -2.1B |
| Working Capital | 143M | 201M | 72M | 30M | 60M | 59M | 91M | 99M | 23M | 58M | 373M | 296M | 296M |
| Current Assets | 233M | 286M | 217M | 172M | 197M | 251M | 238M | 323M | 345M | 331M | 565M | 494M | 494M |
| Current Liabilities | 90M | 85M | 145M | 142M | 136M | 192M | 147M | 224M | 322M | 272M | 192M | 198M | 198M |
| Per Share Data | |||||||||||||
| EPS | -0.50 | -0.18 | -0.93 | -1.02 | -0.25 | -0.07 | -0.30 | 0.12 | 0.25 | 0.72 | 0.33 | -0.38 | -0.38 |
| Owner EPS | -0.07 | -0.33 | -0.54 | -0.38 | -0.31 | -0.00 | 0.06 | 0.04 | -0.28 | -0.28 | 0.18 | 0.57 | 0.57 |
| Book Value | 4.02 | 3.77 | 3.48 | 2.83 | 2.71 | 2.98 | 2.65 | 2.68 | 2.88 | 3.74 | 3.92 | 3.36 | 3.36 |
| Cash Flow/Share | 0.51 | 0.07 | 0.01 | 0.04 | 0.15 | 0.37 | 0.40 | 0.37 | 0.05 | 0.06 | 0.52 | 0.95 | -0.28 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 |
| Shares Out. | 92.5M | 87.0M | 77.8M | 81.3M | 84.1M | 84.6M | 97.6M | 110.5M | 112.7M | 116.7M | 118.8M | 114.0M | 114.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 99.1 | 51.8 | 18.0 | 40.8 | N/A | -29.4 |
| P/FCF | 18.2 | N/A | N/A | N/A | 74.8 | 30.8 | 103.8 | 46.8 | N/A | N/A | 30.3 | 11.7 | 13.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 48.6 | N/A | 64.8 | 33.4 | 60.7 | 20.2 | 71.2 | 91.2 |
| Price/Book | 1.8 | 1.1 | 1.5 | 1.6 | 1.7 | 2.6 | 2.8 | 4.4 | 4.5 | 3.5 | 3.4 | 3.0 | 3.3 |
| Price/Sales | 6.9 | 5.7 | 2.5 | 1.0 | 0.9 | 1.3 | 1.6 | 1.9 | 2.0 | 2.5 | 3.1 | 3.1 | 3.5 |
| FCF Yield | 5.5% | -2.2% | -3.6% | -2.4% | 1.3% | 3.2% | 1.0% | 2.1% | -0.3% | -0.1% | 3.3% | 8.5% | 7.6% |
| Market Cap | 677M | 364M | 404M | 350M | 392M | 647M | 722M | 1.3B | 1.5B | 1.5B | 1.6B | 1.1B | 1.3B |
| Avg. Price | 6.77 | 6.51 | 3.86 | 4.59 | 4.50 | 6.30 | 6.13 | 8.66 | 10.90 | 13.10 | 12.61 | 9.92 | 11.19 |
| Year-End Price | 7.32 | 4.18 | 5.20 | 4.30 | 4.66 | 7.64 | 7.40 | 11.89 | 12.95 | 12.93 | 13.45 | 9.96 | 11.19 |
HARMONIC INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 12.7x vs a median of 30.8x. The company's 5-year average ROIC is 7.6% with a gross margin of 49.1%. Total shareholder yield (buybacks) is 6.2%. At current prices, the estimated annualized return to fair value is +16.0%.
HARMONIC INC. (HLIT) has a debt-to-equity ratio of 0.35. This indicates a conservatively financed balance sheet.
HARMONIC INC. (HLIT) reported earnings per share (EPS) of $-0.38 in its most recent fiscal year.
HARMONIC INC. (HLIT) has a return on equity (ROE) of -10.2%. A negative ROE may indicate losses or negative equity.
HARMONIC INC. (HLIT) has a 5-year average gross margin of 49.1%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for HARMONIC INC. (HLIT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HARMONIC INC. (HLIT) has a book value per share of $3.36, based on its most recent annual SEC filing.