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HARMONIC INC.
Nasdaq · CIK 851310
Last close11.17
Daily change+0.45 (4.20%)
10 Years gain+93.92%
Dividends TTM0
Dividend yield0.00%
Fundamental Analysis
HLIT · STANDARD
SIC 3663 · Radio & Tv Broadcasting & Communications Equipment · Fiscal year end 1231
Fundamental
38.5Momentum
88.9Acceleration
88.9Confidence
87.0Annual Revenue18
Quarterly Revenue78
Annual CFO18
Balance SheetAvailable
RankingEligible
Score Breakdown
Growth4.8 / 25
Quality10.7 / 25
Capital Efficiency7.8 / 20
Balance Sheet8.3 / 15
Shareholder Economics6.9 / 10
Forward Indicators0.0 / 5
Signals
Operating leverageOperating margin improved by 7.7741 percentage points.
Net debt reductionNet debt declined versus the comparison period.
Share count reductionDiluted share count declined 6.2715%.
Strong operating leverageOperating income is growing faster than revenue while operating margin expands.
Warnings
Negative FCF · HIGHLatest free cash flow is negative.
FCF deterioration · MEDIUMFree cash flow declined 126.8739%.
Key Metrics
Revenue Growth TTM-10.52%OK
Revenue CAGR 3Y-16.75%OK
Gross Margin51.69%OK
Operating Margin10.97%OK
FCF Margin-4.9%OK
FCF Growth-126.87%OK
ROIC10.62%OK
Incremental Operating Margin 3Yn/aNOT_MEANINGFUL
Net Debt / CFO8.55xOK
Diluted Share Growth 1Y-6.27%OK
SBC / Revenue7.53%OK
SBC / FCF-153.8%OK
Financial History
| Period | Revenue | Gross Profit | Operating Income | CFO | FCF | Gross Margin | Op Margin | FCF Margin | ROIC | Shares |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 FY Dec 31, 2025 | $360.52M | $174.75M | $14.08M | $107.97M | $96.89M | 48.47% | 3.91% | 26.87% | 2.16% | 114.18M |
| 2025 FY Dec 31, 2024 | $488.20M | $240.11M | $74.73M | $61.92M | $52.73M | 49.18% | 15.31% | 10.8% | 12.76% | 117.48M |
| 2025 FY Dec 31, 2023 | $388.48M | $178.12M | $30.03M | $7.06M | -$1.42M | 45.85% | 7.73% | -0.36% | 6.47% | 117.36M |
| 2024 FY Dec 31, 2022 | $624.96M | $315.88M | $45.52M | $5.48M | -$3.77M | 50.54% | 7.28% | -0.6% | 13.72% | 112.38M |
| 2023 FY Dec 31, 2021 | $507.15M | $259.74M | $18.81M | $41.02M | $28.04M | 51.22% | 3.71% | 5.53% | 6.76% | 106.17M |
Formula Trace
| Metric | Value | Formula | Status | Source |
|---|---|---|---|---|
| Revenue TTM | $484.46M | sum latest 4 fiscal quarters Revenue | OK | 0001193125-26-353891, 0001193125-25-264696 |
| Revenue Growth TTM | -10.52% | Revenue_TTM / Revenue_TTM_1Y_ago - 1 | OK | 0001193125-26-353891, 0001193125-25-264696 |
| Revenue CAGR 3Y | -16.75% | (Revenue_current / Revenue_3Y_ago)^(1/3) - 1 | OK | 0001193125-26-067506 |
| Revenue CAGR 5Y | -0.99% | (Revenue_current / Revenue_5Y_ago)^(1/5) - 1 | OK | 0001193125-26-067506 |
| Gross Profit CAGR 3Y | -17.91% | (GrossProfit_current / GrossProfit_3Y_ago)^(1/3) - 1 | OK | 0001193125-26-067506 |
| Operating Income Growth | 207.13% | OperatingIncome_current / OperatingIncome_prior_year - 1 | OK | 0001193125-26-353891, 0001193125-25-264696 |
| FCF Growth | -126.87% | FCF_current / FCF_prior_year - 1 | OK | 0001193125-26-353891, 0001193125-26-221899 |
| Revenue Growth Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Gross Profit Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Operating Income Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| FCF Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Gross Margin | 51.69% | Gross Profit / Revenue | OK | 0001193125-26-353891, 0001193125-25-264696 |
| Operating Margin | 10.97% | Operating Income / Revenue | OK | 0001193125-26-353891, 0001193125-25-264696 |
| FCF Margin | -4.9% | (CFO - CapEx) / Revenue | OK | 0001193125-26-353891, 0001193125-26-221899 |
| CFO / Net Income | -1.34x | CFO / Net Income | OK | 0001193125-26-353891, 0001193125-26-221899 |
| FCF / Net Income | -2.25x | FCF / Net Income | OK | 0001193125-26-353891, 0001193125-26-221899 |
| ROIC | 10.62% | NOPAT / Average Invested Capital | OK | 0001193125-26-353891, 0001193125-25-264696 |
| Net Debt / CFO | 8.55x | Net Debt / CFO | OK | 0001193125-26-353891, 0001193125-26-221899 |