Harmonic Inc. (HLIT) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, HLIT scores 50 out of 100, earning a letter grade of D and the verdict "Roarable Sell — Underperform / Distribution Warning." The five pillars are: Fundamental Cash Engine at 9 of 20 (ROIC 3%; FCF yield 8.23%); Whale 13F Flow at 6 of 20 (institutional accumulation and options positioning); Insider Conviction at 15 of 20 (SEC Form 4 and Congressional PTR cluster flow); Macro Regime Fit at 8 of 20 (Beta 1.0; sector sensitivity); and Forensic Balance Sheet at 12 of 20 (Altman Z 0.2; Piotroski F 7/9; Debt/Equity 0.28). The two weakest pillars, Cash Engine and Macro Regime Fit, sit well below half weight, while Insider Conviction is the strongest relative pillar. For a prospective investor, the upside case rests on the 8.23% FCF yield and the 7 of 9 Piotroski reading, both of which suggest cash generation and balance-sheet hygiene exceed what the 3% ROIC implies. The valuation tradeoff is that the EV/EBITDA of 49.5 is elevated relative to the thin 3.9% operating margin and 0.3% net margin, so the market is paying a high multiple for earnings that are currently small. The Altman Z of 0.2 is a distress-zone reading that argues for caution regardless of the favorable Piotroski score. Overall, the rating frames HLIT as a name where cash flow and insider activity offer partial support against weak returns, a low Z-score, and a stock priced at a high enterprise multiple.

Harmonic Inc. is a NASDAQ-listed issuer classified under the Technology sector and the Radio And Television Broadcasting And Communications Equipment industry, per the company profile. The profile describes the company as operating in that industry with a market capitalization of $1.2B. Specific product lines, customer segments, and revenue-model details are not available in source data.

Per the SEC financials, revenue declined from $488.2M in FY 2024 to $360.5M in FY 2025, and net income fell from $39.2M to $1.2M over the same span, while free cash flow rose to $96.9M. Per the market data, gross margin is 48.5%, operating margin 3.9%, and net margin 0.3%, with ROIC at 3%. The Roarable RQD rating cites an Altman Z-Score of 0.2, a Piotroski F-Score of 7/9, and Debt/Equity of 0.28. Cash of $124.1M against debt of $109.1M at FY 2025 indicates a net cash position on the reported balance sheet.

Per the recent news and catalysts feed, six items relate to HLIT, all tagged with a YELLOW light and MARKET WIRE impact label. Headlines reference a Cyprus operator selecting software for gigabit internet with room for faster service later, a Cablenet broadband win discussed in a valuation piece suggesting undervaluation, a Comcast-backed Recon Fiber monitoring launch described as potentially game-changing, a total cash dividends paid item, and generic stock forecast and analyst prediction pieces. Risk watch items are not separately itemized in source data. The butterfly supply-chain graph reports no supply-chain links and no proprietary signals.

Per the Butterfly Supply-Chain Graph, the supply-chain field is "NONE," with no butterfly links and no proprietary signals recorded. Upstream and downstream dependency mapping is therefore not available in source data. Sector correlation metrics beyond beta of 1.0 are not available in source data. Second-order bottlenecks cannot be identified from the provided sources. The news headlines referencing broadband operator deployments and fiber monitoring suggest end-market exposure to telecom and cable infrastructure, but the source data does not establish formal supplier or customer linkages.

• What drove the decline in FY 2025 revenue and net income relative to FY 2024, and is the cash flow increase durable?
• Which specific insider and institutional transactions underlie the Insider Conviction and Whale 13F Flow pillar scores?
• What are the consensus analyst rating and price targets, given that analyst coverage is absent from the source data?
• What are the trailing and forward earnings figures, since P/E and EPS are not provided?
• What is the company's exposure and dependency structure within the telecom and broadband supply chain?