Harmonic Inc. (0J38) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Harmonic Inc. $3.07, price $11.11, upside -72.4%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $3.65 – $18.31 · fair‑value band $2.23 – $3.90 · the $11.11 price screens above the $3.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Harmonic Inc., together with its subsidiaries, provides broadband access solutions worldwide.
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Harmonic Inc., together with its subsidiaries, provides broadband access solutions worldwide. The company provides software-based broadband access solution, including cOS software-based broadband access solutions to broadband operators, an end-to-end solution consisting of virtualized cloud-native software; hardware products include Oyster, Ripple and SeaStar DAA nodes; Reef and Wave PHY shelf products; pebble remote PHY Devices; and fin, pearl and pier OLT modules and devices; and cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers. It also provides technical support and professional services, such as maintenance and support, consulting, implementation, integration services, program management, technical design and planning, building and site preparation, integration and equipment installation, end-to-end system testing, and training, as well as SaaS-related support and deployment. It sells its products through its direct sales force, as well as through independent resellers and systems integrators. It also serves cable and telco operators. The company was incorporated in 1988 and is headquartered in San Jose, California.
Stock analysis
Harmonic Inc. (0J38) currently trades at $11.11, while our model-based Fair Value estimate is $3.07, 72.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $8.78 per share, and 2 of the 13 models we run sit above the $11.11 price.
Bear case: the Earnings-Based group reads lowest at $1.27, and 11 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $2.23 (bear) to $3.90 (bull), the price of $11.11 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Harmonic Inc. reported revenue of $361M in FY2025 versus $507M in FY2021, a compound −8.2%/yr. Reported net income was −$43.3M in FY2025.
Key figures
Market cap $1.3B · P/E ratio 0.7 · EPS (TTM) $0.1620 · Net margin −12.0% · Return on equity 2.1% · Return on assets (EBIT) 5.3% · Operating margin 16.8% · Revenue (TTM) $397M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at −72%, 0J38 screens richer than that median.
Fair Value models
Bear $2.23Fair Value $3.07Bull $3.90
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.1225 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.25/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−46.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−16.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.0%
Start year 2020 (pandemic). Over 10 years: −0.4% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−2.4% (2020) → 4.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +7.3% a year for the price and +12.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Electrical Equipment” was too small, so the broader sector is used.)Industrials · 5305 stocks
Beats the sector median on 5/13 measures
Overall it trails its sector peers.
Valuation
Quality Score58 · Above median
Fair Value upside−72.4% · Bottom 25%
Profitability
Return on equity (TTM)2.1% · Below median
Return on assets2.6% · Below median
Net margin (TTM)−10.6% · Bottom 25%
Operating margin (TTM)16.8% · Top 25%
Growth and dividend
Revenue growth43.4% · Top 25%
Balance sheet
Debt / equity0.29× · Above median
Valuation Multiplesvs Industrials median · lower = cheaper
P/E (TTM)0.7× · Cheapest 25%
P/B3.29× · Priciest 25%
P/S (TTM)3.18× · Priciest 25%
P/FCF13.0× · Cheaper than median
EV/EBITDA30.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)100· sector 36
PAST (return on equity)8· sector 29
HEALTH (low debt)85· sector 94
DIVIDEND (yield)0· sector 37
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Harmonic Inc. Fair Value". https://www.fairvalue-calculator.com/stock/0J38
Frequently asked questions
Is Harmonic Inc. (0J38) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $3.07 versus a price of $11.11, about −72% upside (overvalued).
What is the fair value of 0J38?
Our model-based fair value for Harmonic Inc. is $3.07 (as of Sep 24, 2026), built from audited fundamentals. The current price: $11.11.
What is the quality score of 0J38?
Harmonic Inc. has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Harmonic Inc. (0J38)?
Our model-based price target is the fair value of $3.07 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $2.23, optimistic scenario $3.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Harmonic Inc. stock forecast for 2026?
Our models put fair value at $3.07, about −72% upside versus a price of $11.11 (overvalued). Cautious scenario $2.23, optimistic scenario $3.90. The calculation is refreshed regularly with new filings.
What is the revenue of Harmonic Inc. (0J38)?
Harmonic Inc. reported trailing-twelve-month revenue of about $397M (latest available figure, as of Sep 24, 2026).
What growth is priced into Harmonic Inc. (0J38)?
For today's price to be fair in a discounted-cash-flow model, Harmonic Inc. would have to grow free cash flow by +9.8 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0J38 use?
Our models discount Harmonic Inc. at 11.0 %: a base by market capitalisation (unknown), damped by beta 1.29, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Harmonic Inc. that is +9.8 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Harmonic Inc. (0J38) delivered so far?
Over the past 5 years revenue at Harmonic Inc. grew -1.0 % a year. The price currently implies +9.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Harmonic Inc. (0J38) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Harmonic Inc. (+9.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Harmonic Inc. (0J38)?
The free-cash-flow yield on the price is 5.79 %: that much free cash flow Harmonic Inc. produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Harmonic Inc. (0J38)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harmonic Inc. it is $3.07 per share (as of Sep 24, 2026), against a price of $11.11. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Harmonic Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0J38 trades above its calculated fair value: price $11.11, fair value $3.07, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0J38?
No. The price is what the market pays today ($11.11); the fair value is what the company's own numbers justify ($3.07). For Harmonic Inc. the two are $8.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Harmonic Inc. worth?
The market values Harmonic Inc. at about $1.3B (market capitalisation, as of Sep 24, 2026). Per share that is $11.11; our models calculate a fair value of $3.07 per share.
What do the bullish and bearish scenarios say about 0J38?
Our models span a range for Harmonic Inc.: cautious scenario $2.23, base $3.07, optimistic $3.90 per share (as of Sep 24, 2026, price $11.11). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0J38?
Harmonic Inc. trades at a price-to-earnings ratio of 0.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.07 is built from several models across several years. Other multiples: P/B 3.3, P/S 3.2, EV/EBITDA 30.3.
How solid is the balance sheet of Harmonic Inc. (0J38)?
Balance-sheet figures for Harmonic Inc. (as of Sep 24, 2026): return on equity 2.1%, debt of 0.29 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 0J38 from its 52-week high?
Harmonic Inc. trades at $11.11, about 35% below its 52-week high of $17.04 and 25% above the low of $8.87 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $3.07 is for.
Which stocks are comparable to Harmonic Inc.?
From the same area (Industrials) we also value AEPL, JSLINDL, ULTRACAB, JIGAR, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Harmonic Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $11.11, calculated fair value $3.07 (−72%), Quality Score 58/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0J38 calculated?
We run Harmonic Inc. through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.07, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Harmonic Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Harmonic Inc. (0J38)?
The closing price on Oct 2, 2026 was $11.11. Our model-based fair value is $3.07, about −72% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harmonic Inc. right now?
The price sits above even our optimistic bull case ($3.90). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Harmonic Inc.
How large is the market capitalisation of Harmonic Inc. (0J38)?
The market capitalisation of Harmonic Inc. is $1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Harmonic Inc. (0J38)?
Earnings per share at Harmonic Inc. are $0.1620 (price ÷ EPS = P/E 0.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Harmonic Inc. (0J38)?
The net margin of Harmonic Inc. is −12.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Harmonic Inc. (0J38)?
The return on equity (ROE) of Harmonic Inc. is 2.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Harmonic Inc. (0J38)?
On an EBIT basis the return on assets of Harmonic Inc. is 5.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Harmonic Inc. (0J38)?
The operating margin of Harmonic Inc. is 16.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harmonic Inc. (0J38)?
Revenue at Harmonic Inc. is growing +43.4% versus a year earlier (3y avg −16.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Harmonic Inc. (0J38)?
Earnings per share at Harmonic Inc. are growing +31.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Harmonic Inc. (0J38) carry?
The net debt of Harmonic Inc. is $23.7M (fiscal year 2025, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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