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Harmonic Inc.

HLIT Technology Communication Equipment

Harmonic Inc.’s revenue for fiscal 2025 (year ended December 2025) was $360.5 million, down 46.9% from fiscal 2024.

Revenue
+4.53%
EPS
+571.0%
Free cash flow
−124.4%
Total debt
−69.9%

Quarter to September 2026, against a year earlier

9.59 0.28 +3.01%
Market cap
$1.0B
P/E
0.0×
Fwd P/E
20.6×
Dividend yield
—
F-score
4/9
Altman Z
−0.97
Beneish M
−3.86
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.50
Sold, $m 0.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell 1 — — — — 2 — — — — — —
Insider Ownership 1.87%

Capital & Financial Ratios $m

Size
Market Cap 1,010.00
Revenue ttm 450.34
Net income ttm (35.19)
Free cash flow ttm (24.79)
Net debt Q (106.49)
Valuation
P/E 0.00
Forward P/E 20.60
Price / sales 2.27
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.72
Financial health
Current ratio Q 2.43 (at or above 1.5: strong)
Debt / equity Q 0.10 (at or below 0.5: strong)
Interest coverage Q 21.84
Growth
Revenue growth Q +4.53% (above 0%: growing)
Operating income growth Q +166.41% (above 0%: growing)
EPS, this year +71.51% (at or above 15%: strong)
EPS, next year A +8.19%
Revenue, next year A +43.29% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +27.17% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 1.9×; over the ten years it ranged from 0.6× in 2016 to 4.2× in 2026.
P/S against its own 10 years 77.37%
10-year low 10-year high
P/B against its own 10 years 49.58%
10-year low 10-year high
EV/Sales against its own 10 years 61.42%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 84 101 124 143
Receivables 142 144 86 117
Inventory 84 43 48 95
Other — 267 224 —
331 565 494 380
2023 2024 2025 Q'26
Payables 39 28 23 56
ST’ Debt — 2 3 3
Other 61 142 134 71
272 192 198 156

Compound Annual Growth %

10y 5y 3y
Sales (0.45%) (0.99%) (16.75%)
Cash Flow 32.75% 22.48% 170.15%
Earnings 0.00% 0.00% 0.00%
Book Value 1.56% 8.21% 5.70%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY25 Estimate 0.17 Actual 0.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.10 0.14 Beat by 0.04
Q1 FY25 0.12 0.17 Beat by 0.05
Q2 FY25 0.17 0.24 Beat by 0.07
Q3 FY25 0.17 0.23 Beat by 0.06
Q4 FY25 0.16 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.07 (0.02) 0.13 — —
’25 0.05 0.03 0.02 (0.49) (0.38)
’24 (0.07) (0.11) 0.19 0.32 0.33
’23 0.04 0.01 (0.06) 0.72 0.72
’22 (0.01) 0.14 0.08 0.05 0.25
’21 (0.06) (0.02) 0.01 0.18 0.12
’20 (0.23) (0.16) (0.06) 0.13 (0.30)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 122 133 149 — —
’25 85 87 142 46 361
’24 122 139 196 222 679
’23 158 156 127 167 608
’22 147 157 156 164 625
’21 112 113 126 156 507
’20 78 74 95 132 379
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 32 (58) (2) — —
’25 84 (12) 24 12 108
’24 27 (22) 9 49 62
’23 6 (17) 11 6 7
’22 (27) 22 (8) 19 5
’21 2 17 15 7 41
’20 (11) 12 (3) 42 39
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 30 (60) (5) — —
’25 82 (15) 21 10 97
’24 25 (24) 6 46 53
’23 4 (18) 9 4 (1)
’22 (30) 19 (10) 17 (4)
’21 (2) 13 12 5 28
’20 (22) 2 (9) 36 7
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 406 358 404 403 379 507 625 608 679 361 450 (1.3%) 517 572 568 +16.4%
Gross margin, % 49.46 47.40 51.84 55.36 51.47 51.22 50.54 29.30 35.38 48.47 49.29 (1.0) pt
EBT (80) (85) (17) (7) (26) 9 44 28 72 9 65 n/m
EBT margin, % (19.81) (23.64) (4.20) (1.64) (6.92) 1.75 7.12 4.58 10.54 2.46 14.47 +22.3 pt
Net income (72) (83) (21) (6) (29) 13 28 84 39 (43) (35) (5.5%)
Per share, $
Per share, $ Revenue 5.22 4.42 4.71 4.50 3.91 5.00 5.95 5.44 5.90 3.17 4.13 (5.4%)
Earnings (0.93) (1.02) (0.25) (0.07) (0.30) 0.12 0.27 0.75 0.34 (0.38) (0.31) (9.5%)
Cash flow 0.01 0.04 0.14 0.35 0.40 0.40 0.05 0.06 0.54 0.95 (0.15) +76.9%
Capex (0.19) (0.14) (0.08) (0.12) (0.33) (0.13) (0.09) (0.08) (0.08) (0.10) (0.08) (7.4%)
Free cash flow (0.19) (0.10) 0.06 0.23 0.07 0.28 (0.04) (0.01) 0.46 0.85 (0.23) n/m
Book value 3.48 2.70 2.67 2.82 2.66 2.92 3.09 3.91 4.04 3.37 3.44 (0.4%)
Shares, m 78 81 86 90 97 101 105 112 115 114 110 +4.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 94.08 49.42 17.48 38.91 0.00 0.00 20.0
P/S 1.01 0.95 1.00 1.73 1.89 2.35 2.20 2.42 2.24 3.12 2.27 1.9
P/B 1.51 1.56 1.77 2.77 2.77 4.03 4.25 3.37 3.27 2.93 2.72 2.8
EV/Sales 1.14 1.16 1.17 1.90 2.05 2.41 2.28 2.51 2.26 3.08 2.03 2.0
EV/FCF (31.53) (49.76) 90.31 36.54 111.63 43.58 (377.50) (1,076.11) 29.13 11.48 (36.95) (121.2)
Cash, $m
Cash, $m Operating cash flow 0 3 12 31 39 41 5 7 62 108 (16) +84.4%
Capex (15) (11) (7) (10) (32) (13) (9) (8) (9) (11) (9) (3.4%)
Free cash flow (15) (8) 5 21 7 28 (4) (1) 53 97 (25) n/m
Balance, $m
Balance, $m Working capital 72 30 60 59 91 99 23 58 373 296 223 +17.0%
Net debt 62 75 69 67 60 29 47 (74) 13 (12) (106) n/m
Shareholders’ equity 271 218 228 252 258 296 325 437 465 383 376 +3.9%
Returns, %
Returns, % ROA (13.40) (15.62) (4.13) (1.08) (4.97) 2.06 4.02 11.36 5.01 (5.72) (5.22) +7.7 pt
ROIC (12.60) (15.12) (1.05) 2.56 (2.44) 3.62 7.66 5.17 9.77 2.37 15.85 +15.0 pt
ROE (24.15) (33.93) (9.42) (2.46) (11.46) 4.78 9.08 22.06 8.69 (10.21) (8.60) +13.9 pt
People
People Employees 1,376 1,244 1,162 1,172 1,169 1,267 1,340 1,359 1,240 534 — (10.0%)
Revenue/emp, $m 0.29 0.29 0.35 0.34 0.32 0.40 0.47 0.45 0.55 0.68 — +9.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Harmonic Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EXTR Extreme Networks, Inc. $2.8B 52.7× 42.1× +9.94% (above 0%: growing) +203.75% (above 0%: growing) +285.41% (above 0%: growing) 62.13% 6.77% Compare
DGII Digi International Inc. $2.4B 48.0× 47.9× +28.98% (above 0%: growing) +50.00% (above 0%: growing) +41.46% (above 0%: growing) 64.85% 16.51% Compare
VISN Vistance Networks, Inc. $1.3B 0.2× 9.4× −37.66% (below 0%: shrinking) +1,671.43% (above 0%: growing) −200.40% (below 0%: shrinking) 35.33% (2.78%) Compare
HLIT Harmonic Inc. $1.0B — (loss-making) 20.6× +4.53% (above 0%: growing) +571.00% (above 0%: growing) −124.42% (below 0%: shrinking) 51.81% 17.58%
FEIM Frequency Electronics, Inc. $611.5M 218× 55.2× +69.79% (above 0%: growing) +485.71% (above 0%: growing) +361.82% (above 0%: growing) 45.84% 22.17% Compare
TSAT Telesat Corporation $567.4M — (loss-making) — (loss-making) −21.45% (below 0%: shrinking) n/m +1,108.22% (above 0%: growing) 8.53% (30.37%) Compare
NTGR NETGEAR, Inc. $517.2M — (loss-making) — (loss-making) −9.33% (below 0%: shrinking) n/m +69.51% (above 0%: growing) 40.09% (8.19%) Compare
GILT Gilat Satellite Networks Ltd. $514.6M 14.6× 21.6× +16.86% (above 0%: growing) −35.29% (below 0%: shrinking) −250.32% (below 0%: shrinking) 30.37% 3.83% Compare
CLFD Clearfield, Inc. $390.1M — (loss-making) 153× +13.18% (above 0%: growing) +100.00% (above 0%: growing) −6.00% (below 0%: shrinking) 31.79% 5.86% Compare
Median of peers $589.5M 48.0× 45.0× +11.56% +151.88% +55.49% 37.71% 4.85%

All 46 Communication Equipment stocks →

Pay and ownership Proxy statement filed 24 April 2026

Ownership

Directors and executive officers, together 1.74%
BlackRock, Inc. 16.23%
The Vanguard Group 11.09%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Harmonic Inc. (HLIT) Latest News

3 Nov

Impact 4 · · Moby
Impact 4 · · Investing.com
Impact 4 · · GuruFocus.com

2 Nov

Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool transcript
Impact 3 · · Associated Press
Impact 3 · · MarketBeat
Impact 3 · · Zacks

12 Oct

Impact 3 · · PR Newswire

9 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 4 · · PR Newswire

4 Oct

Impact 3 · · Simply Wall St.

30 Sep

Impact 4 ·

24 Sep

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15 Sep

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10 Sep

Impact 3 ·

8 Sep

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19 Aug

Impact 3 · · The Motley Fool transcript

13 Aug

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 · · Moby

12 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript
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5 Aug

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21 Jul

Impact 3 ·

17 Jun

Impact 4 ·

15 Jun

Impact 3 ·
stockrow.com/HLIT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com