Harmonic (HLIT)
Market Price (12/30/2025): $10.0 | Market Cap: $1.1 BilSector: Information Technology | Industry: Communications Equipment
Harmonic (HLIT)
Market Price (12/30/2025): $10.0Market Cap: $1.1 BilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -103% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -27% |
| Attractive yieldFCF Yield is 12% | Key risksHLIT key risks include [1] near-term financial pressure from customer order delays amid the industry's DOCSIS 4.0 transition and [2] significant revenue concentration, Show more. | |
| Low stock price volatilityVol 12M is 40% | ||
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and 5G & Advanced Connectivity. Themes include Video Streaming, and Telecom Infrastructure. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Attractive yieldFCF Yield is 12% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and 5G & Advanced Connectivity. Themes include Video Streaming, and Telecom Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -103% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -27% |
| Key risksHLIT key risks include [1] near-term financial pressure from customer order delays amid the industry's DOCSIS 4.0 transition and [2] significant revenue concentration, Show more. |
Why The Stock Moved
Qualitative Assessment
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Here are the key points highlighting the movement of Harmonic (HLIT) stock from late August 2025 to December 30, 2025:
1. Harmonic's Q3 2025 Financial Results Exceeded Expectations.The company announced its third-quarter 2025 results on November 3, 2025, reporting a Non-GAAP EPS of $0.12, significantly surpassing the consensus estimate of $0.05. Revenue also beat expectations, coming in at $142.4 million against an analyst consensus of $127.94 million. This strong performance, with both Broadband and Video segments exceeding revenue and profitability targets, contributed positively to investor sentiment.
2. Proposed Divestiture of the Video Business Segment.On December 8, 2025, Harmonic announced a binding offer from MediaKind to acquire its Video Business segment for approximately $145 million in cash. This strategic move is intended to allow Harmonic to concentrate on its core virtualized broadband business, which management views as its primary long-term growth driver, and is expected to strengthen the company's balance sheet.
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1. Harmonic's Q3 2025 Financial Results Exceeded Expectations.The company announced its third-quarter 2025 results on November 3, 2025, reporting a Non-GAAP EPS of $0.12, significantly surpassing the consensus estimate of $0.05. Revenue also beat expectations, coming in at $142.4 million against an analyst consensus of $127.94 million. This strong performance, with both Broadband and Video segments exceeding revenue and profitability targets, contributed positively to investor sentiment.
2. Proposed Divestiture of the Video Business Segment.On December 8, 2025, Harmonic announced a binding offer from MediaKind to acquire its Video Business segment for approximately $145 million in cash. This strategic move is intended to allow Harmonic to concentrate on its core virtualized broadband business, which management views as its primary long-term growth driver, and is expected to strengthen the company's balance sheet.
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Stock Movement Drivers
Fundamental Drivers
The -0.5% change in HLIT stock from 9/29/2025 to 12/29/2025 was primarily driven by a -21.6% change in the company's Net Income Margin (%).| 9292025 | 12292025 | Change | |
|---|---|---|---|
| Stock Price ($) | 10.04 | 9.99 | -0.50% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 689.08 | 635.71 | -7.75% |
| Net Income Margin (%) | 9.96% | 7.81% | -21.64% |
| P/E Multiple | 16.58 | 22.74 | 37.15% |
| Shares Outstanding (Mil) | 113.39 | 112.98 | 0.36% |
| Cumulative Contribution | -0.50% |
Market Drivers
9/29/2025 to 12/29/2025| Return | Correlation | |
|---|---|---|
| HLIT | -0.5% | |
| Market (SPY) | 3.6% | 53.8% |
| Sector (XLK) | 4.1% | 50.0% |
Fundamental Drivers
The 5.5% change in HLIT stock from 6/30/2025 to 12/29/2025 was primarily driven by a 9.9% change in the company's P/E Multiple.| 6302025 | 12292025 | Change | |
|---|---|---|---|
| Stock Price ($) | 9.47 | 9.99 | 5.49% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 689.80 | 635.71 | -7.84% |
| Net Income Margin (%) | 7.72% | 7.81% | 1.13% |
| P/E Multiple | 20.69 | 22.74 | 9.94% |
| Shares Outstanding (Mil) | 116.32 | 112.98 | 2.87% |
| Cumulative Contribution | 5.40% |
Market Drivers
6/30/2025 to 12/29/2025| Return | Correlation | |
|---|---|---|
| HLIT | 5.5% | |
| Market (SPY) | 11.6% | 46.1% |
| Sector (XLK) | 15.4% | 39.3% |
Fundamental Drivers
The -25.7% change in HLIT stock from 12/29/2024 to 12/29/2025 was primarily driven by a -42.7% change in the company's Net Income Margin (%).| 12292024 | 12292025 | Change | |
|---|---|---|---|
| Stock Price ($) | 13.45 | 9.99 | -25.72% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 623.65 | 635.71 | 1.93% |
| Net Income Margin (%) | 13.62% | 7.81% | -42.68% |
| P/E Multiple | 18.43 | 22.74 | 23.39% |
| Shares Outstanding (Mil) | 116.40 | 112.98 | 2.94% |
| Cumulative Contribution | -25.79% |
Market Drivers
12/29/2024 to 12/29/2025| Return | Correlation | |
|---|---|---|
| HLIT | -25.7% | |
| Market (SPY) | 16.6% | 55.9% |
| Sector (XLK) | 23.4% | 54.3% |
Fundamental Drivers
The -23.7% change in HLIT stock from 12/30/2022 to 12/29/2025 was primarily driven by a -30.9% change in the company's P/E Multiple.| 12302022 | 12292025 | Change | |
|---|---|---|---|
| Stock Price ($) | 13.10 | 9.99 | -23.74% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 616.43 | 635.71 | 3.13% |
| Net Income Margin (%) | 6.80% | 7.81% | 14.82% |
| P/E Multiple | 32.89 | 22.74 | -30.85% |
| Shares Outstanding (Mil) | 105.23 | 112.98 | -7.37% |
| Cumulative Contribution | -24.15% |
Market Drivers
12/30/2023 to 12/29/2025| Return | Correlation | |
|---|---|---|
| HLIT | -23.4% | |
| Market (SPY) | 47.9% | 40.8% |
| Sector (XLK) | 53.3% | 33.9% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HLIT Return | -5% | 59% | 11% | -0% | 1% | -25% | 28% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 151% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| HLIT Win Rate | 50% | 67% | 42% | 58% | 58% | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| HLIT Max Drawdown | -42% | -9% | -29% | -30% | -29% | -38% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/29/2025 (YTD)
How Low Can It Go
| Event | HLIT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -50.3% | -25.4% |
| % Gain to Breakeven | 101.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.9% | -33.9% |
| % Gain to Breakeven | 84.7% | 51.3% |
| Time to Breakeven | 258 days | 148 days |
| 2018 Correction | ||
| % Loss | -54.1% | -19.8% |
| % Gain to Breakeven | 117.9% | 24.7% |
| Time to Breakeven | 410 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -69.2% | -56.8% |
| % Gain to Breakeven | 224.5% | 131.3% |
| Time to Breakeven | 5,060 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Harmonic's stock fell -50.3% during the 2022 Inflation Shock from a high on 6/21/2023. A -50.3% loss requires a 101.2% gain to breakeven.
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Harmonic Inc., together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies. This segment's video processing appliance solutions include network management and application software, and hardware products, such as encoders, video servers, high-density stream processing systems, and edge processors. This segment also provides software-as-a-service (SaaS) solutions, which enables the packaging and delivery of streaming services, including live streaming, video-on-demand, catch-up TV, start-over TV, network-DVR, and cloud-DVR services through HTTP streaming to various device along with dynamic and personal ad insertion. The Cable Access segment offers CableOS software-based cable access solutions; and CableOS central cloud services primarily to cable operators. Its products enable customers to create, prepare, store, playout, and deliver a range of broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. The company also provides technical support and professional services, such as maintenance and support, consulting, implementation, program management, technical design and planning, building and site preparation, integration and equipment installation, end-to-end system testing, and training. It sells its products through its direct sales force, as well as through independent resellers and systems integrators. The company was incorporated in 1988 and is headquartered in San Jose, California.
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Here are 1-2 brief analogies to describe Harmonic (HLIT):- The AWS Elemental for TV broadcasters and streaming services, providing the cloud-based infrastructure to deliver video.
- A software-first Cisco for cable companies, providing virtualized infrastructure for broadband internet.
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- CableOS® Platform: A virtualized cable access solution that enables broadband service providers to deliver high-speed internet and other data services using a software-defined architecture.
- VOS®360 Platform: A Software-as-a-Service (SaaS) platform for video streaming and broadcast, allowing media companies to prepare, deliver, and monetize live and on-demand video content globally.
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Harmonic (HLIT) sells primarily to other companies (Business-to-Business or B2B). The company's financial filings indicate that no single customer accounted for 10% or more of its total revenue in recent fiscal years, making it challenging to identify specific "major customers" by name from public disclosures. However, based on Harmonic's products and services, their customer base primarily consists of the following types of companies:- Cable and Satellite Operators (Multiple System Operators - MSOs): These companies provide broadband internet and video services to residential and business customers. Harmonic's CableOS™ cloud-native broadband platform is a key solution for these operators.
-
Telecommunications Service Providers (Telcos): These companies offer IPTV, mobile video, and broadband services to their subscribers. Harmonic provides video and optical access solutions tailored for their networks.
- Representative Examples:
- Large global telecommunication companies (specific names not consistently disclosed as individual major customers, but the segment is significant).
- Representative Examples:
- Content Programmers, Broadcasters, and New Media Companies: These entities create, manage, and distribute video content across traditional broadcast, streaming (OTT), and other digital platforms. Harmonic offers video processing, delivery, and streaming solutions to power their workflows.
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Nimrod Ben-Natan, President & Chief Executive Officer
Nimrod Ben-Natan was appointed President and Chief Executive Officer in June 2024, succeeding Patrick Harshman. He previously served as Senior Vice President and General Manager of Harmonic's Broadband business since 2012, where he was instrumental in developing the company's virtualized broadband technology. Ben-Natan joined Harmonic in 1996 as a software engineer, contributing to the design and development of its first-generation video transmission platform. His background also includes employment at Orckit Communications Ltd., a digital subscriber line developer, and work on wireless communications systems with the Israeli Defense Signal Corps.
Walter Jankovic, Chief Financial Officer
Walter Jankovic was appointed Chief Financial Officer of Harmonic in May 2023. He brings over 30 years of executive experience in senior finance and leadership roles from a range of publicly-listed technology companies. His prior roles include Senior Vice President and General Manager of the datacom business unit at Lumentum, and President of optical connectivity at Oclaro, Inc., which was acquired by Lumentum. Jankovic also held various senior finance and leadership positions during his 13-year tenure at Celestica Inc., and earlier in his career, he had finance leadership roles at Nortel Networks and was an engagement manager at Deloitte.
Timothy Chu, General Counsel, Senior Vice President of Human Resources & Corporate Secretary
Timothy Chu serves as Harmonic's General Counsel, Senior Vice President of Human Resources, and Corporate Secretary.
Neven Haltmayer, Senior Vice President, General Manager - Video Business
Neven Haltmayer holds the position of Senior Vice President and General Manager of the Video Business at Harmonic.
Jeremy Rosenberg, Senior Vice President, Business Development
Jeremy Rosenberg is the Senior Vice President of Business Development at Harmonic.
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Here are the key risks to Harmonic's (HLIT) business:
- Industry Transition and Customer Delays: Harmonic faces significant risks associated with the industry's transition to Unified 4.0 and delays in DOCSIS 4.0 deployments. This transition is identified as a major disruption that could harm Harmonic's reputation and financial situation. Customers are expected to delay orders, leading to anticipated poor financial performance for the full year 2025, although a rebound is projected for 2026.
- Customer Concentration: A substantial portion of Harmonic's revenue is concentrated among a few key customers. For instance, Comcast accounted for 44% of net revenue in 2023. The loss of any significant customer or a material reduction in their orders could severely and adversely affect Harmonic's operating results, financial condition, and cash flows.
- Highly Competitive Industry and Rapid Technological Change: Harmonic operates in a fiercely competitive industry and must continuously develop new and enhanced products and solutions. The rapid pace of technological change presents a constant challenge, as customers could switch to competitors if they offer more productive software or hardware.
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Fixed Wireless Access (FWA) technology, primarily 5G-based, is emerging as a significant alternative to traditional wired broadband services offered by cable operators. Major wireless carriers are aggressively deploying and marketing FWA services, leading to substantial subscriber growth. This presents a clear threat to Harmonic's CableOS platform, which is a critical solution for cable operators upgrading their Hybrid Fiber-Coaxial (HFC) networks to deliver high-speed DOCSIS 3.1 and 4.0 broadband. If a material portion of potential or existing cable broadband subscribers opt for FWA, it could slow down the return on investment for cable operators on HFC upgrades, consequently reducing the demand for Harmonic's core CableOS platform and related services.
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Harmonic (HLIT) operates in two primary business segments: Broadband and Video.
Broadband Segment
Harmonic's main product in the broadband segment is the CableOS platform.
- As of November 2025, Harmonic's cOS broadband platform powers more than 38 million customer premises equipment (CPE) devices worldwide for leading operators across North America, Europe, Latin America, and Asia.
- As of February 2025, Harmonic holds a 98% market share in the global virtualized Cable Modem Termination System (vCMTS) market.
- Additionally, Harmonic has a 62% share of Distributed Access Architecture (DAA) node deployments globally as of February 2025.
- Dell'Oro Group recognizes Harmonic as the market share leader in virtual CMTS and DAA.
Video Segment
Harmonic's main product in the video segment is the VOS360 SaaS platform, which includes VOS360 Media SaaS and VOS360 Ad SaaS.
- The global video processing platform market, in which Harmonic is a key player, is estimated to be USD 7.50 billion in 2025.
- This market is projected to grow to USD 12.40 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 10.6% from 2025 to 2030.
- Harmonic, along with competitors such as Akamai Technologies, MediaKind, Synamedia, and Brightcove, collectively held approximately 10–15% of the global video processing platform market share in 2025.
- Harmonic's SaaS streaming services within this segment generated a record $16.1 million in quarterly revenue in the third quarter of 2025.
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Harmonic (HLIT) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and market trends:
- DOCSIS 4.0 Rollout and Broadband Modernization: Harmonic expects significant revenue growth from the widespread adoption and deployment of its virtualized broadband platform, particularly with the transition to DOCSIS 4.0 technology. The company's cOS virtualized broadband platform and Unified DOCSIS 4.0 Remote PHY Devices (RPDs) are central to this, with major customer partnerships like Charter, Mediacom, and GCI reinforcing its leadership in next-generation broadband architectures. Management anticipates accelerated broadband growth in 2026 as DOCSIS 4.0 deployments ramp up and customer readiness improves.
- Expansion of Fiber-to-the-Home (FTTH) Solutions: Harmonic is actively expanding its fiber business, collaborating with key players like Comcast to support network expansion to new locations. This involves leveraging Harmonic's cOS virtualized broadband platform for fiber offerings, enabling the delivery of multi-gigabit symmetrical broadband services.
- Growth in Video SaaS and Cloud Streaming Services: The company's video segment is experiencing sustained growth, primarily driven by its Software-as-a-Service (SaaS) offerings and cloud-based video streaming solutions. Record SaaS revenue, particularly from live sports streaming and expansions with new customer wins, is a consistent highlight. Strategic partnerships, such as with Akamai, further contribute to the momentum in this area.
- Customer Diversification and International Market Penetration: Harmonic is focused on reducing customer concentration by diversifying its client base and expanding its international reach. "Rest of World" broadband revenue has shown significant growth, and the company is actively securing new international broadband customers, including Tier 1 operators, to stabilize and grow revenue.
- Continued Adoption of Virtualized Broadband Platform (cOS) and Cloud Services: Harmonic's technology leadership in its cOS virtualized broadband platform, cloud services, and operational tools is driving industry transformation. The company's innovative and energy-efficient DOCSIS and fiber access devices are critical to this transformation, positioning Harmonic for sustained growth by scaling next-generation architectures for global operators.
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Share Repurchases
- In February 2022, Harmonic announced a stock repurchase program authorizing up to $100 million of its common stock through February 2025.
- A new share repurchase program was authorized in February 2025 for up to $200 million of outstanding shares.
- The company repurchased $14 million of common shares in Q2 2025, contributing to $50.1 million in repurchases year-to-date under the current program. In Q3 2025, an additional $15.7 million was repurchased, bringing the total over the past twelve months to $65.8 million.
Share Issuance
- Shares of common stock amounting to 4,578 thousand (or approximately $4.578 million) were issued upon the redemption of the 2024 Notes.
- Between 2020 and 2023, Harmonic experienced net common equity issuance ranging from $2 million to $12 million annually, before a net repurchase in 2024.
- As of June 2023, Harmonic had generally been issuing more shares than repurchasing them, leading to an increase in outstanding shares over the preceding five years.
Capital Expenditures
- Capital expenditures incurred but not yet paid were $0.968 million in Q3 2025 and $1.141 million in Q2 2025.
- Management has confirmed an ongoing investment focus on inventory to support anticipated broadband growth.
- Harmonic is strategically investing in modernizing networks to achieve higher speeds, improved economics, and enhanced telemetry, particularly for its virtualized broadband and video delivery solutions like the cOS platform.
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Peer Comparisons for Harmonic
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.06 |
| Mkt Cap | 159.0 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 15.3% |
| Op Mgn 3Y Avg | 12.4% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 21.7% |
| CFO/Rev 3Y Avg | 17.1% |
| FCF/Rev LTM | 19.6% |
| FCF/Rev 3Y Avg | 13.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Broadband | 388 | 351 | 219 | 136 | 125 |
| Video | 219 | 274 | 289 | 243 | 278 |
| Total | 608 | 625 | 507 | 379 | 403 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Broadband | 65 | 52 | 16 | 12 | 22 |
| Asset impairment charges | 0 | ||||
| Lease-related asset impairment and other charges | 0 | ||||
| Restructuring and related charges | -1 | ||||
| Non-operating expense, net | -5 | ||||
| Video | -9 | 22 | 28 | 1 | 16 |
| Stock-based compensation | -27 | -25 | -24 | -18 | -12 |
| Amortization of intangibles | 0 | -1 | -4 | -8 | |
| Unallocated corporate expenses | -4 | -1 | -3 | -5 | |
| Total | 22 | 46 | 19 | -12 | 13 |
Price Behavior
Price Behavior
| Market Price | $9.99 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 05/24/1995 | |
| Distance from 52W High | -26.3% | |
| 50 Days | 200 Days | |
| DMA Price | $10.02 | $9.58 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -0.3% | 4.3% |
| 3M | 1YR | |
| Volatility | 34.0% | 40.5% |
| Downside Capture | 105.40 | 131.54 |
| Upside Capture | 84.57 | 81.85 |
| Correlation (SPY) | 53.9% | 56.0% |
HLIT Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.00 | 1.58 | 1.64 | 1.78 | 1.16 | 1.11 |
| Up Beta | 1.45 | 1.26 | 1.57 | 2.10 | 1.23 | 1.15 |
| Down Beta | 3.13 | 2.58 | 2.30 | 1.88 | 1.18 | 1.21 |
| Up Capture | 102% | 89% | 115% | 150% | 76% | 61% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 10 | 24 | 35 | 70 | 127 | 367 |
| Down Capture | 243% | 150% | 152% | 173% | 116% | 105% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 17 | 27 | 54 | 116 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of HLIT With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| HLIT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -25.2% | 23.1% | 16.7% | 65.4% | 7.5% | 4.2% | -7.3% |
| Annualized Volatility | 40.3% | 27.5% | 19.4% | 19.8% | 15.3% | 17.0% | 34.9% |
| Sharpe Ratio | -0.62 | 0.73 | 0.67 | 2.43 | 0.27 | 0.08 | -0.06 |
| Correlation With Other Assets | 54.4% | 56.0% | 3.4% | 10.6% | 40.3% | 25.8% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of HLIT With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| HLIT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.1% | 18.8% | 14.8% | 17.7% | 11.2% | 5.1% | 30.2% |
| Annualized Volatility | 47.0% | 24.7% | 17.1% | 15.6% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.31 | 0.69 | 0.70 | 0.91 | 0.48 | 0.18 | 0.57 |
| Correlation With Other Assets | 35.9% | 39.5% | 4.1% | 5.9% | 30.0% | 18.4% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of HLIT With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| HLIT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 9.0% | 22.7% | 15.0% | 14.6% | 6.9% | 5.4% | 69.0% |
| Annualized Volatility | 50.3% | 24.2% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.37 | 0.86 | 0.72 | 0.82 | 0.31 | 0.23 | 0.89 |
| Correlation With Other Assets | 33.5% | 37.3% | 2.1% | 12.3% | 29.4% | 13.3% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2025 | -2.2% | -5.4% | -10.2% |
| 7/28/2025 | -4.6% | -5.6% | 3.1% |
| 4/28/2025 | 1.3% | -4.1% | -1.5% |
| 10/28/2024 | -25.1% | -25.0% | -15.8% |
| 7/29/2024 | 21.2% | 11.7% | 22.0% |
| 4/8/2024 | -14.6% | -21.4% | -17.4% |
| 1/29/2024 | 1.8% | 9.5% | 10.8% |
| 10/30/2023 | 10.9% | 13.4% | 14.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 12.5% | 12.6% | 10.8% |
| Median Negative | -11.6% | -12.6% | -11.9% |
| Max Positive | 24.9% | 22.3% | 33.9% |
| Max Negative | -25.1% | -28.7% | -31.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/04/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 08/01/2025 | 10-Q (06/30/2025) |
| 03/31/2025 | 05/01/2025 | 10-Q (03/31/2025) |
| 12/31/2024 | 02/14/2025 | 10-K (12/31/2024) |
| 09/30/2024 | 11/01/2024 | 10-Q (09/30/2024) |
| 06/30/2024 | 08/02/2024 | 10-Q (06/30/2024) |
| 03/31/2024 | 05/02/2024 | 10-Q (03/31/2024) |
| 12/31/2023 | 02/16/2024 | 10-K (12/31/2023) |
| 09/30/2023 | 11/03/2023 | 10-Q (09/30/2023) |
| 06/30/2023 | 08/04/2023 | 10-Q (06/30/2023) |
| 03/31/2023 | 05/09/2023 | 10-Q (03/31/2023) |
| 12/31/2022 | 02/28/2023 | 10-K (12/31/2022) |
| 09/30/2022 | 11/04/2022 | 10-Q (09/30/2022) |
| 06/30/2022 | 08/05/2022 | 10-Q (06/30/2022) |
| 03/31/2022 | 05/05/2022 | 10-Q (03/31/2022) |
| 12/31/2021 | 02/28/2022 | 10-K (12/31/2021) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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