Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
HarmonicFRA:HMC -3.77%80 Debt-to-EBITDA is 1.43 as of Mar. 2026, which is 69% below its 10-year median of 4.66. GuruFocus rates FRA:HMC with a GF Score™ of 80/100 and a GF Value™ of €9.25 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,787 Hardware companies, Harmonic ranks worse than 71.96% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Harmonic's Debt-to-EBITDA or its related term are showing as below:
FRA:HMC'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -3.44 Med: 4.66 Max: 184.97
Current: 3.86
During the past 13 years, the highest Debt-to-EBITDA Ratio of Harmonic was 184.97. The lowest was -3.44. And the median was 4.66.
FRA:HMC's Debt-to-EBITDA is ranked worse than 71.96% of 1787
companies
in the Hardware industry
Industry Median: 1.71
vs FRA:HMC: 3.86
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Harmonic Debt-to-EBITDA Related Terms
Harmonic Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Harmonic's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:HMC vs GILT, ADTN, FEIM: Debt-to-EBITDA Comparison
For the Communication Equipment subindustry, Harmonic's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Harmonic Debt-to-EBITDA vs Hardware Industry
For the Hardware industry and Technology sector, Harmonic's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Harmonic's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Harmonic (FRA:HMC) has a Debt-to-EBITDA of 1.43 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Harmonic. This is 69% below median its historical median of 4.66. According to the industry distribution chart, Harmonic ranks #1286 out of 1787 companies in the Hardware industry, placing it in the top 72%.
Is Harmonic's Debt-to-EBITDA too high?
Harmonic's current Debt-to-EBITDA of 1.43 is 69% below median its 10-year median of 4.66. The Hardware industry median Debt-to-EBITDA is 1.71. Harmonic's value of 1.43 is 16.4% below this industry median. Based on the distribution chart, Harmonic ranks #1286 out of 1787 companies in the Hardware industry, which is below the industry midpoint. Overall, Harmonic has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Harmonic's Debt-to-EBITDA compare to GILT and ADTN?
According to the Hardware industry distribution chart, Harmonic ranks #1286 out of 1787 companies for Debt-to-EBITDA. This places Harmonic in the lower half of its industry. The industry median Debt-to-EBITDA is 1.71. Harmonic's value of 1.43 is 16.4% below this benchmark. While the company's 10-year median is 4.66 vs. the industry median of 1.71, Harmonic has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Hardware company?
The median Debt-to-EBITDA among Hardware companies is 1.71, based on 1,787 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Harmonic's current Debt-to-EBITDA of 1.43 is 16.4% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Harmonic. For the Hardware industry, the median Debt-to-EBITDA is 1.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harmonic's current Debt-to-EBITDA is 1.43, which is 69% below median its own 10-year median of 4.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harmonic stock overvalued right now?
Based on GuruFocus' analysis, Harmonic (FRA:HMC) is currently considered Fairly Valued. The stock's GF Value™ is €9.25, compared to a current price of €10.20 — trading 10.3% above its estimated fair value. The current Debt-to-EBITDA is 1.43, which is 69% below median its 10-year median of 4.66 and 16.4% below the Hardware industry median of 1.71. Harmonic's overall GF Score™ is 80/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Harmonic (FRA:HMC), the current Debt-to-EBITDA is 1.43 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Harmonic (FRA:HMC) Overvalued in 2026?
Based on GuruFocus' analysis, Harmonic stock appears to be overvalued.
The current stock price of €10.20 is trading 10.3% above its estimated GF Value™ of €9.25.
GuruFocus considers Harmonic to be Fairly Valued.
Key valuation signals for FRA:HMC:
Debt-to-EBITDA: 1.43 (69% below median its 10-year median of 4.66)
GF Value™: €9.25 vs. price of €10.20 (10.3% above fair value)
Industry Position: 16.4% below the Hardware median (#1286 of 1787)
No single metric tells the full story. See the FRA:HMC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Harmonic Inc engaged in broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice, and video services for their customers and versatile and high-performance video delivery software, products, system solutions and services that enable its customers to efficiently create, prepare, store, playout and deliver a full range of high-quality broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets, and smartphones. It has two segments, Broadband which provides broadband access solutions and related services, and Others; and Video business provides video processing and production and playout solutions and services, and Others.
80GF Score
Get the complete analysis for FRA:HMC
Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:HMC has been successfully added to your 
