Harmonic Inc. (HLIT) Stock

Harmonic Inc. (HLIT) is a Technology stock trading at $12.36 (as of 2026-08-20), with a market capitalization of $1.35B and a trailing P/E of 127.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Harmonic Inc. provides video delivery software, system solutions, and related services worldwide, operating in two segments: Video and Cable Access. The Video segment serves cable operators, satellite and telecom Pay-TV providers, and broadcast and media companies, while the Cable Access segment sells CableOS software and central cloud services primarily to cable operators.

Understand Harmonic Inc.: how it makes money

Harmonic provides video delivery software, products, system solutions, and services to cable operators and Pay-TV service providers, and it sells both video processing solutions and cable access solutions to these customers.

The profit engine is the mix between large, solution-led sales (video processing and cable access appliances and integration) and smaller but potentially more recurring software and service lines (including software as a service revenue and related service revenue).

Revenue by segment (latest quarter)
Video	$0.1B
Cable Access	$0.1B

Business quality (Weak): Clear two-segment reporting (Video, Cable Access) and multiple disclosed revenue subcategories that separate appliance and integration versus software and service, but the operating metrics provided are largely revenue-based.

Bull case

Two solid, reportable sources of revenue: Video and Cable Access both contribute, with segment revenue each around 0.05B in the provided candidates.
Recurring element visible in disclosed revenue categories: Revenue subcategories include Video Software as a Service Revenue (0.02B) and multiple related software-as-a-service and service lines, which can help diversify results versus only one-time hardware or integration work.

Bear case

Dependence on larger solution-led revenue: Revenue from Appliance and Integration (0.1B) is a large portion of the provided total revenue candidates, so weaker demand or renewals in this area could pressure results.
Smaller software-as-a-service scale in the provided snapshot: Software as a service and service lines (for example, Video Software as a Service Revenue at 0.02B, plus other smaller SaaS or streaming revenue categories) are much smaller than appliance and integration revenue, so they may not fully offset declines elsewhere.

Valuation — source: SEC EDGAR (first-party)
Price	$12.36
Market Cap	$1.35B
P/E Ratio	127.8
EV / EBITDA	18.5
Price / Book	3.74
Price / Sales	2.78
FCF Yield	0.5%
DCF Value (model)	$10.25
DCF Upside vs Price	-17.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$360.52M
Net Margin	-12.0%
Revenue Growth (YoY)	53.5%
EPS Growth (YoY)	-166.7%
FCF Growth (YoY)	88.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	-0.55 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	127.8
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4
vs Sector	276.6%
vs Industry	224.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($172.10M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Nimrod Ben-Natan
Employees	901
Country	US
IPO Date	1995-05-23

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.