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Harmonic

HLIT
37
Communication Equipment · Technology
Also trades as: 0J38.L GBP 0.10 (-2.18%)
Price
$10.05
-0.04 (-0.40%)
extended-hours:$9.91-1.39%
Market Cap
$1.10B
Exchange
NASDAQ
Winston Score
37
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 24, 2026 · filings through Jul 3, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Weak
3/20
Cash Flow
Weak
2/10
Stability
Exceptional
9/10
Valuation
Data not available
0/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

35 of 95 counted points = Winston Score 37. Pillars marked n/a do not apply to this company and are left out of the total.

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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.

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Growth Profile

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

Reported EPS Growth

-166.7% YoY

Quarterly reporting periods ended:

27 Jun 2025: $0.03

3 Jul 2026: $-0.02

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

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.

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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

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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.

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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.

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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

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Dividends

Not applicable for this business.
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