Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
Not used by alerts or posts.
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionHarmonic Inc. Common Stock (HLIT)
Fair value (3 models)
Not available
ACCE price target
$14.50
Rating
Not rated
Horizon
12 months
ACCE price target published on 12 Oct 2026, 00:00 CEST.
Price used: $10.05 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
66
out of 100
Analysts
57% buy
7 covering
P/E
38.8x
forward 18.8x
1-year return
-3.4%
Dividend yield
0.00%
Harmonic Inc. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Harmonic makes video delivery and broadband infrastructure gear for cable and telecom operators, including headend and edge equipment used to deliver video and broadband over fiber and coax networks. The core advantage is an installed base and deep integration with operator video stacks, which gives it recurring software and service revenue on top of hardware. Revenue growth of 53.5% is the headline, and with a 50.0% gross margin and an 18.0% operating margin, the mix is clearly shifting in its favour as higher-margin products scale. The stock trades at 40.7x trailing earnings but 18.8x forward, so the market is pricing in a steep earnings ramp, and whether that ramp arrives is the question to test. Return on equity of 6.6% is thin for a company growing this fast, so the work now is checking how much of the growth is durable and how much is acquired or cyclical operator spending.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Score drifting lower
ACCE score fell from 71 to 67 over 90 days, with the value (53) and quality (60) components the weakest of the four.
moderate
Weak long-run revenue record
Revenue grew 53.5% year on year, but the five-year revenue CAGR is -1.0%, so the recent jump follows a long stretch of shrinkage.
moderate
Net margin negative
Operating margin is 18.0% but net margin is -10.6%, a gap that suggests large non-operating costs or one-off items worth checking in the filings.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 53.5% year over year, a sharp break from a five-year average that has been slightly negative.
Trailing free cash flow of $97M gives a yield of 8.8%, and forward earnings are priced at 12.5x against a sector median of 27.3x.
Why it could disappoint
Net margin is still negative at -10.6%, so the cheap forward multiple depends on profits that have not yet appeared in reported results.
Return on invested capital of -6.7% shows the company is not yet earning back what it spends on its capital base.
The share price of $10.05 sits 30.7% below the ACCE price target of $14.50, which leaves the valuation case resting on earnings growth that has not yet been proven.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 2, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where HLIT's valuation models land
Price
$10.05
Model fair valueConfidence: low
about $1.82
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores