Harmonic Inc. (HLIT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.2%

$1.81

vs $10.19 price

Levered DCF

$2.74

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.16

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-26.03×	38.91×	17.39×	48.52×	90.46×	-24.63×	-111.43×	-18.88×
P/B	2.93×	3.27×	3.33×	4.24×	4.02×	2.77×	2.77×	1.77×
P/S	3.12×	2.24×	2.39×	2.2×	2.35×	1.89×	1.73×	1×
EV / EBITDA	48.35×	20.28×	44.81×	23.48×	38.41×	803.56×	32.11×	29.94×
Gross margin	45.4%	53.9%	51.4%	50.5%	51.2%	51.5%	55.4%	51.8%
Operating margin	4.7%	9.3%	3.6%	7.3%	3.7%	-3.3%	3.2%	-1.2%
Net margin	-12.0%	5.8%	13.8%	4.5%	2.6%	-7.7%	-1.5%	-5.2%
Current ratio	2.5×	2.18×	1.21×	1.07×	1.44×	1.62×	1.31×	1.44×
Debt / equity	0.39×	0.32×	0.36×	0.5×	0.64×	0.72×	0.74×	0.59×
Interest coverage	4.48×	8.62×	8.22×	9.03×	1.77×	-1.08×	1.12×	-0.44×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.3%	8.4%	19.2%	8.7%	4.5%	-11.3%	-2.3%	-9.2%
Return on invested capital	0.4%	6.7%	3.6%	5.6%	3.6%	-2.7%	2.6%	-1.3%
Return on assets	-6.0%	4.9%	10.9%	4.0%	1.9%	-4.9%	-1.0%	-4.1%
Free cash flow yield	8.6%	3.5%	-0.1%	-0.3%	2.3%	1.0%	3.0%	1.3%
Earnings yield	-3.9%	2.6%	5.8%	2.0%	1.1%	-4.1%	-0.8%	-5.2%
Enterprise value	$1.1B	$1.6B	$1.5B	$1.4B	$1.3B	$802.8M	$791.9M	$472.8M
Net debt / EBITDA	1×	0.61×	2.11×	1.15×	1.74×	86.23×	3.78×	4.35×
Cash conversion cycle (days)	135	132	144	130	80	96	69	69