Harmonic vs Ondas
Harmonic reported revenue of $360 million in fiscal 2025, 7.1 times Ondas' $51 million in fiscal 2025. Harmonic's revenue fell 26.1% in its latest year, and Ondas' grew 605.3%. Harmonic had an operating margin of 3.9%, against -115.1% at Ondas. Free cash flow was $97 million at Harmonic and −$41 million at Ondas.
Side by side
| Harmonic | Ondas | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $360M | $51M |
| Revenue growth | −26.1% | 605.3% |
| Revenue growth a year, last 5 years | −1.0% | 87.3% |
| Gross margin | 48.5% | 39.7% |
| Operating margin | 3.9% | −115.1% |
| Net margin | −12.0% | −260.7% |
| Free cash flow | $97M | −$41M |
| Free cash flow margin | 26.9% | −80.4% |
| Return on capital | 1.6% | — |
| Net debt to EBITDA | −0.5x | — |
| Dividends and buybacks | $79M | $0M |
| Change in diluted share count | −2.8% | 217.2% |
| Last close | $9.51 | $5.33 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $499,044, sold $791,443 | sold $44.3 million |
| Piotroski F-score | 4 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
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Operating margin
Percent of revenue
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Free cash flow
US$ billions. Cash from operations minus capital expenditure.
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