Harmonic vs Telesat
Harmonic is the larger business, with $361m of revenue in fiscal 2025 against $299m for Telesat (1.2 times as much). Harmonic grew faster (-26.2% against -28.2%). Harmonic kept more of each dollar of sales as profit: a net margin of -12.0% against -37.2%. Harmonic carries less debt relative to equity (29.2% against 658.2%).
| Latest fiscal year | HarmonicHLIT, 2025 | TelesatTSAT, 2025 |
|---|---|---|
| Revenue | $361m | $299m |
| Revenue growth | -26.2% | -28.2% |
| Net income | −$43.3m | −$111m |
| Operating margin | 3.9% | -72.7% |
| Net margin | -12.0% | -37.2% |
| Return on equity | -10.2% | -25.3% |
| Free cash flow | $96.9m | −$52.9m |
| Cash | $124m | $372m |
| Total debt | $112m | $2.55bn |
| Debt to equity | 29.2% | 658.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $79.0m | — |
| Employees | 534 | — |
| Market value | $1.12bn | $597m |
| Price vs our value range | Above our value range | — |
| Moat score | 47 (Moderate) | — |
| Insider trades, 12 months | 1 buys, 5 sales | 0 buys, 0 sales |