Harmonic Inc. (HLIT) 10-Year Financial Performance & Capital Metrics

HLIT • • Industrial / General

TechnologyCommunication EquipmentEnterprise Networking & Unified CommunicationsUnified Communications & Collaboration

AboutHarmonic Inc., together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies. This segment's video processing appliance solutions include network management and application software, and hardware products, such as encoders, video servers, high-density stream processing systems, and edge processors. This segment also provides software-as-a-service (SaaS) solutions, which enables the packaging and delivery of streaming services, including live streaming, video-on-demand, catch-up TV, start-over TV, network-DVR, and cloud-DVR services through HTTP streaming to various device along with dynamic and personal ad insertion. The Cable Access segment offers CableOS software-based cable access solutions; and CableOS central cloud services primarily to cable operators. Its products enable customers to create, prepare, store, playout, and deliver a range of broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. The company also provides technical support and professional services, such as maintenance and support, consulting, implementation, program management, technical design and planning, building and site preparation, integration and equipment installation, end-to-end system testing, and training. It sells its products through its direct sales force, as well as through independent resellers and systems integrators. The company was incorporated in 1988 and is headquartered in San Jose, California.Show more

Revenue $679M +11.6%
EBITDA $75M +118.7%
Net Income $39M -53.3%
EPS (Diluted) 0.33 -54.2%
Gross Margin 53.91% +4.9%
EBITDA Margin 11.09% +95.8%
Operating Margin 9.3% +155.0%
Net Margin 5.78% -58.2%
ROE 8.69% -60.6%
ROIC 9.28% +152.3%
Debt/Equity 0.32 -10.8%
Interest Coverage 8.62 +4.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.58%

5Y11%

3Y10.2%

TTM1.93%

Profit (Net Income) CAGR

10Y-

5Y-

3Y43.56%

TTM-41.58%

EPS CAGR

10Y-

5Y-

3Y40.1%

TTM-42.47%

ROCE

10Y Avg-0.71%

5Y Avg5.6%

3Y Avg8.96%

Latest11.23%

Peer Comparison

Unified Communications & Collaboration

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLITHarmonic Inc.	1.15B	10.22	30.97	11.65%	7.81%	11.2%	4.6%	0.32
AUDCAudioCodes Ltd.	248.06M	8.65	17.30	-0.9%	5.65%	7.96%	4.42%	0.19
BOXLBoxlight Corporation	1.25M	1.31	-0.10	-23.1%	-28.94%	-341.07%
MITQMoving iMage Technologies, Inc.	7.65M	0.77	-8.05	-9.89%	-2.24%	-7.7%	5.71%	0.24
CLROClearOne, Inc.	15.6M	6.97	-18.84	-39.13%	-324.91%	-6.75%		0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	377.03M	405.91M	358.25M	403.56M	402.87M	378.83M	507.15M	624.96M	607.91M	678.72M
Revenue Growth %	-0.13%	0.08%	-0.12%	0.13%	-0%	-0.06%	0.34%	0.23%	-0.03%	0.12%
Cost of Goods Sold+	174.31M	205.16M	188.43M	194.35M	179.86M	183.83M	247.41M	309.07M	295.36M	312.8M
COGS % of Revenue	0.46%	0.51%	0.53%	0.48%	0.45%	0.49%	0.49%	0.49%	0.49%	0.46%
Gross Profit+	202.71M	200.75M	169.82M	209.21M	223.01M	195M	259.74M	315.88M	312.55M	365.92M
Gross Margin %	0.54%	0.49%	0.47%	0.52%	0.55%	0.51%	0.51%	0.51%	0.51%	0.54%
Gross Profit Growth %	-0.05%	-0.01%	-0.15%	0.23%	0.07%	-0.13%	0.33%	0.22%	-0.01%	0.17%
Operating Expenses+	214.29M	253.18M	235.39M	211.3M	209.93M	207.45M	240.93M	270.37M	290.37M	302.79M
OpEx % of Revenue	0.57%	0.62%	0.66%	0.52%	0.52%	0.55%	0.48%	0.43%	0.48%	0.45%
Selling, General & Admin	120.96M	144.38M	136.27M	118.95M	119.03M	119.61M	138.09M	146.72M	163.28M	153.12M
SG&A % of Revenue	0.32%	0.36%	0.38%	0.29%	0.3%	0.32%	0.27%	0.23%	0.27%	0.23%
Research & Development	87.55M	98.4M	95.98M	89.16M	84.61M	82.49M	102.23M	120.31M	126.28M	120.97M
R&D % of Revenue	0.23%	0.24%	0.27%	0.22%	0.21%	0.22%	0.2%	0.19%	0.21%	0.18%
Other Operating Expenses	-282K	-31K	-2.22M	-536K	6.28M	5.34M	617K	3.34M	809K	28.69M
Operating Income+	-12.95M	-67.04M	-70.88M	-5.01M	13.08M	-12.45M	18.81M	45.52M	22.17M	63.14M
Operating Margin %	-0.03%	-0.17%	-0.2%	-0.01%	0.03%	-0.03%	0.04%	0.07%	0.04%	0.09%
Operating Income Growth %	0.4%	-4.18%	-0.06%	0.93%	3.61%	-1.95%	2.51%	1.42%	-0.51%	1.85%
EBITDA+	6.79M	-33.38M	-47.96M	16.33M	32.69M	3.26M	31.86M	57.78M	34.43M	75.28M
EBITDA Margin %	0.02%	-0.08%	-0.13%	0.04%	0.08%	0.01%	0.06%	0.09%	0.06%	0.11%
EBITDA Growth %	-0.56%	-5.91%	-0.44%	1.34%	1%	-0.9%	8.78%	0.81%	-0.4%	1.19%
D&A (Non-Cash Add-back)	19.74M	33.66M	22.92M	21.34M	19.61M	15.71M	13.05M	12.26M	12.26M	12.14M
EBIT	-15.73M	-69.8M	-73.63M	-5.55M	5.05M	-14.71M	19.5M	49.39M	21.84M	65.26M
Net Interest Income+	-333K	-10.63M	-11.08M	-11.4M	-11.65M	-11.51M	-10.63M	-5.04M	-2.7M	-7.33M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	333K	10.63M	11.08M	11.4M	11.65M	11.51M	10.63M	5.04M	2.7M	7.33M
Other Income/Expense	-3.12M	-13.39M	-13.83M	-11.94M	-19.68M	-13.77M	-9.94M	-1.03M	-3.03M	-5.2M
Pretax Income+	-16.07M	-80.43M	-84.71M	-16.95M	-6.6M	-26.22M	8.87M	44.48M	19.14M	57.93M
Pretax Margin %	-0.04%	-0.2%	-0.24%	-0.04%	-0.02%	-0.07%	0.02%	0.07%	0.03%	0.09%
Income Tax+	-407K	-8.12M	-1.75M	4.09M	-672K	3.05M	-4.38M	16.3M	-64.85M	18.72M
Effective Tax Rate %	0.97%	0.9%	0.98%	1.24%	0.9%	1.12%	1.49%	0.63%	4.39%	0.68%
Net Income+	-15.66M	-72.31M	-82.95M	-21.04M	-5.92M	-29.27M	13.25M	28.18M	83.99M	39.22M
Net Margin %	-0.04%	-0.18%	-0.23%	-0.05%	-0.01%	-0.08%	0.03%	0.05%	0.14%	0.06%
Net Income Growth %	0.66%	-3.62%	-0.15%	0.75%	0.72%	-3.94%	1.45%	1.13%	1.98%	-0.53%
Net Income (Continuing)	-15.66M	-72.31M	-82.95M	-21.04M	-5.92M	-29.27M	13.25M	28.18M	83.99M	39.22M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.18	-0.93	-1.02	-0.25	-0.07	-0.30	0.12	0.25	0.72	0.33
EPS Growth %	0.64%	-4.17%	-0.1%	0.75%	0.72%	-3.29%	1.4%	1.08%	1.88%	-0.54%
EPS (Basic)	-0.18	-0.93	-1.02	-0.25	-0.07	-0.30	0.13	0.27	0.75	0.34
Diluted Shares Outstanding	87.51M	77.7M	80.97M	85.61M	89.58M	96.97M	106.17M	112.38M	117.36M	117.48M
Basic Shares Outstanding	87.01M	77.7M	80.97M	85.61M	89.58M	96.97M	101.48M	105.08M	111.65M	115.12M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	286.13M	216.84M	171.78M	196.7M	251.36M	238.03M	323.13M	345.3M	330.73M	366.08M
Cash & Short-Term Investments	152.79M	62.56M	57.02M	65.99M	93.06M	98.64M	133.43M	89.59M	84.27M	101.46M
Cash Only	126.19M	55.63M	57.02M	65.99M	93.06M	98.64M	133.43M	89.59M	84.27M	101.46M
Short-Term Investments	26.6M	6.92M	0	0	0	0	0	0	0	0
Accounts Receivable	69.52M	86.77M	69.84M	92.93M	102.47M	76.03M	96.63M	114.01M	146.3M	182.3M
Days Sales Outstanding	67.3	78.02	71.16	84.05	92.84	73.25	69.55	66.59	87.84	98.04
Inventory	38.82M	41.19M	25.98M	25.64M	29.04M	35.03M	71.19M	120.95M	83.98M	64M
Days Inventory Outstanding	81.28	73.29	50.32	48.15	58.94	69.55	105.03	142.83	103.78	74.68
Other Current Assets	17.84M	20.79M	15.06M	15.95M	23.74M	16.88M	1.91M	15.2M	12.39M	14.1M
Total Non-Current Assets+	238.83M	337.23M	336.28M	314.13M	335.96M	353.49M	370.56M	364.72M	437.47M	430.43M
Property, Plant & Equipment	27.01M	32.16M	29.27M	22.32M	50.42M	70.7M	73.69M	65.28M	57.5M	39.23M
Fixed Asset Turnover	13.96x	12.62x	12.24x	18.08x	7.99x	5.36x	6.88x	9.57x	10.57x	17.30x
Goodwill	197.78M	237.28M	242.83M	240.62M	239.78M	243.67M	240.21M	237.74M	239.15M	236.88M
Intangible Assets	4.1M	29.23M	21.28M	12.82M	4.46M	0	0	0	0	0
Long-Term Investments	9M	5.5M	4.8M	3.59M	3.6M	0	0	0	0	0
Other Non-Current Assets	9.94M	38.56M	42.91M	26.09M	37.7M	39.12M	56.66M	61.7M	36.12M	33.29M
Total Assets+	524.96M	554.07M	508.06M	510.83M	587.33M	591.52M	693.69M	710.02M	768.21M	796.51M
Asset Turnover	0.72x	0.73x	0.71x	0.79x	0.69x	0.64x	0.73x	0.88x	0.79x	0.85x
Asset Growth %	0.09%	0.06%	-0.08%	0.01%	0.15%	0.01%	0.17%	0.02%	0.08%	0.04%
Total Current Liabilities+	84.88M	144.9M	142.09M	136.41M	191.9M	147.29M	224.46M	322.07M	272.39M	167.57M
Accounts Payable	19.36M	28.89M	33.11M	33.78M	40.93M	23.54M	64.43M	67.45M	38.56M	35.25M
Days Payables Outstanding	40.55	51.4	64.14	63.44	83.07	46.74	95.05	79.66	47.65	41.13
Short-Term Debt	0	7.28M	7.61M	7.17M	50.09M	11.77M	41.82M	118.74M	119.8M	7.13M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	1000K	0	1000K	1000K
Other Current Liabilities	23.19M	35.77M	32.29M	35.05M	72.54M	81.5M	26.82M	99.43M	38.24M	35.66M
Current Ratio	3.37x	1.50x	1.21x	1.44x	1.31x	1.62x	1.44x	1.07x	1.21x	2.18x
Quick Ratio	2.91x	1.21x	1.03x	1.25x	1.16x	1.38x	1.12x	0.70x	0.91x	1.80x
Cash Conversion Cycle	108.03	99.9	57.34	68.77	68.71	96.06	79.53	129.76	143.97	131.59
Total Non-Current Liabilities+	111.91M	138.53M	147.63M	146.18M	142.98M	185.93M	172.43M	63.44M	58.94M	163.68M
Long-Term Debt	98.3M	117.17M	124.08M	127.49M	101.48M	139.57M	111.93M	11.16M	10.49M	120.78M
Capital Lease Obligations	0	0	169K	71K	25.84M	26.09M	29.12M	24.11M	18.96M	14.73M
Deferred Tax Liabilities	0	-1.73M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	13.61M	16.7M	23.37M	18.62M	15.67M	20.26M	31.38M	28.17M	29.48M	28.17M
Total Liabilities	196.79M	283.43M	289.72M	282.58M	334.88M	333.22M	396.89M	385.51M	331.33M	331.25M
Total Debt+	98.3M	124.45M	131.69M	134.67M	186.28M	184.79M	190.21M	160.78M	156.05M	148.31M
Net Debt	-27.89M	68.81M	74.67M	68.68M	93.23M	86.14M	56.78M	71.19M	71.78M	46.86M
Debt / Equity	0.30x	0.46x	0.60x	0.59x	0.74x	0.72x	0.64x	0.50x	0.36x	0.32x
Debt / EBITDA	14.47x	-	-	8.25x	5.70x	56.72x	5.97x	2.78x	4.53x	1.97x
Net Debt / EBITDA	-4.11x	-	-	4.21x	2.85x	26.44x	1.78x	1.23x	2.09x	0.62x
Interest Coverage	-38.88x	-6.31x	-6.40x	-0.44x	1.12x	-1.08x	1.77x	9.03x	8.22x	8.62x
Total Equity+	328.17M	270.64M	218.34M	228.25M	252.45M	258.3M	296.8M	324.51M	436.87M	465.26M
Equity Growth %	-0.12%	-0.18%	-0.19%	0.05%	0.11%	0.02%	0.15%	0.09%	0.35%	0.06%
Book Value per Share	3.75	3.48	2.70	2.67	2.82	2.66	2.80	2.89	3.72	3.96
Total Shareholders' Equity	328.17M	270.64M	218.34M	228.25M	252.45M	258.3M	296.8M	324.51M	436.87M	465.26M
Common Stock	76K	78K	83K	87K	92K	98K	103K	110K	112K	117K
Retained Earnings	-1.9B	-1.98B	-2.06B	-2.07B	-2.07B	-2.1B	-2.09B	-2.05B	-1.96B	-1.95B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.42M	-7.27M	3.38M	-1.22M	-3.06M	5.86M	-3.27M	-9.69M	-5.71M	-14.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.35M	438K	3.06M	12.28M	31.3M	39.16M	41.02M	5.48M	7.06M	61.92M
Operating CF Margin %	0.02%	0%	0.01%	0.03%	0.08%	0.1%	0.08%	0.01%	0.01%	0.09%
Operating CF Growth %	-0.87%	-0.93%	6%	3.01%	1.55%	0.25%	0.05%	-0.87%	0.29%	7.77%
Net Income	-15.66M	-72.31M	-82.95M	-21.04M	-5.92M	-29.27M	13.25M	28.18M	83.99M	39.22M
Depreciation & Amortization	19.74M	33.66M	22.92M	21.34M	19.61M	15.71M	13.05M	12.26M	12.26M	12.14M
Stock-Based Compensation	15.58M	13.06M	16.61M	17.29M	12.07M	18.04M	24.06M	25.21M	27.33M	28.07M
Deferred Taxes	-512K	-10.09M	2.19M	661K	-2.08M	-105K	-6.2M	5.04M	-92.86M	-16.44M
Other Non-Cash Items	6.98M	18.35M	21.81M	11.4M	30.07M	20.48M	10.71M	4.3M	13.55M	23.89M
Working Capital Changes	-19.78M	17.77M	22.49M	-17.37M	-22.45M	14.31M	-13.86M	-69.53M	-37.21M	-24.97M
Change in Receivables	2.6M	-2.56M	12.6M	-14.7M	-8.39M	21.19M	-26.72M	-23.14M	-35.47M	-38.24M
Change in Inventory	-7.19M	-4.11M	11.69M	-2.04M	-4.82M	-8.2M	-39.34M	-54.43M	35.4M	8.37M
Change in Payables	4.68M	5.79M	3.43M	1.02M	5.09M	-18.17M	42.3M	5.84M	-29.36M	-3.11M
Cash from Investing+	-10.41M	-70.48M	-4.21M	-6.94M	-10.33M	-32.2M	-12.97M	-1.29M	-8.47M	-9.19M
Capital Expenditures	-14.36M	-15.11M	-11.4M	-7.04M	-10.33M	-32.2M	-12.97M	-9.25M	-8.47M	-9.19M
CapEx % of Revenue	0.04%	0.04%	0.03%	0.02%	0.03%	0.09%	0.03%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.09M	591K	288K	104K	0	0	0	0	0	0
Cash from Financing+	57.53M	-152K	895K	2.65M	6.3M	-2.11M	7.94M	-43.13M	-4.99M	-33.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.08M	-2.23M	-2.76M	-230K	-5.77M	5.47M	-2.06M	-6.3M	-10.52M	-7.85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-8.01M	-14.67M	-8.34M	5.24M	20.97M	6.96M	28.04M	-3.77M	-1.42M	52.73M
FCF Margin %	-0.02%	-0.04%	-0.02%	0.01%	0.05%	0.02%	0.06%	-0.01%	-0%	0.08%
FCF Growth %	-1.21%	-0.83%	0.43%	1.63%	3%	-0.67%	3.03%	-1.13%	0.62%	38.24%
FCF per Share	-0.09	-0.19	-0.10	0.06	0.23	0.07	0.26	-0.03	-0.01	0.45
FCF Conversion (FCF/Net Income)	-0.41x	-0.01x	-0.04x	-0.58x	-5.28x	-1.34x	3.09x	0.19x	0.08x	1.58x
Interest Paid	0	0	5.51M	5.27M	4.26M	0	0	0	0	0
Taxes Paid	952K	0	2.14M	2.03M	1.14M	0	2.52M	9.04M	18.13M	27.31M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.47%	-24.15%	-33.93%	-9.42%	-2.46%	-11.46%	4.78%	9.07%	22.06%	8.69%
Return on Invested Capital (ROIC)	-3.24%	-15.72%	-16.81%	-1.27%	3.05%	-2.71%	4.04%	9.11%	3.68%	9.28%
Gross Margin	53.77%	49.46%	47.4%	51.84%	55.36%	51.47%	51.22%	50.54%	51.41%	53.91%
Net Margin	-4.15%	-17.82%	-23.16%	-5.21%	-1.47%	-7.73%	2.61%	4.51%	13.82%	5.78%
Debt / Equity	0.30x	0.46x	0.60x	0.59x	0.74x	0.72x	0.64x	0.50x	0.36x	0.32x
Interest Coverage	-38.88x	-6.31x	-6.40x	-0.44x	1.12x	-1.08x	1.77x	9.03x	8.22x	8.62x
FCF Conversion	-0.41x	-0.01x	-0.04x	-0.58x	-5.28x	-1.34x	3.09x	0.19x	0.08x	1.58x
Revenue Growth	-13.04%	7.66%	-11.74%	12.65%	-0.17%	-5.97%	33.87%	23.23%	-2.73%	11.65%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Appliance & Integration	-	-	-	-	275.8M	252.01M	369.77M	473.81M	435.88M	507.38M
Appliance & Integration Growth	-	-	-	-	-	-8.62%	46.72%	28.14%	-8.00%	16.40%
Product	-	-	-	252.07M	-	-	-	-	396.68M	482.11M
Product Growth	-	-	-	-	-	-	-	-	-	21.54%
SaaS & Service	-	-	-	-	127.08M	126.82M	137.38M	151.15M	172.03M	171.34M
SaaS & Service Growth	-	-	-	-	-	-0.20%	8.33%	10.02%	13.81%	-0.40%
Support Services	-	-	-	-	-	-	-	-	121.14M	115.13M
Support Services Growth	-	-	-	-	-	-	-	-	-	-4.96%
SAAS	-	-	-	-	-	-	-	-	50.89M	56.21M
SAAS Growth	-	-	-	-	-	-	-	-	-	10.46%
Professional Services	-	-	-	-	-	-	-	-	39.2M	25.27M
Professional Services Growth	-	-	-	-	-	-	-	-	-	-35.53%
Service	-	-	-	151.49M	-	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Video	291.78M	351.49M	319.47M	-	-	-	-	-	-	-
Video Growth	-	20.46%	-9.11%	-	-	-	-	-	-	-
Cable Edge	85.25M	54.42M	38.77M	-	-	-	-	-	-	-
Cable Edge Growth	-	-36.16%	-28.75%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	175.47M	171.02M	131.77M	181.97M	202.27M	191.85M	282.91M	393.99M	408.95M	515.04M
UNITED STATES Growth	-	-2.54%	-22.95%	38.09%	11.16%	-5.15%	47.46%	39.26%	3.80%	25.94%
Non-US	-	-	-	-	200.6M	186.98M	224.24M	230.97M	198.96M	163.68M
Non-US Growth	-	-	-	-	-	-6.79%	19.93%	3.00%	-13.86%	-17.73%
International	201.56M	234.9M	226.47M	-	-	-	-	-	-	-
International Growth	-	16.54%	-3.59%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Harmonic Inc. (HLIT) has a price-to-earnings (P/E) ratio of 31.0x. This suggests investors expect higher future growth.

Growth & Financials

Harmonic Inc. (HLIT) reported $635.7M in revenue for fiscal year 2024. This represents a 16% increase from $549.3M in 2011.

Harmonic Inc. (HLIT) grew revenue by 11.6% over the past year. This is steady growth.

Yes, Harmonic Inc. (HLIT) is profitable, generating $49.6M in net income for fiscal year 2024 (5.8% net margin).

Dividend & Returns

Harmonic Inc. (HLIT) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Harmonic Inc. (HLIT) generated $133.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Harmonic Inc. (HLIT) 10-Year Financial Performance & Capital Metrics

HLIT • • Industrial / General

TechnologyCommunication EquipmentEnterprise Networking & Unified CommunicationsUnified Communications & Collaboration

Revenue $679M +11.6%
EBITDA $75M +118.7%
Net Income $39M -53.3%
EPS (Diluted) 0.33 -54.2%
Gross Margin 53.91% +4.9%
EBITDA Margin 11.09% +95.8%
Operating Margin 9.3% +155.0%
Net Margin 5.78% -58.2%
ROE 8.69% -60.6%
ROIC 9.28% +152.3%
Debt/Equity 0.32 -10.8%
Interest Coverage 8.62 +4.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y4.58%

5Y11%

3Y10.2%

TTM1.93%

Profit (Net Income) CAGR

10Y-

5Y-

3Y43.56%

TTM-41.58%

EPS CAGR

10Y-

5Y-

3Y40.1%

TTM-42.47%

ROCE

10Y Avg-0.71%

5Y Avg5.6%

3Y Avg8.96%

Latest11.23%

Peer Comparison

Unified Communications & Collaboration

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLITHarmonic Inc.	1.15B	10.22	30.97	11.65%	7.81%	11.2%	4.6%	0.32
AUDCAudioCodes Ltd.	248.06M	8.65	17.30	-0.9%	5.65%	7.96%	4.42%	0.19
BOXLBoxlight Corporation	1.25M	1.31	-0.10	-23.1%	-28.94%	-341.07%
MITQMoving iMage Technologies, Inc.	7.65M	0.77	-8.05	-9.89%	-2.24%	-7.7%	5.71%	0.24
CLROClearOne, Inc.	15.6M	6.97	-18.84	-39.13%	-324.91%	-6.75%		0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	377.03M	405.91M	358.25M	403.56M	402.87M	378.83M	507.15M	624.96M	607.91M	678.72M
Revenue Growth %	-0.13%	0.08%	-0.12%	0.13%	-0%	-0.06%	0.34%	0.23%	-0.03%	0.12%
Cost of Goods Sold+	174.31M	205.16M	188.43M	194.35M	179.86M	183.83M	247.41M	309.07M	295.36M	312.8M
COGS % of Revenue	0.46%	0.51%	0.53%	0.48%	0.45%	0.49%	0.49%	0.49%	0.49%	0.46%
Gross Profit+	202.71M	200.75M	169.82M	209.21M	223.01M	195M	259.74M	315.88M	312.55M	365.92M
Gross Margin %	0.54%	0.49%	0.47%	0.52%	0.55%	0.51%	0.51%	0.51%	0.51%	0.54%
Gross Profit Growth %	-0.05%	-0.01%	-0.15%	0.23%	0.07%	-0.13%	0.33%	0.22%	-0.01%	0.17%
Operating Expenses+	214.29M	253.18M	235.39M	211.3M	209.93M	207.45M	240.93M	270.37M	290.37M	302.79M
OpEx % of Revenue	0.57%	0.62%	0.66%	0.52%	0.52%	0.55%	0.48%	0.43%	0.48%	0.45%
Selling, General & Admin	120.96M	144.38M	136.27M	118.95M	119.03M	119.61M	138.09M	146.72M	163.28M	153.12M
SG&A % of Revenue	0.32%	0.36%	0.38%	0.29%	0.3%	0.32%	0.27%	0.23%	0.27%	0.23%
Research & Development	87.55M	98.4M	95.98M	89.16M	84.61M	82.49M	102.23M	120.31M	126.28M	120.97M
R&D % of Revenue	0.23%	0.24%	0.27%	0.22%	0.21%	0.22%	0.2%	0.19%	0.21%	0.18%
Other Operating Expenses	-282K	-31K	-2.22M	-536K	6.28M	5.34M	617K	3.34M	809K	28.69M
Operating Income+	-12.95M	-67.04M	-70.88M	-5.01M	13.08M	-12.45M	18.81M	45.52M	22.17M	63.14M
Operating Margin %	-0.03%	-0.17%	-0.2%	-0.01%	0.03%	-0.03%	0.04%	0.07%	0.04%	0.09%
Operating Income Growth %	0.4%	-4.18%	-0.06%	0.93%	3.61%	-1.95%	2.51%	1.42%	-0.51%	1.85%
EBITDA+	6.79M	-33.38M	-47.96M	16.33M	32.69M	3.26M	31.86M	57.78M	34.43M	75.28M
EBITDA Margin %	0.02%	-0.08%	-0.13%	0.04%	0.08%	0.01%	0.06%	0.09%	0.06%	0.11%
EBITDA Growth %	-0.56%	-5.91%	-0.44%	1.34%	1%	-0.9%	8.78%	0.81%	-0.4%	1.19%
D&A (Non-Cash Add-back)	19.74M	33.66M	22.92M	21.34M	19.61M	15.71M	13.05M	12.26M	12.26M	12.14M
EBIT	-15.73M	-69.8M	-73.63M	-5.55M	5.05M	-14.71M	19.5M	49.39M	21.84M	65.26M
Net Interest Income+	-333K	-10.63M	-11.08M	-11.4M	-11.65M	-11.51M	-10.63M	-5.04M	-2.7M	-7.33M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	333K	10.63M	11.08M	11.4M	11.65M	11.51M	10.63M	5.04M	2.7M	7.33M
Other Income/Expense	-3.12M	-13.39M	-13.83M	-11.94M	-19.68M	-13.77M	-9.94M	-1.03M	-3.03M	-5.2M
Pretax Income+	-16.07M	-80.43M	-84.71M	-16.95M	-6.6M	-26.22M	8.87M	44.48M	19.14M	57.93M
Pretax Margin %	-0.04%	-0.2%	-0.24%	-0.04%	-0.02%	-0.07%	0.02%	0.07%	0.03%	0.09%
Income Tax+	-407K	-8.12M	-1.75M	4.09M	-672K	3.05M	-4.38M	16.3M	-64.85M	18.72M
Effective Tax Rate %	0.97%	0.9%	0.98%	1.24%	0.9%	1.12%	1.49%	0.63%	4.39%	0.68%
Net Income+	-15.66M	-72.31M	-82.95M	-21.04M	-5.92M	-29.27M	13.25M	28.18M	83.99M	39.22M
Net Margin %	-0.04%	-0.18%	-0.23%	-0.05%	-0.01%	-0.08%	0.03%	0.05%	0.14%	0.06%
Net Income Growth %	0.66%	-3.62%	-0.15%	0.75%	0.72%	-3.94%	1.45%	1.13%	1.98%	-0.53%
Net Income (Continuing)	-15.66M	-72.31M	-82.95M	-21.04M	-5.92M	-29.27M	13.25M	28.18M	83.99M	39.22M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.18	-0.93	-1.02	-0.25	-0.07	-0.30	0.12	0.25	0.72	0.33
EPS Growth %	0.64%	-4.17%	-0.1%	0.75%	0.72%	-3.29%	1.4%	1.08%	1.88%	-0.54%
EPS (Basic)	-0.18	-0.93	-1.02	-0.25	-0.07	-0.30	0.13	0.27	0.75	0.34
Diluted Shares Outstanding	87.51M	77.7M	80.97M	85.61M	89.58M	96.97M	106.17M	112.38M	117.36M	117.48M
Basic Shares Outstanding	87.01M	77.7M	80.97M	85.61M	89.58M	96.97M	101.48M	105.08M	111.65M	115.12M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	286.13M	216.84M	171.78M	196.7M	251.36M	238.03M	323.13M	345.3M	330.73M	366.08M
Cash & Short-Term Investments	152.79M	62.56M	57.02M	65.99M	93.06M	98.64M	133.43M	89.59M	84.27M	101.46M
Cash Only	126.19M	55.63M	57.02M	65.99M	93.06M	98.64M	133.43M	89.59M	84.27M	101.46M
Short-Term Investments	26.6M	6.92M	0	0	0	0	0	0	0	0
Accounts Receivable	69.52M	86.77M	69.84M	92.93M	102.47M	76.03M	96.63M	114.01M	146.3M	182.3M
Days Sales Outstanding	67.3	78.02	71.16	84.05	92.84	73.25	69.55	66.59	87.84	98.04
Inventory	38.82M	41.19M	25.98M	25.64M	29.04M	35.03M	71.19M	120.95M	83.98M	64M
Days Inventory Outstanding	81.28	73.29	50.32	48.15	58.94	69.55	105.03	142.83	103.78	74.68
Other Current Assets	17.84M	20.79M	15.06M	15.95M	23.74M	16.88M	1.91M	15.2M	12.39M	14.1M
Total Non-Current Assets+	238.83M	337.23M	336.28M	314.13M	335.96M	353.49M	370.56M	364.72M	437.47M	430.43M
Property, Plant & Equipment	27.01M	32.16M	29.27M	22.32M	50.42M	70.7M	73.69M	65.28M	57.5M	39.23M
Fixed Asset Turnover	13.96x	12.62x	12.24x	18.08x	7.99x	5.36x	6.88x	9.57x	10.57x	17.30x
Goodwill	197.78M	237.28M	242.83M	240.62M	239.78M	243.67M	240.21M	237.74M	239.15M	236.88M
Intangible Assets	4.1M	29.23M	21.28M	12.82M	4.46M	0	0	0	0	0
Long-Term Investments	9M	5.5M	4.8M	3.59M	3.6M	0	0	0	0	0
Other Non-Current Assets	9.94M	38.56M	42.91M	26.09M	37.7M	39.12M	56.66M	61.7M	36.12M	33.29M
Total Assets+	524.96M	554.07M	508.06M	510.83M	587.33M	591.52M	693.69M	710.02M	768.21M	796.51M
Asset Turnover	0.72x	0.73x	0.71x	0.79x	0.69x	0.64x	0.73x	0.88x	0.79x	0.85x
Asset Growth %	0.09%	0.06%	-0.08%	0.01%	0.15%	0.01%	0.17%	0.02%	0.08%	0.04%
Total Current Liabilities+	84.88M	144.9M	142.09M	136.41M	191.9M	147.29M	224.46M	322.07M	272.39M	167.57M
Accounts Payable	19.36M	28.89M	33.11M	33.78M	40.93M	23.54M	64.43M	67.45M	38.56M	35.25M
Days Payables Outstanding	40.55	51.4	64.14	63.44	83.07	46.74	95.05	79.66	47.65	41.13
Short-Term Debt	0	7.28M	7.61M	7.17M	50.09M	11.77M	41.82M	118.74M	119.8M	7.13M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	1000K	0	1000K	1000K
Other Current Liabilities	23.19M	35.77M	32.29M	35.05M	72.54M	81.5M	26.82M	99.43M	38.24M	35.66M
Current Ratio	3.37x	1.50x	1.21x	1.44x	1.31x	1.62x	1.44x	1.07x	1.21x	2.18x
Quick Ratio	2.91x	1.21x	1.03x	1.25x	1.16x	1.38x	1.12x	0.70x	0.91x	1.80x
Cash Conversion Cycle	108.03	99.9	57.34	68.77	68.71	96.06	79.53	129.76	143.97	131.59
Total Non-Current Liabilities+	111.91M	138.53M	147.63M	146.18M	142.98M	185.93M	172.43M	63.44M	58.94M	163.68M
Long-Term Debt	98.3M	117.17M	124.08M	127.49M	101.48M	139.57M	111.93M	11.16M	10.49M	120.78M
Capital Lease Obligations	0	0	169K	71K	25.84M	26.09M	29.12M	24.11M	18.96M	14.73M
Deferred Tax Liabilities	0	-1.73M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	13.61M	16.7M	23.37M	18.62M	15.67M	20.26M	31.38M	28.17M	29.48M	28.17M
Total Liabilities	196.79M	283.43M	289.72M	282.58M	334.88M	333.22M	396.89M	385.51M	331.33M	331.25M
Total Debt+	98.3M	124.45M	131.69M	134.67M	186.28M	184.79M	190.21M	160.78M	156.05M	148.31M
Net Debt	-27.89M	68.81M	74.67M	68.68M	93.23M	86.14M	56.78M	71.19M	71.78M	46.86M
Debt / Equity	0.30x	0.46x	0.60x	0.59x	0.74x	0.72x	0.64x	0.50x	0.36x	0.32x
Debt / EBITDA	14.47x	-	-	8.25x	5.70x	56.72x	5.97x	2.78x	4.53x	1.97x
Net Debt / EBITDA	-4.11x	-	-	4.21x	2.85x	26.44x	1.78x	1.23x	2.09x	0.62x
Interest Coverage	-38.88x	-6.31x	-6.40x	-0.44x	1.12x	-1.08x	1.77x	9.03x	8.22x	8.62x
Total Equity+	328.17M	270.64M	218.34M	228.25M	252.45M	258.3M	296.8M	324.51M	436.87M	465.26M
Equity Growth %	-0.12%	-0.18%	-0.19%	0.05%	0.11%	0.02%	0.15%	0.09%	0.35%	0.06%
Book Value per Share	3.75	3.48	2.70	2.67	2.82	2.66	2.80	2.89	3.72	3.96
Total Shareholders' Equity	328.17M	270.64M	218.34M	228.25M	252.45M	258.3M	296.8M	324.51M	436.87M	465.26M
Common Stock	76K	78K	83K	87K	92K	98K	103K	110K	112K	117K
Retained Earnings	-1.9B	-1.98B	-2.06B	-2.07B	-2.07B	-2.1B	-2.09B	-2.05B	-1.96B	-1.95B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.42M	-7.27M	3.38M	-1.22M	-3.06M	5.86M	-3.27M	-9.69M	-5.71M	-14.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.35M	438K	3.06M	12.28M	31.3M	39.16M	41.02M	5.48M	7.06M	61.92M
Operating CF Margin %	0.02%	0%	0.01%	0.03%	0.08%	0.1%	0.08%	0.01%	0.01%	0.09%
Operating CF Growth %	-0.87%	-0.93%	6%	3.01%	1.55%	0.25%	0.05%	-0.87%	0.29%	7.77%
Net Income	-15.66M	-72.31M	-82.95M	-21.04M	-5.92M	-29.27M	13.25M	28.18M	83.99M	39.22M
Depreciation & Amortization	19.74M	33.66M	22.92M	21.34M	19.61M	15.71M	13.05M	12.26M	12.26M	12.14M
Stock-Based Compensation	15.58M	13.06M	16.61M	17.29M	12.07M	18.04M	24.06M	25.21M	27.33M	28.07M
Deferred Taxes	-512K	-10.09M	2.19M	661K	-2.08M	-105K	-6.2M	5.04M	-92.86M	-16.44M
Other Non-Cash Items	6.98M	18.35M	21.81M	11.4M	30.07M	20.48M	10.71M	4.3M	13.55M	23.89M
Working Capital Changes	-19.78M	17.77M	22.49M	-17.37M	-22.45M	14.31M	-13.86M	-69.53M	-37.21M	-24.97M
Change in Receivables	2.6M	-2.56M	12.6M	-14.7M	-8.39M	21.19M	-26.72M	-23.14M	-35.47M	-38.24M
Change in Inventory	-7.19M	-4.11M	11.69M	-2.04M	-4.82M	-8.2M	-39.34M	-54.43M	35.4M	8.37M
Change in Payables	4.68M	5.79M	3.43M	1.02M	5.09M	-18.17M	42.3M	5.84M	-29.36M	-3.11M
Cash from Investing+	-10.41M	-70.48M	-4.21M	-6.94M	-10.33M	-32.2M	-12.97M	-1.29M	-8.47M	-9.19M
Capital Expenditures	-14.36M	-15.11M	-11.4M	-7.04M	-10.33M	-32.2M	-12.97M	-9.25M	-8.47M	-9.19M
CapEx % of Revenue	0.04%	0.04%	0.03%	0.02%	0.03%	0.09%	0.03%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.09M	591K	288K	104K	0	0	0	0	0	0
Cash from Financing+	57.53M	-152K	895K	2.65M	6.3M	-2.11M	7.94M	-43.13M	-4.99M	-33.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.08M	-2.23M	-2.76M	-230K	-5.77M	5.47M	-2.06M	-6.3M	-10.52M	-7.85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-8.01M	-14.67M	-8.34M	5.24M	20.97M	6.96M	28.04M	-3.77M	-1.42M	52.73M
FCF Margin %	-0.02%	-0.04%	-0.02%	0.01%	0.05%	0.02%	0.06%	-0.01%	-0%	0.08%
FCF Growth %	-1.21%	-0.83%	0.43%	1.63%	3%	-0.67%	3.03%	-1.13%	0.62%	38.24%
FCF per Share	-0.09	-0.19	-0.10	0.06	0.23	0.07	0.26	-0.03	-0.01	0.45
FCF Conversion (FCF/Net Income)	-0.41x	-0.01x	-0.04x	-0.58x	-5.28x	-1.34x	3.09x	0.19x	0.08x	1.58x
Interest Paid	0	0	5.51M	5.27M	4.26M	0	0	0	0	0
Taxes Paid	952K	0	2.14M	2.03M	1.14M	0	2.52M	9.04M	18.13M	27.31M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.47%	-24.15%	-33.93%	-9.42%	-2.46%	-11.46%	4.78%	9.07%	22.06%	8.69%
Return on Invested Capital (ROIC)	-3.24%	-15.72%	-16.81%	-1.27%	3.05%	-2.71%	4.04%	9.11%	3.68%	9.28%
Gross Margin	53.77%	49.46%	47.4%	51.84%	55.36%	51.47%	51.22%	50.54%	51.41%	53.91%
Net Margin	-4.15%	-17.82%	-23.16%	-5.21%	-1.47%	-7.73%	2.61%	4.51%	13.82%	5.78%
Debt / Equity	0.30x	0.46x	0.60x	0.59x	0.74x	0.72x	0.64x	0.50x	0.36x	0.32x
Interest Coverage	-38.88x	-6.31x	-6.40x	-0.44x	1.12x	-1.08x	1.77x	9.03x	8.22x	8.62x
FCF Conversion	-0.41x	-0.01x	-0.04x	-0.58x	-5.28x	-1.34x	3.09x	0.19x	0.08x	1.58x
Revenue Growth	-13.04%	7.66%	-11.74%	12.65%	-0.17%	-5.97%	33.87%	23.23%	-2.73%	11.65%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Appliance & Integration	-	-	-	-	275.8M	252.01M	369.77M	473.81M	435.88M	507.38M
Appliance & Integration Growth	-	-	-	-	-	-8.62%	46.72%	28.14%	-8.00%	16.40%
Product	-	-	-	252.07M	-	-	-	-	396.68M	482.11M
Product Growth	-	-	-	-	-	-	-	-	-	21.54%
SaaS & Service	-	-	-	-	127.08M	126.82M	137.38M	151.15M	172.03M	171.34M
SaaS & Service Growth	-	-	-	-	-	-0.20%	8.33%	10.02%	13.81%	-0.40%
Support Services	-	-	-	-	-	-	-	-	121.14M	115.13M
Support Services Growth	-	-	-	-	-	-	-	-	-	-4.96%
SAAS	-	-	-	-	-	-	-	-	50.89M	56.21M
SAAS Growth	-	-	-	-	-	-	-	-	-	10.46%
Professional Services	-	-	-	-	-	-	-	-	39.2M	25.27M
Professional Services Growth	-	-	-	-	-	-	-	-	-	-35.53%
Service	-	-	-	151.49M	-	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Video	291.78M	351.49M	319.47M	-	-	-	-	-	-	-
Video Growth	-	20.46%	-9.11%	-	-	-	-	-	-	-
Cable Edge	85.25M	54.42M	38.77M	-	-	-	-	-	-	-
Cable Edge Growth	-	-36.16%	-28.75%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	175.47M	171.02M	131.77M	181.97M	202.27M	191.85M	282.91M	393.99M	408.95M	515.04M
UNITED STATES Growth	-	-2.54%	-22.95%	38.09%	11.16%	-5.15%	47.46%	39.26%	3.80%	25.94%
Non-US	-	-	-	-	200.6M	186.98M	224.24M	230.97M	198.96M	163.68M
Non-US Growth	-	-	-	-	-	-6.79%	19.93%	3.00%	-13.86%	-17.73%
International	201.56M	234.9M	226.47M	-	-	-	-	-	-	-
International Growth	-	16.54%	-3.59%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Harmonic Inc. (HLIT) has a price-to-earnings (P/E) ratio of 31.0x. This suggests investors expect higher future growth.

Growth & Financials

Harmonic Inc. (HLIT) reported $635.7M in revenue for fiscal year 2024. This represents a 16% increase from $549.3M in 2011.

Harmonic Inc. (HLIT) grew revenue by 11.6% over the past year. This is steady growth.

Yes, Harmonic Inc. (HLIT) is profitable, generating $49.6M in net income for fiscal year 2024 (5.8% net margin).

Dividend & Returns

Harmonic Inc. (HLIT) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Harmonic Inc. (HLIT) generated $133.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.