Latest Ratios: P/E Ratio -35.3x · EV/EBITDA 52.7x · ROE -10.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.1B | $1.6B | $1.5B | $1.5B | $1.2B | $717M | $699M | $404M | $340M | $389M |
| Enterprise Value | $1.5B | $1.2B | $1.6B | $1.6B | $1.5B | $1.3B | $803M | $792M | $473M | $415M | $457M |
| P/E Ratio → | -35.34 | — | 40.09 | 18.11 | 52.40 | 98.00 | — | — | — | — | — |
| P/S Ratio | 4.04 | 3.13 | 2.29 | 2.52 | 2.36 | 2.46 | 1.89 | 1.73 | 1.00 | 0.95 | 0.96 |
| P/B Ratio | 4.00 | 2.95 | 3.34 | 3.50 | 4.54 | 4.21 | 2.77 | 2.77 | 1.77 | 1.56 | 1.44 |
| P/FCF | 15.04 | 11.66 | 29.48 | — | — | 44.53 | 102.99 | 33.32 | 77.12 | — | — |
| P/OCF | 13.50 | 10.46 | 25.10 | 216.80 | 268.84 | 30.44 | 18.30 | 22.33 | 32.90 | 111.00 | 887.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 2.36 | 2.64 | 2.47 | 2.57 | 2.12 | 1.97 | 1.17 | 1.16 | 1.13 |
| EV / EBITDA | 52.67 | 41.01 | 21.27 | 46.54 | 26.71 | 40.97 | 246.40 | 24.23 | 28.96 | — | — |
| EV / EBIT | 86.94 | 67.70 | 24.54 | 73.37 | 31.25 | 66.95 | — | 156.66 | — | — | — |
| EV / FCF | — | 11.90 | 30.36 | — | — | 46.55 | 115.37 | 37.77 | 90.23 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.4% | 45.4% | 53.9% | 51.4% | 50.5% | 51.2% | 51.5% | 55.4% | 51.8% | 47.4% | 49.5% |
| Operating Margin | 4.7% | 4.7% | 9.3% | 3.6% | 7.3% | 3.7% | -3.3% | 3.2% | -1.2% | -19.8% | -16.5% |
| Net Profit Margin | -12.0% | -12.0% | 5.8% | 13.8% | 4.5% | 2.6% | -7.7% | -1.5% | -5.2% | -23.2% | -17.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.2% | -10.2% | 8.7% | 22.1% | 9.1% | 4.8% | -11.5% | -2.5% | -9.4% | -33.9% | -24.2% |
| ROA | -5.7% | -5.7% | 5.0% | 11.4% | 4.0% | 2.1% | -5.0% | -1.1% | -4.1% | -15.6% | -13.4% |
| ROIC | 2.8% | 2.8% | 9.3% | 3.7% | 9.1% | 4.0% | -2.7% | 3.1% | -1.3% | -16.8% | -15.7% |
| ROCE | 3.0% | 3.0% | 11.2% | 5.0% | 10.6% | 4.1% | -3.0% | 3.4% | -1.4% | -18.3% | -15.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.32 | 0.36 | 0.50 | 0.64 | 0.72 | 0.74 | 0.59 | 0.60 | 0.46 |
| Debt / EBITDA | 5.26 | 5.26 | 1.97 | 4.53 | 2.78 | 5.97 | 56.72 | 5.70 | 8.25 | — | — |
| Net Debt / Equity | — | 0.06 | 0.10 | 0.16 | 0.22 | 0.19 | 0.33 | 0.37 | 0.30 | 0.34 | 0.25 |
| Net Debt / EBITDA | 0.84 | 0.84 | 0.62 | 2.09 | 1.23 | 1.78 | 26.44 | 2.85 | 4.21 | — | — |
| Debt / FCF | — | 0.25 | 0.89 | — | — | 2.02 | 12.38 | 4.45 | 13.11 | — | — |
| Interest Coverage | 4.48 | 4.48 | 8.91 | 8.10 | 9.80 | 1.83 | -1.28 | 0.43 | -0.49 | -6.65 | -6.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.50 | 2.50 | 2.18 | 1.21 | 1.07 | 1.44 | 1.62 | 1.31 | 1.44 | 1.21 | 1.50 |
| Quick Ratio | 2.26 | 2.26 | 1.80 | 0.91 | 0.70 | 1.12 | 1.38 | 1.16 | 1.25 | 1.03 | 1.21 |
| Cash Ratio | 0.63 | 0.63 | 0.61 | 0.31 | 0.28 | 0.59 | 0.67 | 0.48 | 0.48 | 0.40 | 0.43 |
| Asset Turnover | — | 0.50 | 0.85 | 0.79 | 0.88 | 0.73 | 0.64 | 0.69 | 0.79 | 0.71 | 0.73 |
| Inventory Turnover | 4.11 | 4.11 | 4.89 | 3.52 | 2.56 | 3.48 | 5.25 | 6.19 | 7.58 | 7.25 | 4.98 |
| Days Sales Outstanding | — | 87.00 | 98.04 | 87.84 | 66.59 | 69.55 | 73.25 | 92.84 | 84.05 | 71.16 | 78.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.5% | 5.5% | 1.9% | 1.0% | — | — | — | — | — |
| FCF Yield | 6.6% | 8.6% | 3.4% | — | — | 2.2% | 1.0% | 3.0% | 1.3% | — | — |
| Buyback Yield | 5.4% | 7.0% | 1.9% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.4% | 7.0% | 1.9% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $114M | $117M | $117M | $112M | $106M | $97M | $90M | $86M | $81M | $78M |
Cyclical MSO CapEx dependency
Based on current market data, Harmonic trades at a forward P/E of 23.22, suggesting that investors are pricing in a recovery in software-led growth despite the recent 46.88% year-over-year revenue contraction that has left the trailing P/E at a negative -39.21, reflecting significant near-term earnings uncertainty.
The elevated EV/EBITDA multiple of 58.35 relative to peers suggests the market is assigning a premium to the CableOS platform's potential for recurring revenue. However, this valuation appears aggressive given the current lack of GAAP profitability and the lumpy nature of infrastructure deployments, which may lead to volatility if future project milestones are delayed.
As reported in recent financial statements, Harmonic's ROIC has struggled to maintain momentum, fluctuating between -2.4% and 7.7% over the last ten quarters, which indicates that the company is currently failing to consistently generate returns above its cost of capital during this structural business model pivot.
The inconsistency in ROIC is largely driven by the high R&D intensity required to maintain the CableOS competitive edge while simultaneously managing a declining legacy video segment. Investors should monitor whether the company can achieve sustained double-digit returns once the transition to a software-centric revenue model is fully realized.
According to quarterly filings, Harmonic's cash conversion cycle has remained highly erratic, peaking at 160 days in 2024Q1 and currently sitting at 98 days, which highlights the company's vulnerability to the payment terms and inventory management requirements of its primary Tier-1 cable operator customers.
The significant swings in DSO and DIO suggest that the company lacks strong leverage over its customer base, often forcing it to carry higher inventory levels to meet project-specific delivery timelines. This inefficiency in working capital management directly contributes to the lumpy free cash flow profile observed in recent periods.
The trailing P/E ratio is a fundamentally flawed metric for Harmonic, as it obscures the company's transition from hardware-heavy project revenue to a software-defined model, failing to account for the significant non-recurring costs and revenue recognition timing issues inherent in large-scale cable infrastructure deployments.
Analysts should instead focus on EV/Sales or adjusted EBITDA multiples to better capture the underlying commercial momentum of the CableOS platform. Relying on P/E during this transition period risks misinterpreting temporary accounting losses as a permanent impairment of the company's competitive positioning in the vCMTS market.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HLIT stock.
Harmonic Inc.'s current P/E ratio is -35.3x. The historical average is 49.4x.
Harmonic Inc.'s current EV/EBITDA is 52.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.6x.
Harmonic Inc.'s return on equity (ROE) is -10.2%. The historical average is -7.7%.
Based on historical data, Harmonic Inc. is trading at a P/E of -35.3x. Compare with industry peers and growth rates for a complete picture.
Harmonic Inc. has 45.4% gross margin and 4.7% operating margin.
Harmonic Inc.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.