A10 Networks vs Harmonic
Harmonic is the larger business, with $361m of revenue in fiscal 2025 against $291m for A10 Networks (1.2 times as much). A10 Networks grew faster (11.0% against -26.2%). A10 Networks kept more of each dollar of sales as profit: a net margin of 14.5% against -12.0%. Harmonic carries less debt relative to equity (29.2% against 103.4%).
| Latest fiscal year | A10 NetworksATEN, 2025 | HarmonicHLIT, 2025 |
|---|---|---|
| Revenue | $291m | $361m |
| Revenue growth | 11.0% | -26.2% |
| Net income | $42.1m | −$43.3m |
| Operating margin | 16.2% | 3.9% |
| Net margin | 14.5% | -12.0% |
| Return on equity | 19.0% | -10.2% |
| Free cash flow | $64.8m | $96.9m |
| Cash | $71.1m | $124m |
| Total debt | $219m | $112m |
| Debt to equity | 103.4% | 29.2% |
| Dividend per share | $0.24 | — |
| Dividend yield | 1.0% | — |
| Share buybacks | $68.9m | $79.0m |
| Employees | — | 534 |
| Market value | $1.76bn | $1.12bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 69 (Moderate) | 47 (Moderate) |
| Insider trades, 12 months | 0 buys, 6 sales | 1 buys, 5 sales |