Harmonic Inc. (HLIT) Financial Ratios
30 years of historical data (1996–2025) · Technology · Communication Equipment
EV/EBITDA
↑
58.58
↑+66% vs avg
5yr avg: 35.30
30Y Low6.8·High87.6
P/FCF
↓
16.75
↓-41% vs avg
5yr avg: 28.55
30Y Low10.1·High156.6
P/B Ratio
↓
4.46
↑+20% vs avg
5yr avg: 3.71
30Y Low0.9·High20.3
ROE
↓
-10.2%
↑-248% vs avg
5yr avg: 6.9%
30Y Low-78%·High25%
Debt/EBITDA
↓
5.26
↑+28% vs avg
5yr avg: 4.10
30Y Low0.1·High14.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HLIT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Harmonic Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 16.8x P/FCF, 41% below the 5-year average of 28.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.1B | $1.6B | $1.5B | $1.5B | $1.2B | $717M | $699M | $404M | $340M | $389M |
| Enterprise Value | $1.6B | $1.2B | $1.6B | $1.6B | $1.5B | $1.3B | $803M | $792M | $473M | $415M | $457M |
| P/E Ratio → | -39.37 | — | 40.09 | 18.11 | 52.40 | 98.00 | — | — | — | — | — |
| P/S Ratio | 4.50 | 3.13 | 2.29 | 2.52 | 2.36 | 2.46 | 1.89 | 1.73 | 1.00 | 0.95 | 0.96 |
| P/B Ratio | 4.46 | 2.95 | 3.34 | 3.50 | 4.54 | 4.21 | 2.77 | 2.77 | 1.77 | 1.56 | 1.44 |
| P/FCF | 16.75 | 11.66 | 29.48 | — | — | 44.53 | 102.99 | 33.32 | 77.12 | — | — |
| P/OCF | 15.03 | 10.46 | 25.10 | 216.80 | 268.84 | 30.44 | 18.30 | 22.33 | 32.90 | 111.00 | 887.04 |
P/E links to full P/E history page with 30-year chart
HLIT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Harmonic Inc.'s enterprise value stands at 58.6x EBITDA, 66% above its 5-year average of 35.3x. The Technology sector median is 16.6x, placing the stock at a 252% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 2.36 | 2.64 | 2.47 | 2.57 | 2.12 | 1.97 | 1.17 | 1.16 | 1.13 |
| EV / EBITDA | 58.58 | 41.01 | 21.27 | 46.54 | 26.71 | 40.97 | 246.40 | 24.23 | 28.96 | — | — |
| EV / EBIT | 96.69 | 67.70 | 24.54 | 73.37 | 31.25 | 66.95 | — | 156.66 | — | — | — |
| EV / FCF | — | 11.90 | 30.36 | — | — | 46.55 | 115.37 | 37.77 | 90.23 | — | — |
HLIT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Harmonic Inc. earns an operating margin of 4.7%. Operating margins have expanded from 3.6% to 4.7% over the past 3 years, signaling improving operational efficiency. A negative ROE of -10.2% indicates the company is currently destroying shareholder equity. ROIC of 2.8% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.4% | 45.4% | 53.9% | 51.4% | 50.5% | 51.2% | 51.5% | 55.4% | 51.8% | 47.4% | 49.5% |
| Operating Margin | 4.7% | 4.7% | 9.3% | 3.6% | 7.3% | 3.7% | -3.3% | 3.2% | -1.2% | -19.8% | -16.5% |
| Net Profit Margin | -12.0% | -12.0% | 5.8% | 13.8% | 4.5% | 2.6% | -7.7% | -1.5% | -5.2% | -23.2% | -17.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.2% | -10.2% | 8.7% | 22.1% | 9.1% | 4.8% | -11.5% | -2.5% | -9.4% | -33.9% | -24.2% |
| ROA | -5.7% | -5.7% | 5.0% | 11.4% | 4.0% | 2.1% | -5.0% | -1.1% | -4.1% | -15.6% | -13.4% |
| ROIC | 2.8% | 2.8% | 9.3% | 3.7% | 9.1% | 4.0% | -2.7% | 3.1% | -1.3% | -16.8% | -15.7% |
| ROCE | 3.0% | 3.0% | 11.2% | 5.0% | 10.6% | 4.1% | -3.0% | 3.4% | -1.4% | -18.3% | -15.8% |
HLIT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Harmonic Inc. carries a Debt/EBITDA ratio of 5.3x, which is highly leveraged (79% above the sector average of 2.9x). Net debt stands at $24M ($148M total debt minus $124M cash). Interest coverage of 4.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.32 | 0.36 | 0.50 | 0.64 | 0.72 | 0.74 | 0.59 | 0.60 | 0.46 |
| Debt / EBITDA | 5.26 | 5.26 | 1.97 | 4.53 | 2.78 | 5.97 | 56.72 | 5.70 | 8.25 | — | — |
| Net Debt / Equity | — | 0.06 | 0.10 | 0.16 | 0.22 | 0.19 | 0.33 | 0.37 | 0.30 | 0.34 | 0.25 |
| Net Debt / EBITDA | 0.84 | 0.84 | 0.62 | 2.09 | 1.23 | 1.78 | 26.44 | 2.85 | 4.21 | — | — |
| Debt / FCF | — | 0.25 | 0.89 | — | — | 2.02 | 12.38 | 4.45 | 13.11 | — | — |
| Interest Coverage | 4.48 | 4.48 | 8.91 | 8.10 | 9.80 | 1.83 | -1.28 | 0.43 | -0.49 | -6.65 | -6.57 |
HLIT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Harmonic Inc.'s current ratio of 2.50x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.21x to 2.50x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.50 | 2.50 | 2.18 | 1.21 | 1.07 | 1.44 | 1.62 | 1.31 | 1.44 | 1.21 | 1.50 |
| Quick Ratio | 2.26 | 2.26 | 1.80 | 0.91 | 0.70 | 1.12 | 1.38 | 1.16 | 1.25 | 1.03 | 1.21 |
| Cash Ratio | 0.63 | 0.63 | 0.61 | 0.31 | 0.28 | 0.59 | 0.67 | 0.48 | 0.48 | 0.40 | 0.43 |
| Asset Turnover | — | 0.50 | 0.85 | 0.79 | 0.88 | 0.73 | 0.64 | 0.69 | 0.79 | 0.71 | 0.73 |
| Inventory Turnover | 4.11 | 4.11 | 4.89 | 3.52 | 2.56 | 3.48 | 5.25 | 6.19 | 7.58 | 7.25 | 4.98 |
| Days Sales Outstanding | — | 87.00 | 98.04 | 87.84 | 66.59 | 69.55 | 73.25 | 92.84 | 84.05 | 71.16 | 78.02 |
HLIT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Harmonic Inc. returns 4.9% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.5% | 5.5% | 1.9% | 1.0% | — | — | — | — | — |
| FCF Yield | 6.0% | 8.6% | 3.4% | — | — | 2.2% | 1.0% | 3.0% | 1.3% | — | — |
| Buyback Yield | 4.9% | 7.0% | 1.9% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 7.0% | 1.9% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $114M | $117M | $117M | $112M | $106M | $97M | $90M | $86M | $81M | $78M |
Peer Comparison
Compare HLIT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HLITYou | $2B | -39.4 | 58.6 | 16.8 | 45.4% | 4.7% | -10.2% | 2.8% | 5.3 |
 VIAV | $12B | 352.9 | 93.7 | 197.6 | 56.8% | 6.5% | 4.8% | 5.5% | 5.2 |
 ADTN | $1B | -27.3 | 18.3 | 12.8 | 38.3% | -1.4% | -8.5% | -1.7% | 3.2 |
 CALX | $2B | 144.1 | 59.5 | 21.0 | 56.8% | 2.1% | 2.2% | 2.1% | 0.7 |
 ATEN | $2B | 59.2 | 41.5 | 37.4 | 79.3% | 16.2% | 19.0% | 13.8% | 3.6 |
 CSCO | $479B | 47.7 | 34.1 | 36.0 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
 EXTR | $4B | -564.7 | 118.0 | 33.6 | 62.2% | 1.5% | -16.4% | 14.4% | 6.2 |
 CIEN | $65B | 541.6 | 145.5 | 97.9 | 42.0% | 6.5% | 4.4% | 6.9% | 3.5 |
 CMCSA | $81B | 4.1 | 4.9 | 3.7 | 60.1% | 16.7% | 21.6% | 8.2% | 3.0 |
 CHTR | $16B | 3.5 | 5.1 | 3.6 | 46.3% | 24.3% | 24.8% | 8.6% | 4.4 |
 AMZN | $2.5T | 32.5 | 17.6 | 325.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Technology Median | — | 28.4 | 16.6 | 19.1 | 49.0% | -0.2% | 1.7% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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HLIT — Frequently Asked Questions
Quick answers to the most common questions about buying HLIT stock.
What is Harmonic Inc.'s P/E ratio?
Harmonic Inc.'s current P/E ratio is -39.4x. The historical average is 49.4x.
What is Harmonic Inc.'s EV/EBITDA?
Harmonic Inc.'s current EV/EBITDA is 58.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.6x.
What is Harmonic Inc.'s ROE?
Harmonic Inc.'s return on equity (ROE) is -10.2%. The historical average is -7.7%.
Is HLIT stock overvalued?
Based on historical data, Harmonic Inc. is trading at a P/E of -39.4x. Compare with industry peers and growth rates for a complete picture.
What are Harmonic Inc.'s profit margins?
Harmonic Inc. has 45.4% gross margin and 4.7% operating margin.
How much debt does Harmonic Inc. have?
Harmonic Inc.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.