HLIT · Harmonic Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $360.52M | $678.72M | $607.91M | $624.96M | $507.15M | $378.83M |
| Cost of Revenue | $185.78M | $312.80M | $295.36M | $309.07M | $247.41M | $183.83M |
| Gross Profit | $174.75M | $365.92M | $312.55M | $315.88M | $259.74M | $195.00M |
| R&D | $76.33M | $120.97M | $126.28M | $120.31M | $102.23M | $82.49M |
| SG&A | $81.38M | $153.12M | $163.28M | $146.72M | $138.09M | $119.61M |
| Total Operating Expenses | $160.66M | $302.79M | $290.37M | $270.37M | $240.93M | $207.45M |
| D&A | $11.08M | $12.14M | $12.26M | $12.26M | $12.55M | $11.74M |
| Operating Income | $14.08M | $63.14M | $22.17M | $45.52M | $18.81M | ($12.45M) |
| Interest Expense | $3.80M | $7.33M | $2.70M | $5.04M | $10.63M | $11.51M |
| Income Tax | $7.64M | $18.72M | ($64.85M) | $16.30M | ($4.38M) | $3.05M |
| Net Income | ($43.31M) | $39.22M | $83.99M | $28.18M | $13.25M | ($29.27M) |
| EPS - Basic | ($0.38) | $0.34 | $0.75 | $0.27 | ($0.30) | - |
| EPS - Diluted | ($0.38) | $0.33 | $0.72 | $0.25 | ($0.30) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $124.11M | $101.46M | $84.27M | $89.59M | $133.43M | $98.64M |
| Accounts Receivable | $85.94M | $178.01M | $141.53M | $108.43M | $88.53M | $66.23M |
| Inventory | $47.84M | $64.00M | $83.98M | $120.95M | $71.19M | $35.03M |
| Accounts Payable | $23.09M | $35.25M | $38.56M | $67.45M | $64.43M | $23.54M |
| Current Assets | $494.37M | $366.08M | $330.73M | $345.30M | $323.13M | $238.03M |
| Total Assets | $718.48M | $796.51M | $768.21M | $710.02M | $693.69M | $591.52M |
| Current Liabilities | $197.95M | $167.57M | $272.39M | $322.07M | $224.46M | $147.29M |
| Long-term Debt | $109.14M | $112.08M | $15.41M | $15.92M | $17.98M | $21.84M |
| Total Liabilities | $335.24M | $331.25M | $331.33M | $385.51M | $396.89M | $333.22M |
| Stockholders' Equity | $383.25M | $465.26M | $436.87M | $324.51M | $295.91M | $258.30M |
| Retained Earnings | ($2.08B) | ($1.95B) | ($1.96B) | ($2.05B) | ($2.09B) | ($2.10B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $107.97M | $61.92M | $7.06M | $5.48M | $41.02M | $39.16M |
| Investing Cash Flow | ($11.08M) | ($9.19M) | ($8.47M) | ($1.29M) | ($12.97M) | ($32.20M) |
| Financing Cash Flow | ($81.39M) | ($33.27M) | ($4.99M) | ($43.13M) | $7.94M | ($2.11M) |
| CapEx | $11.08M | $9.19M | $8.47M | $9.25M | $12.97M | $32.20M |
| Free Cash Flow | $96.89M | $52.73M | ($1.42M) | ($3.77M) | $28.04M | $6.96M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 48.5% | 53.9% | 51.4% | 50.5% | 51.2% | 51.5% |
| Operating margin | 3.9% | 9.3% | 3.6% | 7.3% | 3.7% | -3.3% |
| EBITDA margin | 7.0% | 11.1% | 5.7% | 9.2% | 6.2% | -0.2% |
| Net margin | -12.0% | 5.8% | 13.8% | 4.5% | 2.6% | -7.7% |
| Free cash flow margin | 26.9% | 7.8% | -0.2% | -0.6% | 5.5% | 1.8% |
| FCF / Net income | -2.24 | 1.34 | -0.02 | -0.13 | 2.12 | -0.24 |
| R&D / Revenue | 21.2% | 17.8% | 20.8% | 19.3% | 20.2% | 21.8% |
| SG&A / Revenue | 22.6% | 22.6% | 26.9% | 23.5% | 27.2% | 31.6% |
| Effective tax rate | - | 32.3% | -338.8% | 36.6% | -49.4% | - |
| Return on assets | -6.0% | 4.9% | 10.9% | 4.0% | 1.9% | -4.9% |
| Return on equity | -11.3% | 8.4% | 19.2% | 8.7% | 4.5% | -11.3% |
| Return on invested capital | 2.3% | 7.4% | 4.9% | 8.5% | 6.0% | -3.5% |
| Liquidity | ||||||
| Current ratio | 2.50 | 2.18 | 1.21 | 1.07 | 1.44 | 1.62 |
| Quick ratio | 2.26 | 1.80 | 0.91 | 0.70 | 1.12 | 1.38 |
| Cash ratio | 0.63 | 0.61 | 0.31 | 0.28 | 0.59 | 0.67 |
| Leverage | ||||||
| Debt / Equity | 0.28 | 0.24 | 0.04 | 0.05 | 0.06 | 0.08 |
| Debt / Assets | 0.15 | 0.14 | 0.02 | 0.02 | 0.03 | 0.04 |
| Debt / EBITDA | 4.34 | 1.49 | 0.45 | 0.28 | 0.57 | - |
| Interest coverage | 3.7x | 8.6x | 8.2x | 9.0x | 1.8x | -1.1x |
| Equity multiplier | 1.87 | 1.71 | 1.76 | 2.19 | 2.34 | 2.29 |
| Liabilities / Assets | 0.47 | 0.42 | 0.43 | 0.54 | 0.57 | 0.56 |
| Efficiency | ||||||
| Asset turnover | 0.50 | 0.85 | 0.79 | 0.88 | 0.73 | 0.64 |
| Inventory turnover | 3.88 | 4.89 | 3.52 | 2.56 | 3.48 | 5.25 |
| Days sales outstanding | 87d | 96d | 85d | 63d | 64d | 64d |
| Days inventory outstanding | 94d | 75d | 104d | 143d | 105d | 70d |
| Days payable outstanding | 45d | 41d | 48d | 80d | 95d | 47d |
| Cash conversion cycle | 136d | 129d | 141d | 126d | 74d | 87d |
| Valuation | ||||||
| P / E | - | 40.1x | 18.1x | 52.4x | - | - |
| P / B | 2.9x | 3.3x | 3.5x | 4.5x | 3.9x | - |
| P / S | 3.1x | 2.3x | 2.5x | 2.4x | 2.2x | - |
| EV / EBITDA | 44.3x | 20.8x | 42.5x | 24.2x | 32.7x | - |
| Growth | ||||||
| Revenue growth (YoY) | -46.9% | 11.6% | -2.7% | 23.2% | 33.9% | -6.0% |
| Revenue CAGR (3y) | -16.8% | 10.2% | 17.1% | 15.8% | 7.7% | 1.9% |
| Revenue CAGR (5y) | -1.0% | 11.0% | 8.4% | 11.8% | 4.6% | 0.1% |
| Gross profit growth (YoY) | -52.2% | 17.1% | -1.1% | 21.6% | 33.2% | -12.6% |
| Operating income growth (YoY) | -77.7% | 184.8% | -51.3% | 142.0% | - | - |
| Net income growth (YoY) | - | -53.3% | 198.0% | 112.6% | - | -394.1% |
| EPS growth (YoY) | - | -54.2% | 188.0% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 83.7% | - | 62.5% | - | 303.0% | 255.7% |
| FCF CAGR (5y) | 69.3% | 93.3% | - | - | - | - |
| Book value growth (YoY) | -17.6% | 6.5% | 34.6% | 9.7% | 14.6% | 2.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$663.31M totalAppliance Integration$302.79M · 45.6%
Product$267.05M · 40.3%
Saa SService$57.74M · 8.7%
Professional Services$35.74M · 5.4%
Geographic
$721.05M totalAmericas$320.57M · 44.5%
US$277.05M · 38.4%
Non Us$83.47M · 11.6%
EMEA$33.89M · 4.7%
Asia Pacific$6.06M · 0.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-1.11
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Radio & Tv Broadcasting & Communications Equipment
Comparing HARMONIC INC. against the 5 most active filers in the same SIC group.