HLITNasdaqRadio & Tv Broadcasting & Communications EquipmentFiscal year ends December 31
HARMONIC INC.
Financials through Q2 FY2026, quarter ended Jul 3, 2026Last filing: 10-Q on Aug 17, 2026
$10.83+0.14 (+1.31%)
Close on Oct 19, 2026
- Market cap
- $1.19B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
48.5%−3.0 pts over 5 years
Operating margin
3.9%+7.2 pts over 5 years
Net margin
-12.0%−4.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -26.2% | -16.8% | -1.0% | -0.4% | |
| Gross profit | -27.2% | -17.9% | -2.2% | -1.5% | |
| Operating income | -81.2% | -32.4% | – | – | |
| Free cash flow | +83.7% | – | +69.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -24.2% | -11.5% | -10.2% | |
| Return on assets | -13.4% | -5.0% | -5.7% | |
| Current ratio | 1.50 | 1.62 | 2.50 | |
| Debt to equity | 0.08 | – | 0.29 | |
| Interest coverage | -6.6× | -1.1× | 3.7× | |
| Inventory turnover | 5.1× | 5.7× | 4.1× | |
| Capex to revenue | 3.7% | 8.5% | 3.1% | |
| Diluted shares | 78M | 97M | 114M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Harmonic generated $223.44M from operations and spent $165.17M on capital expenditure, dividends and share buybacks. 31% of that went back into the business.
Generated
$223.44M
Used
$165.17M
Capital expenditure$50.97M31%Dividends$00%Share buybacks$114.21M69%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-12.0%
×Asset turnover0.48×
×Equity multiplier1.79×
=Return on equity, FY2025-10.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -12.0% | 0.48× | 1.79× | -10.2% |
| FY2024 | 8.0% | 0.62× | 1.73× | 8.7% |
| FY2023 | 21.6% | 0.53× | 1.94× | 22.1% |
| FY2022 | 4.5% | 0.89× | 2.26× | 9.1% |
| FY2021 | 2.6% | 0.79× | 2.32× | 4.8% |
| FY2020 | -7.7% | 0.64× | 2.31× | -11.5% |
| FY2019 | -1.5% | 0.73× | 2.28× | -2.5% |
| FY2018 | -5.2% | 0.79× | 2.22× | -9.2% |
| FY2017 | -23.2% | 0.67× | 2.12× | -33.2% |
| FY2016 | -17.8% | 0.75× | 1.80× | -24.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$43.31M
- Cash generatingOperating cash flow above zero$107.97M
- Return on assets improvedROA up on the prior year5.1% → -5.4%
- Earnings backed by cashOperating cash flow above net income$107.97M vs -$43.31M
- Less leverageLong-term debt to assets fell14.1% → 15.2%
- Better liquidityCurrent ratio rose2.94 → 2.50
- No dilutionShare count did not rise117M → 114M
- Gross margin improvedGross margin up on the prior year49.18% → 48.47%
- More efficientAsset turnover rose0.64 → 0.45