Harmonic Inc. (HLIT) Key Metrics
HLIT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.17B
- Enterprise value
- $1.10B
- P/E (TTM)
- 41.1 10-yr median 45.9
- Forward P/E
- 18.8
- PEG ratio
- 1.84
- Price / sales
- 2.6 10-yr median 2.1
- Price / book
- 3.3 10-yr median 2.9
- EV / EBITDA
- 49.8 10-yr median 36.1
- Dividend yield
- —
- Beta
- 1.33
HLIT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHLIT valuation Price multiples at each fiscal year-end price.
HLIT returns How much profit the business earns on the capital it uses.
HLIT per-share figures Results divided by the shares outstanding at year-end.
HLIT financial health Debt, liquidity and how easily interest is covered.
HLIT efficiency & capital use Working capital cycle and where the cash goes.
HLIT valuation history
HLIT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HLIT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HLIT cash returned to shareholders
HLIT price vs earnings per share
HLIT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.13B | $1.55B | $1.53B | $1.47B | $1.25B | $716.6M | $698.7M | $404.1M | $340.1M | $388.5M |
| Enterprise value | $1.15B | $1.60B | $1.60B | $1.54B | $1.31B | $802.8M | $791.9M | $472.8M | $414.8M | $450.4M |
| P/E ratio | — | 39.6 | 18.2 | 52.2 | 94.2 | — | — | — | — | — |
| Price / sales | 3.1 | 2.3 | 2.5 | 2.4 | 2.5 | 1.9 | 1.7 | 1.0 | 0.9 | 1.0 |
| Price / book | 2.9 | 3.3 | 3.5 | 4.5 | 4.2 | 2.8 | 2.8 | 1.8 | 1.6 | 1.4 |
| Price / free cash flow | 11.7 | 29.5 | — | — | 44.5 | 103.0 | 33.3 | 77.1 | — | — |
| Price / operating cash flow | 10.5 | 25.1 | 216.8 | 268.8 | 30.4 | 18.3 | 22.3 | 32.9 | 111.0 | 887.0 |
| EV / sales | 3.2 | 2.4 | 2.6 | 2.5 | 2.6 | 2.1 | 2.0 | 1.2 | 1.2 | 1.1 |
| EV / EBITDA | 48.6 | 20.7 | 72.3 | 25.0 | 40.1 | 803.6 | 32.1 | 29.9 | — | — |
| EV / free cash flow | 11.9 | 30.4 | — | — | 46.5 | 115.4 | 37.8 | 90.2 | — | — |
| Earnings yield | −3.8% | 2.5% | 5.5% | 1.9% | 1.1% | −4.1% | −0.8% | −5.2% | −24.4% | −18.6% |
| Free cash flow yield | 8.6% | 3.4% | −0.1% | −0.3% | 2.2% | 1.0% | 3.0% | 1.3% | −2.5% | −3.8% |
| Dividend yield | — | — | 0.3% | — | 0.2% | 0.2% | 0.2% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 7.0% | 1.9% | 0.6% | 0.3% | 0.3% | 0.5% | 0.4% | 0.1% | 0.8% | 0.4% |
| Share price at fiscal year-end | $9.89 | $13.23 | $13.04 | $13.10 | $11.76 | $7.39 | $7.80 | $4.72 | $4.20 | $5.00 |
| Per share | ||||||||||
| Revenue per share | $3.16 | $5.78 | $5.18 | $5.56 | $4.78 | $3.91 | $4.50 | $4.71 | $4.42 | $5.22 |
| Earnings per share | −$0.38 | $0.33 | $0.72 | $0.25 | $0.12 | −$0.30 | −$0.07 | −$0.25 | −$1.02 | −$0.93 |
| Operating cash flow per share | $0.95 | $0.53 | $0.06 | $0.05 | $0.39 | $0.40 | $0.35 | $0.14 | $0.04 | $0.01 |
| Free cash flow per share | $0.85 | $0.45 | −$0.01 | −$0.03 | $0.26 | $0.07 | $0.23 | $0.06 | −$0.10 | −$0.19 |
| Cash per share | $1.09 | $0.86 | $0.72 | $0.80 | $1.26 | $1.02 | $1.04 | $0.77 | $0.70 | $0.81 |
| Book value per share | $3.36 | $3.96 | $3.72 | $2.89 | $2.80 | $2.66 | $2.82 | $2.67 | $2.70 | $3.48 |
| Tangible book value per share | $2.82 | $1.94 | $1.68 | $0.77 | $0.53 | $0.15 | $0.09 | −$0.29 | −$0.57 | $0.05 |
| Dividends per share | — | — | $0.03 | — | $0.02 | $0.02 | $0.02 | — | $0.00 | $0.00 |
| Capex per share | $0.10 | $0.08 | $0.07 | $0.08 | $0.12 | $0.33 | $0.12 | $0.08 | $0.14 | $0.19 |
| Debt per share | $1.29 | $1.26 | $1.33 | $1.43 | $1.79 | $1.91 | $2.08 | $1.57 | $1.63 | $1.60 |
| Shares outstanding | 114.2M | 117.5M | 117.4M | 112.4M | 106.2M | 97.0M | 89.6M | 85.6M | 81.0M | 77.7M |
| Change in shares outstanding | −2.8% | +0.1% | +4.4% | +5.8% | +9.5% | +8.3% | +4.6% | +5.7% | +4.2% | −11.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −10.2% | 8.7% | 22.1% | 9.1% | 4.8% | −11.5% | −2.5% | −9.4% | −33.9% | −24.2% |
| Return on invested capital (ROIC) | 1.9% | 8.4% | 4.9% | 7.7% | 5.4% | −2.9% | 3.2% | −1.3% | −17.9% | −17.5% |
| Return on assets (ROA) | −5.7% | 5.0% | 11.4% | 4.0% | 2.1% | −5.0% | −1.1% | −4.1% | −15.6% | −13.4% |
| Return on tangible assets | −6.6% | 7.0% | 15.9% | 6.0% | 2.9% | −8.4% | −1.7% | −8.2% | −34.0% | −25.1% |
| Free cash flow margin | 26.9% | 7.8% | −0.2% | −0.6% | 5.5% | 1.8% | 5.2% | 1.3% | −2.3% | −3.6% |
| Income quality (OCF / net income) | — | 1.58 | 0.08 | 0.19 | 3.09 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $147.8M | $148.3M | $156.1M | $160.8M | $190.2M | $184.8M | $186.3M | $134.7M | $131.7M | $124.4M |
| Cash & short-term investments | $124.1M | $101.5M | $84.3M | $89.6M | $133.4M | $98.6M | $93.1M | $66.0M | $57.0M | $62.6M |
| Net debt | $23.7M | $46.9M | $71.8M | $71.2M | $56.8M | $86.1M | $93.2M | $68.7M | $74.7M | $61.9M |
| Debt / equity | 0.39 | 0.32 | 0.36 | 0.50 | 0.64 | 0.72 | 0.74 | 0.59 | 0.60 | 0.46 |
| Debt / assets | 0.21 | 0.19 | 0.20 | 0.23 | 0.27 | 0.31 | 0.32 | 0.26 | 0.26 | 0.22 |
| Net debt / EBITDA | 1.00 | 0.61 | 3.24 | 1.15 | 1.74 | 86.23 | 3.78 | 4.35 | — | — |
| Current ratio | 2.50 | 2.18 | 1.21 | 1.07 | 1.44 | 1.62 | 1.31 | 1.44 | 1.21 | 1.50 |
| Quick ratio | 2.26 | 1.80 | 0.91 | 0.70 | 1.12 | 1.38 | 1.16 | 1.25 | 1.03 | 1.21 |
| Interest coverage | 4.5 | 8.6 | 8.2 | 9.0 | 1.8 | -1.1 | 1.1 | -0.4 | -6.4 | -6.3 |
| Working capital | $296.4M | $198.5M | $58.3M | $23.2M | $98.7M | $90.7M | $59.5M | $60.3M | $29.7M | $71.9M |
| Invested capital | $407.0M | $512.1M | $508.7M | $395.7M | $353.6M | $344.4M | $345.7M | $296.9M | $293.0M | $332.5M |
| Tangible asset value | $322.3M | $228.4M | $197.7M | $86.8M | $56.6M | $14.1M | $8.2M | −$25.2M | −$45.8M | $4.1M |
| Net current asset value | $159.1M | $34.8M | −$600,000 | −$40.2M | −$73.8M | −$95.2M | −$83.5M | −$85.9M | −$117.9M | −$66.6M |
| Graham number | — | $5.45 | $7.74 | $4.04 | $2.80 | — | — | — | — | — |
| Graham net-net per share | −$1.06 | −$0.52 | −$0.81 | −$1.33 | −$1.46 | −$1.65 | −$1.68 | −$1.57 | −$2.07 | −$1.74 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $3.8M | — | $2.1M | $1.7M | $1.5M | — | $0 | $0 |
| Share buybacks (net) | $79.0M | $30.0M | $5.1M | $5.1M | $2.1M | $1.7M | $1.5M | $230,000 | $2.8M | $1.6M |
| Dividend payout ratio | — | — | 4.6% | — | 15.6% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 81.6% | 57.0% | — | — | 14.7% | 47.8% | 14.2% | 4.4% | — | — |
| Capex / revenue | 3.1% | 1.4% | 1.4% | 1.5% | 2.6% | 8.5% | 2.6% | 1.7% | 3.2% | 3.7% |
| Capex / operating cash flow | 10.3% | 14.8% | 120.1% | 168.9% | 31.6% | 82.2% | 33.0% | 57.3% | 372.0% | 3,449.1% |
| Capex / depreciation | 1.00 | 0.76 | 0.69 | 0.75 | 0.99 | 2.05 | 0.53 | 0.33 | 0.50 | 0.45 |
| Stock-based compensation / revenue | 8.8% | 4.1% | 4.5% | 4.0% | 4.7% | 4.8% | 3.0% | 4.3% | 4.6% | 3.2% |
| R&D / revenue | 18.1% | 17.8% | 20.8% | 19.3% | 20.2% | 21.8% | 21.0% | 22.1% | 26.8% | 24.2% |
| SG&A / revenue | 22.6% | 23.7% | 26.1% | 23.5% | 27.2% | 31.6% | 29.5% | 29.5% | 38.0% | 35.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 136.8 | 88.4 | 78.1 | 61.5 | 62.1 | 86.0 | 88.5 | 73.6 | 79.8 | 70.3 |
| Days of inventory on hand | 103.7 | 86.3 | 126.6 | 113.5 | 78.4 | 63.6 | 55.5 | 48.5 | 65.1 | 71.2 |
| Days payables outstanding | 54.1 | 43.1 | 65.5 | 77.9 | 64.9 | 64.0 | 75.8 | 62.8 | 60.1 | 42.9 |
| Cash conversion cycle (days) | 186.4 | 131.6 | 139.3 | 97.1 | 75.6 | 85.6 | 68.2 | 59.3 | 84.8 | 98.5 |
| Receivables turnover | 2.67 | 4.13 | 4.67 | 5.93 | 5.87 | 4.24 | 4.12 | 4.96 | 4.58 | 5.19 |
| Payables turnover | 6.75 | 8.48 | 5.57 | 4.69 | 5.62 | 5.70 | 4.81 | 5.81 | 6.08 | 8.50 |
| Inventory turnover | 3.52 | 4.23 | 2.88 | 3.22 | 4.66 | 5.74 | 6.58 | 7.53 | 5.61 | 5.13 |
| Asset turnover | 0.48 | 0.87 | 0.82 | 0.89 | 0.79 | 0.64 | 0.73 | 0.79 | 0.67 | 0.75 |
| Average receivables | $135.1M | $164.3M | $130.2M | $105.3M | $86.3M | $89.2M | $97.7M | $81.4M | $78.3M | $78.1M |
| Average payables | $29.2M | $36.9M | $53.0M | $65.9M | $44.0M | $32.2M | $37.4M | $33.4M | $31.0M | $24.1M |
| Average inventory | $55.9M | $74.0M | $102.5M | $96.1M | $53.1M | $32.0M | $27.3M | $25.8M | $33.6M | $40.0M |
| Intangibles / total assets | 8.5% | 29.7% | 31.1% | 33.5% | 34.6% | 41.3% | 41.6% | 49.6% | 52.0% | 48.1% |
Computed from HLIT's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HLIT valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 41.1 and the forward P/E is 18.8. Harmonic earned a return on equity of −10.2% and a return on invested capital of 1.9% in fiscal 2025. It ended the year with $147.8 million of debt and $124.1 million in cash and short-term investments, net debt of $23.7 million. It returned $79.0 million to shareholders: $0 in dividends and $79.0 million in share buybacks, 82% of free cash flow. The share count rose 46.9% from 77.7M to 114.2M over 9 years.
See the HLIT income statement, the HLIT chart for price history, or the HLIT stock overview for the latest quote and news.
HLIT key metrics FAQ
What is Harmonic's P/E ratio?
Harmonic's trailing P/E ratio is 41.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 18.8. At the end of fiscal 2025 it was —, compared with a 10-year median of 45.9.
What is Harmonic's EV/EBITDA?
Harmonic's enterprise value was 48.6 times EBITDA at the end of fiscal 2025 (enterprise value $1.2 billion, EBITDA $23.7 million); the current EV/EBITDA is 49.8.
What is Harmonic's return on equity?
Harmonic's return on equity (ROE) was −10.2% in fiscal 2025: net income of -$43.3 million on average shareholders' equity of $424.3 million.
What is Harmonic's ROIC?
Harmonic's return on invested capital was 1.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Harmonic have?
Harmonic had total debt of $147.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.39 and $23.7 million of net debt (1.00 times EBITDA).
Does Harmonic buy back its shares?
Yes. Harmonic spent $79.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.8% over the year, to 114.2M..
What is Harmonic's free cash flow yield?
Harmonic generated $96.9 million of free cash flow in fiscal 2025, a free cash flow yield of 8.6% on its market value at year-end ($1.1 billion).
What is Harmonic's current ratio?
Harmonic's current ratio was 2.50 at the end of fiscal 2025: current assets were 2.50 times current liabilities.