# Harmonic Inc. (HLIT)

> Source: Nexqual · https://nexqual.com/HLIT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Harmonic Inc. (HLIT), nexqual.com/HLIT" · informational, not investment advice.

**Price:** USD 10.09 (-5.96% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.73 · day 10.03–10.67 · 52w 8.47–17.68 · market cap $1.10B · NMS

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $345M, net income -$47.1M (-13.7% margin), free cash flow $1.4M (SEC filings).
- 1 of 80 tracked superinvestors hold HLIT (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -3.0% vs S&P 500 +14.9%; 5Y +8.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.17, revenue estimate $128M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $507M | $625M | $388M | $488M | $361M | $345M |
| Gross profit | $260M | $316M | $178M | $240M | $175M | — |
| Operating income | $18.8M | $45.5M | $30.0M | $74.7M | $14.1M | $44.2M |
| Net income | $13.3M | $28.2M | $84.0M | $39.2M | -$43.3M | -$47.1M |
| EPS (diluted) | $0.12 | $0.25 | $0.72 | $0.33 | -$0.38 | — |
| Free cash flow | $28.0M | -$3.8M | -$1.4M | $52.7M | $96.9M | $1.4M |
| Gross margin | 51.2% | 50.5% | 45.9% | 49.2% | 48.5% | — |
| Operating margin | 3.7% | 7.3% | 7.7% | 15.3% | 3.9% | 12.8% |
| Net margin | 2.6% | 4.5% | 21.6% | 8.0% | -12.0% | -13.7% |
| Revenue growth | +33.9% | +23.2% | -37.8% | +25.7% | -26.2% | — |
| Cash + short-term investments | $133M | $89.6M | — | — | $124M | — |
| Total debt | $18.0M | $15.9M | $0K | $114M | $112M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/S 3.2x · EV/EBITDA 17.8x · EV/Sales 2.8x · P/FCF 794.6x · P/B 3.0x · FCF yield 0.13% · Earnings yield -4.28% · Buyback yield (TTM) 6.53% · Net cash $121M · EV $979M
P/E at fiscal year-ends: Dec 2024 39.6x, Dec 2023 18.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HLIT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.04% | $23.6M | Added +22.5% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Rosenblatt | Maintained | Buy | $20 |
| 2026-09-16 | Rosenblatt | Maintained | Buy | $20 |
| 2026-08-13 | Barclays | Target raised | Equal-Weight | $15 → $16 |
| 2026-08-13 | Rosenblatt | Maintained | Buy | $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.0% | +8.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.0% | +1.7% |
| Volatility (annualized) | 52.3% | 47.0% |
| Max drawdown | -41.5% (May 2026→Oct 2026) | -53.7% (Jun 2023→Mar 2025) |

## Peers (Communication Equipment)
VISN (Vistance Networks, Inc.) USD 6.08 -0.49% · FEIM (Frequency Electronics, Inc.) USD 61.6 -9.66% · TSAT (Telesat Corporation) USD 40.4 -4.33% · NTGR (NETGEAR, Inc.) USD 22.31 -1.98% · GILT (Gilat Satellite Networks Ltd.) USD 7.45 -5.34% · ADTN (ADTRAN Holdings, Inc.) USD 6.45 -3.59%

## More
Full page: https://nexqual.com/HLIT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.17 | $0.14 | +18.5% | $128.4M | 7 |
| Next quarter (ends 2026-12-31) | $0.12 | $0.10 | +20.7% | $131.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.50 | $0.41 | +21.1% | $516.6M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.81 | $0.78 | +3.9% | $572.0M | 7 |