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MARKETS / NASDAQ / HLIT
NASDAQ · RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT · LARGE CAP

Harmonic Inc. HLIT

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$360.5M
▼ 26.2% YoY
$-43.3M
▼ 210.4% YoY
$96.9M
▲ 83.7% YoY
In brief

What this company does

Harmonic provides broadband access solutions that broadband operators use to deploy high-speed internet for data, voice and video services. Its Broadband business provides broadband access solutions and related services, including its cOS software-based broadband access solution, to broadband operators worldwide. In 2025, the company derived approximately 89% of its revenue from the Americas, while the Europe, Middle East and Africa and Asia Pacific regions accounted for 9% and 2%, respectively. Harmonic's hardware products include its Oyster, Ripple and SeaStar DAA nodes, Reef and Wave PHY shelf products, Pebble Remote PHY Devices, and Fin, Pearl and Pier OLT modules and devices. During the fiscal year ended December 31, 2025, one customer accounted for 54% of the company's net revenue. As of December 31, 2025, Harmonic employed 534 full-time employees, of whom 195 were located in the United States and Canada and 339 were located outside North America across 17 countries in Central and South America, the Middle East and Africa, Europe and the Asia Pacific region. Harmonic was initially incorporated in California in June 1988 and was reincorporated in Delaware in May 1995.

Written from the business description in HARMONIC INC.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth
USD 360.5M
Revenue, FY2025 · full 18-year series below
Revenue $M Net income $M
FY2025 · Revenue 360.5 · Net income -43.3
250.0M500.0M-40.0M-80.0M2008201120142017202020232025
Compound annual growth
−16.8%
−1.0%
−0.4%
−1.1%
+148.8%
+0.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −1.0% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−12 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 3.9% · Net -12.0%
10%20%-10%-20%2008201120142017202020232025
ROE
FY2025 · ROE -10.2%
10%20%-10%-20%-30%2008201120142017202020232025

Each USD of equity lost 10 cents this year.

Cash & shareholders
USD 79.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 96.9
40M80M-8M-16M2008201120142017202020232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 79.0
40M80M-5M-10M20112013201520172019202120232025

USD 79.0M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 718.5M
EquityUSD 383.2M
CashUSD 124.1M
Gross debtUSD 112.1M
Net debtUSD -12.0M
Current ratio2.50×

The company holds more cash than debt.

The 18-year record
18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B0.40.50.40.60.50.40.40.40.40.40.40.40.50.50.50.40.30.4
Operating income $B0.00.10.00.00.0−0.00.0−0.0−0.1−0.1−0.0−0.0−0.0−0.00.00.0−0.00.0
EBITDA $B0.00.10.00.10.0−0.00.00.0−0.1−0.00.0−0.0−0.0−0.00.00.0−0.00.0
Income tax $B0.00.0−0.10.0−0.00.0−0.00.0−0.0−0.0−0.00.0−0.0−0.0−0.00.00.0−0.0
Net income $B−0.00.00.10.00.0−0.0−0.0−0.0−0.1−0.1−0.0−0.00.0−0.00.0−0.0−0.00.1
Free cash flow $B0.10.1−0.0−0.00.00.00.00.0−0.0−0.0−0.00.00.00.10.0−0.00.00.1
EPS, diluted $−0.380.330.720.250.12−0.30−0.07−0.25−1.02−0.93−0.18−0.500.34−0.090.08−0.04−0.250.67
Dividend / sh $··················
Payout %·0000−0−0−0··········
ROE %−10.28.722.19.14.8−11.5−2.5−9.2−33.2−24.2−4.5−10.77.1−2.01.6−0.9−5.915.4
Shares out B0.110.120.110.110.100.100.090.090.080.080.080.090.100.110.120.110.10·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 88 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityRadio & Tv Broadcasting & Communications Equipment
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2008

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