Harmonic (HLIT) Financials

$15.20 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$16.42 +1.23 (+8.06%)

As of 05/22/2026 07:59 PM Eastern

Annual Income Statements for Harmonic

This table shows Harmonic's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-72	-83	-21	-5.92	-29	13	28	84	39	-43
Consolidated Net Income / (Loss)	-16	-72	-83	-21	-5.92	-29	13	28	84	39	-43
Net Income / (Loss) Continuing Operations	-16	-72	-83	-21	-5.92	-29	13	28	88	51	1.22
Total Pre-Tax Income	-16	-80	-85	-17	-6.60	-26	8.87	44	28	72	8.86
Total Operating Income	-13	-67	-71	-5.01	13	-12	19	46	30	75	14
Total Gross Profit	203	201	170	209	223	195	260	316	178	240	175
Total Revenue	377	406	358	404	403	379	507	625	388	488	361
Operating Revenue	377	406	358	404	403	379	507	625	388	488	361
Total Cost of Revenue	174	205	188	194	180	184	247	309	210	248	186
Operating Cost of Revenue	174	205	188	194	180	184	247	309	210	248	186
Total Operating Expenses	216	268	241	214	210	207	241	270	148	165	161
Selling, General & Admin Expense	121	144	136	119	119	120	138	147	78	79	81
Research & Development Expense	88	98	96	89	85	82	102	120	70	73	76
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	11	1.64
Restructuring Charge	1.37	15	5.31	2.92	3.14	2.32	0.11	3.34	0.11	2.74	1.32
Total Other Income / (Expense), net	-3.12	-13	-14	-12	-20	-14	-9.94	-1.03	-2.18	-3.20	-5.22
Interest Expense	-	-	0.00	11	17	13	11	5.04	2.03	6.47	3.80
Other Income / (Expense), net	-0.28	-0.03	-2.22	-0.54	-2.33	-0.90	0.69	4.01	-0.16	3.27	-1.42
Income Tax Expense	-0.41	-8.12	-1.75	4.09	-0.67	3.05	-4.38	16	-60	21	7.65
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-4.34	-12	-45
Basic Earnings per Share	($0.18)	($0.93)	($1.02)	($0.25)	($0.07)	($0.30)	$0.13	$0.27	$0.75	$0.34	($0.38)
Weighted Average Basic Shares Outstanding	87.51M	77.71M	80.97M	85.62M	89.58M	96.97M	101.48M	105.08M	111.65M	115.12M	113.66M
Diluted Earnings per Share	($0.18)	($0.93)	($1.02)	($0.25)	($0.07)	($0.30)	$0.12	$0.25	$0.72	$0.33	($0.38)
Weighted Average Diluted Shares Outstanding	87.51M	77.71M	80.97M	85.62M	89.58M	96.97M	106.17M	112.38M	117.36M	117.48M	114.18M
Weighted Average Basic & Diluted Shares Outstanding	87.51M	77.71M	80.97M	85.62M	89.58M	96.97M	103.74M	111.07M	111.91M	117.05M	110.24M

This table shows Harmonic's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	3/28/2025	6/27/2025	9/26/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1.56	-6.50	84	-8.09	-13	22	38	5.94	2.87	2.69	-55
Consolidated Net Income / (Loss)	1.56	-6.50	84	-8.09	-13	22	38	5.94	2.87	2.69	-55
Net Income / (Loss) Continuing Operations	1.56	-6.50	84	-8.09	-13	22	38	2.37	2.87	2.69	-10
Total Pre-Tax Income	9.03	-8.88	8.81	-11	-16	29	56	5.10	2.98	8.75	-11
Total Operating Income	9.96	-8.60	9.63	-9.53	-16	35	53	7.04	3.87	9.82	-9.74
Total Gross Profit	85	62	82	63	73	105	125	46	74	77	-55
Total Revenue	156	127	167	122	139	196	222	85	138	142	-53
Operating Revenue	156	127	167	122	139	196	222	85	138	142	-53
Total Cost of Revenue	71	66	85	59	65	91	98	38	64	65	1.73
Operating Cost of Revenue	71	66	85	59	65	91	98	38	64	65	1.73
Total Operating Expenses	75	70	72	73	89	69	72	39	70	67	-45
Selling, General & Admin Expense	43	39	42	39	40	36	39	20	38	37	-30
Research & Development Expense	32	30	30	31	29	30	31	20	29	30	-14
Restructuring Charge	0.00	0.73	-	3.04	11	0.28	1.17	-	0.65	1.09	-0.42
Total Other Income / (Expense), net	-0.94	-0.28	-0.82	-1.01	-0.81	-6.62	3.23	-1.93	-0.89	-1.07	-1.61
Interest Expense	0.80	0.62	0.57	0.72	1.42	2.69	2.49	1.31	1.25	1.18	-0.11
Other Income / (Expense), net	-0.14	0.34	-0.25	-0.29	0.62	-3.93	5.73	-0.62	0.36	0.11	-1.72
Income Tax Expense	7.47	-2.38	-75	-2.45	-3.90	7.09	18	2.74	0.11	6.05	-1.06
Basic Earnings per Share	$0.01	($0.06)	$0.75	($0.07)	($0.11)	$0.19	$0.33	$0.05	$0.03	$0.02	($0.48)
Weighted Average Basic Shares Outstanding	111.46M	112.03M	111.65M	112.35M	115.03M	116.40M	115.12M	116.32M	113.39M	112.98M	113.66M
Diluted Earnings per Share	$0.01	($0.06)	$0.73	($0.07)	($0.11)	$0.19	$0.32	$0.05	$0.03	$0.02	($0.48)
Weighted Average Diluted Shares Outstanding	119.26M	112.03M	117.36M	112.35M	115.03M	117.36M	117.48M	117.02M	113.49M	113.32M	114.18M
Weighted Average Basic & Diluted Shares Outstanding	111.91M	112.19M	111.91M	116.54M	116.33M	116.53M	117.05M	108.50M	113.76M	112.23M	110.24M

This table details how cash moves in and out of Harmonic's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	53	-70	1.34	8.00	27	5.59	35	-44	-5.32	18	23
Net Cash From Operating Activities	6.35	0.44	3.06	12	31	39	41	5.48	7.06	62	108
Net Cash From Continuing Operating Activities	6.35	0.44	3.06	12	31	39	41	5.48	7.06	62	108
Net Income / (Loss) Continuing Operations	-16	-72	-83	-21	-5.92	-29	13	28	84	39	-43
Consolidated Net Income / (Loss)	-16	-72	-83	-21	-5.92	-29	13	28	84	39	-43
Depreciation Expense	13	19	15	13	11	12	13	12	12	12	11
Non-Cash Adjustments To Reconcile Net Income	21	25	32	21	34	31	28	24	36	51	95
Changes in Operating Assets and Liabilities, net	-19	8.95	25	-15	-23	15	-20	-59	-125	-41	45
Net Cash From Investing Activities	-10	-70	-4.50	-6.94	-10	-32	-13	-1.29	-8.48	-9.19	-11
Net Cash From Continuing Investing Activities	-10	-70	-4.50	-6.94	-10	-32	-13	-1.29	-8.48	-9.19	-11
Purchase of Property, Plant & Equipment	-14	-15	-11	-7.04	-10	-32	-13	-9.25	-8.48	-9.19	-11
Purchase of Investments	-25	-	-	-	-	-	0.00	0.00	-6.31	0.00	0.00
Sale and/or Maturity of Investments	30	20	6.90	0.10	-	0.00	0.00	7.96	6.31	0.00	0.00
Net Cash From Financing Activities	58	-0.15	0.90	2.65	6.31	-2.11	7.94	-43	-4.99	-33	-81
Net Cash From Continuing Financing Activities	58	-0.15	0.90	2.65	6.31	-2.11	7.94	-43	-4.99	-33	-81
Repayment of Debt	-3.53	-8.92	-7.41	-7.13	-121	-15	-6.17	-42	-5.89	-121	-143
Repurchase of Common Equity	-76	-1.64	-2.76	-0.23	-1.49	0.00	0.00	-5.13	0.00	-30	-79
Issuance of Debt	128	5.97	6.34	5.07	120	9.40	3.86	3.50	3.84	119	139
Issuance of Common Equity	9.22	4.44	4.72	4.95	8.41	5.47	12	7.09	6.56	6.63	5.98
Other Financing Activities, net	-	-	-	-	-	-1.66	-2.06	-6.30	-9.49	-7.51	-4.37
Other Net Changes in Cash	-	-	1.88	-	-0.20	0.74	-1.20	-	1.09	-1.94	7.18
Cash Interest Paid	-	5.28	5.52	5.27	4.26	4.22	4.10	3.80	1.63	6.28	4.07
Cash Income Taxes Paid	0.95	-0.05	2.14	2.03	1.14	-0.02	2.53	9.04	18	27	13

This table details how cash moves in and out of Harmonic's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	4/3/2026	6/27/2025	9/26/2025	12/31/2025
Net Change in Cash & Equivalents	-20	4.59	8.65	0.04	-36	9.74	43	-15	-25	3.44	-3.25
Net Cash From Operating Activities	-17	11	6.27	27	-22	8.72	49	32	-12	24	12
Net Cash From Continuing Operating Activities	-17	11	6.27	27	-22	8.72	49	32	-12	24	12
Net Income / (Loss) Continuing Operations	1.56	-6.50	84	-8.09	-13	22	38	7.31	2.87	2.69	-55
Consolidated Net Income / (Loss)	1.56	-6.50	84	-8.09	-13	22	38	7.31	2.87	2.69	-55
Depreciation Expense	3.06	3.09	3.08	3.09	3.23	2.86	2.97	2.52	2.67	2.82	2.87
Non-Cash Adjustments To Reconcile Net Income	7.12	8.57	9.75	6.57	21	14	10	11	9.75	7.98	67
Changes in Operating Assets and Liabilities, net	-28	5.88	-90	25	-34	-30	-2.61	10	-27	10	-2.56
Net Cash From Investing Activities	-1.50	-8.22	3.58	-1.91	-1.95	-2.98	-2.35	-1.40	-3.80	-2.73	-2.68
Net Cash From Continuing Investing Activities	-1.50	-8.22	3.58	-1.91	-1.95	-2.98	-2.35	-1.40	-3.80	-2.73	-2.68
Purchase of Property, Plant & Equipment	-1.50	-1.92	-2.73	-1.91	-1.95	-2.98	-2.35	-1.40	-3.80	-2.73	-2.68
Net Cash From Financing Activities	-2.03	2.47	-2.01	-24	-11	2.94	-1.29	-45	-13	-18	-15
Net Cash From Continuing Financing Activities	-2.03	2.47	-2.01	-24	-11	2.94	-1.29	-45	-13	-18	-15
Repayment of Debt	-4.57	-	-1.17	-0.33	-117	-3.46	-0.65	-56	-42	-59	-41
Repurchase of Common Equity	-	-	-	-22	-8.37	-	-	-43	-14	-16	-13
Issuance of Debt	-	-	0.01	-	-	3.94	-	55	-	55	40
Other Financing Activities, net	-1.29	-1.00	-0.85	-5.41	-0.84	-0.63	-0.64	-3.94	-0.66	-0.59	-0.57
Other Net Changes in Cash	-	-	-	-1.00	-	-	-	-0.84	-	-	1.89
Cash Interest Paid	-	0.91	-0.30	0.86	-	2.47	1.92	0.88	1.03	0.18	1.18
Cash Income Taxes Paid	-	1.37	12	1.11	-	1.49	14	0.02	13	0.73	-1.74

This table presents Harmonic's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	525	554	508	511	587	592	694	710	768	797	718
Total Current Assets	286	217	172	197	251	238	323	345	331	565	494
Cash & Equivalents	126	56	57	66	93	99	133	90	84	101	124
Accounts Receivable	70	87	70	82	89	66	89	108	142	144	86
Inventories, net	39	41	26	26	29	35	71	121	84	43	48
Prepaid Expenses	25	26	19	23	41	38	30	26	21	9.89	13
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	267	224
Plant, Property, & Equipment, net	27	32	29	22	23	43	43	40	37	25	26
Total Noncurrent Assets	212	305	307	292	313	310	328	325	401	206	198
Goodwill	198	237	243	241	240	244	240	238	239	61	61
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	12	105	114	104
Other Noncurrent Operating Assets	9.94	39	43	38	69	67	88	75	57	32	34
Total Liabilities & Shareholders' Equity	525	554	508	511	587	592	694	710	768	797	718
Total Liabilities	197	283	290	283	332	333	397	386	331	331	335
Total Current Liabilities	85	145	142	136	192	147	224	322	272	192	198
Short-Term Debt	0.00	7.28	7.61	7.18	50	12	42	119	120	2.19	2.94
Accounts Payable	19	29	33	34	41	24	64	67	39	28	23
Current Deferred Revenue	34	52	52	42	37	54	57	62	46	14	32
Other Current Liabilities	-	-	-	-	64	58	61	73	68	60	55
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	87	86
Total Noncurrent Liabilities	112	139	148	146	141	186	172	63	59	139	137
Long-Term Debt	98	117	124	127	99	140	112	11	10	112	109
Other Noncurrent Operating Liabilities	9.73	18	23	18	41	46	60	52	48	27	28
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	328	271	218	228	252	258	296	325	437	465	383
Total Preferred & Common Equity	328	271	218	228	252	258	296	325	437	465	383
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	328	271	218	228	252	258	296	325	437	465	383
Common Stock	2,236	2,254	2,273	2,297	2,327	2,354	2,387	2,381	2,405	2,433	2,466
Retained Earnings	-1,904	-1,976	-2,058	-2,067	-2,072	-2,101	-2,088	-2,047	-1,963	-1,953	-2,076
Accumulated Other Comprehensive Income / (Loss)	-4.42	-7.27	3.38	-1.22	-3.07	5.86	-3.27	-9.69	-5.71	-14	-6.64

This table presents Harmonic's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	7/1/2022	9/30/2022	3/31/2023	6/30/2023	9/29/2023	3/29/2024	6/28/2024	9/27/2024	4/3/2026	6/27/2025	9/26/2025
Total Assets	698	698	704	690	674	741	714	760	705	783	759
Total Current Assets	338	337	338	332	329	301	285	336	485	343	327
Cash & Equivalents	122	105	91	71	76	84	46	58	109	124	127
Accounts Receivable	106	106	88	119	110	106	120	174	83	121	105
Inventories, net	83	99	132	114	104	87	84	74	51	71	69
Prepaid Expenses	28	27	27	28	33	24	32	30	17	27	27
Plant, Property, & Equipment, net	42	40	39	38	37	35	30	28	25	28	28
Total Noncurrent Assets	318	321	327	321	308	405	400	395	195	412	404
Goodwill	237	234	238	239	237	238	238	240	61	242	242
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	108	113	107	102	121	115
Other Noncurrent Operating Assets	81	87	88	83	71	58	49	48	32	49	47
Total Liabilities & Shareholders' Equity	698	698	704	690	674	741	714	760	705	783	759
Total Liabilities	402	397	368	348	333	332	321	331	350	337	316
Total Current Liabilities	222	222	306	288	275	275	152	162	214	172	157
Short-Term Debt	42	42	119	119	119	120	9.29	7.23	2.94	8.26	8.70
Accounts Payable	39	61	55	37	47	44	30	42	35	41	23
Current Deferred Revenue	75	58	66	66	56	52	53	51	30	51	50
Other Current Liabilities	67	61	66	65	52	60	59	61	59	72	76
Total Noncurrent Liabilities	180	175	62	60	58	57	169	169	136	165	158
Long-Term Debt	125	124	11	11	9.99	10	119	122	108	123	118
Other Noncurrent Operating Liabilities	55	51	51	49	48	46	50	47	28	42	41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	297	301	336	343	341	409	393	429	355	446	443
Total Preferred & Common Equity	297	301	336	343	341	409	393	429	355	446	443
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	297	301	336	343	341	409	393	429	355	446	443
Common Stock	2,371	2,376	2,385	2,390	2,399	2,410	2,416	2,424	2,476	2,449	2,458
Retained Earnings	-2,061	-2,053	-2,041	-2,040	-2,046	-1,992	-2,013	-1,992	-2,112	-1,995	-2,008
Accumulated Other Comprehensive Income / (Loss)	-13	-22	-7.66	-6.96	-12	-8.71	-10	-3.89	-8.31	-6.96	-7.17

This table displays calculated financial ratios and metrics derived from Harmonic's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.04%	7.66%	-11.74%	12.65%	-0.17%	-5.97%	33.87%	23.23%	-2.73%	11.65%	-26.15%
EBITDA Growth	-55.30%	-522.77%	-57.09%	148.90%	69.84%	-74.62%	312.54%	59.01%	-44.82%	127.03%	-73.66%
EBIT Growth	39.66%	-406.93%	-8.99%	92.41%	293.80%	-224.15%	246.08%	154.03%	-55.91%	198.85%	-83.77%
NOPAT Growth	39.98%	-417.73%	-5.73%	92.93%	361.09%	-195.15%	422.48%	2.62%	237.39%	-56.07%	-96.35%
Net Income Growth	66.14%	-361.75%	-14.72%	74.64%	71.84%	-394.11%	145.28%	112.63%	198.04%	-53.31%	-210.44%
EPS Growth	64.00%	-416.67%	-9.68%	75.49%	72.00%	-328.57%	140.00%	108.33%	188.00%	-54.17%	-215.15%
Operating Cash Flow Growth	-86.59%	-93.10%	599.54%	300.91%	154.76%	25.14%	4.73%	-86.65%	28.91%	777.14%	74.37%
Free Cash Flow Firm Growth	-138.02%	-569.60%	90.46%	26.47%	33.45%	-76.31%	352.74%	-185.73%	-10.15%	264.80%	-71.82%
Invested Capital Growth	2.52%	21.51%	-11.88%	1.34%	4.75%	0.00%	1.96%	15.04%	32.37%	1.76%	-21.84%
Revenue Q/Q Growth	-5.34%	6.98%	-3.27%	3.24%	2.16%	2.53%	5.03%	1.38%	0.46%	8.83%	-43.29%
EBITDA Q/Q Growth	-29.47%	-23.89%	6.42%	250.91%	-2.18%	474.22%	-14.66%	-2.43%	-16.71%	173.51%	-74.71%
EBIT Q/Q Growth	-14.71%	-16.87%	6.44%	74.22%	-6.77%	42.80%	-7.22%	2.25%	-23.96%	306.60%	-84.69%
NOPAT Q/Q Growth	-47.99%	-17.26%	10.30%	75.47%	-4.52%	44.72%	96.95%	-35.19%	1,269.43%	-73.08%	-96.13%
Net Income Q/Q Growth	-17.61%	-4.70%	-1.72%	41.91%	27.44%	21.24%	93.15%	-32.75%	1,236.63%	-53.83%	-187.27%
EPS Q/Q Growth	-20.00%	-3.33%	-2.00%	40.48%	36.36%	21.05%	50.00%	-37.50%	2,300.00%	-55.41%	-190.48%
Operating Cash Flow Q/Q Growth	-77.65%	102.95%	-56.88%	-16.44%	303.39%	41.20%	-45.48%	184.07%	-64.96%	215.05%	-25.13%
Free Cash Flow Firm Q/Q Growth	-448.24%	12.74%	-297.20%	17.40%	70.75%	40.61%	-38.86%	-6.76%	-4.04%	-27.39%	-37.67%
Invested Capital Q/Q Growth	0.50%	-5.94%	-2.57%	0.50%	-3.38%	-3.05%	6.03%	0.99%	24.35%	-1.71%	-47.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.77%	49.46%	47.40%	51.84%	55.36%	51.47%	51.22%	50.54%	51.41%	53.91%	48.47%
EBITDA Margin	1.78%	-7.01%	-12.47%	5.41%	9.21%	2.49%	7.66%	9.89%	5.61%	11.40%	6.59%
Operating Margin	-3.43%	-16.52%	-19.78%	-1.24%	3.25%	-3.29%	3.71%	7.28%	3.65%	9.30%	3.91%
EBIT Margin	-3.51%	-16.52%	-20.40%	-1.37%	2.67%	-3.52%	3.84%	7.92%	3.59%	9.62%	3.51%
Profit (Net Income) Margin	-4.15%	-17.82%	-23.16%	-5.21%	-1.47%	-7.73%	2.61%	4.51%	13.82%	5.78%	-12.01%
Tax Burden Percent	97.47%	89.91%	97.93%	124.11%	89.81%	111.65%	149.41%	63.35%	438.82%	67.69%	-488.77%
Interest Burden Percent	121.45%	119.92%	115.88%	305.53%	-61.36%	196.44%	45.50%	89.82%	87.65%	88.77%	69.99%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-49.41%	36.65%	-338.82%	32.31%	86.28%
Return on Invested Capital (ROIC)	-3.35%	-15.48%	-15.86%	-1.19%	3.01%	-2.80%	8.95%	8.46%	22.95%	8.77%	0.73%
ROIC Less NNEP Spread (ROIC-NNEP)	4.93%	-702.41%	-64.69%	-25.64%	-21.15%	-40.56%	-31.71%	6.30%	-7.86%	-0.99%	29.22%
Return on Net Nonoperating Assets (RNNOA)	-1.12%	-8.67%	-18.07%	-8.23%	-5.47%	-8.61%	-4.17%	0.61%	-0.89%	-0.08%	-10.94%
Return on Equity (ROE)	-4.47%	-24.15%	-33.93%	-9.42%	-2.45%	-11.41%	4.78%	9.07%	22.06%	8.69%	-10.21%
Cash Return on Invested Capital (CROIC)	-5.84%	-34.90%	-3.23%	-2.52%	-1.63%	-2.80%	7.01%	-5.53%	-4.90%	7.03%	25.25%
Operating Return on Assets (OROA)	-2.63%	-12.43%	-13.76%	-1.09%	1.96%	-2.26%	3.03%	7.06%	2.95%	8.34%	1.67%
Return on Assets (ROA)	-3.12%	-13.40%	-15.62%	-4.13%	-1.08%	-4.97%	2.06%	4.02%	11.36%	5.01%	-5.72%
Return on Common Equity (ROCE)	-4.47%	-24.15%	-33.93%	-9.42%	-2.44%	-11.35%	4.77%	9.06%	22.06%	8.69%	-10.21%
Return on Equity Simple (ROE_SIMPLE)	-4.77%	-26.72%	-37.99%	-9.22%	-2.35%	-11.33%	4.48%	8.68%	19.23%	8.43%	0.00%
Net Operating Profit after Tax (NOPAT)	-9.06	-47	-50	-3.51	9.16	-8.71	28	29	97	43	1.93
NOPAT Margin	-2.40%	-11.56%	-13.85%	-0.87%	2.27%	-2.30%	5.54%	4.61%	16.00%	6.30%	0.54%
Net Nonoperating Expense Percent (NNEP)	-8.28%	686.93%	48.83%	24.45%	24.16%	37.76%	40.66%	2.16%	30.81%	9.76%	-28.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.35%	17.15%	7.21%	0.39%
Cost of Revenue to Revenue	46.23%	50.54%	52.60%	48.16%	44.64%	48.53%	48.78%	49.46%	48.59%	46.09%	51.53%
SG&A Expenses to Revenue	32.08%	35.57%	38.04%	29.48%	29.55%	31.57%	27.23%	23.48%	26.86%	22.56%	22.57%
R&D to Revenue	23.22%	24.24%	26.79%	22.09%	21.00%	21.78%	20.16%	19.25%	20.77%	17.82%	21.17%
Operating Expenses to Revenue	57.20%	65.97%	67.19%	53.08%	52.11%	54.76%	47.51%	43.26%	47.77%	44.61%	44.56%
Earnings before Interest and Taxes (EBIT)	-13	-67	-73	-5.55	11	-13	19	50	22	65	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.73	-28	-45	22	37	9.42	39	62	34	77	24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.08	1.45	1.57	1.79	2.79	2.80	4.08	4.26	3.35	3.31	2.90
Price to Tangible Book Value (P/TBV)	2.81	94.83	0.00	0.00	85.88	49.38	21.66	15.92	7.40	6.75	3.44
Price to Revenue (P/Rev)	0.94	0.97	0.96	1.01	1.75	1.91	2.38	2.21	2.41	2.27	3.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	91.01	49.01	17.42	39.31	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.10%	2.04%	5.74%	2.54%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.36	1.42	1.61	2.45	2.49	3.87	3.90	3.12	3.19	4.71
Enterprise Value to Revenue (EV/Rev)	0.80	1.12	1.17	1.18	1.89	2.05	2.42	2.27	2.48	2.31	3.05
Enterprise Value to EBITDA (EV/EBITDA)	44.57	0.00	0.00	21.87	20.57	82.29	31.59	23.01	44.26	20.26	46.25
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	71.00	0.00	62.96	28.70	69.10	24.02	86.73
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	83.34	0.00	43.68	49.30	15.51	36.68	568.24
Enterprise Value to Operating Cash Flow (EV/OCF)	47.22	1,035.69	136.25	38.90	24.39	19.79	29.92	259.59	213.77	25.32	10.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	55.76	0.00	0.00	45.77	16.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.46	0.60	0.59	0.59	0.59	0.52	0.40	0.30	0.27	0.29
Long-Term Debt to Equity	0.30	0.43	0.57	0.56	0.39	0.54	0.38	0.03	0.02	0.26	0.28
Financial Leverage	-0.23	0.01	0.28	0.32	0.26	0.21	0.13	0.10	0.11	0.08	-0.37
Leverage Ratio	1.44	1.80	2.17	2.28	2.27	2.30	2.32	2.26	1.94	1.73	1.79
Compound Leverage Factor	1.74	2.16	2.52	6.97	-1.39	4.51	1.05	2.03	1.70	1.54	1.25
Debt to Total Capital	23.05%	31.50%	37.62%	37.11%	36.93%	36.95%	34.12%	28.59%	22.97%	21.56%	22.63%
Short-Term Debt to Total Capital	0.00%	1.84%	2.17%	1.98%	12.40%	2.87%	9.28%	26.13%	21.12%	1.20%	0.59%
Long-Term Debt to Total Capital	23.05%	29.66%	35.45%	35.13%	24.53%	34.07%	24.84%	2.46%	1.85%	20.36%	22.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.60%	0.00%	0.20%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	76.95%	68.50%	62.38%	62.89%	62.47%	63.05%	65.68%	71.41%	77.03%	78.44%	77.37%
Debt to EBITDA	14.61	-4.37	-2.95	6.16	4.02	16.07	3.96	2.10	3.82	1.65	4.72
Net Debt to EBITDA	-8.10	-2.18	-1.67	3.14	1.51	5.60	0.52	0.65	1.35	0.34	-0.51
Long-Term Debt to EBITDA	14.61	-4.12	-2.78	5.83	2.67	14.82	2.88	0.18	0.31	1.56	4.60
Debt to NOPAT	-10.85	-2.65	-2.65	-38.39	16.29	-17.37	5.47	4.50	1.34	2.99	58.01
Net Debt to NOPAT	6.01	-1.32	-1.51	-19.58	6.13	-6.05	0.72	1.40	0.47	0.61	-6.22
Long-Term Debt to NOPAT	-10.85	-2.50	-2.50	-36.35	10.83	-16.02	3.98	0.39	0.11	2.83	56.48
Altman Z-Score	-2.90	-3.68	-4.66	-3.90	-2.80	-2.92	-1.40	-0.74	0.05	0.78	-1.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.50%	0.47%	0.16%	0.14%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.37	1.50	1.21	1.44	1.31	1.62	1.44	1.07	1.21	2.18	2.50
Quick Ratio	2.62	1.03	0.89	1.08	0.95	1.12	0.99	0.61	0.83	1.67	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-16	-106	-10	-7.42	-4.94	-8.71	22	-19	-21	34	67
Operating Cash Flow to CapEx	44.24%	2.90%	26.88%	174.39%	303.01%	121.61%	316.12%	59.20%	83.29%	674.04%	974.42%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-0.65	-0.28	-0.68	2.07	-3.74	-7.71	4.68	17.64
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	1.08	1.80	3.04	3.86	1.09	2.62	8.45	28.42
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.46	1.21	0.54	2.64	-0.75	-0.53	7.20	25.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.75	0.67	0.79	0.73	0.64	0.79	0.89	0.82	0.87	0.48
Accounts Receivable Turnover	5.25	5.19	4.58	5.32	4.73	4.90	6.55	6.35	4.86	4.25	3.14
Inventory Turnover	4.87	5.13	5.61	7.53	6.58	5.74	4.66	3.22	2.88	4.23	4.09
Fixed Asset Turnover	13.90	13.72	11.66	15.65	17.81	11.47	11.81	15.14	15.89	21.38	14.19
Accounts Payable Turnover	10.05	8.50	6.08	5.81	4.81	5.70	5.62	4.69	5.57	8.48	7.23
Days Sales Outstanding (DSO)	69.54	70.26	79.78	68.58	77.14	74.54	55.69	57.52	75.04	85.92	116.26
Days Inventory Outstanding (DIO)	74.93	71.17	65.06	48.47	55.48	63.61	78.36	113.46	126.62	86.34	89.30
Days Payable Outstanding (DPO)	36.31	42.93	60.05	62.81	75.81	64.01	64.89	77.87	65.51	43.06	50.50
Cash Conversion Cycle (CCC)	108.15	98.51	84.78	54.23	56.82	74.14	69.15	93.10	136.16	129.20	155.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	274	333	293	297	311	311	317	365	483	491	233
Invested Capital Turnover	1.39	1.34	1.15	1.37	1.33	1.22	1.61	1.83	1.43	1.39	1.36
Increase / (Decrease) in Invested Capital	6.74	59	-40	3.92	14	-0.01	6.09	48	118	8.48	-65
Enterprise Value (EV)	300	454	417	478	763	775	1,227	1,422	1,509	1,568	1,098
Market Capitalization	354	392	343	409	705	722	1,206	1,381	1,463	1,542	1,110
Book Value per Share	$3.77	$3.45	$2.68	$2.63	$2.79	$2.64	$2.89	$3.08	$3.89	$3.99	$3.41
Tangible Book Value per Share	$1.45	$0.05	($0.56)	($0.29)	$0.09	$0.15	$0.54	$0.82	$1.76	$1.96	$2.87
Total Capital	426	395	350	363	404	410	451	454	567	593	495
Total Debt	98	124	132	135	149	151	154	130	130	128	112
Total Long-Term Debt	98	117	124	127	99	140	112	11	10	121	109
Net Debt	-54	62	75	69	56	53	20	40	46	26	-12
Capital Expenditures (CapEx)	14	15	11	7.04	10	32	13	9.25	8.48	9.19	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	17	-20	1.48	16	3.87	7.05	52	94	104	175
Debt-free Net Working Capital (DFNWC)	201	79	37	67	110	103	140	142	178	206	299
Net Working Capital (NWC)	201	72	30	60	59	91	99	23	58	199	296
Net Nonoperating Expense (NNE)	6.60	25	33	18	15	21	15	0.66	13	3.52	45
Net Nonoperating Obligations (NNO)	-54	62	75	69	56	53	20	40	46	26	-150
Total Depreciation and Amortization (D&A)	20	39	28	27	26	23	19	12	12	12	11
Debt-free, Cash-free Net Working Capital to Revenue	12.85%	4.10%	-5.51%	0.37%	4.09%	1.02%	1.39%	8.38%	15.44%	15.30%	48.61%
Debt-free Net Working Capital to Revenue	53.38%	19.51%	10.41%	16.72%	27.19%	27.06%	27.70%	22.72%	29.30%	30.30%	83.04%
Net Working Capital to Revenue	53.38%	17.72%	8.29%	14.94%	14.76%	23.95%	19.46%	3.72%	9.60%	29.25%	82.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.18)	($0.93)	($1.02)	($0.25)	($0.07)	($0.30)	$0.13	$0.00	$0.75	$0.34	($0.38)
Adjusted Weighted Average Basic Shares Outstanding	87.51M	79.77M	84.10M	88.68M	95.89M	100.85M	101.48M	0.00	111.65M	115.12M	113.66M
Adjusted Diluted Earnings per Share	($0.18)	($0.93)	($1.02)	($0.25)	($0.07)	($0.30)	$0.12	$0.00	$0.72	$0.33	($0.38)
Adjusted Weighted Average Diluted Shares Outstanding	87.51M	79.77M	84.10M	88.68M	95.89M	100.85M	106.17M	0.00	117.36M	117.48M	114.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.93)	($1.02)	($0.25)	($0.07)	($0.30)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.30M	77.71M	80.97M	85.62M	89.58M	96.97M	103.74M	0.00	111.91M	117.05M	110.24M
Normalized Net Operating Profit after Tax (NOPAT)	-8.10	-37	-46	-1.47	11	-7.09	13	31	16	62	12
Normalized NOPAT Margin	-2.15%	-9.04%	-12.81%	-0.36%	2.82%	-1.87%	2.61%	4.95%	2.65%	9.16%	3.31%
Pre Tax Income Margin	-4.26%	-19.81%	-23.64%	-4.20%	-1.64%	-6.92%	1.75%	7.12%	3.15%	8.54%	2.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-0.49	0.62	-1.04	1.83	9.83	8.10	8.91	3.33
NOPAT to Interest Expense	0.00	0.00	0.00	-0.31	0.53	-0.68	2.64	5.72	36.09	5.83	0.51
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-1.10	0.02	-3.54	0.61	7.99	4.96	7.65	0.42
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-0.93	-0.07	-3.18	1.42	3.89	32.94	4.58	-2.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-487.91%	-2.27%	-3.32%	-1.09%	-25.19%	0.00%	0.00%	18.21%	0.00%	76.62%	-182.47%

This table displays calculated financial ratios and metrics derived from Harmonic's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	3/28/2025	6/27/2025	9/26/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.94%	-18.32%	1.68%	-22.57%	-11.04%	53.89%	32.96%	9.07%	-0.51%	-27.27%	-267.55%
EBITDA Growth	-42.07%	-132.31%	-35.44%	-148.36%	-191.46%	764.32%	394.03%	288.34%	158.56%	-62.87%	-111.56%
EBIT Growth	-49.24%	-173.06%	-42.31%	-190.15%	-252.77%	481.26%	524.39%	201.43%	128.17%	-68.46%	-116.06%
NOPAT Growth	-86.23%	-160.45%	1,291.22%	-219.23%	-737.49%	543.49%	-60.80%	206.37%	134.12%	-88.68%	-114.85%
Net Income Growth	-89.52%	-174.31%	1,267.49%	-258.83%	-905.92%	434.38%	-54.53%	173.43%	122.91%	-87.60%	-243.80%
EPS Growth	-92.86%	-175.00%	1,725.00%	-275.00%	-1,200.00%	416.67%	-56.16%	171.43%	127.27%	-89.47%	-250.00%
Operating Cash Flow Growth	-175.70%	234.37%	-67.61%	327.75%	-34.09%	-21.04%	674.39%	211.73%	47.20%	172.59%	-74.68%
Free Cash Flow Firm Growth	-130.79%	36.59%	35.70%	-404.68%	-41.20%	-156.43%	203.79%	142.92%	128.20%	171.50%	-74.74%
Invested Capital Growth	17.45%	7.50%	32.37%	21.30%	17.65%	28.74%	1.76%	-6.61%	-4.09%	-11.54%	-21.84%
Revenue Q/Q Growth	-1.07%	-18.44%	31.36%	-26.95%	13.67%	41.10%	13.49%	-40.07%	3.67%	3.16%	-137.24%
EBITDA Q/Q Growth	-7.42%	-140.13%	340.98%	-153.05%	-75.11%	391.49%	79.21%	-79.41%	-45.55%	84.83%	-167.34%
EBIT Q/Q Growth	-9.75%	-184.06%	213.61%	-204.59%	-52.94%	309.79%	86.06%	-83.01%	-57.52%	134.85%	-215.34%
NOPAT Q/Q Growth	-69.31%	-450.89%	1,621.76%	-107.28%	-64.08%	344.11%	34.51%	-80.26%	-47.36%	-19.01%	-325.38%
Net Income Q/Q Growth	-69.47%	-517.68%	1,390.85%	-109.65%	-54.93%	273.30%	75.52%	-84.42%	-51.67%	-6.17%	-2,134.71%
EPS Q/Q Growth	-75.00%	-700.00%	1,316.67%	-109.59%	-57.14%	272.73%	68.42%	-84.38%	-40.00%	-33.33%	-2,500.00%
Operating Cash Flow Q/Q Growth	-363.51%	166.84%	-43.25%	327.96%	-182.60%	139.36%	456.55%	72.27%	-113.99%	303.21%	-48.30%
Free Cash Flow Firm Q/Q Growth	-237.85%	42.87%	20.14%	-227.42%	5.47%	-3.75%	132.32%	35.40%	-37.90%	163.10%	-3.98%
Invested Capital Q/Q Growth	7.05%	-3.30%	24.35%	-5.77%	3.83%	5.81%	-1.71%	-13.51%	6.62%	-2.40%	-47.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.46%	48.49%	49.00%	51.68%	52.95%	53.50%	56.11%	59.02%	53.46%	54.17%	0.00%
EBITDA Margin	8.26%	-4.07%	7.46%	-5.51%	-8.49%	17.55%	27.71%	9.52%	5.00%	8.96%	0.00%
Operating Margin	6.39%	-6.76%	5.77%	-7.80%	-11.27%	18.10%	23.80%	7.61%	2.80%	6.90%	0.00%
EBIT Margin	6.30%	-6.49%	5.62%	-8.04%	-10.82%	16.09%	26.37%	7.48%	3.06%	6.98%	0.00%
Profit (Net Income) Margin	1.00%	-5.11%	50.18%	-6.63%	-9.03%	11.09%	17.16%	4.46%	2.08%	1.89%	0.00%
Tax Burden Percent	17.23%	73.15%	951.33%	76.76%	76.25%	75.39%	67.95%	70.04%	96.47%	30.80%	483.21%
Interest Burden Percent	91.86%	107.49%	93.92%	107.37%	109.49%	91.47%	95.75%	85.19%	70.37%	88.08%	99.02%
Effective Tax Rate	82.77%	0.00%	-851.33%	0.00%	0.00%	24.61%	32.05%	29.96%	3.53%	69.20%	0.00%
Return on Invested Capital (ROIC)	1.88%	-7.64%	78.66%	-7.53%	-10.02%	19.16%	22.53%	8.35%	4.03%	2.87%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	1.57%	-8.52%	60.59%	-10.87%	-12.31%	10.74%	28.62%	-0.97%	2.03%	1.93%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.25%	-1.44%	6.87%	-1.24%	-2.32%	1.65%	2.29%	-0.03%	0.21%	0.16%	0.00%
Return on Equity (ROE)	2.13%	-9.08%	85.53%	-8.78%	-12.33%	20.81%	24.82%	8.32%	4.24%	3.02%	0.00%
Cash Return on Invested Capital (CROIC)	-9.68%	-5.33%	-4.90%	-19.00%	-20.08%	10.62%	7.03%	19.85%	19.92%	22.83%	25.25%
Operating Return on Assets (OROA)	5.75%	-5.73%	4.62%	-6.37%	-8.56%	14.00%	22.88%	6.81%	2.82%	5.84%	0.00%
Return on Assets (ROA)	0.91%	-4.51%	41.27%	-5.25%	-7.14%	9.65%	14.89%	4.06%	1.91%	1.58%	0.00%
Return on Common Equity (ROCE)	2.13%	-9.08%	85.53%	-8.78%	-12.33%	20.81%	24.82%	8.32%	4.24%	3.02%	0.00%
Return on Equity Simple (ROE_SIMPLE)	6.28%	1.84%	0.00%	17.31%	14.44%	19.80%	0.00%	11.94%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.72	-6.02	92	-6.67	-11	27	36	7.09	3.73	3.02	-6.82
NOPAT Margin	1.10%	-4.73%	54.85%	-5.46%	-7.89%	13.64%	16.17%	5.33%	2.70%	2.12%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.31%	0.87%	18.07%	3.33%	2.30%	8.42%	-6.09%	9.32%	2.00%	0.94%	-30.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	16.16%	-	-	-	6.06%	1.24%	0.65%	0.53%	-1.38%
Cost of Revenue to Revenue	45.54%	51.51%	51.00%	48.32%	47.05%	46.50%	43.89%	40.98%	46.54%	45.83%	0.00%
SG&A Expenses to Revenue	27.43%	30.85%	25.13%	31.84%	28.70%	18.31%	17.37%	27.86%	27.67%	25.65%	0.00%
R&D to Revenue	20.65%	23.83%	18.11%	25.16%	20.75%	15.36%	14.14%	23.55%	21.33%	20.86%	0.00%
Operating Expenses to Revenue	48.07%	55.26%	43.23%	59.48%	64.21%	35.41%	32.31%	51.41%	50.66%	47.27%	0.00%
Earnings before Interest and Taxes (EBIT)	9.83	-8.26	9.38	-9.82	-15	31	59	9.96	4.23	9.93	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	-5.17	12	-6.73	-12	34	62	13	6.90	13	-8.59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.25	3.14	3.35	3.69	3.49	3.93	3.31	2.55	2.40	2.58	2.90
Price to Tangible Book Value (P/TBV)	17.30	10.32	7.40	8.82	8.85	8.90	6.75	5.47	5.24	5.69	3.44
Price to Revenue (P/Rev)	2.84	1.77	2.41	2.63	2.47	2.70	2.27	1.65	1.56	1.80	3.08
Price to Earnings (P/E)	83.68	170.21	17.42	21.29	24.18	19.84	39.31	21.35	15.63	23.07	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.20%	0.59%	5.74%	4.70%	4.14%	5.04%	2.54%	4.68%	6.40%	4.33%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.63	2.88	3.12	3.41	3.07	3.51	3.19	2.62	2.38	2.59	4.71
Enterprise Value to Revenue (EV/Rev)	2.93	1.85	2.48	2.71	2.61	2.82	2.31	1.62	1.57	1.80	3.05
Enterprise Value to EBITDA (EV/EBITDA)	30.73	27.29	44.26	115.56	0.00	62.07	20.26	11.52	9.35	12.19	46.25
Enterprise Value to EBIT (EV/EBIT)	38.51	38.90	69.10	1,368.92	0.00	109.44	24.02	13.12	10.36	13.83	86.73
Enterprise Value to NOPAT (EV/NOPAT)	78.52	157.24	15.51	1,514.05	0.00	11.06	36.68	19.47	14.82	22.94	568.24
Enterprise Value to Operating Cash Flow (EV/OCF)	2,112.96	55.46	213.77	56.28	66.04	89.38	25.32	9.40	8.36	7.93	10.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	37.24	45.77	12.77	11.71	10.64	16.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.38	0.30	0.32	0.33	0.30	0.27	0.29	0.29	0.29	0.29
Long-Term Debt to Equity	0.03	0.03	0.02	0.03	0.30	0.29	0.26	0.27	0.28	0.27	0.28
Financial Leverage	0.16	0.17	0.11	0.11	0.19	0.15	0.08	0.03	0.10	0.08	-0.37
Leverage Ratio	2.17	2.14	1.94	1.94	1.91	1.86	1.73	1.77	1.78	1.74	1.79
Compound Leverage Factor	1.99	2.30	1.82	2.08	2.09	1.70	1.66	1.51	1.26	1.53	1.77
Debt to Total Capital	27.47%	27.53%	22.97%	24.14%	24.63%	23.19%	21.56%	22.28%	22.69%	22.23%	22.63%
Short-Term Debt to Total Capital	25.24%	25.41%	21.12%	22.23%	1.78%	1.29%	1.20%	1.32%	1.43%	1.53%	0.59%
Long-Term Debt to Total Capital	2.23%	2.12%	1.85%	1.90%	22.84%	21.90%	20.36%	20.96%	21.26%	20.70%	22.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	72.53%	72.47%	77.03%	75.86%	75.37%	76.81%	78.44%	77.72%	77.31%	77.77%	77.37%
Debt to EBITDA	2.15	3.16	3.82	9.68	-11.43	4.58	1.65	1.32	1.13	1.35	4.72
Net Debt to EBITDA	0.97	1.16	1.35	3.41	-7.10	2.51	0.34	-0.22	0.06	-0.01	-0.51
Long-Term Debt to EBITDA	0.17	0.24	0.31	0.76	-10.61	4.32	1.56	1.24	1.06	1.26	4.60
Debt to NOPAT	5.48	18.22	1.34	126.87	-7.60	0.82	2.99	2.23	1.80	2.54	58.01
Net Debt to NOPAT	2.48	6.69	0.47	44.72	-4.72	0.45	0.61	-0.37	0.09	-0.02	-6.22
Long-Term Debt to NOPAT	0.45	1.41	0.11	10.01	-7.05	0.77	2.83	2.10	1.68	2.36	56.48
Altman Z-Score	0.01	-1.37	0.00	-0.27	-0.45	0.62	0.75	-0.30	-0.50	-0.38	-1.12
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.20	1.21	1.09	1.87	2.08	2.18	2.06	1.99	2.08	2.50
Quick Ratio	0.66	0.70	0.83	0.69	1.09	1.43	1.67	1.50	1.42	1.48	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-58	-33	-26	-87	-82	-85	27	37	23	61	58
Operating Cash Flow to CapEx	-1,100.00%	576.41%	229.90%	1,403.45%	-1,139.02%	292.23%	2,068.67%	4,466.08%	-307.82%	870.06%	459.19%
Free Cash Flow to Firm to Interest Expense	-72.44	-53.48	-46.30	-119.73	-57.46	-31.61	11.01	25.21	18.41	51.27	0.00
Operating Cash Flow to Interest Expense	-20.65	17.84	10.98	37.10	-15.56	3.25	19.47	56.72	-9.34	20.08	0.00
Operating Cash Flow Less CapEx to Interest Expense	-22.53	14.75	6.20	34.45	-16.92	2.14	18.53	55.45	-12.37	17.77	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.91	0.88	0.82	0.79	0.79	0.87	0.87	0.91	0.92	0.84	0.48
Accounts Receivable Turnover	5.62	5.61	4.86	5.90	4.64	4.39	4.25	6.75	5.73	4.57	3.14
Inventory Turnover	3.06	2.85	2.88	2.57	2.78	3.38	4.23	4.15	3.96	3.95	4.09
Fixed Asset Turnover	16.00	15.64	15.89	15.43	16.51	19.08	21.38	22.30	23.91	22.64	14.19
Accounts Payable Turnover	7.94	5.35	5.57	5.66	8.19	6.71	8.48	8.67	8.70	8.56	7.23
Days Sales Outstanding (DSO)	64.96	65.12	75.04	61.86	78.64	83.13	85.92	54.08	63.74	79.89	116.26
Days Inventory Outstanding (DIO)	119.21	128.15	126.62	141.89	131.21	107.86	86.34	87.99	92.20	92.34	89.30
Days Payable Outstanding (DPO)	45.94	68.26	65.51	64.52	44.55	54.42	43.06	42.12	41.97	42.62	50.50
Cash Conversion Cycle (CCC)	138.23	125.00	136.16	139.23	165.31	136.58	129.20	99.95	113.97	129.61	155.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	402	388	483	455	472	500	491	425	453	442	233
Invested Capital Turnover	1.70	1.61	1.43	1.38	1.27	1.40	1.39	1.57	1.49	1.35	1.36
Increase / (Decrease) in Invested Capital	60	27	118	80	71	112	8.48	-30	-19	-58	-65
Enterprise Value (EV)	1,859	1,117	1,509	1,554	1,451	1,757	1,568	1,115	1,080	1,144	1,098
Market Capitalization	1,801	1,070	1,463	1,508	1,372	1,686	1,542	1,137	1,073	1,145	1,110
Book Value per Share	$3.08	$3.05	$3.89	$3.64	$3.37	$3.69	$3.99	$3.81	$3.95	$3.89	$3.41
Tangible Book Value per Share	$0.93	$0.93	$1.76	$1.52	$1.33	$1.63	$1.96	$1.78	$1.81	$1.77	$2.87
Total Capital	473	470	567	539	521	558	593	574	577	570	495
Total Debt	130	129	130	130	128	130	128	128	131	127	112
Total Long-Term Debt	11	9.99	10	10	119	122	121	120	123	118	109
Net Debt	59	48	46	46	80	71	26	-21	6.73	-0.75	-12
Capital Expenditures (CapEx)	1.50	1.92	2.73	1.91	1.95	2.98	2.35	1.87	3.80	2.73	2.68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	92	91	94	62	93	123	104	34	55	51	175
Debt-free Net Working Capital (DFNWC)	163	173	178	146	142	182	206	183	179	179	299
Net Working Capital (NWC)	44	54	58	26	133	175	199	175	171	170	296
Net Nonoperating Expense (NNE)	0.16	0.47	7.80	1.42	1.59	4.99	-2.20	1.15	0.86	0.33	48
Net Nonoperating Obligations (NNO)	59	48	46	46	80	71	26	-21	6.73	-0.75	-150
Total Depreciation and Amortization (D&A)	3.06	3.09	3.08	3.09	3.23	2.86	2.97	2.72	2.67	2.82	2.87
Debt-free, Cash-free Net Working Capital to Revenue	14.53%	15.11%	15.44%	10.76%	16.80%	19.79%	15.30%	4.93%	7.93%	8.06%	48.61%
Debt-free Net Working Capital to Revenue	25.74%	28.65%	29.30%	25.50%	25.57%	29.17%	30.30%	26.53%	25.96%	28.10%	83.04%
Net Working Capital to Revenue	6.92%	8.91%	9.60%	4.54%	23.90%	28.01%	29.25%	25.44%	24.76%	26.73%	82.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	($0.06)	$0.75	($0.07)	($0.11)	$0.19	$0.33	$0.05	$0.03	$0.02	($0.48)
Adjusted Weighted Average Basic Shares Outstanding	111.46M	112.03M	111.65M	112.35M	115.03M	116.40M	115.12M	116.32M	113.39M	112.98M	113.66M
Adjusted Diluted Earnings per Share	$0.01	($0.06)	$0.73	($0.07)	($0.11)	$0.19	$0.32	$0.05	$0.03	$0.02	($0.48)
Adjusted Weighted Average Diluted Shares Outstanding	119.26M	112.03M	117.36M	112.35M	115.03M	117.36M	117.48M	117.02M	113.49M	113.32M	114.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	111.91M	112.19M	111.91M	116.54M	116.33M	116.53M	117.05M	113.10M	113.76M	112.23M	110.24M
Normalized Net Operating Profit after Tax (NOPAT)	6.97	-5.51	6.74	-4.54	3.40	29	37	7.09	5.94	7.63	-7.11
Normalized NOPAT Margin	4.47%	-4.33%	4.04%	-3.72%	2.45%	14.95%	16.53%	5.33%	4.30%	5.36%	0.00%
Pre Tax Income Margin	5.79%	-6.98%	5.27%	-8.63%	-11.85%	14.72%	25.25%	6.37%	2.16%	6.14%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.28	-13.34	16.43	-13.58	-10.54	11.72	23.50	6.75	3.38	8.39	0.00
NOPAT to Interest Expense	2.15	-9.73	160.49	-9.22	-7.68	9.94	14.41	4.81	2.98	2.55	0.00
EBIT Less CapEx to Interest Expense	10.41	-16.44	11.66	-16.22	-11.91	10.61	22.56	5.48	0.34	6.08	0.00
NOPAT Less CapEx to Interest Expense	0.27	-12.82	155.72	-11.87	-9.05	8.83	13.47	3.54	-0.05	0.25	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.56%	0.00%	0.00%	30.61%	52.97%	35.38%	76.62%	83.48%	72.98%	132.51%	-182.47%

Financials Breakdown Chart

Key Financial Trends

HARMONIC INC (HLIT) has shown a mixed trajectory in its quarterly results over the last four years. The latest Q4 2025 period delivered a large net loss and negative gross profit, but the preceding three quarters in 2025 still showed positive cash flow and ongoing profitability, along with a solid balance sheet. Below are the key takeaways for retail investors based on the quarterly statements provided.

Positive operating cash flow in recent quarters: net cash from continuing operating activities was about $23.8 million in Q3 2025 and roughly $12.3 million in Q4 2025, indicating ongoing cash generation from core operations despite near-term earnings volatility.
Several quarters in 2025 posted positive net income: $5.94 million in Q1 2025, $2.87 million in Q2 2025, and $2.69 million in Q3 2025, signaling improving profitability before the Q4 reversal.
Revenue trend through the first three quarters of 2025 was on an up-and-up path: roughly $133.1 million (Q1), $138.0 million (Q2), and $142.4 million (Q3), suggesting top-line momentum prior to the Q4 drop.
Solid liquidity and equity position: cash & equivalents around $127.4 million as of Q3 2025, with total equity near $443–446 million, providing a cushion to navigate near-term liabilities.
Debt headroom added in 2024–2025: new debt issuances (including about $40 million in Q4 2024 and $50 million in Q3 2025) improved liquidity while long-term debt remained modest (~$118 million as of Q3 2025).
Cost discipline in Q4 2025: total operating expenses were reduced in Q4 2025, aided by lower expense levels versus the prior quarter, indicating potential ongoing expense controls.
Capital expenditure pace remains modest: quarterly PPE purchases run around $2.7 million in 2025, with investing cash flows showing limited but steady outlays, suggesting a cautious approach to capex.
Balance sheet stability with manageable leverage: as of Q3 2025, total liabilities were about $315.6 million and long-term debt around $118 million, with equity around $443 million, implying a reasonable debt profile given cash flow generation.
Q4 2025 net loss and margin deterioration: net income swung to a loss of about $54.8 million, with diluted earnings per share near -$0.48, representing a material quarterly deterioration from earlier quarters.
Q4 2025 gross profit collapsed: total gross profit was negative by approximately $54.8 million, highlighting a sharp top-line and margin challenge in the quarter that warrants further explanation and follow-up data.

05/25/26 12:07 PM ETAI Generated. May Contain Errors.

Harmonic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Harmonic's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Harmonic's net income appears to be on a downward trend, with a most recent value of -$43.31 million in 2025, rising from -$15.66 million in 2015. The previous period was $39.22 million in 2024. See where experts think Harmonic is headed by visiting Harmonic's forecast page.

Harmonic's total operating income in 2025 was $14.08 million, based on the following breakdown:

Total Gross Profit: $174.75 million
Total Operating Expenses: $160.67 million

Over the last 10 years, Harmonic's total revenue changed from $377.03 million in 2015 to $360.52 million in 2025, a change of -4.4%.

Harmonic's total liabilities were at $335.24 million at the end of 2025, a 1.2% increase from 2024, and a 70.4% increase since 2015.

In the past 10 years, Harmonic's cash and equivalents has ranged from $55.64 million in 2016 to $133.43 million in 2021, and is currently $124.11 million as of their latest financial filing in 2025.

Over the last 10 years, Harmonic's book value per share changed from 3.77 in 2015 to 3.41 in 2025, a change of -9.4%.

Related Companies

Financial statements for NASDAQ:HLIT last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Harmonic (HLIT) Financials

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Harmonic (HLIT) Financials

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