Harmonic
Virtualized broadband software and access hardware for cable and fiber operators.
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Profile
Sells cOS broadband access software, cloud monitoring, edge devices, OLT hardware, and services to cable and telecom operators. Now operates solely in Broadband, with the Americas and a small group of large customers shaping results.
Supplies broadband operators with cOS, a virtualized, cloud-native access platform running on commercial servers. The software supports virtualized CMTS, distributed access, DOCSIS, and PON/FTTx networks; cOS Central adds cloud monitoring and support, while distributed edge devices and OLT modules and shelves carry cable and fiber access toward subscribers.
Pairs software with proprietary and third-party access hardware, allowing operators to use centralized, distributed, or hybrid architectures and migrate between coax and fiber. Sales are global but remain concentrated in the Americas and among a small group of large cable and telecom customers. Revenue depends on operator capital spending and deployment timing, while hardware delivery relies on contract manufacturers and limited-source components. After the sale of the Video business to MediaKind, Broadband is the sole reportable segment.
Company facts
Key statistics
Year to date +19.9% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Northland Securities | Target | $15 | $17 | ||
| Aug 13, 2026 | Raymond James | Reiterate | Outperform | $19 | ||
| Aug 13, 2026 | Barclays | Reiterate | Equal Weight | $15 | $16 | |
| May 12, 2026 | Northland Securities | Target | $14 | $15 | ||
| May 12, 2026 | Needham | Reiterate | Buy | $20 | $18 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.17 | $0.24 | +42.6% | $120.9M | $133.5M | +10.4% | +9.00% |
| May 11, 2026Q1 FY26 | $0.12 | $0.17 | +41.7% | $102.2M | $121.7M | +19.1% | +0.94% |
| Feb 19, 2026Q4 FY25 | $0.10 | $0.14 | +40.0% | $141.5M | $98.2M | −30.6% | +1.58% |
| Nov 3, 2025Q3 FY25 | $0.05 | $0.12 | +165.7% | $127.9M | $142.4M | +11.3% | −2.25% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $133.1M | $138.0M | $142.4M | $98.2M | $121.7M | $133.5M | |
| Gross profit | $75.9M | $71.1M | $74.3M | $43.6M | $63.6M | $69.9M | |
| Operating income | $10.1M | $6.2M | $10.9M | $3.8M | $20.4M | $23.6M | |
| Net income | $5.9M | $2.9M | $2.7M | −$54.8M | $7.3M | −$2.3M | |
| Diluted EPS | $0.05 | $0.03 | $0.02 | −$0.48 | $0.07 | −$0.02 | |
| Gross margin | 57.0% | 51.5% | 52.2% | 44.4% | 52.3% | 52.4% | |
| Operating margin | 7.6% | 4.5% | 7.7% | 3.8% | 16.8% | 17.7% |
Fiscal years (4-quarter sums)FY21 $507.1M · FY22 $625.0M · FY23 $607.9M · FY24 $678.7M · FY25 $511.8M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jul 3, 2026Cash & short-term investments $231.9M · Total debt $130.1M · Total assets $632.6M · Shareholders' equity $360.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 108.50M · Float 106.50M · 98.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.00M | 16.59% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.39M | 4.97% | 13F | Aug 13, 2026 |
| State Street Corp | 5.15M | 4.74% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 4.79M | 4.42% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 4.77M | 4.40% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 14, 2026 | Stephanie Copeland | director | −4,300 | $13.31 |
| May 13, 2026 | Neven Haltmayer | officer: SVP & GM, Video Business | −31,766 | $13.24 |
| Dec 15, 2025 | Neven Haltmayer | officer: SVP & GM, Video Business | −23,835 | $10.41 |
| Dec 12, 2025 | Neven Haltmayer | officer: SVP & GM, Video Business | −6,165 | $10.61 |
| Dec 11, 2025 | David Krall | director | +47,528 | $10.50 |
Peers
- Nokia (ADR)
Fiber-access incumbent overlapping cOS PON and access control
- ADTRAN
Fiber access and aggregation rival for service-provider upgrades
- Calix
Access Edge and PON platform competing for CSP access budgets
- Cisco Systems
Cable-access incumbent with CCAP, DOCSIS and Remote PHY
- Ciena
Access and aggregation alternative for fiber broadband builds
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Harmonic | $12.02 | +0.07% | $1.30B | — | 17.7 | 2.6 | −3.3% |
| Nokia (ADR) | $10.18 | −0.29% | $55.14B | 71.4 | 24.3 | 2.5 | +2.3% |
| ADTRAN | $7.81 | +1.23% | $625.3M | — | 21.7 | 0.5 | +6.1% |
| Calix | $37.39 | −0.24% | $2.36B | 48.7 | 19.6 | 2.1 | +21.3% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Ciena | $379.00 | +0.24% | $53.57B | 126.1 | 48.3 | 9.6 | +39.5% |
| Median | 60.0 | 21.7 | 2.5 | +17.6% |