NASDAQ : HLIT
Harmonic Inc. — Financial statements
Technology · Communication Equipment · United States
Last price 10.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.18B
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Financial statements
Harmonic Inc. (HLIT) reported revenue of 443.88M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 443.88M | 360.52M | 488.20M | 388.48M | 624.96M | 507.15M |
| Cost of Revenue | 221.90M | 185.78M | 248.09M | 210.36M | 308.54M | 246.84M |
| Gross Profit | 221.98M | 174.75M | 240.11M | 178.12M | 316.42M | 260.31M |
| Selling, General & Admin | 95.88M | 89.42M | 87.65M | 78.27M | 146.72M | 138.09M |
| Research & Development | 72.91M | 68.29M | 64.09M | 69.71M | 120.31M | 102.23M |
| Amortization of Goodwill & Intangibles | 507.00K | |||||
| Operating Expenses | 168.79M | 157.71M | 151.74M | 147.98M | 267.02M | 240.82M |
| Operating Income | 53.19M | 17.03M | 88.36M | 30.14M | 49.39M | 19.49M |
| Interest Expense | -3.56M | -3.80M | -6.46M | -2.03M | -5.04M | -10.62M |
| Currency Exchange Gain (Loss) | -1.40M | -1.40M | 3.30M | -200.00K | -300.00K | 600.00K |
| Other Non Operating Income (Expenses) | 1.17M | -20.00K | -33.00K | 43.00K | 4.31M | 87.00K |
| EBT Excluding Unusual Items | 49.41M | 11.81M | 85.17M | 27.95M | 48.36M | 9.55M |
| Merger & Restructuring Charges | -887.00K | -1.31M | -2.74M | -110.00K | -3.87M | -681.00K |
| Asset Writedown | -428.00K | -1.64M | -10.89M | |||
| Pretax Income | 48.09M | 8.86M | 71.54M | 27.84M | 44.48M | 8.87M |
| Income Tax Expense | 21.69M | 7.64M | 20.82M | -60.49M | 16.30M | -4.38M |
| Earnings From Continuing Operations | 26.40M | 1.22M | 50.72M | 88.34M | 28.18M | 13.25M |
| Earnings From Discontinued Operations | -73.54M | -44.53M | -11.50M | -4.34M | ||
| Net Income | -47.14M | -43.31M | 39.22M | 83.99M | 28.18M | 13.25M |
| Net Income to Common | -47.14M | -43.31M | 39.22M | 83.99M | 28.18M | 13.25M |
| Shares Outstanding (Basic) | 110.83M | 113.66M | 115.12M | 111.65M | 105.08M | 101.48M |
| Shares Outstanding (Diluted) | 110.83M | 114.18M | 117.48M | 117.36M | 112.38M | 106.17M |
| EPS (Basic) | -0.43 | -0.38 | 0.34 | 0.75 | 0.27 | 0.13 |
| EPS (Diluted) | -0.43 | -0.38 | 0.33 | 0.71 | 0.25 | 0.12 |
| Free Cash Flow | 53.91M | 96.89M | 52.73M | -1.42M | -3.77M | 28.04M |
| Free Cash Flow Per Share | 0.49 | 0.85 | 0.45 | -0.01 | -0.03 | 0.26 |
| Gross Margin | 50.01% | 48.47% | 49.18% | 45.85% | 50.63% | 51.33% |
| Operating Margin | 11.98% | 4.72% | 18.10% | 7.76% | 7.90% | 3.84% |
| Profit Margin | -10.62% | -12.01% | 8.03% | 21.62% | 4.51% | 2.61% |
| Free Cash Flow Margin | 12.14% | 26.87% | 10.80% | -0.36% | -0.60% | 5.53% |
| EBITDA | 64.08M | 28.11M | 100.50M | 42.39M | 61.65M | 32.54M |
| EBITDA Margin | 14.44% | 7.80% | 20.59% | 10.91% | 9.87% | 6.42% |
| D&A For EBITDA | 10.88M | 11.08M | 12.14M | 12.26M | 12.26M | 13.05M |
| EBIT | 53.19M | 17.03M | 88.36M | 30.14M | 49.39M | 19.49M |
| EBIT Margin | 11.98% | 4.72% | 18.10% | 7.76% | 7.90% | 3.84% |
| Effective Tax Rate | 45.10% | 86.28% | 29.10% | 36.65% | ||
| Revenue as Reported | 443.88M | 360.52M | 488.20M | 388.48M | 624.96M | 507.15M |
| Advertising Expenses | 200.00K | 300.00K | 400.00K | 700.00K | 1.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 231.86M | 124.11M | 101.46M | 84.27M | 89.59M | 133.43M |
| Cash & Short-Term Investments | 231.86M | 124.11M | 101.46M | 84.27M | 89.59M | 133.43M |
| Accounts Receivable | 91.65M | 87.89M | 148.01M | 146.30M | 114.01M | 96.63M |
| Receivables | 91.65M | 87.89M | 148.01M | 146.30M | 114.01M | 96.63M |
| Inventory | 66.47M | 47.84M | 43.06M | 83.98M | 120.95M | 71.19M |
| Prepaid Expenses | 11.32M | 7.11M | 3.94M | 3.79M | 5.56M | 19.96M |
| Restricted Cash | 400.00K | 400.00K | 300.00K | |||
| Other Current Assets | 15.49M | 227.03M | 268.37M | 12.39M | 15.20M | 1.91M |
| Total Current Assets | 417.19M | 494.37M | 565.14M | 330.73M | 345.30M | 323.13M |
| Property, Plant & Equipment | 36.62M | 39.34M | 37.57M | 57.50M | 65.28M | 73.69M |
| Goodwill | 61.09M | 60.90M | 60.77M | 239.15M | 237.74M | 240.21M |
| Long-Term Deferred Tax Assets | 99.42M | 104.04M | 113.91M | 104.71M | 11.78M | |
| Long-Term Deferred Charges | 1.00M | 552.00K | 1.94M | 1.34M | 1.64M | |
| Other Long-Term Assets | 18.32M | 18.83M | 18.56M | 34.17M | 48.58M | 55.02M |
| Total Assets | 632.64M | 718.48M | 796.51M | 768.21M | 710.02M | 693.69M |
| Accounts Payable | 39.26M | 23.09M | 28.32M | 38.56M | 67.45M | 64.43M |
| Accrued Expenses | 27.21M | 20.83M | 19.53M | 22.78M | 29.68M | 26.82M |
| Current Portion of Long-Term Debt | 2.94M | 2.94M | 2.19M | 119.80M | 118.74M | 41.82M |
| Current Portion of Leases | 5.99M | 6.43M | 5.67M | 6.79M | 6.77M | 7.35M |
| Current Income Taxes Payable | 7.62M | 367.00K | 11.66M | 4.41M | ||
| Current Unearned Revenue | 20.77M | 31.52M | 14.38M | 46.22M | 62.38M | 57.23M |
| Other Current Liabilities | 33.13M | 112.76M | 110.52M | 33.84M | 37.05M | 26.82M |
| Total Current Liabilities | 136.93M | 197.95M | 192.28M | 272.39M | 322.07M | 224.46M |
| Long-Term Debt | 107.67M | 109.14M | 112.08M | 10.49M | 11.16M | 112.81M |
| Long-Term Leases | 13.52M | 14.66M | 14.73M | 18.96M | 24.11M | 29.12M |
| Long-Term Unearned Revenue | 1.89M | 1.49M | 2.61M | 13.49M | 18.09M | 20.94M |
| Pension & Post-Retirement Benefits | 5.56M | 5.04M | 5.97M | |||
| Other Long-Term Liabilities | 12.29M | 12.00M | 9.54M | 10.43M | 5.04M | 4.47M |
| Total Liabilities | 272.30M | 335.24M | 331.25M | 331.33M | 385.51M | 397.77M |
| Common Stock | 109.00K | 111.00K | 117.00K | 112.00K | 110.00K | 103.00K |
| Additional Paid-In Capital | 2.48B | 2.47B | 2.43B | 2.41B | 2.38B | 2.39B |
| Retained Earnings | -2.11B | -2.08B | -1.95B | -1.96B | -2.05B | -2.09B |
| Comprehensive Income & Other | -8.35M | -6.64M | -14.10M | -5.71M | -9.69M | -3.27M |
| Shareholders' Equity | 360.35M | 383.25M | 465.26M | 436.87M | 324.51M | 295.91M |
| Total Liabilities & Equity | 632.64M | 718.48M | 796.51M | 768.21M | 710.02M | 693.69M |
| Total Debt | 130.12M | 133.18M | 134.68M | 156.05M | 160.78M | 191.09M |
| Net Cash (Debt) | 101.74M | -9.08M | -33.22M | -71.78M | -71.19M | -57.66M |
| Net Cash Per Share | 0.92 | -0.08 | -0.28 | -0.61 | -0.63 | -0.54 |
| Filing Date Shares Outstanding | 109.07M | 110.24M | 117.05M | 111.91M | 111.07M | 103.74M |
| Total Common Shares Outstanding | 109.02M | 111.19M | 116.73M | 112.41M | 109.87M | 102.96M |
| Working Capital | 280.26M | 296.42M | 372.86M | 58.34M | 23.23M | 98.67M |
| Book Value Per Share | 3.31 | 3.45 | 3.99 | 3.89 | 2.95 | 2.87 |
| Tangible Book Value | 299.25M | 322.35M | 404.49M | 197.72M | 86.77M | 55.70M |
| Tangible Book Value Per Share | 2.74 | 2.90 | 3.46 | 1.76 | 0.79 | 0.54 |
| Machinery | 67.81M | 79.54M | 74.75M | 77.21M | 78.33M | 81.28M |
| Construction In Progress | 2.31M | 2.56M | 801.00K | 1.79M | 2.69M | 1.89M |
| Leasehold Improvements | 24.79M | 25.34M | 25.59M | 40.93M | 39.20M | 40.66M |
| Order Backlog | 573.80M | 332.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -47.14M | -43.31M | 39.22M | 83.99M | 28.18M | 13.25M |
| Depreciation & Amortization | 10.88M | 11.08M | 12.14M | 12.26M | 12.26M | 13.05M |
| Other Amortization | 6.31M | |||||
| Asset Writedown & Restructuring Costs | 57.95M | 59.16M | 12.04M | |||
| Loss (Gain) From Sale of Investments | -4.37M | |||||
| Stock-Based Compensation | 37.19M | 31.88M | 28.07M | 27.33M | 25.21M | 24.06M |
| Provision & Write-off of Bad Debts | 4.14M | |||||
| Other Operating Activities | 17.15M | 12.72M | -4.58M | -82.09M | 11.62M | -5.94M |
| Change in Accounts Receivable | -12.31M | 53.91M | -38.24M | -32.70M | -21.18M | -26.72M |
| Change in Inventory | -24.06M | -7.10M | 8.37M | 35.40M | -54.43M | -39.34M |
| Change in Accounts Payable | 7.73M | -5.96M | -3.11M | -29.36M | 5.84M | 42.30M |
| Change in Unearned Revenue | 2.04M | 10.22M | -2.21M | -20.82M | 2.61M | 15.01M |
| Change in Other Net Operating Assets | 6.63M | -14.63M | 10.22M | 13.04M | -257.00K | -5.11M |
| Operating Cash Flow | 62.32M | 107.97M | 61.92M | 7.06M | 5.48M | 41.02M |
| Capital Expenditures | -8.41M | -11.08M | -9.19M | -8.47M | -9.25M | -12.97M |
| Investment in Securities | 7.96M | |||||
| Investing Cash Flow | 123.55M | -11.08M | -9.19M | -8.47M | -1.29M | -12.97M |
| Long-Term Debt Issued | 138.84M | 118.94M | 3.83M | 3.50M | 3.86M | |
| Long-Term Debt Repaid | -142.82M | -120.95M | -4.87M | -42.29M | -6.17M | |
| Net Debt Issued (Repaid) | -6.87M | -3.98M | -2.00M | -1.03M | -38.79M | -2.31M |
| Issuance of Common Stock | 7.46M | 5.98M | 6.63M | 6.56M | 7.09M | 12.31M |
| Repurchase of Common Stock | -79.06M | -83.39M | -37.56M | -9.49M | -11.43M | -2.06M |
| Other Financing Activities | -332.00K | -1.02M | ||||
| Financing Cash Flow | -78.47M | -81.39M | -33.27M | -4.99M | -43.13M | 7.94M |
| Foreign Exchange Rate Adjustments | 565.00K | 7.18M | -1.94M | 1.09M | -4.90M | -1.20M |
| Net Cash Flow | 107.97M | 22.67M | 17.52M | -5.32M | -43.84M | 34.79M |
| Free Cash Flow | 53.91M | 96.89M | 52.73M | -1.42M | -3.77M | 28.04M |
| Free Cash Flow Margin | 12.14% | 26.87% | 10.80% | -0.36% | -0.60% | 5.53% |
| Free Cash Flow Per Share | 0.49 | 0.85 | 0.45 | -0.01 | -0.03 | 0.26 |
| Levered Free Cash Flow | 71.00M | 137.73M | -96.40M | 7.17M | 11.19M | 32.81M |
| Unlevered Free Cash Flow | 73.22M | 140.10M | -92.36M | 8.44M | 14.34M | 33.14M |
| Cash Income Tax Paid | 3.91M | 12.76M | 27.31M | 18.13M | 9.04M | 2.52M |
| Change in Working Capital | -19.97M | 36.43M | -24.97M | -34.43M | -67.42M | -13.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.12B | 1.11B | 1.54B | 1.46B | 1.38B | 1.21B |
| Enterprise Value | 1.01B | 1.13B | 1.63B | 1.54B | 1.47B | 1.27B |
| Last Close Price | 10.23 | 9.89 | 13.23 | 13.04 | 13.10 | 11.76 |
| PE Ratio | 39.31 | 17.42 | 49.01 | 91.01 | ||
| Forward PE | 14.71 | 17.29 | 13.66 | 22.29 | 20.12 | 27.89 |
| PS Ratio | 2.51 | 3.08 | 3.16 | 3.77 | 2.21 | 2.38 |
| PB Ratio | 3.10 | 2.90 | 3.31 | 3.35 | 4.26 | 4.08 |
| P/TBV Ratio | 3.73 | 3.44 | 3.81 | 7.40 | 15.92 | 21.66 |
| P/FCF Ratio | 20.70 | 11.46 | 29.24 | 43.01 | ||
| P/OCF Ratio | 17.90 | 10.28 | 24.90 | 207.25 | 252.23 | 29.41 |
| PEG Ratio | 0.25 | 0.25 | 0.24 | 0.24 | 1.86 | |
| EV/Sales Ratio | 2.28 | 3.13 | 3.35 | 3.96 | 2.36 | 2.50 |
| EV/EBITDA Ratio | 15.83 | 40.16 | 16.26 | 36.26 | 23.89 | 38.91 |
| EV/EBIT Ratio | 19.06 | 66.30 | 18.50 | 51.00 | 29.81 | 64.97 |
| EV/FCF Ratio | 18.81 | 11.65 | 31.00 | 45.16 | ||
| Debt / Equity Ratio | 0.36 | 0.35 | 0.29 | 0.36 | 0.49 | 0.65 |
| Debt / EBITDA Ratio | 1.81 | 3.68 | 1.24 | 3.04 | 2.26 | 4.54 |
| Debt / FCF Ratio | 2.41 | 1.38 | 2.55 | 6.82 | ||
| Net Debt / Equity Ratio | -0.28 | 0.02 | 0.07 | 0.16 | 0.22 | 0.20 |
| Net Debt / EBITDA Ratio | -1.59 | 0.32 | 0.33 | 1.69 | 1.16 | 1.77 |
| Net Debt / FCF Ratio | -1.89 | 0.09 | 0.63 | -50.69 | -18.86 | 2.06 |
| Asset Turnover | 0.63 | 0.48 | 0.62 | 0.53 | 0.89 | 0.79 |
| Inventory Turnover | 3.23 | 4.09 | 3.91 | 2.05 | 3.21 | 4.65 |
| Quick Ratio | 2.36 | 1.07 | 1.30 | 0.85 | 0.63 | 1.02 |
| Current Ratio | 3.05 | 2.50 | 2.94 | 1.21 | 1.07 | 1.44 |
| Return on Equity (ROE) | 6.55% | 0.29% | 11.24% | 23.21% | 9.09% | 4.78% |
| Return on Assets (ROA) | 4.70% | 1.41% | 7.06% | 2.55% | 4.40% | 1.90% |
| Return on Invested Capital (ROIC) | 9.19% | 0.53% | 12.44% | 6.67% | 8.35% | 5.58% |
| Return on Capital Employed (ROCE) | 10.70% | 3.30% | 14.60% | 6.10% | 12.70% | 4.20% |
| Earnings Yield | -4.16% | -3.90% | 2.54% | 5.74% | 2.04% | 1.10% |
| FCF Yield | 4.83% | 8.73% | 3.42% | -0.10% | -0.27% | 2.33% |
| Buyback Yield / Dilution | 6.29% | 2.81% | -0.10% | -4.43% | -5.85% | -9.49% |