Harmonic
HLIT on Nasdaq. Radio & tv broadcasting & communications equipment. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.11 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 52 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$11.22 a share, 32% above its 1-year low
Over the past year the price has ranged from $8.47 to $17.68.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $1 million in the past 12 months, $97 million in the year to December 2025.
| Revenue | |||||
| Revenue | $507m | $625m | $388m | $488m | $361m |
| Operating margin | |||||
| Operating margin | 3.7% | 7.3% | 7.7% | 15.3% | 3.9% |
| Debt to equity | |||||
| Debt to equity | 0.06 | 0.05 | 0.00 | 0.25 | 0.29 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.11bn | 0.12bn | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt0.29× equity
- Revenue growth, five yearsShrinking, 1.0% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $133 million last quarter, up 54% on a year ago.
- A loss of $2 million, after a profit of $3 million a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, down from 27 cents a year earlier.
- Spare cash over the past 12 months: $1 million, down from $118 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $121 million more cash than debt, up from $11 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $196m |
| December 2024 | Not reported |
| March 2025 | $85m |
| June 2025 | $87m |
| September 2025 | $142m |
| December 2025 | Not reported |
| March 2026 | $122m |
| June 2026 | $133m |
| Quarter to | Amount |
|---|---|
| September 2024 | $22m |
| December 2024 | $38m |
| March 2025 | $6m |
| June 2025 | $3m |
| September 2025 | $3m |
| December 2025 | -$55m |
| March 2026 | $7m |
| June 2026 | -$2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 16 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 258 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $47m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $4m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $3,658 | <0.1% | New |
Sold out this quarter
- GAMCO InvestorsMario GabelliSold out
Largest holders overall
- BlackRock$294mCut
- Vanguard Portfolio Management$88mCut
- State Street$84mAdded
- Price T Rowe Associates$78mAdded
- Vanguard Capital Management$78m
- Arrowstreet Capital, Limited Partnership$54mAdded
- American Century Companies$53mAdded
- Dimensional Fund Advisors LP$48mCut
- First Eagle Investment Management$47mAdded
- Geode Capital Management$47mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor5.6%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.0%Since 31 March 2026
- Invesco Ltd.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 5.6% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 31 March 2026 | |
Invesco Ltd. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $499,044 of shares on the open market. 2 sold $791,442.
- Copeland StephanieDirectorSold
- Date
- 14 May 2026
- Shares
- 4,300
- Price
- $13.31
- Value
- $57,233
- Haltmayer NevenSVP & GM, Video BusinessSold
- Date
- 13 May 2026
- Shares
- 31,766
- Price
- $13.24
- Value
- $420,582
- Haltmayer NevenSVP & GM, Video BusinessSold
- Date
- 15 December 2025
- Shares
- 23,835
- Price
- $10.41
- Value
- $248,217
- Haltmayer NevenSVP & GM, Video BusinessSold
- Date
- 12 December 2025
- Shares
- 6,165
- Price
- $10.61
- Value
- $65,411
- KRALL DAVIDDirectorBought
- Date
- 11 December 2025
- Shares
- 47,528
- Price
- $10.50
- Value
- $499,044
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 May 2026 | Copeland Stephanie Director | Sold | 4,300 | $13.31 | $57,233 |
| 13 May 2026 | Haltmayer Neven SVP & GM, Video Business | Sold | 31,766 | $13.24 | $420,582 |
| 15 December 2025 | Haltmayer Neven SVP & GM, Video Business | Sold | 23,835 | $10.41 | $248,217 |
| 12 December 2025 | Haltmayer Neven SVP & GM, Video Business | Sold | 6,165 | $10.61 | $65,411 |
| 11 December 2025 | KRALL DAVID Director | Bought | 47,528 | $10.50 | $499,044 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 17 Aug 2026 and 8 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 54% last year. Losing that customer would hurt.
“During the fiscal year ended December 31, 2025, one customer accounted for 54% of our net revenue.”
From the 10-K filed 24 February 2026, Item 1A. Risk Factors. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 1.0% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.