Harmonic (HLIT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Harmonic

NasdaqGS•Technology•Communication Equipment

$11.78+0.18(0.02%)Pre-market

Market Cap

$1.21B

P/S

3.5x

P/B

3.3x

Harmonic Inc., together with its subsidiaries, provides broadband access solutions worldwide. The company provides software-based broadband access solution, including cOS software-based broadband access solutions to broadband operators, an end-to-end solution consisting of virtualized cloud-native software; hardware products include Oyster, Ripple and SeaStar DAA nodes; Reef and Wave PHY shelf products; pebble remote PHY Devices; and fin, pearl and pier OLT modules and devices; and cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers. It also provides technical support and professional services, such as maintenance and support, consulting, implementation, integration services, program management, technical design and planning, building and site preparation, integration and equipment installation, end-to-end system testing, and training, as well as SaaS-related support and deployment. It sells its products through its direct sales force, as well as through independent resellers and systems integrators. It also serves cable and telco operators. The company was incorporated in 1988 and is headquartered in San Jose, California.

How this company scores

AverageMetricSide Score: 50/100

Strongest: Balance Sheet & Red Flags (21/25); weakest: Growth (4/25).

Profitability11/25

Growth4/25

Balance Sheet & Red Flags21/25

Cash & Earnings Quality14/25

Strengths

Long cash runwayLow leverageInterest easily coveredCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 22.5x5y range 15.6x – 168.5x

Currently below its 17-quarter median.

P/S · 3.5x5y range 1.5x – 3.5x

Currently above its 20-quarter median.

P/B · 3.3x5y range 2.4x – 5.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Leverage Risk

Watch

Debt-to-equity has risen 20.6% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $1.21B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $344.52M
Q. Revenue: $133.46M
TTM EBITDA: $55.05M
TTM Op. Income: $44.16M
Q. Op. Income: $23.63M
TTM Net Income: $-47.14M
Q. Net Income: $-2.32M
EPS: N/A
Shares Out.: $108.65M

$344.52M in TTM revenue declined 50.0% YoY, reaching $133.46M last quarter. TTM EBITDA of $55.05M and TTM operating income of $44.16M show growth is flowing through to the bottom line. However, net income is negative at $47.14M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 5 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 52.4%
EBITDA Margin: 19.7%
Op. Margin: 17.7%
Net Margin: -1.7%

Op. margin of 17.7% is up 14.9% YoY — cost efficiency is improving. Net margin at -1.7% and gross margin of 52.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 532% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.5x
P/B Ratio: 3.3x

P/S of 3.5x and P/B of 3.3x. Over the past year, P/E is up 14% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $632.64M
Cash: $231.86M
Long-Term Debt: $107.67M
Book Value: $360.35M
D/E Ratio: 0.3
Debt/EBITDA: 4.1

With $632.64M in assets and $107.67M in long-term debt, D/E is 0.3and book value is $360.35M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 21% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-57.95M
TTM Free Cash Flow: $1.39M
FCF Margin: 0.4%
FCF / Net Income: -0.0

TTM FCF of $1.39M on $-57.95M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.