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Harmonic Inc. key statistics and ratios

In fiscal 2025, Harmonic Inc. had return on equity of -10.2%, an operating margin of 3.9%, debt equal to 29.2% of equity and a current ratio of 2.50. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJul 2026
Gross margin42.0%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%
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 margin0.9%−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%
Return on equity−5.9%−0.9%1.6%−2.0%7.1%−10.7%−4.5%−24.1%−33.1%−9.2%−2.5%−11.5%4.8%9.1%22.1%8.7%−10.2%−12.7%
Return on assets−4.3%−0.7%1.2%−1.5%5.6%−8.5%−3.1%−13.4%−15.6%−4.1%−1.1%−5.0%2.1%4.0%11.4%5.0%−5.7%−7.0%
Asset turnover0.570.660.670.660.700.800.750.750.670.790.730.640.790.890.530.620.480.51
Current ratio4.492.673.473.863.862.593.371.501.211.441.311.621.441.071.212.942.503.05
Debt to equity0.0%0.0%0.0%0.0%0.0%0.0%30.0%40.6%50.6%53.1%52.3%50.1%45.9%35.1%27.4%25.6%29.2%30.7%
Interest cover (operating income ÷ interest)——————n/mn/mn/mn/m1.1xn/m1.8x9.0x11.1x11.6x3.7x13.7x
Effective tax rate——−47.6%—————————−49.4%36.6%—29.1%86.3%50.6%
R&D as % of revenue19.2%18.2%20.2%21.5%21.6%21.5%23.2%24.2%26.8%22.1%21.0%21.8%20.2%19.3%17.9%14.9%21.2%16.7%
SG&A as % of revenue25.4%25.5%25.9%26.7%29.0%30.3%32.1%35.6%38.0%29.5%29.5%31.6%27.2%23.5%20.1%16.2%22.6%15.4%
Capital spending as % of revenue2.5%8.4%3.5%2.6%3.2%2.3%3.8%3.7%3.2%1.7%2.6%8.5%2.6%1.5%2.2%1.9%3.1%2.4%
Free cash flow ÷ net income——317.9%—105.8%———————211.6%−13.4%−1.7%134.5%——
Dividends ÷ net income————————————0.0%0.0%0.0%0.0%——
Dividends and buybacks ÷ free cash flow——0.0%38.9%297.4%249.6%———0.0%0.0%0.0%0.0%——57.0%81.6%>999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CRNT vs HLITATEN vs HLITHLIT vs TSAT

More: Communications Equipment stocks compared, Technology sector, rankings of US companies

Figures from Harmonic Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Harmonic Inc.