At a glance
Harmonic Inc is worth $1.17B. Revenue fell 26.2% to $360.5M in fiscal 2025, at a loss. It pays no dividend; it spent $114.2M buying back its shares over FY2021–FY2025. The stock returned +1.7% over the past year with dividends reinvested and +3.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.7% in the 2020 crash (S&P 500: 33.7%) and 31.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months after the low.
The business in plain English
Harmonic, based in San Jose, California, makes the equipment and software that cable and telephone companies use to deliver high-speed internet. Its core product is cOS, a software-based broadband access system. The software runs on standard off-the-shelf servers instead of dedicated, power-hungry hardware. It connects to Harmonic devices such as its Oyster, Ripple and SeaStar nodes, which sit out in the network closer to customers. It can deliver internet over cable lines using DOCSIS, the cable industry's data standard, and over fiber to the home.
Of the $360.5 million in 2025 revenue from broadband, product sales made up about 74%. Software subscriptions and support services added about 16%, and professional services such as design and installation about 10%. The Americas supplied about 89% of revenue, with Europe, the Middle East and Africa at about 9% and Asia Pacific at about 2%. Customers include Comcast, Charter Communications, Cable One and Vodafone. One customer alone accounted for 54% of 2025 revenue.
Harmonic's Video business is excluded from these figures. On December 8, 2025, Harmonic signed a put option agreement giving it the right to require MediaKind to purchase that business for $145 million in cash, subject to adjustments. Video made up about 37% of total revenue in fiscal 2025.
Price history
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HLIT +1.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $267.0M | 74.1% |
| Saa SService | $57.7M | 16% |
| Professional Services | $35.7M | 9.9% |
By geography
| Americas | $320.6M | 88.9% |
| EMEA | $33.9M | 9.4% |
| Asia Pacific | $6.1M | 1.7% |
Latest results
- In Q2 FY2026 (ended Jul 3, 2026), revenue was $133.5M, up 53.5% from a year earlier, and net income was $-2.3M (-180.9%).
- For fiscal 2025, revenue was $360.5M (-26.2% year over year) with a -12% net margin.
Financial health check
| Operating margin | 3.9% weak |
|---|---|
| Free cash flow margin | 26.9% good |
| Return on equity (FY2025) | -11.3% weak |
| Return on assets (FY2025) | -6% weak |
| Net cash (cash minus debt) | $121.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $378.8M | $-29.3M | $7.0M |
| FY2021 | $507.1M | $13.3M | $28.0M |
| FY2022 | $625.0M | $28.2M | $-3.8M |
| FY2023 | $388.5M | $84.0M | $-1.4M |
| FY2024 | $488.2M | $39.2M | $52.7M |
| FY2025 | $360.5M | $-43.3M | $96.9M |
Valuation snapshot
| Market value | $1.17B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Harmonic’s market value went from $391.7M at the end of 2016 to $1.17B on Oct 28, 2026, about 3.0 times as much; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.17B | +5.4% |
| 2025 | $1.11B | -28.0% |
| 2024 | $1.54B | +5.4% |
| 2023 | $1.46B | +5.9% |
| 2022 | $1.38B | +14.5% |
| 2021 | $1.21B | +67.0% |
| 2020 | $722.4M | +2.5% |
| 2019 | $704.7M | +72.2% |
| 2018 | $409.2M | +19.4% |
| 2017 | $342.8M | -12.5% |
| 2016 | $391.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HLIT price data to Oct 28, 2026 | +8.5% | +1.7% | +2.8% | +3.6% | +7.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.5% |
| 2025 | -25.3% |
| 2024 | +1.5% |
| 2023 | -0.5% |
| 2022 | +11.4% |
| 2021 | +59.1% |
| 2020 | -5.3% |
| 2019 | +65.3% |
| 2018 | +12.4% |
| 2017 | -16.0% |
| 2016 | +22.9% |
| 2015 | -41.9% |
| 2014 | -5.0% |
| 2013 | +45.6% |
| 2012 | +0.6% |
| 2011 | -41.2% |
| 2010 | +35.6% |
| 2009 | +12.7% |
| 2008 | -46.5% |
| 2007 | +44.1% |
| 2006 | +49.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.3% over that stretch · deepest drop along the way 69.2%, back to its old high 166.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.1% over that stretch · deepest drop along the way 30.7%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 13.6% over that stretch · deepest drop along the way 31.8%, back to its old high 5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 2 sales ($478K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Neven Haltmayer SVP & GM, Video Business | sell | $421K |
| May 14, 2026 | Stephanie Copeland Director | sell | $57K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.64% | Mar 31, 2026 |
| Vanguard Capital Management | 5% | Mar 31, 2026 |
| Invesco Ltd. | 3.9% | Jun 30, 2025 |
ETFs with the most weight in HLIT
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.78% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.36% |
| AFSM First Trust Active Factor Small Cap ETF | 0.22% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.21% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.16% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.14% |
| NUSC Nuveen ESG Small-Cap ETF | 0.12% |
What could go wrong
- One customer brings in over half of sales. One customer accounted for 54% of 2025 revenue, and the 10 largest for 84%. Losing a major customer, or a drop in its orders, could sharply cut Harmonic's sales and cash flow.
- Shrinking to a single business. Video made up about 37% of total fiscal 2025 revenue. Once it is sold, results depend solely on broadband. The annual report also warned the deal could be delayed, cost more or fall through.
- Software transition and intense competition. Harmonic's strategy depends on operators moving to software running on standard servers. Its markets are intensely competitive, and a slower transition, late new products or stronger rival offerings could hurt results.
- Tied to cable and phone company budgets. Sales depend on how much cable and phone companies spend upgrading networks. Economic slowdowns, tariffs, mergers among operators, or customers pausing spending during shifts to new technology standards can delay or shrink orders.
- Exposure to Israel and Ukraine. Harmonic has facilities and employees in Israel and relies on outsourced engineering staff in Ukraine. Conflict or instability in either region could disrupt engineering work and day-to-day operations.
- Limited suppliers and outside manufacturers. Some key components come from only one or a few suppliers, and Harmonic relies on contract manufacturers. Shortages, price swings or geopolitical disruptions could delay shipments or raise costs.
Recent events
- Quarterly results released
- Quarterly results released
- Acquisition or sale of assets completed; Executive or board change
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Major agreement signed
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Harmonic does not pay a dividend and paid none from fiscal 2021 through 2025, so the shares produce no income. Anyone needing money from the investment would have to cash out part of their holding. The company has instead repurchased its own stock, spending about $114.2 million over those five years, including $79.0 million in 2025. Even so, the share count rose about 6.3% between November 2021 and August 2026.
The stock has swung much harder than the broad market. In the 2008 financial crisis it fell 69.2% and did not regain its October 2007 peak until September 2022, almost 14 years later. It dropped 30.7% in the 2020 COVID crash and 31.8% in 2022, recovering within about five months each time. As of October 28, 2026, its one-year beta was 2.01, meaning it tended to move about twice as much as the market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Harmonic make money?
Harmonic earns most of its revenue from broadband equipment and software supplied to cable and telephone companies. Of its $360.5 million in 2025 revenue, which excludes its Video business, about 74% came from product sales, including its cOS software-based broadband system and related hardware. Software subscriptions and support brought in about 16%, and professional services such as design and installation about 10%. About 89% of revenue came from the Americas.
Does Harmonic pay a dividend?
No. Harmonic paid no dividends from fiscal 2021 through 2025. Instead, it has returned cash to shareholders by repurchasing its own stock, spending about $114.2 million over those five years, including $79.0 million in 2025. For income investors, that means the stock provides no regular payments; any return would come from changes in the share price.
Who are Harmonic's biggest customers?
Harmonic's significant customers include Comcast, Charter Communications, Cable One, Astound, Vodafone, America Movil and Millicom International. Sales are highly concentrated: one customer accounted for 54% of 2025 net revenue, and the 10 largest made up about 84%. In 2024, two customers accounted for 57% and 24%. Losing a major customer, or a sharp cut in its orders, could hurt results significantly.
What happened to Harmonic's Video business?
Harmonic arranged its sale. On December 8, 2025, it signed a put option agreement with Leone Media Inc., which does business as MediaKind. The agreement gave Harmonic the right to require MediaKind to purchase the Video business for $145 million in cash, subject to adjustments. Video made up about 37% of total revenue in fiscal 2025. The deal was still pending when Harmonic filed its annual report on February 24, 2026, and a June 17, 2026 filing reported a completed acquisition or sale of assets.
Is Harmonic profitable?
Not by net income in fiscal 2025. Harmonic reported a net loss of $43.3 million, or $0.38 per diluted share, after net income of $39.2 million in 2024. Operating income, profit from the core business before interest and taxes, was $14.1 million, a 3.9% margin, and free cash flow, the cash left after capital spending, was $96.9 million. In the quarter ended July 3, 2026, revenue rose 53.5% from a year earlier to $133.5 million, with a net loss of $2.3 million.