Harmonic IncHarmonic Inc
Harmonic Inc

Harmonic Inc

HLIT
Information Technology·Communications Equipment

Harmonic, Inc. engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Broadband segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies. The Broadband segment offers solutions to cable operators broadband access solutions and related services, including cOS software-based broadband access solution, to broadband operators globally. The company was founded in June 1988 and is headquartered in San Jose, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$360.5M−46.9% YoY
Net income
$-43.3M−210.4% YoY
Free cash flow
$96.9M+83.7% YoY

Market

Listed stock
Tokenized stocks
HLITPriceNasdaq
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Financial performance

Revenue
$360.5M−46.9% YoY
Operating income
$14.1M−77.7% YoY
Net income
$-43.3M−210.4% YoY
Free cash flow
$96.9M+83.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $507.1M, 2022 $625M, 2023 $607.9M, 2024 $678.7M, 2025 $360.5M. Operating income: 2021 $18.8M, 2022 $45.5M, 2023 $22.2M, 2024 $63.1M, 2025 $14.1M. Net income: 2021 $13.3M, 2022 $28.2M, 2023 $84M, 2024 $39.2M, 2025 $-43.3M. Free cash flow: 2021 $28M, 2022 $-3.8M, 2023 $-1.4M, 2024 $52.7M, 2025 $96.9M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-46.9%−5853 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $18.8M, 2022-12-31 $45.5M, 2023-12-31 $22.2M, 2024-12-31 $63.1M, 2025-12-31 $14.1M. Net income: 2021-12-31 $13.3M, 2022-12-31 $28.2M, 2023-12-31 $84M, 2024-12-31 $39.2M, 2025-12-31 $-43.3M. Free cash flow: 2021-12-31 $28M, 2022-12-31 $-3.8M, 2023-12-31 $-1.4M, 2024-12-31 $52.7M, 2025-12-31 $96.9M

Growth heatmap

2022202320242025CAGR
Revenue
+23.2%
-2.7%
+11.6%
-46.9%
-8.2%
Gross profit
+21.6%
-1.1%
+17.1%
-52.2%
-9.4%
Operating income
+142.0%
-51.3%
+184.8%
-77.7%
-7.0%
Free cash flow
-113.5%
+62.5%
+3823.9%
+83.7%
+36.3%

Earnings quality

Operating cash flow
$108M+74.4% YoY
Net income
$-43.3M−210.4% YoY
Free cash flow
$96.9M+83.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -249%, 2024-12-31 158%, 2023-12-31 8%, 2022-12-31 19%, 2021-12-31 309%. Free cash flow: 2025-12-31 -224%, 2024-12-31 134%, 2023-12-31 -2%, 2022-12-31 -13%, 2021-12-31 212%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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