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Harmonic (HLIT) Financials

Harmonic logo
$11.60 -0.19 (-1.61%)
As of 09/3/2026 04:00 PM Eastern
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Annual Income Statements for Harmonic

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

Quarterly Income Statements for Harmonic

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 4/3/2026 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 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
Net Income / (Loss) Continuing Operations		 1.56 -6.50 84 -8.09 -13 22 38 9.65 -0.86 2.69 -10
Total Pre-Tax Income 		9.03 -8.88 8.81 -11 -16 29 56 19 -3.04 8.75 -11
Total Operating Income		 9.96 -8.60 9.63 -9.53 -16 35 53 20 -0.75 9.82 -9.74
Total Gross Profit		 85 62 82 63 73 105 125 64 40 77 -55
Total Revenue		 156 127 167 122 139 196 222 122 87 142 -53
Operating Revenue		 156 127 167 122 139 196 222 122 87 142 -53
Total Cost of Revenue		 71 66 85 59 65 91 98 58 47 65 1.73
Operating Cost of Revenue		 71 66 85 59 65 91 98 58 47 65 1.73
Total Operating Expenses		 75 70 72 73 89 69 72 43 41 67 -45
Selling, General & Admin Expense		 43 39 42 39 40 36 39 22 20 37 -30
Research & Development Expense		 32 30 30 31 29 30 31 21 18 30 -14
Restructuring Charge		 0.00 0.73 - 3.04 11 0.28 1.17 - 0.43 1.09 -0.42
Total Other Income / (Expense), net		 -0.94 -0.28 -0.82 -1.01 -0.81 -6.62 3.23 -1.12 -2.28 -1.07 -1.61
Interest Expense		 0.80 0.62 0.57 0.72 1.42 2.69 2.49 1.08 1.09 1.18 -0.11
Other Income / (Expense), net		 -0.14 0.34 -0.25 -0.29 0.62 -3.93 5.73 -0.04 -1.19 0.11 -1.72
Income Tax Expense		 7.47 -2.38 -75 -2.45 -3.90 7.09 18 9.68 -2.18 6.05 -1.06
Basic Earnings per Share		 $0.01 ($0.06) $0.75 ($0.07) ($0.11) $0.19 $0.33 $0.07 $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 109.71M 113.39M 112.98M 113.66M
Diluted Earnings per Share		 $0.01 ($0.06) $0.73 ($0.07) ($0.11) $0.19 $0.32 $0.07 $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 110.62M 113.39M 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 109.07M 112.23M 110.24M

Annual Cash Flow Statements for Harmonic

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

Quarterly Cash Flow Statements for Harmonic

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 3/28/2025 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 47 -25 3.44 -3.25
Net Cash From Operating Activities		 -17 11 6.27 27 -22 8.72 49 84 -12 24 12
Net Cash From Continuing Operating Activities		 -17 11 6.27 27 -22 8.72 49 84 -12 24 12
Net Income / (Loss) Continuing Operations		 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
Depreciation Expense		 3.06 3.09 3.08 3.09 3.23 2.86 2.97 2.72 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 64 -27 10 -2.56
Net Cash From Investing Activities		 -1.50 -8.22 3.58 -1.91 -1.95 -2.98 -2.35 -1.87 -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 -1.87 -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 -1.87 -3.80 -2.73 -2.68
Net Cash From Financing Activities		 -2.03 2.47 -2.01 -24 -11 2.94 -1.29 -36 -13 -18 -15
Net Cash From Continuing Financing Activities		 -2.03 2.47 -2.01 -24 -11 2.94 -1.29 -36 -13 -18 -15
Repayment of Debt		 -4.57 - -1.17 -0.33 -117 -3.46 -0.65 -0.50 -42 -59 -41
Repurchase of Common Equity		 - - - -22 -8.37 - - -36 -14 -16 -13
Issuance of Debt		 - - 0.01 - - 3.94 - 0.00 - 55 40
Other Financing Activities, net		 -1.29 -1.00 -0.85 -5.41 -0.84 -0.63 -0.64 -2.55 -0.66 -0.59 -0.57
Other Net Changes in Cash		 - - - -1.00 - - - - - - 1.89
Cash Interest Paid		 - 0.91 -0.30 0.86 - 2.47 1.92 1.69 1.03 0.18 1.18
Cash Income Taxes Paid		 - 1.37 12 1.11 - 1.49 14 1.14 13 0.73 -1.74

Annual Balance Sheets for Harmonic

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

Quarterly Balance Sheets for Harmonic

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 7/3/2026 9/26/2025
Total Assets		 698 698 704 690 674 741 714 760 705 633 759
Total Current Assets		 338 337 338 332 329 301 285 336 485 417 327
Cash & Equivalents		 122 105 91 71 76 84 46 58 109 232 127
Accounts Receivable		 106 106 88 119 110 106 120 174 83 90 105
Inventories, net		 83 99 132 114 104 87 84 74 51 66 69
Prepaid Expenses		 28 27 27 28 33 24 32 30 17 29 27
Plant, Property, & Equipment, net		 42 40 39 38 37 35 30 28 25 23 28
Total Noncurrent Assets		 318 321 327 321 308 405 400 395 195 192 404
Goodwill		 237 234 238 239 237 238 238 240 61 61 242
Noncurrent Deferred & Refundable Income Taxes		 - - - - - 108 113 107 102 99 115
Other Noncurrent Operating Assets		 81 87 88 83 71 58 49 48 32 31 47
Total Liabilities & Shareholders' Equity		 698 698 704 690 674 741 714 760 705 633 759
Total Liabilities		 402 397 368 348 333 332 321 331 350 272 316
Total Current Liabilities		 222 222 306 288 275 275 152 162 214 137 157
Short-Term Debt		 42 42 119 119 119 120 9.29 7.23 2.94 2.94 8.70
Accounts Payable		 39 61 55 37 47 44 30 42 35 39 23
Current Deferred Revenue		 75 58 66 66 56 52 53 51 30 21 50
Other Current Liabilities		 67 61 66 65 52 60 59 61 59 74 76
Total Noncurrent Liabilities		 180 175 62 60 58 57 169 169 136 135 158
Long-Term Debt		 125 124 11 11 9.99 10 119 122 108 108 118
Other Noncurrent Operating Liabilities		 55 51 51 49 48 46 50 47 28 28 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		 297 301 336 343 341 409 393 429 355 360 443
Total Preferred & Common Equity		 297 301 336 343 341 409 393 429 355 360 443
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		 297 301 336 343 341 409 393 429 355 360 443
Common Stock		 2,371 2,376 2,385 2,390 2,399 2,410 2,416 2,424 2,476 2,483 2,458
Retained Earnings		 -2,061 -2,053 -2,041 -2,040 -2,046 -1,992 -2,013 -1,992 -2,112 -2,115 -2,008
Accumulated Other Comprehensive Income / (Loss)		 -13 -22 -7.66 -6.96 -12 -8.71 -10 -3.89 -8.31 -8.35 -7.17

Annual Metrics And Ratios for Harmonic

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%

Quarterly Metrics And Ratios for Harmonic

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’s financial results show a sharp deterioration in the fourth quarter of 2025 after a stronger first half of the year. Revenue fell from $142.4 million in Q3 2025 to $53.0 million in Q4 as reported in the supplied data, while consolidated net loss reached $54.8 million, or $0.48 per diluted share. The quarterly data also includes restatements and unusual sign conventions, so investors should review the company’s filing before relying on individual line items.

Across the available quarters, Harmonic’s results have been volatile. The company produced quarterly profits in Q2 and Q4 2022, Q1 2023, Q2 2023, Q4 2023, Q3 2024, Q4 2024 and Q1 2025, but reported losses in Q1 and Q2 2024, Q3 2023, and Q2 and Q4 2025. The recent trend is particularly concerning because Q4 2025’s consolidated loss was much larger than the continuing-operations loss of approximately $10.3 million, indicating a substantial loss from discontinued operations.

  • Operating cash flow remained positive in Q4 2025. Harmonic generated $12.3 million from operating activities despite reporting a $54.8 million consolidated loss. This was a significant improvement from the $11.7 million operating cash outflow in Q2 2025.
  • Capital spending remains relatively controlled. Q4 2025 purchases of property, plant and equipment totaled $2.7 million, implying approximate quarterly free cash flow of $9.6 million before other cash uses.
  • Operating expenses declined sequentially. Selling, general and administrative expense fell to $30.4 million in Q4 2025 from $36.5 million in Q3, while research and development expense dropped to $14.2 million from $29.7 million.
  • Liquidity was still substantial at the latest balance-sheet date. As of Q3 2025, Harmonic held $127.4 million of cash and equivalents against $157.1 million of current liabilities, producing a current ratio of roughly 2.1.
  • Harmonic continued to generate cash in several recent quarters. Operating cash flow was $83.6 million in Q1 2025, $23.8 million in Q3 2025 and $48.5 million in Q4 2024, although working-capital movements caused significant quarter-to-quarter volatility.
  • Cash has been volatile rather than steadily declining. Cash fell from $231.9 million in Q2 2025 to $127.4 million in Q3, but remained above the $58.2 million reported in Q3 2024 and the $84.3 million reported in Q1 2024.
  • The balance sheet includes a large amount of goodwill and deferred tax assets. Goodwill increased to $241.8 million in Q3 2025 from $61.1 million in Q2, while noncurrent deferred and refundable tax assets reached $115.5 million. These assets support reported equity but may not provide the same liquidity as cash.
  • Deferred revenue provides some visibility into future revenue. Current deferred revenue was $49.5 million in Q3 2025, although it declined from $66.2 million in Q2 2023 and $53.1 million in Q2 2024.
  • Non-cash adjustments played a major role in recent cash generation. Q4 2025 included $66.8 million of non-cash adjustments, meaning operating cash flow was not driven solely by recurring earnings. Investors should determine how much of these adjustments reflects sustainable items.
  • Q4 2025 revenue collapsed sequentially. Reported revenue of $53.0 million was roughly 63% below Q3 2025 revenue of $142.4 million and substantially below Q4 2024 revenue of $222.2 million.
  • Profitability deteriorated sharply. Harmonic moved from $2.7 million of net income in Q3 2025 to a $54.8 million consolidated loss in Q4. Basic and diluted EPS both fell from $0.02 to a loss of $0.48.
  • Discontinued operations materially increased the Q4 loss. Continuing operations showed a loss of $10.3 million, while the consolidated loss was $54.8 million, suggesting approximately $44.5 million of additional loss from discontinued operations.
  • Cash declined despite positive operating cash flow. Q4 financing activity used $14.8 million, including $13.3 million of share repurchases, while the company also repaid $40.9 million of debt and issued $40.0 million of new debt. Net cash declined by $3.3 million during the quarter.
  • Share repurchases continued during a period of weak earnings. Harmonic repurchased $13.3 million of common stock in Q4 2025 after repurchases of $15.7 million in Q3 and $14.0 million in Q2. Buybacks can support per-share value, but they also consume cash when operating performance is weakening.
  • Debt management remains an important risk. Q3 2025 total debt was approximately $126.6 million, up from about $110.6 million in Q2. The Q4 cash flow statement also shows debt issuance nearly offsetting debt repayment, suggesting that refinancing activity remained significant.
  • Working-capital requirements have been inconsistent. Changes in operating assets and liabilities consumed $2.6 million in Q4 2025 and $27.0 million in Q2, compared with a $64.3 million source of cash in Q1. This volatility makes cash flow harder to forecast.
  • Historical earnings included significant restructuring and impairment charges. Q2 2024 included $9.0 million of impairment and $11.5 million of restructuring charges, while Q3 2025 included $1.6 million of impairment. Repeated special charges raise questions about the stability of reported margins.

Overall, Harmonic’s balance sheet still provides a liquidity cushion and the company generated positive operating cash flow in Q4 2025. However, the sharp revenue decline, sizable consolidated loss, reliance on non-cash adjustments, volatile working capital and continued debt and buyback activity create a challenging setup for investors. The key issues to monitor are whether revenue recovers, whether continuing operations return to sustained profitability and whether cash generation remains positive without additional borrowing.

09/04/26 02:10 AM ETAI Generated. May Contain Errors.

Harmonic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Harmonic's financial year ends in December. Their financial 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. Find out what analysts predict for Harmonic in the coming months.

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%.


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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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