Belden Inc (BDC) vs Harmonic Inc. (HLIT)

Belden Inc and Harmonic Inc. are both Communication Equipment companies. Belden Inc is the larger, with a market value of $4.2B against $1.2B — 3.6× the size. Harmonic Inc. has negative trailing earnings, so its P/E is not meaningful; Belden Inc trades at 17.0×. Belden Inc grew revenue faster over the last twelve months: 9.44% against −24.7%. Belden Inc has the higher net margin (8.52% vs −10.6%) and the lower return on invested capital (9.40% vs 13.6%). Across the 20 metrics below, Belden Inc leads on 14 and Harmonic Inc. on 6.

Valuation

Metric BDC HLIT Communication Equipment median
P/E 17.00 n/m 33.16
P/S 1.44 2.50 2.02
P/B 2.98 3.08 2.02
Price to free cash flow 18.56 800.98 30.03
EV/EBITDA 10.50 8.21 12.47
EV/Sales 1.75 2.23 2.09
Earnings yield 5.88% (4.11%) (0.47%)
Free cash flow yield 5.39% 0.12% 1.43%

Profitability

Metric BDC HLIT Communication Equipment median
Gross margin 37.64% 50.01% 40.03%
Operating margin 11.90% 11.69% 2.43%
Net margin 8.52% (10.62%) (0.64%)
Free cash flow margin 7.41% 0.31% 0.95%
Return on equity 18.64% (11.69%) (1.27%)
Return on assets 7.01% (6.66%) (0.10%)
Return on invested capital 9.40% 13.56% 1.29%

Growth

Metric BDC HLIT Communication Equipment median
Revenue growth (TTM) 9.44% (24.73%) 9.44%
EPS growth (last fiscal year) 23.13% (215.15%) 31.29%
Revenue growth, 5-year CAGR 9.16% (0.99%) 4.92%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BDC HLIT Communication Equipment median
Debt to equity 0.89 0.31 0.05
Current ratio 2.14 3.05 2.07
Net debt to EBITDA 2.01 (0.15) 0.93

Dividend

Metric BDC HLIT Communication Equipment median
Dividend yield 0.19% — 1.01%
Payout ratio 0.03 — 0.34

Size

Metric BDC HLIT Communication Equipment median
Market cap 4.20b 1.18b 592.79m

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