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Maker of virtualized cable-broadband software (cOS/CableOS) and fiber access equipment for cable operators.
Maker of virtualized cable-broadband software (cOS/CableOS) and fiber access equipment for cable operators.
Sells its cOS broadband software, which runs cable-modem network functions on standard servers, plus the access hardware that goes with it, to cable operators building multigigabit networks. Comcast is the largest customer, so orders follow its upgrade plans. In June 2026 it sold its video business to MediaKind and now focuses on broadband only.
In one line: A niche peer of Cisco/CommScope in cable-broadband gear.
Moat: narrow (installed base, switching costs). Deployed on many cable operators' networks; replacing a virtualized cable platform is costly.
Headquarters: San Jose, California, US · Founded: 1988 · Employees: 534
Size Harmonic (HLIT) is a United States Information Technology company (Telecommunications Equipment) with a market value of $1.04B, the 2225th largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.51 on 6 Nov 2026.
Performance Over six months the shares fell 25.8%, against -25.4% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 21.0% over the last twelve months (peer median +9.9%); the operating margin is 14.8% (peer median -2.4%).
Valuation It trades at 11.6× forward earnings against a peer median of 39.8× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.2 points above its cost of capital (11.4% WACC).
Short interest Short interest is 6.4% of the free float (15 Oct 2026).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $502M | $361M | $488M | $608M | $625M |
| Revenue growth | — | -26% | -20% | -3% | — |
| Gross profit | $257M | $164M | $228M | $301M | $304M |
| EBITDA | $85.7M | $28.1M | $101M | $35.9M | $61.7M |
| Net income | -$35.2M | -$43.3M | $39.2M | $84.0M | $28.2M |
| Free cash flow | $27.7M | $96.9M | $52.7M | -$1.42M | -$3.77M |
| Capital expenditure | $8.51M | $11.1M | $9.19M | $8.47M | $9.25M |
| Total debt | $54.1M | $133M | $135M | $156M | $161M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Harmonic HLIT | $1.04B | -26% | -21% | 15% | 11.6× | 10.0% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Calix CALX | $1.89B | -29% | +23% | 5% | 13.9× | 23.1% |
| NOK NOK | $47.0B | -40% | +10% | 14% | 16.6× | 13.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HLIT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.1% | -7.8% | 7th lowest of 20 |
| 6-month return | -25.8% | -25.4% | 10th lowest of 20 |
| Distance from 52-week high | -46.2% | -48.0% | 10th highest of 20 |
| Revenue growth (TTM) | -21.0% | +9.9% | 4th lowest of 21 |
| Operating margin | 14.8% | -2.4% | 3rd highest of 21 |
| Forward P/E | 11.6× | 39.8× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 10.0% | 20.4% | 3rd least demanding of 8 |
| Growth delivered (Del g) | -1.0% | +1.3% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +10.9 pp | +0.4 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +9.2 pp | -7.7 pp | 5th highest of 21 |
| EV / EBITDA | 11.1× | 14.9× | 3rd cheapest of 7 |
| Net debt / EBITDA | -1.0× | -0.4× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harmonic HLIT | United States | $1.04B | -26% | -21% | 15% | 11.6× | 10.0% | -1.0% |
| Flaircomm Microelectronics 301600.SZ | China | $1.04B | -35% | +19% | 9% | 32.0× | 27.2% | +29.1% |
| Tozed Kangwei Tech 301718.SZ | China | $1.05B | n/a | +43% | 5% | n/a | n/a | n/a |
| Sumavision Technologies 300079.SZ | China | $1.01B | -14% | -6% | -8% | n/a | n/a | n/a |
| Shenzhen Infinova 002528.SZ | China | $1.06B | +23% | -29% | -77% | n/a | n/a | n/a |
| Invisio IVSO.ST | Sweden | $1.00B | -15% | +24% | 18% | 39.8× | 13.2% | +26.7% |
| Chengdu CORPRO Technology 300101.SZ | China | $1.07B | -35% | -25% | -18% | 14.7× | n/a | n/a |
| Nanjing Panda Electronics 0553.HK | Hong Kong | $999M | -42% | +36% | -7% | n/a | n/a | n/a |
| Huizhou Speed Wireless Technology 300322.SZ | China | $991M | -52% | +25% | 3% | 62.4× | n/a | n/a |
| santec 6777.T | Japan | $984M | -53% | +45% | 33% | 15.5× | 23.5% | +33.2% |
| Synspective 290A.T | Japan | $950M | -16% | +5% | -196% | 52.9× | n/a | n/a |
| Wuhan Fingu Electronic Technology 002194.SZ | China | $914M | -19% | -9% | -2% | n/a | n/a | n/a |
| Hubei Jiuzhiyang Infrared System 300516.SZ | China | $1.18B | -15% | -7% | -8% | n/a | 20.4% | -1.0% |
| Chengdu Spaceon Electronics 002935.SZ | China | $909M | -37% | +1% | 5% | 43.5× | 49.9% | +1.3% |
| Arcadyan Technology 3596.TW | Taiwan | $900M | -17% | +6% | 6% | 9.8× | n/a | n/a |
| Adtran Networks ADV.DE | Germany | $1.21B | -10% | +15% | -3% | 113.3× | -2.7% | -3.1% |
| HTC 2498.TW | Taiwan | $885M | -15% | -8% | -78% | n/a | n/a | n/a |
| Astroscale 186A.T | Japan | $865M | -25% | +70% | -275% | n/a | n/a | n/a |
| Shenzhen Phoenix Telecom Technology 301191.SZ | China | $854M | -42% | +30% | 0% | 47.2× | n/a | n/a |
| Anhui Tatfook Technology 300134.SZ | China | $852M | -32% | +14% | -14% | n/a | n/a | n/a |
| Vistance Networks VISN | United States | $1.27B | -35% | -38% | 12% | 8.7× | -4.6% | -25.5% |