Fact based stock research
Harmonic (NasdaqGS:HLIT)

US4131601027

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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Harmonic stock research in summary

harmonicinc.com

ANALYSIS: With an Obermatt Combined Rank of 62 (better than 62% compared with investment alternatives), Harmonic (Communications Equipment, USA) shares have above-average financial characteristics compared with similar stocks. Shares of Harmonic are a good value (attractively priced) with a consolidated Value Rank of 59 (better than 59% of alternatives), are safely financed (Safety Rank of 76, which means low debt burdens), but show below-average growth (Growth Rank of 35). ...read more

RECOMMENDATION: A Combined Rank of 62, is a buy recommendation based on Harmonic's financial characteristics. As the company Harmonic's key financial metrics exhibit good value (Obermatt Value Rank of 59) but low growth (Obermatt Growth Rank of 35) while being safely financed (Obermatt Safety Rank of 76), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 59% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	59
Growth Rank	35
Safety Rank	76
Combined Rank	62

Country	USA
Industry	Communications Equipment
Index	NASDAQ
Size class	Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Harmonic

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	31	22	35	59
GROWTH
GROWTH	99	93	71	35
SAFETY
SAFETY	12	40	83	76
SENTIMENT
SENTIMENT	81	72	39	^new
360° VIEW
360° VIEW	61	80	67	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 28-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Harmonic is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	31	22	35	59
GROWTH
GROWTH	99	93	71	35
SAFETY
SAFETY	12	40	83	76
COMBINED
COMBINED	39	51	80	62

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Harmonic the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 59 (better than 59% compared with alternatives), Harmonic shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, with three out of four indicators above average for Harmonic. Price-to-Sales (P/S) is 58, which means that the stock price compared with what market professionals expect for future sales is lower than for 58% of comparable companies, indicating a good value regarding Harmonic's revenue size. The same is valid for expected Price to Profits (or Price / Earnings, P/E), more favorable than for 84% of alternatives, and it's also true for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 58. But, compared with other companies in the same industry, dividend yields are expected to be lower than average; only 1% of all competitors have even lower dividend yields than Harmonic (a Dividend Yield Rank of 1). 99% alternative investments in the same business provide a higher dividend yield. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 59, is a buy recommendation based on Harmonic's stock price compared with the company's operational size and dividend yields. The below-average dividend yield may be a good sign, as it could mean the company has more attractive investment opportunities for the generated cash than to pay it out as dividends. A low dividend yield can also indicate a growth phase. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	49	41	47	58
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	42	59	73	84
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	42	27	38	58
DIVIDEND YIELD
DIVIDEND YIELD	1	1	1	1
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	31	22	35	59

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Harmonic; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 35 (better than 35% compared with alternatives), Harmonic shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below-average for Harmonic. While Sales Growth ranks at 84, professionals currently expect the company to grow more than 84% of its competitors, while all other growth ranks are below the market median. Profit Growth has a rank of 12, which means that, currently, professionals expect the company to grow its profits less than 88% of its competitors, and Capital Growth has a low rank of 33. Historic stock returns were also below average with a current Stock Returns rank of 31 which means that the stock returns have recently been below 69% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 35, is a hold recommendation for growth and momentum investors. If revenues are expected to increase, but all other growth indicators are negative, the company may be investing in future growth through means not visible in the balance sheet and thus not reflected in capital growth. The fact that Stock Returns have been below market doesn't mean that much, as it may be due to overly optimistic investor behavior in the past, which has been corrected to a more reasonable level recently. If that were the case, a positive Value Rank would be a reason to invest because the company is still expected to grow, while stock prices are now at a more reasonable level. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance isn't stellar here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	65	88	83	84
PROFIT GROWTH
PROFIT GROWTH	92	40	17	12
CAPITAL GROWTH
CAPITAL GROWTH	85	100	86	33
STOCK RETURNS
STOCK RETURNS	81	57	41	31
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	99	93	71	35

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Harmonic.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 76 (better than 76% compared with alternatives) for 2025, the company Harmonic has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of Harmonic is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above average for Harmonic. Leverage is at a rank of 58, meaning the company has a below-average debt-to-equity ratio. It has less debt than 58% of its competitors. Liquidity is also good at a rank of 77, meaning the company generates more profit to service its debt than 77% of its competitors. This indicates that the company is on the safer side when it comes to debt service. But Refinancing is lower at a rank of 49, which means that the portion of the debt that is about to be refinanced is above-average. It has more debt in the refinancing stage than 51% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 76 (better than 76% compared with alternatives), Harmonic has a financing structure that is significantly safer than that of its competitors. The refinancing issues could be a short-term problem, especially if the company has reputation issues. Banks and investors don't like to refinance debt if there are clouds on the horizon. For this reason, investors should look at the refinancing environment for Harmonic. Does it look safe that debt that is coming due can be covered with new debt? If that is the case, then the financing situation of the company is on the safer side. If not, it may be better to wait until refinancing has been completed and the Refinancing rank is good again. Investors may have a short-term debt challenge with Harmonic and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	32	42	54	58
REFINANCING
REFINANCING	23	15	45	49
LIQUIDITY
LIQUIDITY	26	69	84	77
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	12	40	83	76

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Harmonic and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	97	47	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	21	6	^new
PRO HOLDINGS
PRO HOLDINGS	95	6	45	^new
MARKET PULSE
MARKET PULSE	66	76	52	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	81	72	39	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Harmonic.
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