Harmonic

HLIT

Communication Equipment · Technology

Also trades as: 0J38.L

Price

$12.47

+0.10 (+0.81%)

Market Cap

$1.35B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jul 3, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Exceptional

Valuation

Data not available

Track this stock — start free trial

Share count rising — dilution

+7.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.2M (2021) → 114.2M (2025)

Winston Score History

The full picture

Harmonic Inc. makes technology that helps cable and broadcast companies deliver video content — like TV channels and streaming services — to viewers. Its main products are video processing software and cable access systems that sit inside the networks of internet and TV providers. Customers include large cable operators, broadcasters, and streaming platforms around the world.

Harmonic earns money through a mix of software subscriptions, hardware sales, and support services. Its newer cloud-based video platform, called VOS, is shifting the business toward recurring software revenue, which tends to be more predictable. The company operates globally, with a meaningful share of revenue coming from North America and Europe, and competes in a specialized niche where switching costs help retain customers. The key growth driver is cable operators upgrading their networks to deliver faster broadband using a technology called cable access virtualization, but slowing capital spending by those operators remains a real risk to near-term revenue.

Politician Trades

1 trades / 12mo

1 Congressional buy and 0 sells on HLIT in the last 12 months.

Unlock the full Smart Money Map — every trade plotted on the price chart with politicians, amounts and returns since each trade. Founder's Deal is $57/mo locked for life.

Unlock politician trades

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-166.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$65M/ year

↓ Declining (-46% vs prior year)

18.1% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

$232M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$232M cash & investments at current burn rate

Revenue declining

Harmonic's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

52.4%

Healthy — 52.4% gross margin

Profit after running costs

Operating Margin

17.7%

Healthy — 17.7% operating margin

Return on the money invested

ROCE

12.5%

Good — 12.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-28.1%

Shrinking sales (-28.1% YoY)

Profit growth

EPS YoY

-170.0%

Earnings shrinking (-170.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

10.9%

Modest free cash flow (10.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.31

Conservative — low debt load (0.31)

Covers its interest

Interest Cover

15.70x

Comfortably covers interest (15.7x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial