undamentalytics Newsletter
Sign in

Harmonic Inc. (HLIT) stock

Add to watchlist

Add holding +

NASDAQ: HLIT Nasdaq Communications Equipment Next results ~February 18, 2027

Harmonic Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Harmonic Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds128 adding, 143 cuttingOf 52 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Harmonic files

Where Harmonic stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $345m, down 13.7% on a year earlier, a smaller fall than the 33.9% decline a quarter earlier. Free-cash-flow margin fell to 0.4% from 29.6% a year earlier. Operating margin narrowed to 12.8% from 26.6%. The diluted share count is down 5.6% on a year earlier, which lifts each remaining share. It passes 5 of our 7 financial-health checks.

Our model value for Harmonic is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 17, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 18, 2027 (estimated)

Harmonic Inc.'s trailing-twelve-month revenue fell 13.7% year on year, with a free-cash-flow margin of 0.4%.

Our discounted-cash-flow model values the business at ~$5.2 per share in the base case (~$4.2–$6.4 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -13.7% (+20.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 5.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 13.7% over the last 12 months.
  • Margins narrowing. Operating margin is down 13.8 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 53% and a beta of 2.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.3 points on a year ago.

Latest results: FY2026 Q2

Filed August 17, 2026
Earnings per share
$0.21 against an average estimate of $0.17: beat by 24.7%
Revenue
$133m, up 53.5% on a year earlier
Share reaction
+14.2% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Guidance given
broadband revenue $505m to $525m (full-year 2026); net revenue $125m to $135m (Q3 2026)
Next report
November 2, 2026; average EPS estimate $0.17

Harmonic's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-0.1%
  • 1 month-8.8%
  • This year+3.0%
  • 1 year-4.8%
  • 5 years-4.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$345M
Operating margin
12.8%
Net margin
-13.7%
EPS (TTM, diluted)
$-0.42

Growth

Revenue growth
−13.7%
Change in growth rate
+20.2 pts
Share count change
−5.6%

Cash

Free cash flow (TTM)
$1.4M
FCF margin
0.4%
Stock pay % of revenue
9.5%

Earnings

Last results
November 2, 2026
Next results (est.)
February 18, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Harmonic Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Harmonic Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$13 ~$10–$17 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.2 ~$1.5–$3.2 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.0 ~$1.8–$2.3 Left out: out of range vs price (0.19x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Harmonic Inc. with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$4.07$5.00$4.20$4.72$7.80$7.39$11.76$13.10$13.04$13.23$9.89$10.19
Market value$356m$389m$340m$404m$699m$717m$1.2bn$1.5bn$1.5bn$1.6bn$1.1bn$1.1bn
+ Net debt (− = net cash)−$28m$55m$59m$56m$39m$31m$2m$24m$36m$18m−$12m−$121m
Enterprise value$328m$443m$399m$460m$738m$747m$1.3bn$1.5bn$1.6bn$1.6bn$1.1bn$1.0bn
Multiples
Price / sales 0.9x1.0x0.9x1.0x1.7x1.9x2.5x2.4x3.9x3.2x3.1x3.3x
Price / earnings ——————94.2x52.2x18.2x39.6x——
Price / free cash flow ———77.1x33.3x103.0x44.5x——29.5x11.7xn/m
EV / EBITDA n/m——57.8x30.3x—39.9x25.9x37.0x18.1x44.4x18.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard Harmonic's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.1% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 50.6%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 1.7%; its worst year was -20.2%.

  • Cash conversion 6 / 20

    Free cash flow was positive in 6 of 10 years, at a median 0.7% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 12.6% over five years; stock-based pay has been a median 4.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (52 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.50 +231% $517m +43%
Next $0.81 +13% $572m +11%

Next year's EPS estimate has moved +3.9% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +21.1% on 90 days ago. In the last 30 days, 3 analysts raised Harmonic Inc.'s forecast and 0 cut it.

Consensus EPS forecast Harmonic Inc., last 90 days
$0.40 $0.50 $0.60 $0.70 $0.80 $0.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.41 Current fiscal year, 60 days ago: $0.41 Current fiscal year, 30 days ago: $0.50 Current fiscal year, 7 days ago: $0.50 Current fiscal year, Now: $0.50 $0.50 Next fiscal year, 90 days ago: $0.78 Next fiscal year, 60 days ago: $0.81 Next fiscal year, 30 days ago: $0.81 Next fiscal year, 7 days ago: $0.81 Next fiscal year, Now: $0.81 $0.81

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.41$0.78
60 days ago $0.41$0.81
30 days ago $0.50$0.81
7 days ago $0.50$0.81
Now $0.50$0.81

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.17 $0.21 +24.7%
Mar 2026 $0.12 $0.17 +47.8%
Dec 2025 $0.10 $0.14 +42.9%
Sept 2025 $0.05 $0.12 +165.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 12, 2026
  • Net income per share · Broadband 2026 $0.44 to $0.53 GAAP
    “Net income per share $ 0.44 $ 0.53” source
  • Net income per share · Broadband 2026 $0.67 to $0.75 Non-GAAP
    “Net income per share $ 0.67 $ 0.75” source
  • Net income per share · Broadband Q3 2026 $0.10 to $0.14 GAAP
    “Net income per share $ 0.10 $ 0.14” source
  • Net income per share · Broadband Q3 2026 $0.15 to $0.19 Non-GAAP
    “Net income per share $ 0.15 $ 0.19” source
  • Gross margin % · Broadband 2026 50.9% to 51.8% GAAP
    “Gross margin % 50.9% 51.8%” source
  • Gross margin % · Broadband 2026 51% to 52% Non-GAAP
    “Gross margin % 51.0% 52.0%” source
Show 15 more items
  • Gross margin % · Broadband Q3 2026 51% to 52% GAAP
    “Gross margin % 51.0% 52.0%” source
  • Gross margin % · Broadband Q3 2026 51% to 52% Non-GAAP
    “Gross margin % 51.0% 52.0%” source
  • Broadband revenue full-year 2026 $505m to $525m Raised
    “Company raises full-year outlook to reflect Broadband revenue of $505 million - $525 million” source
  • Net revenue · Broadband 2026 $505m to $525m GAAP
    “Net revenue $ 505 $ 525” source
  • Operating profit · Broadband 2026 $74m to $86m GAAP
    “Operating profit (2) $ 74 $ 86” source
  • Tax rate · Broadband 2026 30% to 30% GAAP
    “Tax rate 30.0% 30.0%” source
  • Gross profit · Broadband 2026 $258m to $273m Non-GAAP
    “Gross profit $ 258 $ 273” source
  • Operating profit · Broadband 2026 $99m to $111m Non-GAAP
    “Operating profit (2) $ 99 $ 111” source
  • Tax rate · Broadband 2026 23% to 23% Non-GAAP
    “Tax rate 23.0% 23.0%” source
  • Net revenue · Broadband Q3 2026 $125m to $135m GAAP
    “Net revenue $ 125 $ 135” source
  • Operating profit · Broadband Q3 2026 $17m to $22m GAAP
    “Operating profit (2) $ 17 $ 22” source
  • Tax rate · Broadband Q3 2026 30% to 30% GAAP
    “Tax rate 30.0% 30.0%” source
  • Gross profit · Broadband Q3 2026 $64m to $70m Non-GAAP
    “Gross profit $ 64 $ 70” source
  • Operating profit · Broadband Q3 2026 $23m to $28m Non-GAAP
    “Operating profit (2) $ 23 $ 28” source
  • Tax rate · Broadband Q3 2026 23% to 23% Non-GAAP
    “Tax rate 23.0% 23.0%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

7 analysts, Nov 2026
Buy457%
Hold229%
Sell114%

Monthly trend

  1. Nov 202622217
  2. Oct 202622217
  3. Sep 202622217

Counts of recommendations published by analysts covering Harmonic Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.9%
of tradable shares
Days to cover
4.44
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
86%
of shares
Held by insiders
1.8%
of shares
Employees
552
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −4.8%

$10.70 on October 31, 2025 to $10.19

ThenNowEffect
Revenue (last 12 months) $399m $345m −13.7%
P/S multiple 3.2x 3.3x +4.2%
Share count 118m 112m +5.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −6.3%

$10.87 on November 3, 2023 to $10.19

ThenNowEffect
Revenue (last 12 months) $634m $345m −45.6%
P/S multiple 2.0x 3.3x +62.6%
Share count 118m 112m +6.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HLIT+59%+11%−1%+2%−25%+3%
Industry peers (median)+17%−18%−12%+33%+3%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HLIT67%42%58%58%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HLIT−24%−32%−50%−35%−39%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from November 3, 2015 to May 19, 2016. Getting back needed a 133% gain, reached on March 6, 2017, 291 days after the low.

Price behaviour

52-week range
$8.85 – $17.11
From 52-week high
−40.4%
vs 50-day average
−8.4%
vs 200-day average
−12.0%
Volatility (1 year)
53%
Beta vs S&P 500
2.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±10.5%
After a week
3 up, 8 down
typical move ±9.4%
After a month
5 up, 6 down
typical move ±11.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 +14.2% +0.9% +9.7% +4.8%
May 11, 2026 +1.1% +0.1% −2.6% +5.4%
February 19, 2026 +3.2% +0.5% −0.3% −14.8%
November 3, 2025 −2.5% −1.0% −5.7% −8.8%
July 28, 2025 −3.1% −0.3% −4.1% +4.7%
April 28, 2025 +2.4% +0.7% −3.0% −0.4%
February 10, 2025 −15.4% +0.8% −6.1% −8.9%
October 28, 2024 −24.9% +0.5% −24.8% −15.6%
July 29, 2024 +18.3% −0.4% +9.1% +19.1%
April 29, 2024 +16.7% −1.2% +17.8% +28.6%
April 8, 2024 −13.3% +0.2% −20.2% −16.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Harmonic Inc.
$200M $300M $400M $500M $600M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $605.1M Revenue (TTM), FY23 Q4: $388.5M Revenue (TTM), FY24 Q1: $352.9M Revenue (TTM), FY24 Q2: $335.7M Revenue (TTM), FY24 Q3: $404.2M Revenue (TTM), FY24 Q4: $488.2M Revenue (TTM), FY25 Q1: $451M Revenue (TTM), FY25 Q2: $399.2M Revenue (TTM), FY25 Q3: $345.8M Revenue (TTM), FY25 Q4: $261.2M Revenue (TTM), FY26 Q1: $298M Revenue (TTM), FY26 Q2: $344.5M $344.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $605.1M
FY23 Q4 $388.5M
FY24 Q1 $352.9M
FY24 Q2 $335.7M
FY24 Q3 $404.2M
FY24 Q4 $488.2M
FY25 Q1 $451M
FY25 Q2 $399.2M
FY25 Q3 $345.8M
FY25 Q4 $261.2M
FY26 Q1 $298M
FY26 Q2 $344.5M
Revenue growth, TTM YoY Harmonic Inc.
-60% -40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.8% Revenue growth, TTM YoY, FY23 Q4: -37.8% Revenue growth, TTM YoY, FY24 Q1: -44.4% Revenue growth, TTM YoY, FY24 Q2: -47.0% Revenue growth, TTM YoY, FY24 Q3: -33.2% Revenue growth, TTM YoY, FY24 Q4: 25.7% Revenue growth, TTM YoY, FY25 Q1: 27.8% Revenue growth, TTM YoY, FY25 Q2: 18.9% Revenue growth, TTM YoY, FY25 Q3: -14.4% Revenue growth, TTM YoY, FY25 Q4: -46.5% Revenue growth, TTM YoY, FY26 Q1: -33.9% Revenue growth, TTM YoY, FY26 Q2: -13.7% -13.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.8%
FY23 Q4 -37.8%
FY24 Q1 -44.4%
FY24 Q2 -47.0%
FY24 Q3 -33.2%
FY24 Q4 25.7%
FY25 Q1 27.8%
FY25 Q2 18.9%
FY25 Q3 -14.4%
FY25 Q4 -46.5%
FY26 Q1 -33.9%
FY26 Q2 -13.7%
Operating margin (TTM) Harmonic Inc.
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.8% Operating margin (TTM), FY23 Q4: 7.7% Operating margin (TTM), FY24 Q1: 2.6% Operating margin (TTM), FY24 Q2: -4.8% Operating margin (TTM), FY24 Q3: 6.9% Operating margin (TTM), FY24 Q4: 15.3% Operating margin (TTM), FY25 Q1: 20.2% Operating margin (TTM), FY25 Q2: 26.6% Operating margin (TTM), FY25 Q3: 23.3% Operating margin (TTM), FY25 Q4: 2.4% Operating margin (TTM), FY26 Q1: 6.6% Operating margin (TTM), FY26 Q2: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.8%
FY23 Q4 7.7%
FY24 Q1 2.6%
FY24 Q2 -4.8%
FY24 Q3 6.9%
FY24 Q4 15.3%
FY25 Q1 20.2%
FY25 Q2 26.6%
FY25 Q3 23.3%
FY25 Q4 2.4%
FY26 Q1 6.6%
FY26 Q2 12.8%
FCF margin (TTM) Harmonic Inc.
-10% 0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 2.1% FCF margin (TTM), FY23 Q4: -0.4% FCF margin (TTM), FY24 Q1: 5.5% FCF margin (TTM), FY24 Q2: 4.0% FCF margin (TTM), FY24 Q3: 2.5% FCF margin (TTM), FY24 Q4: 10.8% FCF margin (TTM), FY25 Q1: 24.3% FCF margin (TTM), FY25 Q2: 29.6% FCF margin (TTM), FY25 Q3: 38.6% FCF margin (TTM), FY25 Q4: 37.1% FCF margin (TTM), FY26 Q1: 15.3% FCF margin (TTM), FY26 Q2: 0.4% 0.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 2.1%
FY23 Q4 -0.4%
FY24 Q1 5.5%
FY24 Q2 4.0%
FY24 Q3 2.5%
FY24 Q4 10.8%
FY25 Q1 24.3%
FY25 Q2 29.6%
FY25 Q3 38.6%
FY25 Q4 37.1%
FY26 Q1 15.3%
FY26 Q2 0.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jul 2026
Income
Revenue 320 423 491 477 462 434 377 406 358 404 403 379 507 625 388 488 361 345
Gross profit 134 195 237 221 220 212 203 201 170 209 223 195 260 316 178 240 175 156
EBITDA −3 15 15 −3 −6 −5 0 −48 −56 8 24 −1 31 58 42 87 25 55
Operating income −12 5 2 −18 −23 −22 −13 −67 −71 −5 13 −12 19 46 30 75 14 44
Net income −24 −4 9 −11 37 −46 −16 −72 −83 −21 −6 −29 13 28 84 39 −43 −47
Diluted EPS −$0.25 −$0.04 $0.08 −$0.09 $0.34 −$0.50 −$0.18 −$0.93 −$1.02 −$0.25 −$0.07 −$0.30 $0.12 $0.25 $0.72 $0.33 −$0.38 −$0.42
Growth (year on year)
Revenue −12.4% +32.5% +16.0% −2.9% −3.1% −6.1% −13.0% +7.7% −11.7% +12.6% −0.2% −6.0% +33.9% +23.2% −37.8% +25.7% −26.2% −13.7%
EBITDA −107.2% — +1.8% −117.6% — — — — — — — −102.9% — +84.3% −26.8% +105.5% −71.0% −53.1%
Operating income −130.6% — — — — — — — — — — −195.2% — +142.0% −34.0% +148.9% −81.2% −58.4%
Net income −137.7% — — — — −224.9% — — — — — — — +112.6% +198.0% −53.3% −210.4% −168.7%
Diluted EPS −137.3% — — — — −247.1% — — — — — — — +108.3% +188.0% −54.2% −215.2% −172.7%
Margins
Gross margin 42.0% 46.2% 48.2% 46.2% 47.7% 49.0% 53.8% 49.5% 47.4% 51.8% 55.4% 51.5% 51.2% 50.5% 45.9% 49.2% 48.5% 45.2%
EBITDA margin −1.0% 3.6% 3.1% −0.6% −1.4% −1.2% 0.1% −11.9% −15.7% 2.0% 6.0% −0.2% 6.2% 9.2% 10.9% 17.8% 7.0% 16.0%
Operating margin −3.8% 1.2% 0.3% −3.8% −5.0% −5.0% −3.4% −16.5% −19.8% −1.2% 3.2% −3.3% 3.7% 7.3% 7.7% 15.3% 3.9% 12.8%
Net margin −7.6% −1.0% 1.8% −2.3% 8.0% −10.7% −4.2% −17.8% −23.2% −5.2% −1.5% −7.7% 2.6% 4.5% 21.6% 8.0% −12.0% −13.7%
Free-cash-flow margin 0.9% −4.3% 5.7% 12.2% 8.5% 8.6% −2.1% −3.6% −2.3% 1.3% 5.2% 1.8% 5.5% −0.6% −0.4% 10.8% 26.9% 0.4%
Cash flow
Cash from operations 11 18 45 71 54 47 6 0 3 12 31 39 41 5 7 62 108 10
Capital spending 8 36 17 13 15 10 14 15 11 7 10 32 13 9 8 9 11 8
Free cash flow 3 −18 28 58 39 37 −8 −15 −8 5 21 7 28 −4 −1 53 97 1
Stock-based pay 11 16 21 19 16 17 16 13 17 17 12 18 24 25 27 28 32 33
Free cash flow after stock pay −8 −34 7 39 23 20 −24 −28 −25 −12 9 −11 4 −29 −29 25 65 −31
Balance sheet
Cash 152 97 91 97 90 73 126 56 57 66 93 99 133 90 84 101 124 232
Total debt 0 0 0 0 0 0 98 111 116 122 132 130 136 114 120 119 112 111
Net debt (negative = net cash) −152 −97 −91 −97 −90 −73 −28 55 59 56 39 31 2 24 36 18 −12 −121
Diluted shares 96m 101m 116m 116m 108m 93m 88m 78m 81m 86m 90m 97m 106m 112m 117m 117m 114m 112m
Returned to shareholders
Dividends — — — — — — — — — 0 0 0 0 0 0 0 — —
Buybacks — — 0 23 117 93 73 0 0 — — 0 0 5 0 30 79 72
Total returned — — 0 23 117 93 73 0 0 0 0 0 0 5 0 30 79 72

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · July 3, 2026
What it owns · $633m
Short-term assets $417mLonger-term assets $215m
What it owes, and who funded it · $633m
Short-term liabilities $137mLonger-term liabilities $135mShareholders' equity $360m
  • Short-term assets cover short-term liabilities $417m of assets due within a year against $137m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $417m short-term assets against $135m of longer-dated liabilities.
  • More cash than debt $232m of cash against $111m of debt.
  • Debt below 40% of shareholders' equity Debt is 31% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 6% to 31% over five years.
  • A year's operating cash flow covers at least 20% of debt $10m of operating cash flow against $111m of debt.
  • Operating profit covers interest at least five times over Operating income of $44m against $3m of interest.

From Harmonic Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$71.9M
Returned to shareholders
5190%
of free cash flow
Buybacks, last 3 fiscal years
$109M
Diluted share count
−5.6%
year over year
Total shareholder yield
6.5%
dividends 0.0% + buybacks 6.5% of market value
R&D spending
16.7%
of revenue
Sales & admin spending
15.4%
of revenue
Days sales outstanding
95 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated HLIT CRNT ATEN TSAT AVNW GILT Median
Revenue, last 12 months $345m $339m $310m $299m $440m $452m $339m
Revenue growth, last 12 months −13.7% −14.1% 12.2% −28.2% 1.2% 47.9% 10.6%
Revenue growth, 3-year average −18.4% −2.2% 4.3% — 8.5% 24.4% 3.9%
Revenue growth, latest quarter 53.5% — 15.5% — 4.8% — 13.2%
Gross margin 45.2% 33.8% 79.4% 93.4% 31.5% 29.5% 43.7%
Operating margin 12.8% 2.1% 16.1% −72.7% 4.4% 5.2% 2.4%
Operating margin, 3-year average 11.5% 3.6% 15.9% — 3.9% 3.3% −0.6%
Net margin −13.7% −0.6% 13.9% −37.2% 0.6% 4.6% −0.6%
Cash from operations / revenue 2.8% 9.3% 24.8% 16.0% 3.1% 4.6% 9.9%
Free-cash-flow margin 0.4% 5.3% 19.6% −17.7% 1.4% 2.0% 7.7%
Free-cash-flow margin, 3-year average 11.3% −0.2% 22.9% — 2.2% −0.2% 2.3%
Stock pay / revenue 9.5% 1.2% 7.5% 1.0% 1.4% 1.9% 4.2%
Change in share count −5.6% 1.5% −1.3% 5.0% 1.6% 5.9% 1.5%

Median of all 41 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Appliance Integration $303M 84.0% ▼ 30.2%
Products $267M 88.2% ▼ 35.0%
Professional Services $35.7M 11.8% ▲ 56.4%
Saa S Service $57.7M 16.0% ▲ 6.1%
Geography
Region Revenue YoY
Americas $321M ▼ 28.7%
United States $277M ▼ 34.3%
Outside the US $83.5M ▲ 25.5%
EMEA $33.9M ▼ 6.9%
Asia Pacific $6.1M ▲ 148.9%

These categories overlap or exclude eliminations, so shares aren't shown.

From Harmonic Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
257
Shares held vs prior quarter
▲ 2.1%
Positions opened / closed
50 / 41

Top buyers and sellers, Q2 2026: 128 institutions bought and 143 sold ; the biggest buyer was Price T Rowe Associates Inc (+4.7M shares) and the biggest seller Alliancebernstein L.P (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $294M 18.0M 19.1% ▼ 6.1%
Vanguard Portfolio Management LLC $88M 5.4M 5.7% ▼ 12.1%
State Street Corp $84.1M 5.1M 5.4% ▲ 5.9%
Price T Rowe Associates Inc $78.3M 4.8M 5.1% ▲ 3648.1%
Vanguard Capital Management LLC $77.9M 4.8M 5.0% ▲ 1.5%
Arrowstreet Capital, Limited Partnership $53.8M 3.3M 3.5% ▲ 49.9%
American Century Companies Inc $52.5M 3.2M 3.4% ▲ 164.8%
Dimensional Fund Advisors LP $47.7M 2.9M 3.1% ▼ 20.5%
First Eagle Investment Management, LLC $47.2M 2.9M 3.1% ▲ 144.9%
Geode Capital Management, LLC $46.6M 2.9M 3.0% ▲ 2.1%
Morgan Stanley $34.9M 2.1M 2.3% ▲ 26.8%
Trigran Investments, Inc. $31M 1.9M 2.0% ▼ 41.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Harmonic Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $499,044 1 trade by 1 insider, last 12 months Insider sales History → $791,442 5 trades by 2 insiders · 0% under pre-set plans
Net ▼ $292,398 net selling
Insider Date Trade Shares Price Value
Copeland Stephanie Director May 14, 2026 Sell 4,300 $13.31 $57,233
Haltmayer Neven SVP & GM, Video Business May 13, 2026 Sell 31,766 $13.24 $420,582
Haltmayer Neven SVP & GM, Video Business December 15, 2025 Sell 9,421 $10.42 $98,167
Haltmayer Neven SVP & GM, Video Business December 15, 2025 Sell 14,414 $10.41 $150,050
Haltmayer Neven SVP & GM, Video Business December 12, 2025 Sell 6,165 $10.61 $65,411
Krall David Director December 11, 2025 Buy 47,528 $10.50 $499,044

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 18, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 12, 2026
  • May 11, 2026
  • February 19, 2026
  • November 3, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Harmonic Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Harmonic Inc. in brief

What does Harmonic Inc. do?
Harmonic Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Harmonic Inc.'s stock ticker?
Harmonic Inc. trades under the ticker HLIT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Harmonic Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Harmonic Inc. reported revenue of $345M, 13.7% lower than a year earlier, according to its SEC filings.
What is Harmonic Inc.'s free cash flow?
Harmonic Inc.'s free-cash-flow margin is 0.4% of revenue over the trailing twelve months.
Who are Harmonic Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Harmonic Inc. buying back stock, and does it pay a dividend?
Harmonic Inc. spent $71.9M on share repurchases over the trailing twelve months, and its diluted share count fell 5.6% over the year.
What is Harmonic Inc.'s market cap?
On November 2, 2026, Harmonic Inc.'s market capitalisation was about $1.1B and net debt of -$121M. Market figures come from third-party market data and may be delayed.
How much debt does Harmonic Inc. have?
Harmonic Inc.'s debt-to-equity ratio is 30.7%, from its latest balance sheet (6.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Harmonic Inc.'s competitors?
In our Communications Equipment peer group, the companies closest to Harmonic Inc. are Ceragon Networks LTD, A10 Networks, Inc., Telesat Corp, Aviat Networks, Inc. and Gilat Satellite Networks LTD. The side-by-side comparison below sets their revenue, margins and growth against Harmonic Inc.'s.
Are insiders buying or selling Harmonic Inc. stock?
Over the last 12 months, Harmonic Inc.'s directors and officers reported 1 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Harmonic Inc.'s next earnings date?
Around February 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Harmonic Inc. announces its own schedule.