Overview Dividends

(HLIT) Harmonic - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US4131601027

Software, Encoders, Servers, Edge, Platform, SaaS

Communications Equipment
Market Cap in USD: 1,134m

IPO / Inception: 1995-05-22
Return 12m vs S&P 500: -36.0%

EPS (Earnings per Share)

EPS CAGR: -7.38%
EPS Trend: 10.9%

Last SUE: 1.22
Qual. Beats: 5

Revenue

Rev. CAGR: -2.37%
Rev. Trend: -4.4%

Last SUE: 2.45
Qual. Beats: 1

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	44.4%
Value at Risk 5%th	60.7%
Relative Tail Risk	-17.00%

Reward TTM
Sharpe Ratio	-0.61
Alpha	-46.05
CAGR/Max DD	-0.15

Character TTM
Hurst Exponent	0.448
Beta	1.154
Beta Downside	1.241

Drawdowns 3y
Max DD	55.14%
Mean DD	33.29%
Median DD	37.14%

Description: HLIT Harmonic November 16, 2025

Harmonic Inc. (NASDAQ:HLIT) designs and sells end-to-end broadband access and video processing solutions to telecom operators, cable companies, satellite and pay-TV providers, as well as streaming media firms. The firm operates through two primary segments: Broadband and Video.

The Broadband segment delivers software-based access platforms-including the cOS suite and its central cloud services-under a subscription model that enables operators to manage, provision, and monetize broadband connectivity at scale.

The Video segment provides a portfolio of hardware and software products such as encoders, high-density stream processors, edge processors, and the VOS360 SaaS platform, which supports live streaming, VOD, catch-up TV, network-DVR, and dynamic ad insertion for both traditional broadcasters and over-the-top (OTT) services.

Key recent metrics: Harmonic reported FY 2024 revenue of $506 million, a 12% YoY increase driven by a 20% rise in Video segment bookings, while its broadband subscription ARR grew 15% year-over-year. The broader market is being propelled by accelerating global broadband penetration (expected to exceed 5 billion users by 2027) and sustained OTT spend growth of roughly 10% CAGR, both of which underpin demand for scalable, cloud-native video and access solutions.

For a deeper quantitative assessment, you may explore the HLIT valuation metrics on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 8.5

Net Income (49.6m TTM) > 0 and > 6% of Revenue (6% = 38.1m TTM)

FCFTA 0.18 (>2.0%) and ΔFCFTA 16.27pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 26.73% (prev 28.01%; Δ -1.28pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.19 (>3.0%) and CFO 144.2m > Net Income 49.6m (YES >=105%, WARN >=100%)

Net Debt (19.2m) to EBITDA (93.9m) ratio: 0.20 <= 3.0 (WARN <= 3.5)

Current Ratio 2.08 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (113.3m) change vs 12m ago -3.44% (target <= -2.0% for YES)

Gross Margin 55.71% (prev 51.81%; Δ 3.89pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 83.73% (prev 82.07%; Δ 1.66pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 12.92 (EBITDA TTM 93.9m / Interest Expense TTM 6.40m) >= 6 (WARN >= 3)

Altman Z'' -13.13

(A) 0.22 = (Total Current Assets 327.0m - Total Current Liabilities 157.1m) / Total Assets 758.6m

(B) -2.65 = Retained Earnings (Balance) -2.01b / Total Assets 758.6m

warn (B) unusual magnitude: -2.65 — check mapping/units

(D) -6.39 = Book Value of Equity -2.02b / Total Liabilities 315.6m

Total Rating: -13.13 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 63.89

1. Piotroski 8.50pt

2. FCF Yield 11.57%

3. FCF Margin 20.99%

4. Debt/Equity 0.33

5. Debt/Ebitda 0.20

6. ROIC - WACC (= -4.72)%

7. RoE 11.02%

8. Rev. Trend -4.41%

9. EPS Trend 10.88%

What is the price of HLIT shares?

As of December 24, 2025, the stock is trading at USD 10.00 with a total of 882,796 shares traded.
Over the past week, the price has changed by -4.03%, over one month by +10.99%, over three months by -1.57% and over the past year by -25.09%.

Is HLIT a buy, sell or hold?

Harmonic has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy HLIT.

Strong Buy: 2
Buy: 2
Hold: 2
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the HLIT price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	11.8	17.9%
Analysts Target Price	11.8	17.9%
ValueRay Target Price	9.7	-3.2%

HLIT Fundamental Data Overview December 24, 2025

Market Cap USD = 1.13b (1.13b USD * 1.0 USD.USD)
P/E Trailing = 23.7381
P/E Forward = 19.1939
P/S = 1.7841
P/B = 2.503
P/EG = -0.21
Beta = 1.063
Revenue TTM = 635.7m USD
EBIT TTM = 82.7m USD
EBITDA TTM = 93.9m USD
Long Term Debt = 117.9m USD (from longTermDebt, last quarter)
Short Term Debt = 14.7m USD (from shortTermDebt, last quarter)
Debt = 146.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 19.2m USD (from netDebt column, last quarter)
Enterprise Value = 1.15b USD (1.13b + Debt 146.6m - CCE 127.4m)
Interest Coverage Ratio = 12.92 (Ebit TTM 82.7m / Interest Expense TTM 6.40m)
FCF Yield = 11.57% (FCF TTM 133.5m / Enterprise Value 1.15b)
FCF Margin = 20.99% (FCF TTM 133.5m / Revenue TTM 635.7m)
Net Margin = 7.81% (Net Income TTM 49.6m / Revenue TTM 635.7m)
Gross Margin = 55.71% ((Revenue TTM 635.7m - Cost of Revenue TTM 281.6m) / Revenue TTM)
Gross Margin QoQ = 54.17% (prev 53.46%)
Tobins Q-Ratio = 1.52 (Enterprise Value 1.15b / Total Assets 758.6m)
Interest Expense / Debt = 0.81% (Interest Expense 1.18m / Debt 146.6m)
Taxrate = 69.20% (6.05m / 8.75m)
NOPAT = 25.5m (EBIT 82.7m * (1 - 69.20%))
Current Ratio = 2.08 (Total Current Assets 327.0m / Total Current Liabilities 157.1m)
Debt / Equity = 0.33 (Debt 146.6m / totalStockholderEquity, last quarter 443.0m)
Debt / EBITDA = 0.20 (Net Debt 19.2m / EBITDA 93.9m)
Debt / FCF = 0.14 (Net Debt 19.2m / FCF TTM 133.5m)
Total Stockholder Equity = 450.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 6.54% (Net Income 49.6m / Total Assets 758.6m)
RoE = 11.02% (Net Income TTM 49.6m / Total Stockholder Equity 450.2m)
RoCE = 14.56% (EBIT 82.7m / Capital Employed (Equity 450.2m + L.T.Debt 117.9m))
RoIC = 4.40% (NOPAT 25.5m / Invested Capital 578.6m)
WACC = 9.12% (E(1.13b)/V(1.28b) * Re(10.27%) + D(146.6m)/V(1.28b) * Rd(0.81%) * (1-Tc(0.69)))
Discount Rate = 10.27% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -1.03%
[DCF Debug] Terminal Value 61.12% ; FCFE base≈84.1m ; Y1≈55.2m ; Y5≈25.3m
Fair Price DCF = 3.20 (DCF Value 359.0m / Shares Outstanding 112.2m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 10.88 | EPS CAGR: -7.38% | SUE: 1.22 | # QB: 5
Revenue Correlation: -4.41 | Revenue CAGR: -2.37% | SUE: 2.45 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.06 | Chg30d=+0.000 | Revisions Net=-3 | Analysts=3
EPS next Year (2026-12-31): EPS=0.51 | Chg30d=+0.000 | Revisions Net=-3 | Growth EPS=+305.2% | Growth Revenue=+20.1%

Additional Sources for HLIT Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle