Harmonic Inc.
HLIT Technology Communication Equipment
In the quarter to June 2026, revenue grew 53.6%, EPS fell 166.7%, free cash flow grew 54.6% and total debt fell 11.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Harmonic Inc. (HLIT) Beneish M-score
Harmonic Inc.'s Beneish M-score for fiscal 2025 is −3.72; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.72 | (0.98) |
| FY2024 | −2.74 | (1.63) |
| FY2023 | −1.11 | 0.94 |
| FY2022 | −2.05 | 0.32 |
| FY2021 | −2.37 | 0.77 |
| FY2020 | −3.14 | (0.38) |
| FY2019 | −2.76 | (0.09) |
| FY2018 | −2.67 | 0.76 |
| FY2017 | −3.43 | (0.58) |
| FY2016 | −2.85 | 0.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.74 | |
| Gross margin index | 1.01 | — | 0.54 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 0.74 | — | 0.66 | |
| Depreciation index | 0.45 | — | 0.05 | |
| SG&A index | 1.39 | — | −0.24 | |
| Total accruals to total assets | (0.15) | — | −0.70 | |
| Leverage index | 1.12 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.72 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HLIT Harmonic Inc. | −3.7× |
| TSAT Telesat Corporation compare | −3.6× |
| ADTN ADTRAN Holdings, Inc. compare | −3.0× |
| DGII Digi International Inc. compare | −2.9× |
| FEIM Frequency Electronics, Inc. compare | −2.5× |
| EXTR Extreme Networks, Inc. compare | −2.5× |
| NTGR NETGEAR, Inc. compare | −2.5× |
| VISN Vistance Networks, Inc. compare | −2.2× |
| GILT Gilat Satellite Networks Ltd. compare | −1.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI