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HARMONIC INC.

HLIT Clue Score47
United States Fiscal year ends December CIK 0000851310
$10.99 -0.72% Close, 9 Oct 2026
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Price $10.99 +27.05% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue405.9Operating income−67.0Net income−72.3Fiscal year 2017Revenue358.2 −11.7%Operating income−70.9Net income−83.0Fiscal year 2018Revenue403.6 +12.6%Operating income−5.0Net income−21.0Fiscal year 2019Revenue402.9 −0.2%Operating income13.1Net income−5.9EPS, diluted−0.07Fiscal year 2020Revenue378.8 −6.0%Operating income−12.4Net income−29.3EPS, diluted−0.30Fiscal year 2021Revenue507.1 +33.9%Operating income18.8Net income13.3EPS, diluted0.12Fiscal year 2022Revenue625.0 +23.2%Operating income45.5Net income28.2 +112.6%EPS, diluted0.25 +108.3%Fiscal year 2023Revenue388.5 −37.8%Operating income30.0Net income84.0 +198.0%EPS, diluted0.72 +188.0%Fiscal year 2024Revenue488.2 +25.7%Operating income74.7Net income39.2 −53.3%EPS, diluted0.33 −54.2%Fiscal year 2025Revenue360.5 −26.2%Operating income14.1Net income−43.3 −210.4%EPS, diluted−0.38 −215.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 405.9 358.2 403.6 402.9 378.8 507.1 625.0 388.5 488.2 360.5
Growth −11.7% +12.6% −0.2% −6.0% +33.9% +23.2% −37.8% +25.7% −26.2%
Operating income −67.0 −70.9 −5.0 13.1 −12.4 18.8 45.5 30.0 74.7 14.1
Net income −72.3 −83.0 −21.0 −5.9 −29.3 13.3 28.2 84.0 39.2 −43.3
Growth +112.6% +198.0% −53.3% −210.4%
EPS, diluted n/a n/a n/a −0.07 −0.30 0.12 0.25 0.72 0.33 −0.38
Growth +108.3% +188.0% −54.2% −215.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin49.5%Operating margin−16.5%Net margin−17.8%Free cash flow margin−3.6%Fiscal year 2017Gross margin47.4%Operating margin−19.8%Net margin−23.2%Free cash flow margin−2.3%Fiscal year 2018Gross margin51.8%Operating margin−1.2%Net margin−5.2%Free cash flow margin1.3%Fiscal year 2019Gross margin55.4%Operating margin3.2%Net margin−1.5%Free cash flow margin5.2%Fiscal year 2020Gross margin51.5%Operating margin−3.3%Net margin−7.7%Free cash flow margin1.8%Fiscal year 2021Gross margin51.2%Operating margin3.7%Net margin2.6%Free cash flow margin5.5%Fiscal year 2022Gross margin50.5%Operating margin7.3%Net margin4.5%Free cash flow margin−0.6%Fiscal year 2023Gross margin45.9%Operating margin7.7%Net margin21.6%Free cash flow margin−0.4%Fiscal year 2024Gross margin49.2%Operating margin15.3%Net margin8.0%Free cash flow margin10.8%Fiscal year 2025Gross margin48.5%Operating margin3.9%Net margin−12.0%Free cash flow margin26.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 49.5% 47.4% 51.8% 55.4% 51.5% 51.2% 50.5% 45.9% 49.2% 48.5%
Operating margin −16.5% −19.8% −1.2% 3.2% −3.3% 3.7% 7.3% 7.7% 15.3% 3.9%
Net margin −17.8% −23.2% −5.2% −1.5% −7.7% 2.6% 4.5% 21.6% 8.0% −12.0%
Free cash flow margin −3.6% −2.3% 1.3% 5.2% 1.8% 5.5% −0.6% −0.4% 10.8% 26.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.4Capital expenditure−15.1Free cash flow−14.7Buybacks0.0Fiscal year 2017Operating cash flow3.1Capital expenditure−11.4Free cash flow−8.3Buybacks0.0Fiscal year 2018Operating cash flow12.3Capital expenditure−7.0Free cash flow5.2Dividends paid0.0Fiscal year 2019Operating cash flow31.3Capital expenditure−10.3Free cash flow21.0 +300.1%Dividends paid0.0Fiscal year 2020Operating cash flow39.2Capital expenditure−32.2Free cash flow7.0 −66.8%Buybacks0.0Dividends paid0.0Fiscal year 2021Operating cash flow41.0Capital expenditure−13.0Free cash flow28.0 +303.0%Buybacks0.0Dividends paid0.0Fiscal year 2022Operating cash flow5.5Capital expenditure−9.3Free cash flow−3.8 −113.5%Buybacks−5.1Dividends paid0.0Fiscal year 2023Operating cash flow7.1Capital expenditure−8.5Free cash flow−1.4Buybacks0.0Dividends paid0.0Fiscal year 2024Operating cash flow61.9Capital expenditure−9.2Free cash flow52.7Buybacks−30.0Dividends paid0.0Fiscal year 2025Operating cash flow108.0Capital expenditure−11.1Free cash flow96.9 +83.7%Buybacks−79.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.4 3.1 12.3 31.3 39.2 41.0 5.5 7.1 61.9 108.0
Capital expenditure −15.1 −11.4 −7.0 −10.3 −32.2 −13.0 −9.3 −8.5 −9.2 −11.1
Free cash flow −14.7 −8.3 5.2 21.0 7.0 28.0 −3.8 −1.4 52.7 96.9
Growth +300.1% −66.8% +303.0% −113.5% +83.7%
Buybacks 0.0 0.0 n/a n/a 0.0 0.0 −5.1 0.0 −30.0 −79.0
Dividends paid n/a n/a 0.0 0.0 0.0 0.0 0.0 0.0 0.0 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash55.6Total debt19.3Net cash (debt)36.3Shareholders’ equity270.6Debt to equity0.07Fiscal year 2017Cash57.0Total debt21.8Net cash (debt)35.2Shareholders’ equity229.8Debt to equity0.10Fiscal year 2018Cash66.0Total debt19.7Net cash (debt)46.3Shareholders’ equity228.3Debt to equity0.09Fiscal year 2019Cash93.1Total debt17.2Net cash (debt)75.9Shareholders’ equity252.4Debt to equity0.07Fiscal year 2020Cash98.6Total debt21.8Net cash (debt)76.8Shareholders’ equity258.3Debt to equity0.08Fiscal year 2021Cash133.4Total debt18.0Net cash (debt)115.5Shareholders’ equity295.9Debt to equity0.06Fiscal year 2022Cash89.6Total debt15.9Net cash (debt)73.7Shareholders’ equity324.5Debt to equity0.05Fiscal year 2023Cash84.3Total debt0.0Net cash (debt)84.3Shareholders’ equity436.9Debt to equity0.00Fiscal year 2024Cash101.5Total debt114.3Net cash (debt)−12.8Shareholders’ equity465.3Debt to equity0.25Fiscal year 2025Cash124.1Total debt112.1Net cash (debt)12.0Shareholders’ equity383.2Debt to equity0.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 55.6 57.0 66.0 93.1 98.6 133.4 89.6 84.3 101.5 124.1
Total debt 19.3 21.8 19.7 17.2 21.8 18.0 15.9 0.0 114.3 112.1
Net cash (debt) 36.3 35.2 46.3 75.9 76.8 115.5 73.7 84.3 −12.8 12.0
Shareholders’ equity 270.6 229.8 228.3 252.4 258.3 295.9 324.5 436.9 465.3 383.2
Debt to equity 0.07 0.10 0.09 0.07 0.08 0.06 0.05 0.00 0.25 0.29

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
55.6 57.0 66.0 93.1 98.6 133.4 89.6 84.3 101.5 124.1
86.8 69.8 81.8 88.5 66.2 88.5 108.4 141.5 143.7 85.9
41.2 26.0 25.6 29.0 35.0 71.2 120.9 84.0 43.1 47.8
32.2 29.3 22.3 22.9 43.1 42.7 39.8 36.7 25.2 25.6
237.3 242.8 240.6 239.8 243.7 240.2 237.7 60.8 60.8 60.9
554.1 508.1 510.8 587.3 591.5 693.7 710.0 768.2 796.5 718.5
Growth −8.3% +0.5% +15.0% +0.7% +17.3% +2.4% +8.2% +3.7% −9.8%
Liabilities
n/a n/a n/a n/a n/a n/a n/a n/a 2.2 2.9
19.3 21.8 19.7 17.2 21.8 18.0 15.9 0.0 112.1 109.1
calc 19.3 21.8 19.7 17.2 21.8 18.0 15.9 0.0 114.3 112.1
283.4 289.7 282.6 332.5 333.2 396.9 385.5 331.3 331.2 335.2
Equity
−1,976.2 −2,057.8 −2,067.4 −2,071.9 −2,101.2 −2,088.0 −2,046.6 −1,962.6 −1,953.5 −2,076.4
270.6 229.8 228.3 252.4 258.3 295.9 324.5 436.9 465.3 383.2
Growth −15.1% −0.7% +10.6% +2.3% +14.6% +9.7% +34.6% +6.5% −17.6%
Per share and net cash
calc 36.3 35.2 46.3 75.9 76.8 115.5 73.7 84.3 −12.8 12.0
78.5 82.6 87.1 91.9 98.2 103.0 109.9 112.4 116.7 111.2
calc 3.45 2.78 2.62 2.75 2.63 2.87 2.95 3.89 3.99 3.45

Lines marked calc are worked out here from filed figures; point at one for how.